Document:

Exhibit 10.2 - Stock Purchase Agreement

    

    

    

    

    

    

    

    

    

    

    

    STOCK
      PURCHASE AGREEMENT

    

    By
      and Between

    

    GECKO
      ENERGY TECHNOLOGIES, INC.

    

    and

    

    MILLENNIUM
      CELL INC.

    

    Dated
      February 15, 2006

    

    

    

    

    

     

    

     

    
      
        
          

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

     

    

      
        	
                1.

              	
                Definitions.

              	
                1

              
	
                1.1.

              	
                Defined
                  Terms Used in this Agreement.

              	
                1

              
	
                2.

              	
                Purchase
                  and Sale; Closings.

              	
                3

              
	
                2.1.

              	
                Common
                  Stock Purchase and Sale.

              	
                3

              
	
                2.2.

              	
                First
                  Closing.

              	
                3

              
	
                2.3.

              	
                Additional
                  First Year Closings.

              	
                3

              
	
                2.4.

              	
                Purchase
                  Option Closings.

              	
                4

              
	
                2.5.

              	
                Closing.

              	
                5

              
	
                3.

              	
                Representations
                  and Warranties of the Company.

              	
                5

              
	
                3.1.

              	
                Organization,
                  Good Standing, Corporate Power and Qualification.

              	
                5

              
	
                3.2.

              	
                Corporate
                  Power and Authorization.

              	
                5

              
	
                3.3.

              	
                Capitalization.

              	
                5

              
	
                3.4.

              	
                Subsidiaries.

              	
                6

              
	
                3.5.

              	
                Valid
                  Issuance of Shares.

              	
                6

              
	
                3.6.

              	
                Filings,
                  Consents and Approvals; Non-Contravention.

              	
                6

              
	
                3.7.

              	
                Litigation.

              	
                6

              
	
                3.8.

              	
                Patents
                  and Trademarks.

              	
                7

              
	
                3.9.

              	
                Compliance.

              	
                7

              
	
                3.10.

              	
                Registration
                  and Voting Rights.

              	
                7

              
	
                3.11.

              	
                Financial
                  Statements.

              	
                7

              
	
                3.12.

              	
                Material
                  Changes.

              	
                7

              
	
                3.13.

              	
                Tax
                  Returns and Payments.

              	
                8

              
	
                3.14.

              	
                Insurance.

              	
                8

              
	
                3.15.

              	
                Private
                  Placement.

              	
                8

              
	
                3.16.

              	
                Investment
                  Company.

              	
                8

              
	
                3.17.

              	
                No
                  Broker’s or Finder’s Fee.

              	
                8

              
	
                3.18.

              	
                Disclosure.

              	
                9

              
	
                4.

              	
                Representations
                  and Warranties of the Purchaser.

              	
                9

              
	
                4.1.

              	
                Organization;
                  Good Standing.

              	
                9

              
	
                4.2.

              	
                Corporate
                  Power and Authorization.

              	
                9

              
	
                4.3.

              	
                Purchase
                  Entirely for Own Account.

              	
                9

              
	
                4.4.

              	
                Restricted
                  Securities.

              	
                9

              
	
                4.5.

              	
                No
                  Public Market.

              	
                10

              
	
                4.6.

              	
                Legends.

              	
                10

              
	
                4.7.

              	
                Accredited
                  Investor.

              	
                10

              
	
                4.8.

              	
                Access
                  to Information.

              	
                10

              
	
                4.9.

              	
                No
                  Broker’s or Finder’s Fee.

              	
                10

              
	
                5.

              	
                Certain
                  Covenants and Agreements.

              	
                11

              
	
                5.1.

              	
                Continued
                  Access to Information.

              	
                11

              
	
                5.2.

              	
                Further
                  Assurances.

              	
                11

              
	
                5.3.

              	
                Use
                  of Purchaser Stock.

              	
                11

              
	
                6.

              	
                Conditions
                  Precedent to the Purchaser’s Obligations at Closing.

              	
                11

              
	
                6.1.

              	
                First
                  Closing.

              	
                11

              
	
                6.2.

              	
                Subsequent
                  Closings.

              	
                12

              
	
                7.

              	
                Conditions
                  Precedent to the Company’s Obligations at Closing.

              	
                13

              
	
                7.1.

              	
                First
                  Closing.

              	
                13

              
	
                7.2.

              	
                Subsequent
                  Closings.

              	
                13

              
	
                8.

              	
                Term
                  and Termination.

              	
                14

              
	
                8.1.

              	
                Term.

              	
                14

              
	
                8.2.

              	
                Termination.

              	
                14

              
	
                8.3.

              	
                Effect
                  of Termination.

              	
                14

              
	
                9.

              	
                Indemnification.

              	
                15

              
	
                9.1.

              	
                Indemnification
                  of the Purchaser.

              	
                15

              
	
                9.2.

              	
                Indemnification
                  of the Company.

              	
                15

              
	
                9.3.

              	
                Procedures.

              	
                15

              
	
                10.

              	
                Miscellaneous.

              	
                16

              
	
                10.1.

              	
                Survival.

              	
                16

              
	
                10.2.

              	
                Transfer;
                  Successors and Assigns.

              	
                17

              
	
                10.3.

              	
                Governing
                  Law; Submission to Jurisdiction.

              	
                17

              
	
                10.4.

              	
                Counterparts.

              	
                17

              
	
                10.5.

              	
                Construction
                  of Certain Terms.

              	
                17

              
	
                10.6.

              	
                Notices.

              	
                17

              
	
                10.7.

              	
                Fees
                  and Expenses.

              	
                18

              
	
                10.8.

              	
                Amendments
                  and Waivers.

              	
                18

              
	
                10.9.

              	
                Severability.

              	
                19

              
	
                10.10.

              	
                Delays
                  or Omissions.

              	
                19

              
	
                10.11.

              	
                Entire
                  Agreement.

              	
                19

              

      

       

    

     

    
      
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    Exhibit
      A Joint
      Development Agreement

    Exhibit
      B Stockholders
      Agreement

    Exhibit
      C Form
      of
      Employment Agreement

    Exhibit
      D Form
      of
      Consulting Agreement Amendment

    Exhibit
      E Form
      of
      Opinion of the Company’s Counsel

    

     

    

     

    
      
        ii

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

       

       

    

    STOCK
      PURCHASE AGREEMENT

     

    THIS
      STOCK PURCHASE AGREEMENT
      (this
“Agreement”)
      is
      made as of February 15, 2006 by and among Gecko Energy Technologies,
      Inc.,
      a Delaware corporation (the “Company”),
      and
      Millennium Cell Inc., a Delaware corporation (the “Purchaser”).
      The
      Company and the Purchaser also may be referred to herein individually as a
      “Party”
      or
      collectively as the “Parties.”

     

    Recitals

     

    WHEREAS,
      the Company and the Purchaser desire to enter into a joint development program
      with which to pursue their respective businesses in an environment of mutual
      assistance and to work together to develop planar fuel cell products and systems
      which embody and/or are developed from synergistic applications of the combined
      expertise of the Parties;

     

    WHEREAS,
      in connection with such joint development program, and subject to the terms
      and
      conditions of this Agreement, the Company and the Purchaser have agreed that
      (i) at the First Closing (as defined herein), the Company will issue
      shares
      of Common Stock (as defined herein) to the Purchaser in exchange for financing
      provided to the Company at
      or
      prior to the First Closing and for services to be provided by the Purchaser
      during the first year of the joint development program, (ii) at
      each Additional First Year Closing (as defined herein), the Company will issue
      additional shares of Common Stock to the Purchaser in consideration for
      additional financings required to be provided by the Purchaser to the Company
      on
      or prior to December 31, 2006 pursuant to the Joint Development Agreement
      (as defined herein), and (iii) at each Purchase Option Closing (as defined
      herein), the Company will issue additional shares of Common Stock to the
      Purchaser in consideration for additional financings and certain services and
      facilities provided by the Purchaser to the Company pursuant to the Joint
      Development Agreement.

     

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual covenants and
      agreements contained herein, and for good and valuable consideration, the
      receipt and sufficiency of which are hereby acknowledged, the Parties agree
      as
      follows:

     

    1.  Definitions.

     

    1.1.  Defined
      Terms Used in this Agreement. 

     

    In
      addition to the terms specifically defined throughout this Agreement, the
      following terms used in this Agreement shall be construed to have the meanings
      set forth or referenced below.

     

    “Affiliate”
      means, with respect to any specified Person, any other Person which directly
      or
      indirectly through one or more intermediaries controls, or is controlled by,
      or
      is under common control with, such specified Person (for the purposes of this
      definition, “control” (including, with correlative meanings, the terms
“controlling,”“controlled by” and “under common control with”), as used with
      respect to any Person, means the possession, directly or indirectly, of the
      power to direct or cause the direction of the management or policies of such
      Person, whether through the ownership of voting securities, by agreement or
      otherwise); provided,
      however,
      that
      the Purchaser is not an Affiliate of the Company.

     

    “Applicable
      Law” means, with respect to any Person, any domestic or foreign, federal, state
      or local statute, law, ordinance, rule, administrative interpretation,
      regulation, order, writ, injunction, decree or other requirement of any
      Governmental Authority applicable to such Person or any of their respective
      properties, assets, officers, directors, employees, consultants or agents (in
      connection with such officer’s, director’s, employee’s, consultant’s or agent’s
      activities on behalf of such Person).

     

    “Business
      Day” means any day except Saturday, Sunday or any day on which banks are
      generally not open for business in the New York City. 

     

    “Common
      Stock” means the Company’s common stock, no par value.

     

    “Founders”
      means Ronald J. Kelley and Steven D. Pratt.

     

    “Governmental
      Authority” means any federal, state, local or foreign court or governmental
      agency, authority, instrumentality or regulatory body.

     

    “Joint
      Development Agreement” means the Joint Development Agreement between the Company
      and the Purchaser in the form attached hereto as Exhibit A.

     

    “Material
      Adverse Effect” means any change or effect that (a) does
      or
      is reasonably likely to materially adversely affect the
      ability of the Company to perform its obligations under this Agreement or any
      of
      the Transaction Agreements or to consummate the transactions contemplated hereby
      or thereby, or (b) does
      or
      is reasonably likely to materially adversely affect the business, assets
      (including intangible assets), liabilities, prospects, financial condition
      or
      results of operations of the Company.

     

    “Ownership
      Interest” means the aggregate percentage ownership by any Person of Common Stock
      or voting power of the Company as of any date.

     

    “Person”
      means and includes an individual, a limited liability company, a partnership,
      a
      joint venture, a corporation or trust, an unincorporated organization, a group
      or Governmental Authority.

     

    “SEC”
      means the Securities and Exchange Commission. 

     

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

     

    “Stockholders
      Agreement” means the Stockholders Agreement among the Company, the Purchaser and
      the Founders in the form attached hereto as Exhibit
      B.

     

    “Transaction
      Agreements” means this Agreement, the Joint Development Agreement and the
      Stockholders Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

          2.  Purchase
        and Sale; Closings.

    

     

    2.1.  Common
      Stock Purchase and Sale. 

     

    The
      Company hereby agrees to sell, issue and deliver to the Purchaser, and the
      Purchaser hereby agrees to purchase and accept from the Company, on each Closing
      Date (as defined in Section 2.5),
      shares
      of Common Stock (“Common
      Shares”)
      upon
      the terms and subject to the conditions set forth in this
      Agreement.

     

    2.2.  First
      Closing. 

     

    Upon
      the
      terms and subject to the conditions set forth in this Agreement, the initial
      closing (the “First
      Closing”)
      shall
      take place as soon as practicable, but in no event later than two (2) Business
      Days after the satisfaction of the conditions set forth in Section
      6.1
      and
Section
      7.1
      (or such
      other time as the Parties may agree) (the “First
      Closing Date”).
      At
      the First Closing, the following shall occur:

     

    (a)  the
      Purchaser shall pay to the Company, in immediately available funds, the amount
      set forth in the first sentence of Section 3.01(b) of the Joint Development
      Agreement;

     

    (b)  in
      exchange for the First Closing Amount (as defined in the Joint Development
      Agreement), the Company shall issue and sell to the Purchaser, and the Purchaser
      shall accept, the amount of Common Shares to be issued to the Purchaser at
      the
      First Closing as provided in the Joint Development Agreement;

     

    (c)  the
      Company and the Purchaser shall enter into the Joint Development
      Agreement;

     

    (d)  the
      Company, the Purchaser and the Founders shall enter into the Stockholders
      Agreement;

     

    (e)  the
      Company shall enter into an employment agreement with each of the Founders
      in
      the form attached hereto as Exhibit C
      (each,
      an “Employment
      Agreement”);

     

    (f)  the
      Purchaser shall enter into an amendment agreement with each Founder in the
      form
      attached hereto as Exhibit D
      (each, a
“Consulting
      Amendment”),
      which
      Consulting Amendment shall amend the Consulting Agreement dated as of December
      15, 2005 between the Purchaser and such Founder;

     

    (g)  the
      President of the Company shall execute and deliver to the Purchaser at the
      First
      Closing a certificate certifying that the conditions specified in Section 6.1(a)
      and
Section
      6.1(b)
      have
      been fulfilled; and

     

    (h)  the
      Company and the Purchaser shall execute and deliver any other documents,
      certificates and agreements necessary or desirable to accomplish the
      foregoing.

