Document:

Execution
      Copy

     

     

    EXHIBIT
      10.6

     

    REGISTRATION
      RIGHTS AGREEMENT

     

    This
      Registration Rights Agreement (this “Agreement”)
      is
      made and entered into as of May 2, 2006, by and among HydroGen Corporation,
      a
      Nevada corporation (the “Company”),
      and
      CD Investment Partners, Ltd. the “Purchaser).

     

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

     

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

     

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

     

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

     

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

     

    “Commission”
means
      the Securities and Exchange Commission.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Registrable
      Securities”
means:
      (i) the Shares, (ii) 120% of the Warrant Shares and (iii) any securities issued
      or issuable upon any stock split, dividend or other distribution,
      recapitalization or similar event, or any exercise price adjustment with respect
      to any of the securities referenced in (i) or (ii) above.

     

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

     

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

     

    
      
         

      

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

     

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

     

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

     

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

     

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

     

    “Subscription
      Amount”
means
      the purchase price to be paid by the Purchaser as set forth in the Purchase
      Agreement.

     

    “Warrant”
means
      the Common Stock purchase warrant issued or issuable to the Purchaser pursuant
      to the Purchase Agreement.

     

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

     

    2. Registration.

     

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

     

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

     

    
      
         

      

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

     

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

    

    
      
         

      

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

    

    Notwithstanding
      anything to the contrary herein, the Registration Statements required to be
      filed hereunder shall cover only the Registrable Securities, but the parties
      acknowledge that the Company may chose to include, at its option and solely
      for
      its convenience, the Registrable Securities on a registration statement with
      other similar securities, but only if to do so would not adversely affect the
      Holders.

    

    3. Registration
      Procedures

     

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

     

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

     

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

     

    
      
         

      

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

     

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

     

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

     

    
      
         

      

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

     

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

     

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

     

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

     

    
      
         

      

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

     

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

     

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

     

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

     

    
      
         

      

      
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    5. Indemnification.

     

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

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

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

     

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

     

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

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

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

     

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

     

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 5(d) were determined by pro rata allocation or by
      any
      other method of allocation that does not take into account the equitable
      considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 5(d), no Holder shall be required
      to contribute, in the aggregate, any amount in excess of the amount by which
      the
      net proceeds actually received by such Holder from the sale of the Registrable
      Securities subject to the Proceeding exceeds the amount of any damages that
      such
      Holder has otherwise been required to pay by reason of such untrue or alleged
      untrue statement or omission or alleged omission. No person guilty of fraudulent
      misrepresentation (within the meaning of Section 11(f) of the Securities Act)
      shall be entitled to contribution from any Person who was not guilty of such
      fraudulent misrepresentation. 

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

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

     

    6. Miscellaneous

     

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

     

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

     

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

     

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

     

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

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

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

     

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

     

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

    
      	 	 	 	 
	 	
              If
                to the Company:

            	
               

            	
              HydroGen
                Corporation

            
	 	 	 	
              10
                East 40th
                Street, Room 3405

            
	 	 	 	
              New
                York, New York 10016

            
	 	 	 	
              Facsimile:
                (212) 672-0393

            
	 	 	 	
              Attn:
                Chief Executive Officer

            
	 	 	 	 
	 	
              With
                a copy to:

            	 	
              Graubard
                Miller

            
	 	 	 	
              The
                Chrysler Building

            
	 	 	 	
              405
                Lexington Avenue, 19th
                Floor

            
	 	 	 	
              New
                York, New York 10174-1901

            
	 	 	 	
              Facsimile:
                (212) 818-8881

            
	 	 	 	
              Attn:
                Andrew Hudders, Esq.

            

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    
      	 	 	 	 
	 	
              If
                to the Purchaser:

            	 	
              CD
                Investment Partners, Ltd.