     

    2.3.  Additional
      First Year Closings. 

     

    Upon
      the
      terms and subject to the conditions set forth in this Agreement,
      contemporaneously with the provision of each Additional First Year Financing
      (as
      defined in the Joint Development Agreement) required to be provided by the
      Purchaser on or prior to December 31, 2006 pursuant to the Joint Development
      Agreement, or at such other time as the Parties shall otherwise agree (each,
      an
“Additional
      First Year Closing Date”),
      the
      Company and the Purchaser shall conduct a closing (each, an “Additional
      First Year Closing”)
      with
      respect to all Additional First Year Financings provided by the Purchaser
      pursuant to the Joint Development Agreement since the First Closing or the
      immediately preceding Additional First Year Closing, as the case may be. At
      each
      Additional First Year Closing, the following shall occur:

     

    (a)  in
      exchange for all Additional First Year Financings provided by the Purchaser
      pursuant to the Joint Development Agreement since the First Closing or the
      immediately preceding Additional First Year Closing, as the case may be, the
      Company shall issue and sell to the Purchaser, and the Purchaser shall accept,
      a
      number of Common Shares representing an Ownership Interest determined in
      accordance with Section 3.01(c) of the Joint Development
      Agreement;

     

    (b)  updated
      Schedules to this Agreement (which update of the representations and warranties
      shall reflect that a Material Adverse Effect has not occurred since the prior
      Closing);

     

    (c)  the
      President of the Company shall deliver to the Purchaser a certificate certifying
      that the conditions specified in Section
      6.2(a)
      and
Section
      6.2(b)
      applicable to such Subsequent Closing have been fulfilled; and

     

    (d)  the
      Company and the Purchaser shall execute and deliver any other documents and
      agreements necessary or desirable to accomplish the foregoing.

     

    
      
        3

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.4.  Purchase
      Option Closings. 

     

    Upon
      the
      terms and subject to the conditions set forth in this Agreement, with respect
      to
      each quarterly installment payment of the Purchase Option (as such term is
      defined in the Joint Development Agreement), or at such other time as the
      Parties shall otherwise agree (each, a “Purchase
      Option Closing Date,”
      and
      together with the Additional First Year Closing Dates, the “Subsequent
      Closing Dates”),
      the
      Company and the Purchaser shall conduct a closing (each, a “Purchase
      Option Closing,”
      and
      together with the Additional First Year Closings, the “Subsequent
      Closings”)
      with
      respect to such exercise of the Purchase Option pursuant to Section 3.02(b)
      of the Joint Development Agreement. At each Purchase Option Closing, the
      following shall occur:

     

    (a)  the
      Company shall issue and sell to the Purchaser, and the Purchaser shall accept,
      the amount of additional shares of Common Stock representing the Ownership
      Interest for which the Purchase Option has been exercised, in exchange for
      payment of the aggregate Exercise Price (as defined in the Joint Development
      Agreement) therefor by the Purchaser in the form or forms permitted pursuant
      to
      the terms of the Joint Development Agreement;

     

    (b)  updated
      Schedules to this Agreement (which update of the representations and warranties
      shall reflect that a Material Adverse Effect has not occurred since the prior
      Closing);

     

    (c)  the
      President of the Company shall deliver to the Purchaser a certificate certifying
      that the conditions specified in Section
      6.2(a)
      and
Section
      6.2(b)
      applicable to such Purchase Option Closing have been fulfilled; and

     

    (d)  the
      Company and the Purchaser shall execute and deliver any other documents and
      agreements necessary or desirable to accomplish the foregoing.

     

    
      
        4

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.5.  Closing. 

     

    The
      First
      Closing and each Subsequent Closing (each, a “Closing”)
      shall
      each take place at the offices of Dickstein Shapiro Morin & Oshinsky LLP,
      1177 Avenue of the Americas, New York, N.Y. 10036 on the First Closing Date
      and
      each Subsequent Closing Date (each a “Closing
      Date”),
      or at
      such other location or time as the Parties may agree. A Closing will be deemed
      to occur at 11:59 p.m., New York City time, on the applicable Closing Date.
      

     

    3.  Representations
      and Warranties of the Company. 

     

    The
      Company hereby represents and warrants to the Purchaser that:

     

    3.1.  Organization,
      Good Standing, Corporate Power and Qualification. 

     

    The
      Company is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware and has all requisite corporate power
      and authority to carry on its business as presently conducted and as proposed
      to
      be conducted. The Company is duly qualified to transact business and is in
      good
      standing in each jurisdiction in which the failure to so qualify would have
      a
      Material Adverse Effect. The Company has the requisite corporate power and
      authority to own and operate its properties and assets. The Certificate of
      Incorporation and Bylaws of the Company have been provided to the
      Purchaser.

     

    3.2.  Corporate
      Power and Authorization. 

     

    The
      Company has all requisite legal and corporate power and authority to enter
      into
      this Agreement and the other Transaction Agreements and to issue and sell the
      Common Shares hereunder and to carry out and perform its obligations in
      accordance with the terms of this Agreement. The execution and delivery of
      each
      of the Transaction Agreements by the Company and the consummation by it of
      the
      transactions contemplated thereby have been duly authorized by all necessary
      action on the part of the Company and no further action is required by the
      Company. This Agreement, and, at each Closing, each other Transaction Agreement
      has been (or will have been) duly executed and delivered by the Company and
      constitute the valid and binding obligation of the Company enforceable against
      the Company in accordance with their respective terms, except (a) as limited
      by
      applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
      conveyance, or other laws of general application relating to or affecting the
      enforcement of creditors’ rights generally and (b) as limited by laws relating
      to the availability of specific performance, injunctive relief, or other
      equitable remedies. 

     

    3.3.  Capitalization. 

     

    The
      number of shares and type of all authorized, issued and outstanding capital
      stock of the Company (including any treasury shares) is set forth in
Schedule
      3.3.
      No
      securities of the Company are entitled to preemptive right, right of
      participation, or any similar right to participate in the transactions
      contemplated by the Transaction Agreements. Except as disclosed in Schedule
      3.3,
      there
      are no outstanding options, warrants, script rights to subscribe to, calls
      or
      commitments of any character whatsoever relating to, or securities, rights
      or
      obligations convertible into or exchangeable for, or giving any Person any
      right
      to subscribe for or acquire, any shares of Common Stock, or contracts,
      commitments, understandings or arrangements by which the Company is or may
      become bound to issue additional shares of Common Stock, or securities or rights
      convertible or exchangeable into shares of Common Stock. Except as disclosed
      in
Schedule
      3.3,
      the
      issuance and sale of the Common Shares hereunder will not obligate any Person
      (other than the Purchaser) and will not result in a right of any holder of
      Company securities to adjust the exercise, conversion, exchange or reset price
      under such securities. 

     

    
      
        5

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.4.  Subsidiaries. 

     

    The
      Company does not currently own or control, and has never owned or controlled,
      directly or indirectly, any interest in any other corporation, partnership,
      trust, joint venture, limited liability company, association, or other business
      entity. Except as contemplated by the Joint Development Agreement, the Company
      is not a participant in any joint venture, teaming, partnership or similar
      arrangement.

     

    3.5.  Valid
      Issuance of Shares. 

     

    The
      Common
      Shares,
      when
      issued, sold and delivered in accordance with the terms and for the
      consideration set forth in this Agreement and in the Joint Development
      Agreement, will be validly issued, fully paid and nonassessable and free of
      restrictions on transfer other than restrictions on transfer under the
      Transaction Agreements, applicable state and federal securities laws and liens
      or encumbrances created by or imposed by the Purchaser. Assuming the accuracy
      of
      the representations of the Purchaser in Section
      4 of
      this
      Agreement, the Common Shares will be issued hereunder in compliance with all
      applicable federal and state securities laws.

     

    3.6.  Filings,
      Consents and Approvals; Non-Contravention. 

     

    The
      Company is not required to obtain any consent, waiver, authorization or order
      of, give any notice to, or make any filing or registration with, any court
      or
      other Governmental Authority or other Person in connection with the execution,
      delivery and performance by the Company of the Transaction Agreements in
      accordance with their terms, other than as required by blue sky filings. The
      execution, delivery and performance of this Agreement and the other Transaction
      Agreements and the consummation of the transactions contemplated in connection
      therewith by the Company does not and will not (i) contravene or conflict
      with the Certificate of Incorporation and Bylaws (and other equivalent
      organizational documents) of the Company, (ii) contravene or conflict
      with
      or constitute a violation of any Applicable Law, (iii) constitute a
      breach
      of or default under or give rise to any right of termination, cancellation
      or
      acceleration of any right or obligation of any Person or to a loss of any
      benefit to which the Company is entitled under any provision of any contract
      binding upon the Company or by which any of the assets of the Company or the
      Common Shares are or may be bound, or (iv) result in the creation or
      imposition of any liens, claims or encumbrances on any asset of the Company
      or
      any of the Common Shares.

     

    3.7.  Litigation. 

     

    There
      is
      no claim, action, suit, proceeding, arbitration, complaint, charge or
      investigation pending or to the Company’s knowledge, any threat thereof
      (a) against the Company or any officer or director of the Company; or
      (b) that questions the validity of the Transaction Agreements or the
      right
      of the Company to enter into them, or to consummate the transactions
      contemplated by the Transaction Agreements in accordance with their terms.
      There
      is no action, suit, proceeding or investigation by the Company pending or which
      the Company intends to initiate.

     

    
      
        6

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.8.  Patents
      and Trademarks. 

     

    To
      the
      Company’s knowledge, the Company has, or has rights to use, all patents, patent
      applications, trademarks, trademark applications, service marks, trade names,
      copyrights, licenses and other similar rights (collectively, the “Intellectual
      Property”)
      that
      are necessary or material for use in connection with its business and which
      the
      failure to do so have, could have, or could reasonably be expected to result
      in,
      a Material Adverse Effect. The Company has not received a written notice that
      the Intellectual Property used by the Company violates or infringes upon the
      rights of any Person which if determined adversely to the Company would,
      individually or in the aggregate, have a Material Adverse Effect. All such
      Intellectual Property is enforceable and, to the Company’s knowledge, there is
      no existing infringement by another Person of any of the Intellectual
      Property.

     

    3.9.  Compliance. 

     

    The
      Company (i) is not in default under or in violation of (and no event has
      occurred that has not been waived that, with notice or lapse of time or both,
      would result in a default by the Company under), nor has the Company received
      written notice of a claim that it is in default under or that it is in violation
      of, in any material respect, any indenture, instrument, loan or credit agreement
      or any other agreement to which it is a party or by which it or any of its
      properties is bound (whether or not such default or violation has been waived),
      (ii) is not in violation of any order of any court, arbitrator or governmental
      body applicable to the Company, or (iii) is not or has not been in violation
      of
      any statute, rule or regulation of any Governmental Authority applicable to
      the
      Company, including without limitation all foreign, federal, state and local
      laws
      relating to taxes, environmental protection, occupational health and safety,
      product quality and safety and employment and labor matters.

     

    3.10.  Registration
      and Voting Rights. 

     

    The
      Company has not granted or agreed to grant to any Person any rights (including
      “piggy back” registration rights) to have any securities of the Company
      registered with the SEC or any other Governmental Authority that have not been
      satisfied. To the Company’s knowledge, except for the Stockholders Agreement, no
      stockholder of the Company has entered into any agreements with respect to
      the
      voting of capital shares of the Company.

     

    3.11.  Financial
      Statements. 

     

    Except
      as
      set forth in Schedule 3.11,
      the
      financial statements of the Company provided to the Purchaser have been prepared
      in accordance with United States generally accepted accounting principles
      applied on a consistent basis (“GAAP”)
      during
      the periods involved, except as may be otherwise specified in such financial
      statements or the notes thereto, and such financial statements, and the
      information contained therein (if any) fairly present the financial position
      of
      the Company and its consolidated subsidiaries, if any, as of and for the dates
      thereof and the results of operations and cash flows for the periods then ended,
      subject, in the case of unaudited statements of the Company, to normal,
      immaterial, year-end audit adjustments and the absence of
      footnotes.

     

    3.12.  Material
      Changes. 

     

    Since
      the
      date of the last financial statements provided to the Purchaser, except as
      specifically disclosed in Schedule
      3.12:
      (i)
      there has been no event, occurrence or development that has had or that could
      reasonably be expected to result in a Material Adverse Effect, (ii) the Company
      has not incurred any liabilities (contingent or otherwise) other than:
      (A) trade payables and accrued expenses incurred in the ordinary course
      of
      business consistent with past practice, (B) liabilities not required to be
      reflected in the Company’s financial statements pursuant to GAAP and
      (C) expenses in connection with the negotiation and consummation of
      the
      transactions contemplated by the Transaction Agreements, (iii) the Company
      has
      not altered its method of accounting or the identity of its auditors, if any,
      (iv) the Company has not declared or made any dividend or distribution of cash
      or other property to its stockholders or purchased, redeemed or made any
      agreements to purchase or redeem any shares of its capital stock and (v) the
      Company has not issued any equity securities to any officer, director or
      Affiliate, except pursuant to existing Company stock option plans or deferred
      compensation plan.

     

    
      
        7

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.13.  Tax
      Returns and Payments.  

     

    There
      are
      no federal, state, county, local or foreign taxes dues and payable by the
      Company which have not been timely paid. There are no accrued and unpaid
      federal, state, county, local or foreign taxes of the Company which are due,
      whether or not assessed or disputed. There have been no examinations or audits
      of any tax returns or reports by any applicable Governmental Authority. The
      Company has duly and timely filed all federal, state, county, local and foreign
      tax returns required to have been filed by it and there are in effect no waivers
      of applicable statutes of limitations with respect to taxes for any
      year.

     

    3.14.  Insurance. 

     

    Except
      as
      set forth on Schedule 3.14,
      (i) the Company has provided the Purchaser with a complete list of all
      of
      the Company’s insurance policies currently in effect, specifying the insurer,
      amount of and nature of coverage, the risk insured against and the date through
      which coverage will continue by virtue of premiums already paid, (ii) the
      Company maintains insurance for the business and assets of the Company against
      all risks normally insured against, and in amounts normally carried, by
      corporations of similar size engaged in similar lines of business and such
      coverage is sufficient, and (iii) all such insurance policies are in
      full
      force and effect and such policies, or policies providing substantially similar
      coverage (but in any event not less than the amount of coverage currently
      provided) will be maintained by the Company in full force and
      effect.

     

    3.15.  Private
      Placement. 

     

    Assuming
      the accuracy of the Purchaser’s representations and warranties set forth in
Section
      4,
      no
      registration under the Securities Act is required for the offer, issuance and
      sale of the Common Shares by the Company to the Purchaser as contemplated
      hereby.

     

    3.16.  Investment
      Company. 

     

    The
      Company is not, and is not an Affiliate of, an “investment company” within the
      meaning of the Investment Company Act of 1940, as amended.

     

    3.17.  No
      Broker’s or Finder’s Fee. 

     

    No
      agent,
      broker, investment banker, Person or firm acting on behalf of the Company,
      or
      under the authority of the Company, is or will be entitled to any broker’s or
      finder’s fee or any other commission or similar fee directly or indirectly from
      any Party in connection with the transactions contemplated hereby.

     

     

    
      
        8

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.18.  Disclosure. 

     

    The
      Company understands and confirms that the Purchaser will rely on the foregoing
      representations in effecting transactions in securities of the Company. No
      representation or warranty by the Company contained in this Agreement, and
      no
      statement contained in the Schedules hereto or any certificate furnished to
      the
      Purchaser pursuant to the provisions hereof, contains any untrue statement
      of a
      material fact or omits to state a material fact necessary in order to make
      the
      statements herein or therein not misleading.

     

    4.  Representations
      and Warranties of the Purchaser. 

     

    The
      Purchaser hereby represents and warrants to the Company that:

     

    4.1.  Organization;
      Good Standing. 

     

    The
      Purchaser is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware and has all requisite corporate power
      and authority to enter into and consummate the transactions contemplated by
      this
      Agreement and otherwise to carry out its obligations hereunder.

     

    4.2.  Corporate
      Power and Authorization. 

     

    The
      Purchaser has all requisite legal and corporate power and authority to enter
      into this Agreement and the other Transaction Agreements, and to purchase and
      accept the Common Shares issued or issuable to it pursuant to the terms hereof.
      The execution and delivery of each of the Transaction Agreements by the
      Purchaser and the consummation by it of the transactions contemplated thereby
      have been duly authorized by all necessary action on the part of the Purchaser.
      Each Transaction Agreement has been duly executed and delivered by the Purchaser
      and constitutes the valid and binding obligation of the Purchaser enforceable
      against it in accordance with their respective terms except (a) as limited
      by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
      conveyance, or other laws of general application relating to or affecting the
      enforcement of creditors’ rights generally and (b) as limited by laws relating
      to the availability of specific performance, injunctive relief, or other
      equitable remedies.

     

    4.3.  Purchase
      Entirely for Own Account. 

     

    The
      Purchaser hereby confirms that the Common Shares to be acquired by the Purchaser
      hereunder will be acquired for investment for the Purchaser’s own account, not
      as a nominee or agent, and not with a view to the resale or distribution of
      any
      part thereof, and that the Purchaser has no present intention of selling,
      granting any participation in, or otherwise distributing the same. The Purchaser
      has not been formed for the specific purpose of acquiring the Common Shares
      hereunder.

     

    4.4.  Restricted
      Securities. 

     

    The
      Purchaser understands that the Common Shares have not been, and will not be,
      registered under the Securities Act, by reason of a specific exemption from
      the
      registration provisions of the Securities Act which depends upon, among other
      things, the bona fide nature of the investment intent and the accuracy of the
      Purchaser’s representations as expressed herein. The Purchaser understands that
      the Common Shares are “restricted securities” under applicable United States
      federal and state securities laws and that, pursuant to these laws, the
      Purchaser must hold the Shares
      indefinitely unless they are registered with the SEC and qualified by state
      authorities, or an exemption from such registration and qualification
      requirements is available. The Purchaser acknowledges that the Company has
      no
      obligation to register or qualify the Common Shares for resale except as set
      forth in this Agreement. The Purchaser further acknowledges that if an exemption
      from registration or qualification is available, it may be conditioned on
      various requirements including, but not limited to, the time and manner of
      sale,
      the holding period for the Common Shares, and on requirements relating to the
      Company which are outside of the Purchaser’s control, and which the Company is
      under no obligation and
      may
      not be able to satisfy.

     

    
      
        9

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.5.  No
      Public Market. 

     

    The
      Purchaser understands that no public market now exists for the Common Shares,
      and that the Company has made no assurances that a public market will ever
      exist
      for the Common Shares.

     

    4.6.  Legends. 

     

    The
      Purchaser understands that the Common Shares and any securities issued in
      respect of or in exchange for the Common Shares, may bear one or all of the
      following legends:

     

    (a)  “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE
      SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, TRANSFERRED,
      ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT
      TO
      AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND, TO THE EXTENT REQUIRED,
      ANY APPLICABLE STATE SECURITIES LAWS OR (B) UPON DELIVERY OF AN OPINION OF
      COUNSEL REASONABLY ACCEPTABLE TO THE ISSUER THAN AN EXEMPTION FROM REGISTRATION
      UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS IS
      AVAILABLE.”

     

    (b)  Any
      legend set forth in, or required by, the other Transaction
      Agreements.

     

    (c)  Any
      legend required by the securities laws of any state to the extent such laws
      are
      applicable to the Common Shares represented by the certificate so
      legended.

     

    4.7.  Accredited
      Investor. 

     

    The
      Purchaser is an accredited investor as defined in Rule 501(a) of Regulation
      D
      promulgated under the Securities Act.

     

    4.8.  Access
      to Information. 

     

    Without
      in any way limiting the effect of the representations and warranties of the
      Company set forth in Section 3 hereof, as of the date of this Agreement, the
      Purchaser has had an opportunity to discuss the Company’s business, management
      and financial affairs with the Company’s officers and management employees and
      review all documents and records of the Company to the extent that Purchaser
      has
      requested such discussions, documentation and records. 

     

    4.9.  No
      Broker’s or Finder’s Fee. 

     

    No
      agent,
      broker, investment banker, Person or firm acting on behalf of the Purchaser,
      or
      under the authority of the Purchaser, is or will be entitled to any broker’s or
      finder’s fee or any other commission or similar fee directly or indirectly from
      any Party in connection with the transactions contemplated hereby.

     

     

    
      
        10

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.  Certain
      Covenants and Agreements.

     

    5.1.  Continued
      Access to Information. 

     

    Upon
      reasonable prior notice from the Purchaser, the Company will (i) give the
      Purchaser, its counsel, financial advisors, auditors and other authorized
      representatives full access to the offices, employees, properties, and books
      and
      records of the Company and provide the Purchaser access to the Company's
      employees during normal business hours, (ii) furnish to the Purchaser,
      its
      counsel, financial advisors, auditors and other authorized representatives
      such
      financial and operating data and other information relating to the business
      of
      the Company and each of its Subsidiaries (including, without limitation, all
      tax
      returns and tax workpapers, audit work papers, and financial and operational
      budgets and forecasts) as such Persons may reasonably request, provided
      that the
      Company’s independent accounting firm shall have no obligation to furnish work
      papers or related materials in contravention of such firm’s reasonable internal
      policies, and (iii) instruct the employees, counsel and financial advisors
      of the Company to cooperate with the Purchaser with respect to the
      foregoing.

     

    5.2.  Further
      Assurances. 

     

    Subject
      to the terms and conditions of this Agreement and Applicable Law, upon the
      reasonable request of the other Party, each Party shall execute and deliver
      such
      further documents, instruments or conveyances and take, or cause to be taken,
      all actions and to do, or cause to be done, all things reasonably necessary
      or
      advisable to consummate the transactions contemplated by this Agreement, and
      to
      refrain from taking any action that would prevent or delay the consummation
      of
      transactions contemplated by this Agreement.

     

    5.3.  Use
      of
      Purchaser Stock. 

     

    Any
      consideration received by the Company for Common Stock issued to the Purchaser
      hereunder shall be used solely to fund its operations.

     

    6.  Conditions
      Precedent to the Purchaser’s Obligations at Closing.

     

    6.1.  First
      Closing. 

     

    All
      obligations of the Purchaser that are to be discharged under this Agreement
      at
      the First Closing are subject to the fulfillment, on or before the First Closing
      Date, of each of the following conditions, unless expressly waived in a writing
      signed by the Purchaser:

     

    (a)  Representations
      and Warranties.
      The
      representations and warranties of the Company contained in Section 3
      shall be
      true and correct in all material respects as of the First Closing
      Date.

     

    (b)  Performance.
      The
      Company shall have performed and complied with all covenants, agreements,
      obligations and conditions contained in this Agreement that are required to
      be
      performed or complied with by it on or before the First Closing
      Date.

     

    (c)  Compliance
      Certificate.
      The
      President of the Company shall have delivered to the Purchaser at the First
      Closing a certificate certifying that the conditions specified in Section
      6.1(a)
      and
Section
      6.1(b)
      have
      been fulfilled.

     

    (d)  Joint
      Development Agreement.
      The
      Company shall have executed and delivered the Joint Development
      Agreement.

     

    (e)  Stockholders
      Agreement.
      The
      Company and each of the Founders shall have executed and delivered the
      Stockholders Agreement.

     

    (f)  Employment
      Agreements.
      The
      Company and each of the Founders shall have executed and delivered the
      Employment Agreements.

     

    (g)  Third
      Party Consents.
      The
      Company shall have obtained any consents from third parties necessary for the
      consummation of the transactions contemplated by this Agreement.

     

    (h)  Resignation
      or Removal of Certain Directors.
      Jerry
      E. Pratt, Richard Page, and Bonnie Bachman shall have submitted their respective
      resignations as directors of the Company, or such individuals shall have been
      duly removed or not re-elected as directors of the Company in accordance with
      the Bylaws of the Company and applicable law.

     

    (i)  Legal
      Opinion.
      The
      Purchaser shall have received an opinion, dated as of the First Closing Date,
      of
Mirick
      O'Connell, counsel to the Company, in substantially the form attached hereto
      as
      Exhibit E.

     

    
      
        11

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.2.  Subsequent
      Closings. 

     

    All
      obligations of the Purchaser that are to be discharged under this Agreement
      at
      each Subsequent Closing are subject to the fulfillment, on or before each
      Subsequent Closing Date, of each of the following conditions, unless expressly
      waived in a writing signed by the Purchaser:

     

    (a)  Representations
      and Warranties.
      The
      representations and warranties of the Company contained in Section 3,
      together with any updates to the Schedules which shall reflect that a Material
      Adverse Effect has not occurred since the prior Closing, shall be true and
      correct in all material respects as of each Subsequent Closing
      Date.