              Two
                North Riverside Plaza

              Suite
                600

              Chicago,
                Illinois 60606

              Telephone
                No.: (312) 466-3226

              Facsimile
                No: (312) 559-1288

              Attention:
                Investment Manager

            
	 	 	 	 
	 	
              With
                a copy to:

            	 	
              Greenberg
                Traurig

              77
                W. Wacker Drive, Suite 2500

              Chicago,
                IL 60601

              Tel:
                (312) 456-8400

              Fax:
                (312) 456-8435

              Attn:  
                Peter H. Lieberman

              Todd
                A. Mazur

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

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

            

    

     

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

     

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

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

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

     

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

     

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

     

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

     

    (n) Independent
      Nature of the Purchaser’s Obligations and Rights.
      The
      obligations of the Purchaser under this Agreement are several and not joint
      with
      the obligations of any third party purchaser of the Company’s securities, and
      the Purchaser shall not be responsible in any way for the performance of the
      obligations of any third party purchaser of the Company’s securities. The
      decision of the Purchaser to purchase Securities pursuant to the Transaction
      Documents has been made independently of any third party purchaser of the
      Company’s securities. Nothing contained herein or in any other agreement or
      document delivered at any closing, and no action taken by the Purchaser pursuant
      hereto or thereto, shall be deemed to constitute the Purchasers and any third
      party purchaser of the Company’s securities as a partnership, an association, a
      joint venture or any other kind of entity or group, or create a presumption
      that
      the Purchaser and any third party purchaser of the Company’s securities are in
      any way acting in concert with respect to such obligations or the transactions
      contemplated by this Agreement. The Purchaser acknowledges that no third party
      purchaser of the Company’s securities has acted as agent for the Purchaser in
      connection with making its investment hereunder and that no third party
      purchaser of the Company’s securities will be acting as agent of the Purchaser
      in connection with monitoring its investment in the Securities or enforcing
      its
      rights under the Transaction Documents. The Purchaser shall be entitled to
      protect and enforce its rights, including without limitation the rights arising
      out of this Agreement, and it shall not be necessary for any third party
      purchaser of the Company’s securities to be joined as an additional party in any
      Proceeding for such purpose. For clarification purposes only and without
      implication that the contrary would otherwise be true, the transactions
      contemplated by the Transaction Documents include only the transaction between
      the Company and the Purchaser and do not include any other transaction between
      the Company and any other third party purchaser of the Company’s
      securities.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGES TO FOLLOW]

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

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

     

    
      
        	 	
                HYDROGEN
                  CORPORATION

              
	 	 
	 	 
	 	
                By:_________________________________ 

              
	 	
                Name:

                Title:

              

      

       

       

      
        	 	
                CD
                  INVESTMENT PARTNERS, LTD.

              
	 	 
	 	
                By:
                  CD Capital Management, LLC

                Its:
                  Investment Manager

              
	 	 
	 	 
	 	
                By:_________________________________ 

              
	 	
                Name:

                Title:

              

      

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Annex
      A

     

    Plan
      of
      Distribution

     

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

    
       

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

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

      
        	·	
                privately
                  negotiated transactions;

              

      

       

      
        	·	
                short
                  sales; 

              

      

       

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

              

      

       

      
        	·	
                a
                  combination of any such methods of sale;
                  and

              

      

       

      
        	·	
                any
                  other method permitted pursuant to applicable
                  law.

              

      

    

     

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

     

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

     

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

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

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

     

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

     

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

     

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

     

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

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      
        
          Annex
            B

          HYDROGEN
            CORPORATION

           

          Selling
            Securityholder Notice and Questionnaire

          

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

                  

          

           

          (a)     
            Your
            full
            legal name: __________________________

           

          (b)     
            Citizenship:
            ___________________________________________________________

           

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

           

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

           

          Address:
            ______________________________________________________________

          

          _____________________________________________________________________

          

          Telephone
            No.: _________________________________________________________

          

          Fax
            No.:
            _______________________________________________________________

          

          Email
            Address: __________________________________________________________

          

          Contact
            Person: _________________________________________________________

          

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

          

          Name
            of
            broker:
            _____________________________________________________________

          

          DTC
            No.:
            __________________________________________________________________

          

          Contact
            Person:
            _____________________________________________________________

          

          Telephone
            No.: ______________________________________________________________

          

          
            	2.	
                    Your
                      Relationship with the Company

                  

          

           

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

                  

          

           

          
            	 	
                    o

                  	
                    Yes

                  
	 	
                    
                      o

                    

                  	
                    No

                  

          

          
 

          
            
              
              

            

            
              4

              
                

              

            

            
              
              

            

          

          

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

                    

            

          

           

          ________________________________________________________________________

          

          ________________________________________________________________________

          

          
            	3.	
                    Your
                      interest in the Common Stock and
                      Warrants

                  

          

           

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

                  

          

           

          ________________________________________________________________________

          

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

                  

          

          
             

            
              	 	
                      o

                    	
                      Yes

                    
	 	
                      
                        o

                      

                    	
                      No

                    

            

          

           

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

                  

          

           

          Type:
            ___________________________________________________________________

          

          Aggregate
            Amount/Number of Shares: __________________________________________

          

          CUSIP
            No(s).:
            _____________________________________________________________

          

          Holder
            of
            record: ___________________________________________________________

          

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

           

           

           

          
            
              

            

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

                      

              

            

          

          
            
              
              

            

            
              5

              
                

              

            

            
              
              

            

          

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

                  

          

           

          
            
              
                	 	
                        o

                      	
                        Yes

                      
	 	
                        
                          o

                        

                      	
                        No

                      

              

            

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

                  

          

           

          ________________________________________________________________________

          

          ________________________________________________________________________

          

          ________________________________________________________________________

           

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

                  

          

          
            
               

              
                	 	
                        o

                      	
                        Yes

                      
	 	
                        
                          o

                        

                      	
                        No

                      

              

            

          

           

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

                  

          

           

          ________________________________________________________________________

          

          ________________________________________________________________________

          

          ________________________________________________________________________

          

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

                  

          

          
            
               

              
                	 	
                        o

                      	
                        Yes

                      
	 	
                        
                          o

                        

                      	
                        No

                      

              

            

          
            
              
              

            

            
              6

              
                

              

            

            
              
              

            

          

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

                  

          

           

          ________________________________________________________________________

          

          ________________________________________________________________________

          

          ________________________________________________________________________

          

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

                  

          

          
            
               

              
                	 	
                        o

                      	
                        Yes

                      
	 	
                        
                          o

                        

                      	
                        No

                      

              

            

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

                  

          

           

          ________________________________________________________________________

          

          ________________________________________________________________________

          

          
            	4.	
                    Beneficial
                      Ownership

                  

          

           

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

                  

          

          
            
               

              
                	 	
                        o

                      	
                        Yes

                      
	 	
                        
                          o

                        

                      	
                        No

                      

              

            

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

                  

          

           

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

          

          ________________________________________________________________________

          

          ________________________________________________________________________

          

          
            
              
              

            

            
              7

              
                

              

            

            
              
              

            

          

          
            	5.	
                    NASD
                      Affiliates and Associates

                  

          

           

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

                  

          

          
            
               

              
                	 	
                        o

                      	
                        Yes

                      
	 	
                        
                          o

                        

                      	
                        No

                      

              

            

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

                  

          

          
            
               

              
                	 	
                        o

                      	
                        Yes

                      
	 	
                        
                          o

                        

                      	
                        No

                      

              

            

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

                  

          

           

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

                  

          

          
            
               

              
                	 	
                        o

                      	
                        Yes

                      
	 	
                        
                          o

                        

                      	
                        No

                      

              

            

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

                  

          

          
            
               

              
                	 	
                        o

                      	
                        Yes

                      
	 	
                        
                          o

                        

                      	
                        No

                      

              

            

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

                  

          

          

          
            
               

               

               

                
                  

                

              

            

            
              
                	
                        2

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

                      

              

               

            

          

          
            
              
              

            

            
              8

              
                

              

            

            
              
              

            

          

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

                  

          

          
            
               

              
                	 	
                        o

                      	
                        Yes

                      
	 	
                        
                          o

                        

                      	
                        No

                      

              

            

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

                  

          

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          
            
              
              

            

            
              9

              
                

              

            

            
              
              

            

          

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

           

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

           

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

           

          
            	
                    Dated:
                      ____________, 2006

                  	 
	 	
                    _____________________________________

                  
	 	
                    (Name)
                      [Please print or type]

                  
	 	 
	 	 
	 	
                    By:
                      __________________________________

                  
	 	
                    (Authorized
                      Signature)

                  
	 	
                    Title:
                      _________________________________

                  

          

          

          
            
              
              

            

      
              10THIS
      NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
      LAWS. THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE
      MAY
      NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN
      EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT AND ANY
      APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY
      SATISFACTORY TO a21, INC. AND SUPERSTOCK, INC., THAT SUCH REGISTRATION IS NOT
      REQUIRED.