     

    (b)  Performance.
      The
      Company shall have performed and complied with all covenants, agreements,
      obligations and conditions contained in this Agreement and the Transaction
      Agreements that are required to be performed or complied with by it on or before
      each Subsequent Closing Date.

     

    (c)  Compliance
      Certificate.
      The
      President of the Company shall have delivered to the Purchaser at each
      Subsequent Closing a certificate certifying that the conditions specified in
      Section
      6.2(a)
      and
Section
      6.2(b)
      have
      been fulfilled.

     

    (d)  Effectiveness
      of Registration Statement.
      To the
      extent that the Purchaser provides all or any part of an Additional First Year
      Financing, or the aggregate Exercise Price upon any exercise of the Purchase
      Option, in the form of MCEL Stock, the registration statement filed with the
      SEC
      covering the sale of such MCEL Stock to the Company (the “Registration
      Statement”)
      shall
      have been declared effective by the SEC and no stop order or other suspension
      of
      effectiveness of the Registration Statement shall be in effect.

     

    
      
        12

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.  Conditions
      Precedent to the Company’s Obligations at Closing.

     

    7.1.  First
      Closing. 

     

    All
      obligations of the Company that are to be discharged under this Agreement at
      the
      First Closing are subject to the fulfillment, on or before the First Closing
      Date, of each of the following conditions, unless expressly waived in a writing
      signed by the Company:

     

    (a)  Representations
      and Warranties
      The
      representations and warranties of the Purchaser contained in Section 4
      shall be
      true and correct in all material respects as of the First Closing
      Date.

     

    (b)  Performance.
      The
      Purchaser shall have performed and complied with all covenants, agreements,
      obligations and conditions contained in this Agreement that are required to
      be
      performed or complied with by it on or before the First Closing
      Date.

     

    (c)  Compliance
      Certificate.
      The
      Purchaser shall have delivered to the Company at the First Closing a certificate
      certifying that the conditions specified in Section 7.1(a) and Section
      7.1(b) have been fulfilled.

     

    (d)  Joint
      Development Agreement.
      The
      Purchaser shall have executed and delivered the Joint Development
      Agreement.

     

    (e)  Stockholders
      Agreement.
       The
      Purchaser shall have executed and delivered the Stockholders
      Agreement.

     

    (f)  Third
      Party Consents.
      The
      Purchaser shall have obtained any consents from third parties necessary for
      the
      consummation of the transactions contemplated by this Agreement.

     

    (g)  Consulting
      Amendments.
      The
      Purchaser and each of the Founders shall have executed and delivered the
      Consulting Amendments.

     

    7.2.  Subsequent
      Closings. 

     

    All
      obligations of the Company that are to be discharged under this Agreement at
      each Subsequent Closing are subject to the fulfillment, on or before each
      Subsequent Closing Date, of each of the following conditions, unless expressly
      waived in a writing signed by the Company:

     

    (a)  Representations
      and Warranties
      The
      representations and warranties of the Purchaser contained in Section 4
      shall be
      true and correct in all material respects as of each Subsequent Closing
      Date.

     

    (b)  Performance.
      The
      Purchaser shall have performed and complied with all covenants, agreements,
      obligations and conditions contained in this Agreement and the Transaction
      Agreements that are required to be performed or complied with by it on or before
      each Subsequent Closing Date. 

     

    (c)  Compliance
      Certificate. The Purchaser shall have delivered to the Company at the First
      Closing a certificate certifying that the conditions specified in
      Section 7.2(a) and Section 7.2(b) have been fulfilled.

     

    (d)  Effectiveness
      of Registration Statement.
      To the
      extent that the Purchaser provides all or any part of an Additional First Year
      Financing, or the aggregate Exercise Price upon any exercise of the Purchase
      Option, in the form of MCEL Stock, the Registration Statement shall have been
      declared effective by the SEC and no stop order or other suspension of
      effectiveness of the Registration Statement shall be in effect.

     

     

    
      
        14

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.  Term
      and Termination.

     

    8.1.  Term. 

     

    The
      term
      of this Agreement shall run concurrently with the Exercise Period (as defined
      in
      the Joint Development Agreement).

     

    8.2.  Termination. 

     

    This
      Agreement shall terminate as follows: 

     

    (a)  the
      Company and the Purchaser may terminate this Agreement by mutual written consent
      at any time;

     

    (b)  by
      either
      Party if there shall be any Applicable Law or regulation that makes consummation
      of the transactions contemplated by the Transaction Agreements illegal or
      otherwise prohibited or if consummation of such transactions would violate
      any
      nonappealable final order, decree or judgment of any Governmental Authority
      having competent jurisdiction;

     

    (c)  the
      Purchaser may terminate this Agreement by giving written notice to the Company
      in the event the Company has materially breached any representation, warranty
      or
      covenant contained in this Agreement and the breach has continued without cure
      for a period of thirty (30) days after written notice of such breach;
      and

     

    (d)  the
      Company may terminate this Agreement by giving written notice to the Purchaser
      in the event the Purchaser has materially breached any representation, warranty
      or covenant contained in this Agreement and the breach has continued without
      cure for a period of thirty (30) days after written notice of such
      breach.

     

    Any
      Party
      desiring to terminate this Agreement pursuant to this Section
      8.2
      shall
      give written notice of such termination (including the basis thereof) to the
      other Party. 

     

    8.3.  Effect
      of Termination. 

     

    Upon
      termination of this Agreement under Section 8.2,
      but
      subject to this Section
      8.3,
      the
      Purchaser shall retain all of the Common Shares acquired by the Purchaser as
      of
      such termination date and all rights and obligations of the Parties hereunder
      shall terminate without any liability of either Party (except for any liability
      of any Party then in breach), except the provisions of this Section
      8.3
      and
Section
      9
      hereof
      shall survive such termination.

     

    9.  Indemnification.

     

    9.1.  Indemnification
      of the Purchaser. 

     

    The
      Company hereby indemnifies the Purchaser and its Affiliates, directors,
      officers, employees and agents against, and agrees to hold each of them harmless
      from, any and all claims, demands, costs, expenses, obligations, liabilities,
      damages, recoveries and deficiencies, including, without limitation, interest,
      penalties, court costs, costs and expenses (including reasonable fees and
      expenses of external counsel) (the “Damages”)
      incurred or suffered by any of them arising out of or based upon (i) any breach
      of any representation or warranty made by the Company in this Agreement, (ii)
      any breach of any covenant or agreement to be performed by the Company pursuant
      to this Agreement, and (iii) violations by the Company of Applicable Law with
      respect to the Common Shares.

     

    9.2.  Indemnification
      of the Company. 

     

    The
      Purchaser hereby indemnifies the Company and its Affiliates, directors,
      officers, employees and agents against, and agrees to hold each of them harmless
      from, any and all Damages incurred or suffered by any of them arising out of
      or
      based upon any breach of any representation, warranty or covenant made or to
      be
      performed by the Purchaser pursuant to this Agreement.

     

    9.3.  Procedures.

     

    (a)  If
      the
      Purchaser or any of its Affiliates or any of their respective directors,
      officers, employees and agents, seek indemnification pursuant to Section
      9.1,
      or the
      Company or any of their Affiliates or any of their directors, officers,
      employees and agents, seek indemnification pursuant to Section
      9.2,
      the
      Person seeking indemnification (the “Indemnified
      Party”)
      shall
      give written notice to the Party from whom such indemnification is sought (the
      “Indemnifying
      Party”)
      promptly (and in any event within 30 days) after the Indemnified Party becomes
      aware of the facts giving rise to such claim for indemnification (an
“Indemnified
      Claim”)
      specifying in reasonable detail the factual basis of the Indemnified Claim,
      stating the amount of the Damages, if known, the method of computation thereof,
      containing a reference to the provision of this Agreement in respect of which
      such Indemnified Claim arises and demanding indemnification therefor. The
      failure of an Indemnified Party to provide notice in accordance with this
Section
      9.3
      shall
      not constitute a waiver of that party’s claims to indemnification pursuant to
Section
      9.1
      or
Section
      9.2,
      as
      applicable, except to the extent that any such failure or delay in giving notice
      causes the amounts paid by the Indemnifying Party to be greater than they
      otherwise would have been or otherwise results in prejudice to the Indemnifying
      Party. If the Indemnified Claim arises from the assertion of any claim, or
      the
      commencement of any suit, action or proceeding brought by a Person that is
      not a
      party hereto (a “Third
      Party Claim”),
      any
      such notice to the Indemnifying Party shall be accompanied by a copy of any
      papers theretofore served on or delivered to the Indemnified Party in connection
      with such Third Party Claim.

     

    (b)  Upon
      receipt of notice of a Third Party Claim from an Indemnified Party pursuant
      to
Section
      9.3(a),
      the
      Indemnifying Party will be entitled to assume the defense and control of such
      Third Party Claim subject to the provisions of this Section
      9.3.
      After
      written notice by the Indemnifying Party to the Indemnified Party of its
      election to assume the defense and control of a Third Party Claim, the
      Indemnifying Party shall not be liable to such Indemnified Party for any legal
      fees or expenses subsequently incurred by such Indemnified Party in connection
      therewith. Notwithstanding anything in this Section
      9.3
      to the
      contrary, if the Indemnifying Party does not assume defense and control of
      a
      Third Party Claim as provided in this Section
      9.3,
      the
      Indemnified Party shall have the right to defend such Third Party Claim, subject
      to the limitations set forth in this Section
      9.3,
      in such
      manner as it may deem appropriate. Whether the Indemnifying Party or the
      Indemnified Party is defending and controlling any such Third Party Claim,
      they
      shall select counsel, contractors, experts and consultants of recognized
      standing and competence, shall take all steps necessary in the investigation,
      defense or settlement thereof, and shall at all times diligently and promptly
      pursue the resolution thereof. The Party conducting the defense thereof shall
      at
      all times act as if all Damages relating to the Third Party Claim were for
      its
      own account and shall act in good faith and with reasonable prudence to minimize
      Damages therefrom. The Indemnified Party shall, and shall cause each of its
      Affiliates, directors, officers, employees, and agents to, cooperate fully
      with
      the Indemnifying Party in connection with any Third Party Claim.

     

    (c)  The
      Indemnifying Party shall be authorized to consent to a settlement of, or the
      entry of any judgment arising from, any Third Party Claims, and the Indemnified
      Party shall consent to a settlement of, or the entry of any judgment arising
      from, such Third Party Claims; provided, that the Indemnifying Party shall
      (1)
      pay or cause to be paid all amounts arising out of such settlement or judgment
      concurrently with the effectiveness thereof; (2) shall not encumber any of
      the
      assets of any Indemnified Party or agree to any restriction or condition that
      would apply to such Indemnified Party or to the conduct of that party’s
      business; and (3) shall obtain, as a condition of any settlement or other
      resolution, a complete and irrevocable release of each Indemnified Party and
      such settlement or judgment (x) shall not require any admission of
      liability, fault or wrongdoing by any Indemnified Party or impose any
      non-monetary obligation on an Indemnified Party (such as, by way of example,
      and
      not in limitation, injunctive relief) and (y) shall not require any admission
      or
      statement that could reasonably be expected to materially impair, disparage
      or
      otherwise adversely affect, the business reputation of the Indemnified Party.
      Except to the extent of the foregoing, no settlement or entry of judgment in
      respect of any Third Party Claim shall be consented to by any Indemnifying
      Party
      or Indemnified Party without the express written consent of the other
      Party.

     

    (d)  If
      an
      Indemnifying Party makes any payment on an Indemnified Claim, the Indemnifying
      Party shall be subrogated, to the extent of such payment, to all rights and
      remedies of the Indemnified Party to any insurance benefits or other claims
      or
      benefits of the Indemnified Party with respect to such claim.

     

    
      
        15

      

      
        
        

        
          

        

      

      
        
        

      

    

    10.  Miscellaneous.

     

    10.1.  Survival. 

     

    The
      representations and warranties of the Company and the Purchaser contained in
      or
      made pursuant to this Agreement shall survive the execution and delivery of
      this
      Agreement and shall continue in full force and effect until the first
      anniversary of the termination of this Agreement, except that:

     

    (a)  the
      representations and warranties in Sections
      3.1,
      3.2,
      3.3,
      3.4,
      3.5,
      4.1
      and
4.2
      shall
      survive indefinitely; and

     

    (b)  those
      covenants and agreements set forth in this Agreement that, by their terms,
      are
      to have effect after the Closings shall survive for the period contemplated
      by
      such covenants and agreements, or, if no period is expressly set forth, until
      the expiration of the statute of limitations applicable to any claim relating
      thereto.