    
       

      SECURED
        CONVERTIBLE TERM NOTE

       

      FOR
        VALUE
        RECEIVED, a21, Inc., a Texas corporation (“a21”)
        and
        Superstock, Inc., a Florida corporation (“Superstock”
and
        together with a21, each a “Company”
and
        collectively, the “Companies”),
        jointly, severally and unconditionally promise to pay to _______________,
        _______________, Fax: ___________ (the “Holder”)
        or its
        registered assigns or successors in interest, the sum of __________ Dollars
        ($_______), together with any accrued and unpaid interest hereon, on March
        31,
        2011 (the “Maturity
        Date”)
        if not
        sooner paid.

       

      This
        Secured Convertible Term Note (the “Note”)
        is
        intended to be a registered obligation within the meaning of Treasury Regulation
        Section 1.871-14(c)(1)(i) and the Companies (or their agent) shall register
        the
        Note (and thereafter shall maintain such registration) as to both principal
        and
        any stated interest. Notwithstanding any document, instrument or agreement
        relating to this Note to the contrary, transfer of this Note (or the right
        to
        any payments of principal or stated interest thereunder) may only be effected
        by
        (i) surrender of this Note and either the reissuance by the Companies of
        this
        Note to the new holder or the issuance by the Companies of a new instrument
        to
        the new holder, or (ii) transfer through a book entry system maintained by
        the
        Companies (or their agent), within the meaning of Treasury Regulation Section
        1.871-14(c)(1)(i)(B).

       

      Capitalized
        terms used herein without definition shall have the meanings ascribed to
        such
        terms in that certain Securities Purchase Agreement dated as of the date
        hereof
        by and among the Companies, the Holder, the holders of the other Notes (as
        defined therein) (together with the Holder, collectively, the “Holders”)
        and
        Queequeg Partners, L.P., as agent for such Holders (in such capacity the
        “Agent”)
        (as
        amended, modified and/or supplemented from time to time, the “Purchase
        Agreement”).
        This
        Note is subject to the terms and conditions of, and entitled to the benefits
        of,
        the provisions of the Purchase Agreement (including, but not limited to,
        the
        covenants set forth in Section 6 of the Purchase Agreement).

       

      This
        Note
        is one of a series of Notes of like tenor in an aggregate principal amount
        of up
        to Fifteen Million Five Hundred Thousand Dollars ($15,500,000) issued by
        the
        Company pursuant to the terms of the Purchase Agreement.

       

      The
        following terms shall apply to this Note:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        I

       

      CONTRACT
        RATE AND AMORTIZATION

       

      1.1 Contract
        Rate.
        Subject
        to Section 1.3, interest payable on the outstanding principal amount of this
        Note (the “Principal
        Amount”)
        shall
        accrue at a rate per annum equal to five percent (5.0%) per annum (the
“Contract
        Rate”).
        Interest shall be (i) calculated on the basis of a 365 day year, and (ii)
        payable quarterly, in arrears, commencing on July 1, 2006, on the first business
        day of each consecutive calendar quarter thereafter through and including
        the
        Maturity Date, and on the maturity of this Note , whether by acceleration
        or
        otherwise.

       

      1.2 Principal
        Payments.
        The
        aggregate principal amount outstanding under this Note at any time (the
“Principal
        Amount”)
        shall
        be made by the Companies on the Maturity Date.