     

    
      
        16

      

      
        
        

        
          

        

      

      
        
        

      

    

    10.2.  Transfer;
      Successors and Assigns. 

     

    No
      Party
      shall assign any rights or obligations under this Agreement without the prior
      written consent of the other Party, except to the extent that either Party
      may
      assign any rights or obligations under the Joint Development Agreement. The
      terms and conditions of this Agreement shall inure to the benefit of and be
      binding upon the respective successors and assigns of the Parties. Nothing
      in
      this Agreement, express or implied, is intended to confer upon any party other
      than the Parties or their respective successors and assigns any rights,
      remedies, obligations, or liabilities under or by reason of this Agreement,
      except as expressly provided in this Agreement.

     

    10.3.  Governing
      Law; Submission to Jurisdiction. 

     

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York without regard to its principles of conflicts of laws. Any
      legal action or proceeding with respect to this Agreement may be brought in
      the
      courts of the State of New York and the United States of America for the
      Southern District of New York and, by execution and delivery of this Agreement,
      the Parties accept, for themselves and in respect of their property, generally
      and unconditionally, the jurisdiction of aforesaid courts. Each Party hereto
      irrevocably waives any objection to venue laid therein. Each Party hereto
      irrevocably consents to the service of process of any of the aforementioned
      courts in any such action or proceeding by the mailing of copies thereof by
      registered or certified mail, postage prepaid, to it at its address as set
      forth
      herein.

     

    10.4.  Counterparts. 

     

    This
      Agreement may be executed in two (2) or more counterparts, each of which shall
      be deemed an original, but all of which together shall constitute one and the
      same instrument. This Agreement may also be executed and delivered by facsimile
      signature and in two or more counterparts, each of which shall be deemed an
      original, but all of which together shall constitute one and the same
      instrument.

     

    10.5.  Construction
      of Certain Terms. 

     

    The
      titles of the articles, sections, and subsections of this Agreement are for
      convenience of reference only and are not to be considered in construing this
      Agreement. Wherever the words “including,”“include” or “includes” are used in
      this Agreement, they shall be deemed followed by the words “without limitation.”
      References to any gender shall be deemed to mean any gender. The Parties hereto
      have participated jointly in the negotiation and drafting of this Agreement.
      In
      the event an ambiguity or question of intent or interpretation arises, this
      Agreement shall be construed as if drafted jointly by the Parties, and no
      presumption or burden of proof shall arise favoring or disfavoring any Party
      by
      virtue of the authorship of any provisions of this Agreement.

     

    10.6.  Notices. 

     

    All
      notices and other communications given or made pursuant to this Agreement shall
      be in writing and shall be deemed effectively given: (a) upon personal delivery
      to the Party to be notified, (b) when sent by confirmed electronic mail or
      facsimile if sent during normal business hours of the recipient, and if not
      so
      confirmed, then on the next Business Day, (c) five (5) days after having been
      sent by certified mail, return receipt requested, postage prepaid, or (d) one
      (1) day after deposit with a nationally recognized overnight courier, specifying
      next day delivery, with written verification of receipt. All communications
      shall be sent to the address or facsimile number set forth below or to such
      other address or facsimile number as delivered by notice to the other in
      accordance with this Section 10.6:

     

    If
      to the
      Purchaser: 

     

    Millennium
      Cell Inc. 

    One
      Industrial Way West

    Eatontown,
      NJ 07724

    Attention:
      Adam Briggs, President

    Facsimile:
      (732) 542-4010

    

    With
      a
      copy to: 

    

    Dickstein,
      Shapiro, Morin & Oshinsky LLP

    1177
      Avenue of the Americas

    New
      York,
      NY 10036

    Attention:
      Malcolm Ross

    Facsimile:
      (212) 997-9880

    

    If
      to the
      Company:

    

    Gecko
      Energy Technologies, Inc.

    One
      Industrial Way West

    Eatontown,
      NJ 07724

    Attention:
      Ronald J. Kelley and/or Steven D. Pratt

    Facsimile:
      (732) 542-4010

    

    With
      a
      copy to:

    

    Mirick
      O'Connell

    100
      Front
      Street

    Worcester,
      MA 01608-1477

    Attention:
      Jeffrey
      L. Donaldson

    Facsimile:
      (508)
      791-8502

     

     

    
      
        17

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    10.7.  Fees
      and Expenses. 

     

    The
      Company and the Purchaser shall each pay their own costs and expenses in
      connection with the negotiation and documentation of this Agreement and the
      other Transaction Agreements.

     

    10.8.  Amendments
      and Waivers. 

     

    Neither
      this Agreement nor any term of this Agreement may be amended, terminated or
      waived without the prior written consent of the Company and the Purchaser.
      Any
      amendment or waiver effected in accordance with this Section 10.8
      shall be
      binding upon the Purchaser and each transferee of the Common Shares issued
      hereunder, each future holder of all such securities, and the
      Company.

     

     

    
      
        18

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    10.9.  Severability. 

     

    The
      invalidity or unenforceability of any provision hereof shall in no way affect
      the validity or enforceability of any other provision.

     

    10.10.  Delays
      or Omissions. 

     

    No
      delay
      or omission to exercise any right, power or remedy accruing to any Party under
      this Agreement, upon any breach or default of any other Party under this
      Agreement, shall impair any such right, power or remedy of such non-breaching
      or
      non-defaulting Party nor shall it be construed to be a waiver of any such breach
      or default, or an acquiescence therein, or of or in any similar breach or
      default thereafter occurring; nor shall any waiver of any single breach or
      default be deemed a waiver of any other breach or default theretofore or
      thereafter occurring. Any waiver, permit, consent or approval of any kind or
      character on the part of any Party of any breach or default under this
      Agreement, or any waiver on the part of any Party of any provisions or
      conditions of this Agreement, must be in writing and shall be effective only
      to
      the extent specifically set forth in such writing. All remedies, either under
      this Agreement or by law or otherwise afforded to any Party, shall be cumulative
      and not alternative.

     

    10.11.  Entire
      Agreement. 

     

    This
      Agreement (including the Attachments and Exhibits hereto) and the other
      Transaction Agreements constitute the full and entire understanding and
      agreement between the Parties with respect to the subject matter hereof, and
      any
      other written or oral agreement relating to the subject matter hereof existing
      between the Parties are expressly canceled.

     

    [Remainder
      of Page Intentionally Left Blank]

     

    
      
        19

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

       

       

    

    IN
      WITNESS WHEREOF, the Company and the Purchaser have executed this Stock Purchase
      Agreement as of the date first written above.

     

    MILLENNIUM
      CELL INC.:

    

    

    By:
      /s/Adam Briggs

    Name: Adam
      Briggs

    Title: President

    

    

    GECKO
      ENERGY TECHNOLOGIES, INC.:

    

    By:
      /s/Ronald J. Kelley

    Name:
      Ronald J. Kelley

    Title:
      PresidentExhibit 10.3 - Stockholders Agreement

    STOCKHOLDERS
      AGREEMENT

     

    This
      STOCKHOLDERS AGREEMENT (this “Agreement”)
      dated
      as of February 15, 2006, by and among Gecko Energy Technologies, Inc.,
      a
      Delaware corporation (the “Company”),
      Millennium Cell Inc., a Delaware corporation (“MCEL”),
      Ronald J. Kelley (“Kelley”),
      and
      Steven D. Pratt (“Pratt,”
      together with Kelley, the “Founders”
      and
      collectively with MCEL and Kelley, the “Stockholders”).

     

    RECITALS

     

    WHEREAS,
      each of the Stockholders is the beneficial owner of the number of shares of
      Common Stock, no par value, of the Company (“Common
      Stock”)
      set
      forth on Exhibit A
      attached
      hereto with respect to such Stockholder;

     

    WHEREAS,
      the Company and MCEL have entered into that Joint Development Agreement dated
      as
      of the date hereof (the “Joint
      Development Agreement”),
      pursuant to which MCEL acquired shares of Common Stock and may acquire
      additional shares of Common Stock in the future;

     

    WHEREAS,
      the execution and delivery of this Agreement by the parties hereto is a
      condition to closing the transactions contemplated by the Joint Development
      Agreement; and

     

    WHEREAS,
      the parties hereto desire to provide for the future voting of shares of the
      Company’s capital
      stock,
      impose
      certain restrictions upon the assignment, sale, transfer or other disposition
      of
      the Company’s capital stock and to set forth certain other rights and
      obligations of the Company and the Stockholders with respect to the Company’s
      capital stock.

     

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

      

     

    

     

    DEFINITIONS

     

      Defined
      Terms. Capitalized terms used herein are defined as follows:

     

    (a)  “Acceptance
      Notice” has the meaning set forth in Section 3.2(a).

     

    (b)  “Affiliate”
      means, with respect to any specified Person, any other Person which directly
      or
      indirectly through one or more intermediaries controls, or is controlled by,
      or
      is under common control with, such specified Person (for the purposes of this
      definition, “control” (including, with correlative meanings, the terms
“controlling,”“controlled by” and “under common control with”), as used with
      respect to any Person, means the possession, directly or indirectly, of the
      power to direct or cause the direction of the management or policies of such
      Person, whether through the ownership of voting securities, by agreement or
      otherwise).

     

    (c)  “Beneficially
      Owned” has the meaning set forth in Rule 13d-3 promulgated under the Exchange
      Act, except that paragraph (d)(1) of Rule 13d-3 shall not apply to this
      Agreement.

     

    (d)  “Board
      of
      Directors” means the board of directors of the Company.

     

    (e)  “Business
      Day” means any day other than a Saturday, Sunday or a day when banks in
      New York City are authorized or required by law to be closed.

     

    (f)  “Certificate
      of Incorporation” means the Certificate of Incorporation of the
      Company.

     

    (g)  “Common
      Stock” has the meaning set forth in the Recitals.

     

    (h)  “Company”
      has the meaning set forth in the Preamble.

     

    (i)  “Convertible
      Securities” means, collectively, any evidences of indebtedness, shares or other
      securities of the Company directly or indirectly convertible into, or
      exercisable or exchangeable for, Common Stock.

     

    (j)  “Drag-Along
      Sale” has the meaning set forth in Section 5.1(a).

     

    (k)  “Drag-Along
      Seller” has the meaning set forth in Section 5.1(a).

     

    (l)  “Drag-Along
      Transfer Notice” has the meaning set forth in Section 5.1(b). 

     

    (m)  “Exchange
      Act” means the Securities Exchange Act of 1934, as amended, of the United States
      and the rules and regulations promulgated thereunder.

     

    (n)  “First
      Closing” has the meaning set forth in the Joint Development
      Agreement.

     

    (o)  “Liens”
      means any liens, claims, security interests, options, charges or other
      encumbrances.

     

    (p)  “New
      Securities” means the Company’s Common Stock, Convertible Securities and
      Options, whether authorized now or in the future, and rights, options or
      warrants to purchase such securities.

     

    (q)  “Options”
      means any and all options, warrants or other similar rights to subscribe for,
      purchase or otherwise directly or indirectly acquire Common Stock or Convertible
      Securities.

     

    (r)  “Permitted
      Issuances” means issuances by the Company of any of the following securities:
      (i) securities issued in connection with any employee benefit plan which
      has been approved by the Board of Directors, pursuant to which the Company’s
      securities may be issued to any employee, officer, consultant or director for
      services provided to the Company, subject to a maximum of three
      percent (3%) of the then outstanding Common Stock of the Company;
      (ii) securities issued upon the exercise or conversion of Options or
      Convertible Securities; (iii) securities issued in connection with any
      stock split, stock dividend, recapitalization or similar transaction by the
      Company; (iv) Common Stock issued to MCEL pursuant to the Joint Development
      Agreement; and
      (v)
Options
      to acquire any of the foregoing securities.

     

    (s)  “Permitted
      Transferee” means a recipient of a Transfer permitted under Section
      2.2.

     

    (t)  “Person”
      means any individual, partnership, corporation, company, association, trust,
      joint venture, limited liability company or other entity.

     

    (u)  “Preemptive
      Rights Closing” has the meaning set forth in Section 6.3.

     

    (v)  “Preemptive
      Rights Notice” has the meaning set forth in Section 6.1.

     

    (w)  “Proposed
      Purchaser” has the meaning set forth in Section 3.1.

     

    (x)  “Proposed
      Transferor” has the meaning set forth in Section 3.1.

     

    (y)  “Pro
      Rata
      Share” means, for purposes of Article VI, the percentage of New Securities being
      issued by the Company in the Subject Issuance that each Subscribing Stockholder
      shall be entitled to purchase, which percentage shall be determined by dividing
      the number of Shares Beneficially Owned by such Subscribing Stockholder by
      the
      aggregate number of Shares of the Company outstanding immediately prior to
      the
      Subject Issuance.