       

      1.3 Contract
        Rate Adjustment.
        a21
        shall use its commercially reasonable efforts (including the filing of any
        necessary documentation with the Securities and Exchange Commission
        (“SEC”)
        and
        applicable state authorities) to obtain the written authorization of a majority
        of its shareholders (the “Approval”)
        to
        increase the number of its authorized shares (the “Share
        Increase”)
        to
        allow for the full conversion of the Notes into Common Stock. If the Approval
        is
        not obtained prior to July 30, 2006, so long as the Holders who are shareholders
        of a21 (as of the record date for voting on the Share Increase) shall have
        delivered to a21 the necessary written authorization to vote all of their
        shares
        of a21 for the Share Increase, the Contract Rate shall be increased by one
        percent (1.0%) per annum on July 30, 2006 and on the 30th
        day of
        each calendar month thereafter, up to a maximum of fifteen percent (15.0%)
        per
        annum, until the Approval is obtained. Immediately upon obtaining the Approval,
        the Contract Rate shall be decreased to five percent (5.0%) per
        annum.

       

      1.4 Payments
        in Cash.
        Except
        as provided herein, all payments of principal and interest by each Company
        under
        this Note shall be made in United States Dollars in immediately available
        funds
        to an account specified by the Holder.

       

      1.5 Default
        Rate.
        In the
        event that any amount due hereunder is not paid when due, such overdue amount
        shall bear interest at an annual rate of fifteen percent (15.0%) until paid
        in
        full. 

       

      1.6 Maximum
        Permitted Rate.
        In no
        event shall any interest charged, collected or reserved under this Note exceed
        the maximum rate then permitted by applicable law and if any such payment
        is
        paid by the Company, then such excess sum shall be credited by the Holder
        as a
        payment of principal.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        II

       

      CONVERSION
        AND REDEMPTION

       

      2.1 Optional
        Redemption in Cash.
        

       

      (a) Subject
        to the terms set forth in Section
        2.1(b)
        below,
        with the prior written consent of either (i) the Holder or (ii) the holders
        of
        Notes representing at least a seventy percent (70%) of the aggregate principal
        amount of the Notes then outstanding (the “Required
        Holders”),
        the
        Companies may prepay this Note (“Optional
        Redemption”)
        by
        paying to the Holder the Principal Amount outstanding at such time together
        with
        accrued but unpaid interest thereon and any and all other sums due, accrued
        or
        payable to the Holder arising under this Note, the Purchase Agreement or
        any
        other Related Agreement.

       

      (b) Notwithstanding
        the terms set forth in Section
        2.1(a)
        above,
        prior to the Companies effecting an Optional Redemption, the Companies must
        give, by delivery in person or by certified or registered mail, return receipt
        requested, addressed to the Holder at the address of such Holder as shown
        on the
        books of the Company, at least ten (10) business days’ prior written notice of
        the date on which such Optional Redemption shall take place. The Holder shall
        have the option, at any time prior to the date of the Optional Redemption,
        to
        convert all or any portion of the issued and outstanding Principal Amount
        and/or
        accrued interest and fees due and payable into fully paid and nonassessable
        shares of Common Stock at the Fixed Conversion Price in accordance with the
        terms set forth in Article III.

       

      ARTICLE
        III

       

      HOLDER’S
        CONVERSION RIGHTS

       

      3.1 Optional
        Conversion.
        Subject
        to the terms set forth in this Article III, the Holder shall have the right,
        but
        not the obligation, prior to the Maturity Date, to convert, at any time and
        from
        time to time, all or any portion of the issued and outstanding Principal
        Amount
        and/or accrued interest and fees due and payable into fully paid and
        nonassessable shares of Common Stock at the then applicable Fixed Conversion
        Price. The initial Fixed Conversion Price shall be $0.65 per share of Common
        Stock (the “Fixed
        Conversion Price”),
        subject to adjustment as set forth in this Article III. The shares of Common
        Stock to be issued upon such conversion are herein referred to as, the
“Conversion
        Shares.”

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      3.2 Mechanics
        of Holder’s Conversion.
        

       

      (a) In
        the
        event that the Holder elects to convert this Note into Common Stock, the
        Holder
        shall give notice of such election by delivering an executed and completed
        notice of conversion in substantially the form of Exhibit A hereto (appropriate
        completed) (“Notice
        of Conversion”)
        to a21
        and such Notice of Conversion shall provide a breakdown in reasonable detail
        of
        the Principal Amount and accrued interest that are being converted. No
        conversion shall be for less than $250,000 or the remaining balance of the
        Note.
        On each Conversion Date (as hereinafter defined) and in accordance with its
        Notice of Conversion, the Holder shall make the appropriate reduction to
        the
        Principal Amount, accrued interest and fees as entered in its records and
        shall
        provide written notice thereof to a21 within two (2) business days after
        the
        Conversion Date. Each date on which a Notice of Conversion is delivered or
        telecopied to a21 in accordance with the provisions hereof shall be deemed
        a
        Conversion Date (the “Conversion
        Date”).
        Pursuant to the terms of the Notice of Conversion, a21 will issue instructions
        to the transfer agent and, to the extent required, accompanied by an opinion
        of
        counsel within three (3) business days of the date of the delivery to a21
        of the
        Notice of Conversion and shall or shall cause the transfer agent to either
        (i)
        transmit or (ii) permit the Holder to directly obtain the certificates
        representing the Conversion Shares to the Holder within three (3) business
        days
        after receipt by a21 of the Notice of Conversion (the “Delivery
        Date”).
        In
        the case of the exercise of the conversion rights set forth herein the
        conversion privilege shall be deemed to have been exercised and the Conversion
        Shares issuable upon such conversion shall be deemed to have been issued
        upon
        the date of receipt by a21 of the Notice of Conversion. The Holder shall
        be
        treated for all purposes as the record holder of the Conversion Shares, unless
        the Holder provides a21 written instructions to the contrary. The issuance
        of
        certificates for shares of Common Stock upon conversion of this Note shall
        be
        made without charge to the Holder thereof for any issuance tax in respect
        thereof, provided that a21 shall not be required to pay any tax which may
        be
        payable in respect of any transfer involved in the issuance and delivery
        of any
        certificate in a name other than that of the Holder. a21 will not at any
        time
        close its transfer books against the transfer, as applicable, of this Note
        or of
        any shares of Common Stock issued or issuable upon the conversion of this
        Note
        in any manner which interferes with the timely conversion of this Note, except
        as may otherwise be required to comply with applicable securities
        laws.

       

      (b) If
        the
        Company shall fail to cause the transfer agent to either (x) transmit or
        (y)
        permit the Holder to directly obtain, a certificate to the Holder for the
        number
        of Conversion Shares to which the Holder is entitled upon conversion on or
        prior
        to any Delivery Date (a “Conversion
        Failure”)
        pursuant to Section 3.2(a) (so long as such Conversion Failure is not a direct
        result of such Holder’s action or failure to act), then to the extent permitted
        under applicable law, such Purchaser shall be entitled to engage in “short
        sales” with respect to the number of Conversion Shares requested to be issued
        pursuant to this Section 3.2(b).

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      3.3 Conversion
        Mechanics.
        The
        number of shares of Common Stock to be issued upon each conversion of this
        Note
        shall be determined by dividing that portion of the principal and interest
        to be
        converted, if any, by the then applicable Fixed Conversion Price. No fractional
        shares of Common Stock shall be issued upon any conversion of this Note into
        Common Stock. If any fractional share of Common Stock would, except for the
        provisions of the first sentence of this Section 3.3, be delivered upon such
        conversion, the Company, in lieu of delivering such fractional share of Common
        Stock, shall pay to the Holder an amount in cash equal to the Market Price
        of
        such fractional share of Common Stock. 

       

      3.4 Adjustment
        Provisions.
        The
        Fixed Conversion Price and number and kind of shares or other securities
        to be
        issued upon conversion determined pursuant to this Note shall be subject
        to
        adjustment from time to time upon the occurrence of certain events during
        the
        period that this conversion right remains outstanding, as follows:

       