     

    (z)  “Public
      Offering” means the public offering pursuant to an effective registration
      statement under the Securities Act, covering the offer and sale of Common Stock
      for the account of the Company to the public.

     

    (aa)  “Qualified
      IPO” means a firm commitment underwritten public offering pursuant to an
      effective registration statement under the Securities Act, covering the offer
      and sale of Common Stock for the account of the Company to the public with
      aggregate gross proceeds (before deduction of expenses and underwriters’
      commissions) to the Company of at least $30,000,000.

     

    (bb)  “ROFR
      Offer” has the meaning set forth in Section 3.1.

     

    (cc)  “Sale
      Percentage” has the meaning set forth in Section 3.1.

     

    (dd)  “Securities
      Act” means the Securities Act of 1933, as amended, of the United States and the
      rules and regulations promulgated thereunder.

     

    (ee)  “Shares”
      means, with respect to any Stockholder, all shares of Common Stock now
      Beneficially Owned or hereafter acquired by such Stockholder and all Convertible
      Securities and Options now Beneficially Owned or hereafter acquired by such
      Stockholder.

     

    (ff)  “Subject
      Issuance” has the meaning set forth in Section 6.1.

     

    (gg)  “Subscribing
      Stockholder” has the meaning set forth in Section 6.2.

     

    (hh)  “Tag-Along
      Notice” has the meaning set forth in Section 4.1.

     

    (ii)  “Tag-Along
      Sale” has the meaning set forth in Section 4.1.

     

    (jj)  “Transfer”
      means any sale, assignment, pledge, encumbrance, transfer or other hypothecation
      or disposition, whether directly, indirectly, voluntarily, involuntarily, by
      operation of law, pursuant to judicial process or otherwise.

     

    (kk)  “Transfer
      Shares” has the meaning set forth in Section 3.1.

     

    (ll)  "Voting
      Shares" means all Shares Beneficially Owned by a Stockholder, together with
      any
      Shares or other voting securities of the Company that are acquired or
      Beneficially Owned by such Stockholder after the date of this Agreement, whether
      upon the exercise of Options, conversion of Convertible Securities or otherwise,
      or over which such Stockholder has, directly or indirectly, the right to
      vote.

     

    

      

     

    

     

    TRANSFER
      OF SHARES

     

      Restrictions
      on Transfer.
      No
      Stockholder nor any of their respective Permitted Transferees hereunder shall
      Transfer, attempt to Transfer or permit to be Transferred, any Shares (or any
      interest therein) Beneficially Owned now or in the future by such Stockholder
      to
      any other Person except as expressly provided in this Agreement and except
      to
      the extent not expressly restricted or limited by this Agreement. No Transfer
      or
      attempted Transfer in violation of this Agreement shall be made or recorded
      on
      the books and records of the Company and any such Transfer or attempted Transfer
      shall be void ab initio
      and of
      no force or effect. Subject to the terms of this Agreement, the Stockholders
      shall be entitled to exercise all rights of ownership of their respective
      Shares.

     

      Certain
      Permitted Transfers. Notwithstanding the general prohibition on Transfers
      contained in Section 2.1, the Company and the Stockholders acknowledge and
      agree
      that any of the following Transfers shall be deemed permitted Transfers, subject
      to the requirements of Section 2.3 (and subject to any other contractual or
      legal restrictions applicable to such Stockholder):

     

      a
      Transfer made in accordance with Articles III, IV or V;

     

      a
      Transfer made pursuant to a Public Offering;

     

      a
      Transfer made by a Stockholder without consideration (i) to an Affiliate, (ii)
      if such Stockholder is a partnership, to its partners or former partners in
      accordance with their partnership interests, (iii) if such Stockholder is a
      corporation, to its stockholders in accordance with their interest in such
      corporation, or (iv) if such Stockholder is a limited liability company, to
      its
      members or former members in accordance with their interest in such limited
      liability company;

     

      upon
      the
      death of any Stockholder who is a natural Person, a Transfer of shares pursuant
      to a will or other instrument taking effect at death of such Stockholder or
      pursuant to the applicable laws of descent and distribution to such
      Stockholder’s estate, executors, administrators and personal representatives,
      and then to such holder’s heirs, legatees or distributees; or

     

      if
      a
      Stockholder is a natural Person, a Transfer for nominal consideration or as
      a
      gift (i) to such Stockholder’s spouse, parents, siblings or issue, (ii) to
      a trust or custodial account, the beneficiaries of which include only the
      Stockholder and/or such Stockholder’s spouse or issue, provided that such
      Stockholder is trustee of the trust or custodial account and retains sole voting
      power or control with respect to the Shares held in trust and the trust
      documents provide for compliance with the provisions of this Agreement, or
      (iii)
      to a corporation or partnership, the stockholders or partners (as the case
      may
      be) of which include only the Stockholder and/or such Stockholder’s spouse or
      issue; provided,
      however,
      in each
      case that the Company shall be entitled to receive, upon request, a legal
      opinion reasonably acceptable to it from the transferor (and obtained at the
      transferor’s expense) to the effect that such Transfer is in compliance with
      applicable federal and state securities laws.

     

      Conditions
      to Transfer.
      No
      Transfer permitted under the terms of this Article II shall be effective unless
      and until the transferee of such Shares, if not already bound by the terms
      of
      this Agreement, shall agree in writing to become a party to, and to be bound
      by
      the terms and provisions of, this Agreement, and shall agree that the Shares
      or
      other securities acquired by it pursuant to any Transfer shall be subject to
      the
      terms of this Agreement. No Transfer of Shares shall be required to be
      recognized by the Company unless and until the transferee has executed such
      undertaking. Upon any Transfer of Shares in accordance with the provisions
      of
      this Agreement, the transferee of a Stockholder shall have the rights and
      obligations of a Stockholder hereunder; provided, however, that no Transfer
      by
      any Stockholder to a Permitted Transferee shall relieve such Stockholder of
      any
      of its obligations hereunder.

     

      

     

    

     

    RIGHT
      OF FIRST REFUSAL

     

    

      The
      Offer.
      If
      at any
      time a Founder or any of its Permitted Transferees (for purposes of Articles
      III
      and IV, the “Proposed
      Transferor”)
      shall
      receive a bona fide written offer and desires to Transfer, directly or
      indirectly, all or any part of the Shares then Beneficially Owned by such
      Proposed Transferor to any Person (a “Proposed
      Purchaser”)
      (other
      than a Transfer (a) pursuant to a Public Offering, (b) to a Permitted
      Transferee, or (c) pursuant to Article IV or Article V), then
      at least
      thirty (30) days prior to consummating such Transfer, the Proposed Transferor
      shall deliver a written notice (a “ROFR
      Offer”)
      to the
      Company and MCEL specifying: (i) the number and class of Shares proposed
      to
      be Transferred by the Proposed Transferor (the “Transfer
      Shares”),
      (ii) the name and address of the Proposed Purchaser in such proposed
      Transfer, (iii) the proposed consideration, the specific payment terms
      (deferred, contingent or otherwise) and any other material terms and conditions
      of such proposed Transfer, (iv) the fraction, expressed as a percentage,
      determined by dividing the number of Shares to be purchased from the Proposed
      Transferor in the Proposed Transfer by the total number of Shares Beneficially
      Owned by the Proposed Transferor as of the date of such ROFR Offer (the
“Sale
      Percentage”),
      and
      (v) that the Proposed Purchaser has been informed of the right of first
      refusal rights in this Article III and the tag-along rights set forth
      in
      Article IV, and has agreed to comply with the terms hereof and thereof, subject
      to the limitation set forth in Section 4.3.

     

      Right
      of
      First Refusal. Upon
      receipt of the ROFR Offer, MCEL shall have the right, exercisable upon written
      notice thereof (an “Acceptance
      Notice”)
      to the
      Proposed Transferor, with a copy to the Company, delivered within twenty (20)
      days after its receipt of the ROFR Offer, to purchase all of the Transfer
      Shares,
      upon the
      terms and subject to the conditions set forth in the ROFR Offer.

     

      ROFR
      Closing.
      The
      closing of the purchase of the Transfer Shares by MCEL, if any, pursuant to
      this
      Article III shall take place at the principal office of the Company (or such
      other location as agreed by the relevant parties) within sixty (60) days
      following the date of the ROFR Offer (or if such sixtieth (60th)
      day is
      not a Business Day, then on the next succeeding Business Day) or as soon as
      practicable thereafter as agreed by the relevant parties. At each such closing,
      the Proposed Transferor shall cause the Company to deliver to MCEL an original
      certificate or certificates evidencing the Transfer Shares to be purchased
      by
      MCEL, free and clear of all Liens and duly endorsed for transfer, against
      payment to the Proposed Transferor of the consideration therefor.

     

      Form
      of
      Consideration. All payments for Transfer Shares pursuant to this Article III
      shall be made in accordance with the payment terms specified in the ROFR Offer
      (deferred, contingent or otherwise) and shall be made in cash, notwithstanding
      any other payment terms offered to the Proposed Transferor by the Proposed
      Purchaser. If the proposed consideration for any such sale specified in the
      ROFR
      Offer is to be paid in any property other than cash, the Company shall engage
      and instruct a reputable independent accounting firm (not acting or representing
      the Company in other matters at that time) to prepare a valuation of such
      property. The costs of such accounting firm in respect of such valuation shall
      be borne by the Company.

     

      Sale
      to
      Third Party. If
      MCEL
      elects to purchase less than all of the Transfer Shares proposed to be offered
      by the Proposed Transferor as set forth in the ROFR Offer, then MCEL’s right of
      first refusal with respect to the Transfer Shares pursuant to this Article
      III
      shall cease and, subject to compliance with Article IV, the Proposed Transferor
      may Transfer the Transfer Shares to the Proposed Purchaser within
      ninety (90) days following the date of the ROFR Offer (or if such ninetieth
      (90th)
      day is
      not a Business Day, then on the next succeeding Business Day), for a price
      and
      upon other terms no more favorable in the aggregate than those specified in
      the
      applicable ROFR Offer. The closing of such sale shall take place at the
      principal office of the Company (or such other location mutually agreeable
      to
      the relevant parties). Promptly following any Transfer pursuant to this Section
      3.5, the Proposed Transferor shall provide written notice to the Company and
      MCEL of the consummation and terms thereof. If the Proposed Transferor has
      not
      consummated the Transfer of all of the Transfer Shares within such
      ninety (90) day period, the Transfer Shares may not be Transferred by
      the
      Proposed Transferor without again complying with this Article III in
      its
      entirety. If the Proposed Transferor determines at any time within such
      ninety (90) day period that the Transfer of all or any part of such
      Transfer Shares at a price and on terms permitted by this Article III
      is
      impractical, such Proposed Transferor may terminate all attempts to Transfer
      such Transfer Shares and recommence the procedures of this Article III
      in
      their entirety without waiting for the expiration of such ninety (90)
      day
      period by delivering written notice of such decision to the
      Company.

     

      

     

    

     

    TAG-ALONG
      RIGHTS

     

      Tag-Along
      Notice.
      If,
      after complying with the right of first refusal procedures contained in
      Article III, the Proposed Transferor wishes to proceed with the proposed
      Transfer (other than a Transfer (a) pursuant to a Public Offering or (b)
      pursuant to a tag-along right pursuant to this Article IV or (c) to a Permitted
      Transferee) (a “Tag-Along
      Sale”)
      to the
      Proposed Purchaser, the Proposed Transferor shall provide written notice (a
      “Tag-Along
      Notice”)
      thereof to MCEL at least thirty (30) days prior to the proposed effective date
      of such proposed Tag-Along Sale. The Tag-Along Notice shall include the proposed
      effective date of the Tag-Along Sale and any terms and conditions of the
      Tag-Along Sale to the extent that they differ in any material respect from
      the
      terms and conditions set forth in the ROFR Offer.

     

      Tag-Along
      Right.
      If MCEL
      desires to participate in a Tag-Along Sale upon
      the
      terms and subject to the conditions set forth in the ROFR Offer (as such terms
      and conditions may have been modified
      as
      set
      forth in the Tag-Along Notice),
      MCEL
      shall deliver a written notice to the Proposed Transferor, with a copy to the
      Company, within twenty (20) days after its receipt of the Tag-Along Notice
      from
      the Proposed Transferor. Such notice shall specify the number of MCEL’s Shares
      (not in any event to exceed the Sale Percentage with respect to Shares
      Beneficially Owned by MCEL) which MCEL desires to have included in the Tag-Along
      Sale.

     

      Reduction
      of Shares.
      The
      Proposed Transferor shall use commercially reasonable efforts to have included
      in the proposed Tag-Along Sale the entire number of Shares which MCEL requested
      to have included in the Tag-Along Sale. In the event that the Proposed Purchaser
      is unwilling to purchase any or all of the Shares requested to be included
      in
      the Tag-Along Sale, then the number of Shares to be sold to such Proposed
      Purchaser shall be allocated among the Proposed Transferor and MCEL in
      proportion, as nearly as practicable, to the respective number of Shares which
      each such selling Stockholder proposes to sell in the Tag-Along
      Sale.

     

      Tag-Along
      Sale Terms.
      In the
      event that MCEL shall participate in a Tag-Along Sale, MCEL shall, at or prior
      to the closing of any such proposed Tag-Along Sale, execute any purchase
      agreement or other certificate, instrument or other agreement required by the
      Proposed Purchaser to consummate the proposed Tag-Along Sale, subject to the
      last sentence of this Section 4.4. MCEL shall not be required to comply
      with Article III in respect of a Transfer pursuant to this Article IV. The
      obligations of MCEL with respect to a Tag-Along Sale are subject to the
      satisfaction of the following conditions (unless waived in writing): (a) the
      Proposed Transferor and MCEL shall receive the same per Share amounts and the
      same timing (deferred, contingent or otherwise) and forms of consideration
      (and
      in the same relative proportions if more than one form is received) under such
      Tag-Along Sale; provided, however, that each such seller acknowledges that
      appropriate reduction will be made, if required by applicable law, for
      appropriate tax withholdings; (b) MCEL shall not be required to make
      any
      representations or warranties in connection with such Tag-Along Sale except
      as
      to (i) good title and the absence of Liens with respect to MCEL’s Shares being
      sold, (ii) the valid existence, authority and good standing of MCEL,
      (iii) the validity and binding effect (subject only to the usual and
      customary qualifications) of (as against MCEL) any agreement entered into by
      MCEL in connection with such Tag-Along Sale, and (iv) the absence of any
      conflicts under the charter documents and material agreements of MCEL or
      applicable law; and (c) MCEL shall not be required to provide any indemnities
      in
      connection with such Tag-Along Sale except for indemnities for losses resulting
      from a breach of the above-stated representations and warranties.

     

      Tag-Along
      Closing. The
      closing of a Tag-Along Sale pursuant to this Article IV shall take place at
      the
      time and place set forth in the Tag-Along Notice or such other time and place
      as
      the Proposed Transferor shall specify by notice to MCEL. At the closing of
      such
      Tag-Along Sale, MCEL shall deliver to the Proposed Transferor the certificate(s)
      evidencing the Shares to be Transferred by MCEL, duly endorsed, or with stock
      (or equivalent) powers duly endorsed for Transfer, free and clear of any Liens,
      with any stock (or equivalent) transfer tax stamps affixed, against delivery
      of
      the applicable consideration therefor. If
      the
      Proposed Transferor has not completed the proposed Tag-Along Sale as of the
      end
      of the ninetieth (90th)
      day (or
      if such ninetieth (90th)
      day is
      not a Business Day, then on the next succeeding Business Day) following the
      date
      of the ROFR Offer, MCEL shall be released from any obligation to Transfer its
      Shares under such Tag-Along Sale, the ROFR Notice and the Tag-Along Notice
      shall
      be null and void, and it shall be necessary for a separate ROFR Notice to be
      furnished, and the terms and provisions of Article III and this Article IV
      separately complied with, in order to consummate such Tag-Along Sale pursuant
      to
      this Article IV.

     

      

     

    

     

    DRAG-ALONG
      RIGHTS

     

      Drag-Along
      Right; Notice.
      (a)  If,
      at
      any time following the date on which (and thereafter for so long as) MCEL
      Beneficially Owns fifty percent (50%) or more of the Company’s then issued and
      outstanding shares of voting capital stock, MCEL receives a bona fide written
      offer (a “Drag-Along
      Sale Offer”)
      from a
      Proposed Purchaser other than a Permitted Transferee, and desires to Transfer
      all Shares Beneficially Owned by MCEL to such Proposed Purchaser, in a single
      transaction or a series of related transactions (a “Drag-Along
      Sale”),
      MCEL
      may, at its option, require that each other Stockholder (each, a “Drag-Along
      Seller”)
      Transfer all of their respective Shares to such Proposed Purchaser upon the
      terms and subject to the conditions of the Drag-Along Sale. Notwithstanding
      the
      foregoing, if the price per Share set forth in such Drag-Along Sale Offer is
      equal to or less than the purchase price per Share paid by MCEL for such Share
      under the Joint Development Agreement, and MCEL desires to Transfer its Shares
      to such Proposed Purchaser, then MCEL shall provide written notice of such
      offer
      to each other Stockholder. Upon receipt of such Drag-Along Sale Offer, the
      other
      Stockholders shall have a right, exercisable upon written notice to MCEL
      delivered within twenty (20) days after its receipt of the Drag-Along
      Sale
      Offer from MCEL, to purchase all, but not less than all, of the Shares proposed
      to be sold in such Drag-Along Sale. 

     

    (b) If
      the
      price per Share set forth in the Drag-Along Sale Offer is greater than the
      purchase price per Share paid by MCEL for such Share under the Joint Development
      Agreement, MCEL shall provide written notice (the “Drag-Along
      Transfer Notice”)
      of any
      proposed Drag-Along Sale to the Company and each other Stockholder at least
      thirty (30) days prior to the proposed effective date of the Drag-Along Sale.
      The Drag-Along Transfer Notice shall include (i) the number of Shares
      proposed to be Transferred by MCEL, (ii) the name and address of the Proposed
      Purchaser in such Drag-Along Sale, (iii) the proposed consideration
      to be
      paid by the Proposed Purchaser with respect to the Shares in such Drag-Along
      Sale, (iv) the other material terms and conditions of such proposed
      Drag-Along Sale, (v) the proposed effective date of the proposed Drag-Along
      Sale and (vi) that the Proposed Purchaser has been informed of the
      drag-along rights set forth in this Article V, and has agreed to purchase Shares
      Beneficially Owned by other Stockholders in accordance with the terms
      hereof.

     

      Drag-Along
      Sale Terms.
      In the
      event that a Drag-Along Seller shall be required to Transfer its Shares in
      a
      Drag-Along Sale, such Drag-Along Seller shall, at or prior to the closing of
      any
      such proposed Drag-Along Sale, execute any purchase agreement or other
      certificate, instrument or other agreement required by the Proposed Purchaser
      to
      consummate the proposed Drag-Along Sale, subject to the last sentence of this
      Section 5.2. The Drag-Along Sellers shall not be required to comply
      with
      Article III in respect of a Transfer pursuant to this Article V. The
      obligations of the Drag-Along Sellers with respect to a Drag-Along Sale are
      subject to the satisfaction to the following conditions (unless waived in
      writing): (a) MCEL and all Drag-Along Sellers shall receive the same per Share
      amounts and the same timing (deferred, contingent or otherwise) and forms of
      consideration (and in the same relative proportions if more than one form is
      received) under such Drag-Along Sale; provided, however, that each such seller
      acknowledges that appropriate reduction will be made, if required by applicable
      law, for appropriate tax withholdings; (b) no Drag-Along Seller
      participating in a Drag-Along Sale shall be required to make any representations
      or warranties in connection with such Drag-Along Sale except as to (i) good
      title and the absence of Liens with respect to such Drag-Along Seller’s Shares
      being sold, (ii) the validity and binding effect (subject only to the
      usual
      and customary qualifications) of (as against such Drag-Along Seller) any
      agreement entered into by such Drag-Along Seller in connection with such
      Drag-Along Sale, and (iii) the absence of any conflicts under any material
      agreements of such Drag-Along Seller or applicable law; and (c) no Drag-Along
      Seller shall be required to provide any indemnities in connection with such
      Drag-Along Sale except for indemnities for losses resulting from a breach of
      the
      above-stated representations and warranties.

     

      Drag-Along
      Closing. The closing of a Drag-Along Sale pursuant to this Article V
      shall
      take place at the time and place set forth in the Drag-Along Transfer Notice
      or
      such other time and place as MCEL shall specify by notice to each Drag-Along
      Seller. At the closing of such Drag-Along Sale, each Drag-Along Seller
      participating in such Drag-Along Sale shall deliver to MCEL the certificate(s)
      evidencing the Shares to be Transferred by such Drag-Along Seller, duly
      endorsed, or with stock (or equivalent) powers duly endorsed, for Transfer
      with
      signature guaranteed, free and clear of any Liens, with any stock (or
      equivalent) transfer tax stamps affixed, against delivery of the applicable
      consideration therefor. If MCEL has not completed the proposed Drag-Along Sale
      as of the end of the one hundred eightieth (180th)
      day (or
      if such one hundred eightieth (180th)
      day is
      not a Business Day, then on the next succeeding Business Day) following the
      date
      of the Drag-Along Transfer Notice, each Drag-Along Seller with respect to such
      Drag-Along Sale shall be released from any obligation to Transfer its Shares
      under such Drag-Along Sale, the Drag-Along Transfer Notice shall be null and
      void, and it shall be necessary for a separate Drag-Along Transfer Notice to
      be
      furnished, and the terms and provisions of this Article V separately
      complied with, in order to consummate such Drag-Along Sale pursuant to this
      Article V, unless the failure to complete such proposed Drag-Along Sale
      resulted from any failure by any Drag-Along Seller to comply with the terms
      of
      this Article V.

     

      Business
      Combinations. In the event that the Drag-Along Sale is consummated through
      a
      business combination (whether by way of merger, recapitalization, sale of assets
      or otherwise), then each Drag-Along Seller shall, if requested by the Company
      (i) vote for, consent to and/or not raise objections against such Drag-Along
      Sale, (ii) waive (to the extent applicable) any dissenters, appraisal rights
      or
      similar rights in connection with a merger or consolidation and (iii) take
      all
      necessary and desirable actions in connection with the consummation of the
      Drag-Along Sale as reasonably requested by the Company, including, without
      limitation, exercising any Options or conversion privileges.

     

    

      

     

    

     

    PREEMPTIVE
      RIGHTS

     

      Preemptive
      Rights Notice.
      In
      the
      event that the Company proposes to undertake an issuance or sale, or enter
      into
      any agreements providing for the issuance or sale, of any New Securities other
      than Permitted Issuances (each a “Subject
      Issuance”),
      the
      Company shall deliver a written notice (the “Preemptive
      Rights Notice”)
      of the
      principal terms thereof to each Stockholder at least thirty (30) days prior
      to
      the proposed Subject Issuance. The Preemptive Rights Notice shall specify the
      number and class of New Securities to be issued in the Subject Issuance, the
      proposed consideration with respect to such proposed Subject Issuance and any
      other material terms and conditions of such proposed Subject
      Issuance.

     

      Preemptive
      Rights.
      Each
      Stockholder that wishes to subscribe for up to such Stockholder’s Pro Rata Share
      of New Securities (each, a “Subscribing
      Stockholder”),
      upon
      the same economic terms and subject to the conditions set forth in the
      Preemptive Rights Notice, shall deliver written notice to the Company within
      twenty (20) days of the date of the Preemptive Rights Notice, which notice
      shall
      specify the number of New Securities (not to exceed such Subscribing
      Stockholder’s Pro Rata Share thereof) that such Subscribing Stockholder desires
      to acquire in the Subject Issuance.

     

      Preemptive
      Rights Closing. The closing (the “Preemptive
      Rights Closing”)
      of the
      purchase by the Subscribing Stockholders of New Securities pursuant to this
      Article VI shall take place at the principal office of the Company either,
      at the option of the Company, (a) on the thirtieth (30th)
      day
      after the date of the Preemptive Rights Notice (or if such thirtieth
      (30th)
      day is
      not a Business Day, then on the next succeeding Business Day) or
      (b) simultaneously with (and, if specified by the Company, as a part
      of)
      the closing of, the Subject Issuance. At the Preemptive Rights Closing, the
      Company shall deliver to each Subscribing Stockholder an original certificate
      or
      other appropriate instrument evidencing the New Securities to be purchased
      by
      such Subscribing Stockholder and registered in the name of such Subscribing
      Stockholder or its designated nominee(s), against payment to the Company of
      the
      appropriate consideration therefor. The New Securities issued pursuant to this
      Article VI shall be duly authorized, fully paid and non-assessable,
      not
      subject to any Lien and freely transferable subject only to compliance with
      any
      applicable securities laws.

     

      Form
      of
      Consideration.
      All
      payments for New Securities pursuant to this Article VI shall be made
      in
      accordance with the payment terms specified in the Preemptive Rights Notice
      (deferred, contingent or otherwise) and shall be made in cash, notwithstanding
      any other payment terms offered to the Company by the proposed subscriber.
      If
      the proposed consideration for any such sale specified in the Preemptive Rights
      Notice is to be paid in any property other than cash, the Company shall engage
      and instruct a reputable independent accounting firm (not acting or representing
      the Company in other matters at that time) to prepare a valuation of such
      property. The costs of such accounting firm in respect of such valuation shall
      be borne by the Company.

     

      Time
      Limitation.
      If, as
      of the end of the one hundred twentieth (120th)
      day (or
      if such one hundred twentieth (120th)
      day is
      not a Business Day, then on the next succeeding Business Day) following the
      date
      of the Preemptive Rights Notice, the Company has not completed the Subject
      Issuance, each Subscribing Stockholder shall be released from any obligations
      with respect to such Subject Issuance, the Preemptive Rights Notice shall be
      null and void, and it shall be necessary for a separate Preemptive Rights Notice
      to be furnished, and the terms and provisions of this Article VI separately
      complied with, in order to consummate such Subject Issuance pursuant to this
      Article VI. If the Company determines at any time within such one hundred
      twentieth (120th)
      day
      period that the issuance of all or any part of such New Securities at a price
      and on terms permitted by this Article VI is impractical, the Company may
      terminate all attempts to complete such Subject Issuance and recommence the
      procedures of this Article VI in their entirety without waiting for
      the
      expiration of such one hundred twentieth (120th)
      day
      period.

     

      

     

    

     

    COVENANTS

     

      Additional
      Stockholders.
      In the
      event that the Company issues any securities after the date hereof (each an
      “Additional
      Issuance”),
      no
      Additional Issuance shall be effective unless and until the recipient of such
      securities, if not already bound by the terms of this Agreement, shall agree
      in
      writing to become a party to, and to be bound by the terms and provisions of,
      this Agreement, and shall agree that the securities acquired by it pursuant
      to
      any Additional Issuance shall be subject to the terms of this Agreement. Upon
      any Additional Issuance of securities in accordance with the provisions of
      this
      Section, the recipient of such securities shall have the rights and obligations
      of a Stockholder hereunder as such rights and obligations exist of the date
      hereof. The Company shall update Exhibit A from time to time to reflect
      the
      admission of any additional Stockholder and any change in the number of Shares
      held by any existing Stockholder. The Company shall provide each Stockholder
      with a copy of each such updated Exhibit A.

     

      Termination
      of Buy-Sell Agreement. The Company, Kelley and Pratt agree that, effective
      on
      and as of the date hereof, without the need of any further action on the part
      of
      any such party, the Buy-Sell Agreement dated April 5, 2004 among the Company,
      Kelley and Pratt shall terminate and be of no further force and effect,
      notwithstanding any provision to the contrary contained in such agreement,
      and
      neither the Company, Kelley nor Pratt shall have any further liability or
      obligation with respect to such agreement or the termination
      thereof.

     

      

     

    

     

    BOARD
      REPRESENTATION; VOTING AGREEMENT

     

      Board
      Representation.
      (a)
      Upon the occurrence of the First Closing, MCEL will be entitled to designate
      one (1) director (the “MCEL
      Designee”)
      to the
      three-member Board of Directors. The initial members of the Board of Directors
      following the First Closing will consist of Pratt, Kelley and the MCEL Designee.
      The number of directors on the Board of Directors will remain at three
      (3)
unless
      otherwise agreed in writing by MCEL and the Founders (so long as MCEL and each
      such Founder continue to own Shares); provided, however, that if at any time
      MCEL’s percentage ownership of the outstanding equity of the Company exceeds
      sixty percent (60%), then the number of directors serving on the Board
      of
      Directors will be increased to five (5), consisting of Pratt, Kelley
      and
      three (3) MCEL Designees. 

     

    (b) At
      all
      times during the term of the Joint Development Agreement, (i) Pratt
      and
      Kelley will be directors on the Board of Directors, and (ii) MCEL’s
      representation on the Board of Directors will correspond, as closely as
      possible, to MCEL’s percentage ownership of the outstanding equity of the
      Company. So long as MCEL Beneficially Owns a percentage ownership of the
      outstanding equity of the Company of five percent (5%) or more, MCEL
      shall
      be entitled to designate one (1) director to the Board of
      Directors.

     

      Voting
      Agreement.
      The
      Stockholders agree to vote their respective Shares and take all such lawful
      actions necessary to implement the terms set forth in Section 8.1. The
      Stockholders will vote for any amendment or change to the Certificate of
      Incorporation and/or the Bylaws of the Company necessary at all times to ensure
      that such documents remain consistent with the terms of
      Section 8.1.

     

      

     

    MISCELLANEOUS

     

      Expiration.
      The
      rights granted and the restrictions provided under Articles II, III,
      IV, V
      and VI of this Agreement shall expire upon the closing of a Qualified
      IPO.

     

      Tolling.
      All time periods specified herein are subject to reasonable extension for the
      purpose of complying with requirements of applicable law or regulation or the
      rules of any applicable securities exchange or interdealer quotation
      system.

     

      Stock
      Certificate Legend. The Company shall use commercially reasonable efforts to
      cause each certificate representing Shares to bear a legend substantially
      similar to the following legend, in addition to any other legends required
      under
      the Securities Act and other applicable securities laws or deemed appropriate
      or
      necessary by the Company:

     

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
      PROVISIONS OF A STOCKHOLDERS AGREEMENT AMONG THE COMPANY AND ITS STOCKHOLDERS.
      A
      COPY OF SUCH STOCKHOLDERS AGREEMENT IS ON FILE AT THE COMPANY’S PRINCIPAL PLACE
      OF BUSINESS, AND THE COMPANY WILL FURNISH A COPY OF SUCH AGREEMENT TO THE RECORD
      HOLDER OF THIS CERTIFICATE, WITHOUT CHARGE, UPON WRITTEN REQUEST TO THE COMPANY
      AT ITS PRINCIPAL PLACE OF BUSINESS OR REGISTERED OFFICE.

     

      Specific
      Performance.
      The
      parties hereto recognize that the Company’s Shares cannot be readily purchased
      or sold on the open market and that it is to the benefit of the Company and
      the
      Stockholders that this Agreement be carried out; and for those and other
      relevant reasons, the parties hereto would be irreparably damaged if this
      Agreement is not specifically enforced in the event of a breach hereof. Upon
      any
      breach or threatened breach of this Agreement, the parties hereto agree that
      monetary damages shall be inadequate for any such breach and that, therefore,
      such rights and obligations, and this Agreement, shall be enforceable by
      specific performance or other equitable remedies. The remedy of specific
      performance shall not be an exclusive remedy, but shall be cumulative of all
      other rights and remedies of the parties hereto at law, in equity or under
      this
      Agreement.

     

      Notices.
      Any notices or other communications required or permitted to be given hereunder
      shall be in writing and shall be deemed to have been delivered: (i) upon
      receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
      (provided confirmation of transmission is mechanically or electronically
      generated and kept on file by the sending party); (iii) one Business Day after
      deposit with an overnight courier service, or (iv) if sent by registered
      or
      certified mail, return receipt requested, three (3) Business Days after
      dispatch, in each case properly addressed to the party to receive the same
      as
      follows:

     

    
      	 	
              (a)

            	
              if
                to the Company:

               

              Gecko
                Energy Technologies, Inc.

              One
                Industrial Way West

              Eatontown,
                NJ 07724

              Facsimile: (732)
                542-4010

              Attention: President

            
	 	 	 
	 	
              (b)

            	
              if
                to a Stockholder:

              at
                the address for such Stockholder set forth on Exhibit
                A
                attached hereto.

            

    

    

     

      Binding
      Effect.
      This
      Agreement, including, the rights and conditions contained herein in connection
      with disposition of Shares, shall be binding upon and inure to the benefit
      of
      the parties hereto, together with their respective heirs, executors,
      administrators, legal representatives, successors and assigns permitted under
      this Agreement.

     

      Governing
      Law. This Agreement shall be governed by and construed and enforced in
      accordance with the substantive laws of the State of New York, without giving
      effect to the conflict of law principles thereof. Each party agrees that all
      legal proceedings concerning the interpretations, enforcement and defense of
      the
      transactions contemplated by this Agreement (whether brought against a party
      hereto or its respective affiliates, directors, officers, shareholders,
      employees or agents) shall be commenced exclusively in the state and federal
      courts sitting in the City of New York, Borough of Manhattan. Each party hereto
      hereby irrevocably submits to the exclusive jurisdiction of the state and
      federal courts sitting in the City of New York, Borough of Manhattan for the
      adjudication of any dispute hereunder or in connection herewith or with any
      transaction contemplated hereby or discussed herein (including with respect
      to
      the enforcement of any of this Agreement), and hereby irrevocably waives, and
      agrees not to assert in any suit, action or proceeding, any claim that it is
      not
      personally subject to the jurisdiction of any such court, that such suit, action
      or proceeding is improper. Nothing contained herein shall be deemed to limit
      in
      any way any right to serve process in any manner permitted by law. Each party
      hereto hereby irrevocably waives, to the fullest extent permitted by applicable
      law, any and all right to trial by jury in any legal proceeding arising out
      of
      or relating to this Agreement or the transactions contemplated hereby. If any
      party shall commence an action or proceeding to enforce any provisions of this
      Agreement, then the prevailing party in such action or proceeding shall be
      reimbursed by the other party for its reasonable attorneys fees and other
      reasonable costs and expenses incurred with the investigation, preparation
      and
      prosecution of such action or proceeding.

     

      No
      Waiver. No failure or delay on the part of any party to exercise any right,
      power or remedy shall operate as a waiver thereof; nor shall any single or
      partial exercise of any right, power or remedy preclude any other or further
      exercise thereof or of any other right, power, or remedy. The parties hereto
      may
      by written agreement extend the time for or waive or modify the performance
      of
      any of the obligations or other acts of the parties hereto.

     

      Severability.
      If any provision of this Agreement is held to be illegal, invalid or
      unenforceable under applicable law, such provisions shall be fully severable
      and
      this Agreement shall be construed and enforced as if such illegal, invalid
      or
      unenforceable provision never comprised a part hereof; and the remaining
      provisions hereof shall remain in full force and effect and shall not be
      affected by the illegal, invalid or unenforceable provision or by its severance
      herefrom.

     

      Entire
      Agreement. This Agreement embodies the entire agreement and understanding
      between or among the parties hereto with respect to the subject matter hereof
      and supersedes all prior agreements and understandings between or among the
      parties hereto relating to the subject matter hereof.

     

      Amendments;
      Assignability. This Agreement shall not be amended, modified or supplemented
      except by a written agreement signed by the Company and the holders of a
      majority of the outstanding Shares Beneficially Owned by the Stockholders (and
      any such amendment, modification or supplement signed by the holders of a
      majority of the outstanding Shares Beneficially Owned by such Stockholders
      shall
      be binding on all such Stockholders). Except as provided herein, the respective
      rights and obligations of each party hereto shall not be assignable by any
      party
      without the prior written consent of the other parties, and any purported
      assignment without such prior written consent shall be void and of no force
      and
      effect.

     

      No
      Third
      Party Beneficiaries. Nothing in this Agreement, express or implied, is intended
      to confer on any Person, other than the parties hereto and their respective
      successors and permitted assigns, any rights or remedies under or by virtue
      of
      this Agreement and no Person shall assert any rights as a third party
      beneficiary hereunder.

     

      Captions.
      The captions of this Agreement are for convenience of reference only and shall
      not limit or otherwise affect any of the terms or provisions
      hereof.

     

      Counterparts.
      This Agreement may be executed in counterparts, each of which shall be deemed
      an
      original, but all of which together shall constitute one instrument. The parties
      hereto confirm that any facsimile copy of another party's executed counterpart
      of this Agreement (or its signature page thereof) will be deemed to be an
      executed original thereof.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    

      IN
        WITNESS WHEREOF,
        each
        Stockholder and the Company have caused this Stockholders Agreement to be
        duly
        executed as of the date first written above.

       

      

       

      
        	 	
                GECKO
                  ENERGY TECHNOLOGIES, INC.

                 

                By:
                  /s/Ronald J. Kelley

                Name:
                  Ronald J. Kelley 

                Title:
                  President

                 

                 

              
	 	
                MILLENNIUM
                  CELL INC.

                 

                By:
                  /s/Adam Briggs

                Name: Adam
                  Briggs

                Title: President

              
	 	
                 

                 

                /s/Ronald
                  J. Kelley

                Ronald
                  J. Kelley

              
	 	
                 

                 

                /s/Steven
                  D. Pratt

                Steven
                  D. Pratt

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]