      (a) Reclassification.
        If any
        capital reorganization, reclassification of the capital stock of a21,
        consolidation or merger of a21 with another corporation in which a21 is not
        the
        survivor, or sale, transfer or other disposition of all or substantially
        all of
        a21’s assets to another corporation shall be effected, then, as a condition of
        such reorganization, reclassification, consolidation, merger, sale, transfer
        or
        other disposition, lawful and adequate provision shall be made whereby the
        Holder shall thereafter have the right to purchase and receive upon the basis
        and upon the terms and conditions herein specified and in lieu of the shares
        of
        Common Stock immediately theretofore issuable upon conversion of this Note
        such
        shares of stock, securities or assets as would have been issuable or payable
        with respect to or in exchange for a number of shares of Common Stock equal
        to
        the number of shares of Common Stock immediately theretofore issuable upon
        conversion of this Note, had such reorganization, reclassification,
        consolidation, merger, sale, transfer or other disposition not taken place,
        and
        in any such case appropriate provision shall be made with respect to the
        rights
        and interests of the Holder to the end that the provisions hereof (including,
        without limitation, provision for adjustment of the Fixed Conversion Price)
        shall thereafter be applicable, as nearly equivalent as may be practicable
        in
        relation to any shares of stock, securities or assets thereafter deliverable
        upon the conversion hereof. a21 shall not effect any such consolidation,
        merger,
        sale, transfer or other disposition unless prior to or simultaneously with
        the
        consummation thereof the successor corporation (if other than a21) resulting
        from such consolidation or merger, or the corporation purchasing or otherwise
        acquiring such assets or other appropriate corporation or entity shall assume
        the obligation to deliver to the Holder, at the last address of the Holder
        appearing on the books of a21, such shares of stock, securities or assets
        as, in
        accordance with the foregoing provisions, the Holder may be entitled to purchase
        and receive, without regard to any conversion limitation specified in this
        Article III, and the other obligations under this Note. The provisions of
        this
        paragraph (a) shall similarly apply to any successive reorganizations,
        reclassifications, consolidations, mergers, sales, transfers or other
        dispositions.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b) Stock
        Splits, Combinations; Dividends and Distributions.
        If the
        shares of Common Stock are subdivided or combined into a greater or smaller
        number of shares of Common Stock, or if a dividend or distribution is paid
        on
        the Common Stock or any preferred stock issued by a21 in shares of Common
        Stock
        (including any such reclassification in connection with a consolidation or
        merger in which the Company is the continuing corporation), then the Fixed
        Conversion Price in effect immediately prior to the date upon which such
        change
        shall become effective, shall be adjusted by a21 so that the Holder thereafter
        converting this Note shall be entitled to receive the number of shares of
        Common
        Stock or other capital stock which the Holder would have received if the
        Note
        had been converted immediately prior to such event upon payment of a Fixed
        Conversion Price that has been adjusted to reflect a fair allocation of the
        economics of such event to the Holder, without regard to any conversion
        limitation specified in this Article III. Such adjustments shall be made
        successively whenever any event listed above shall occur.

       

      (c) Intentionally
        Omitted.

       

      (d) Adjustments.
        An
        adjustment to the Fixed Conversion Price shall become effective immediately
        after the payment date in the case of each dividend or distribution and
        immediately after the effective date of each other event which requires an
        adjustment. In the event that, as a result of an adjustment made pursuant
        to
        this Article III, the Holder shall become entitled to receive any shares
        of
        capital stock of a21 other than shares of Common Stock, the number of such
        other
        shares so receivable upon conversion of this Note shall be subject thereafter
        to
        adjustment from time to time in a manner and on terms as nearly equivalent
        as
        practicable to the provisions contained in this Note.

       

      (e) Share
        Issuances.
        Subject
        to the provisions of this Section 3.4, if a21 shall at any time prior to
        the
        conversion or repayment in full of the Principal Amount issue any shares
        of
        Common Stock or securities convertible into Common Stock to a Person other
        than
        the Holder (except (i) pursuant to Sections 3.4(a), (b) or (c) above; (ii)
        pursuant to options, warrants, or other obligations to issue shares outstanding
        on the date hereof; (iii) pursuant to options, warrants, shares or other
        obligations to issue shares as consideration for the purchase price in
        connection with the acquisition of any person’s or entity’s equity interests or
        assets which have been approved by a majority of the independent directors
        serving on a21’s Board of Directors; (iv) pursuant to incentives granted by a21
        pursuant to plans approved by a21’s Board of Directors; or (v) pursuant to a
        joint venture, strategic alliance or comparable agreement which have been
        approved by a majority of the independent directors serving on a21's Board
        of
        Directors) for a consideration per share (the “Offer
        Price”)
        less
        than the Fixed Conversion Price in effect at the time of such issuance, then
        subject to the limitations set forth in the next sentence (x) in respect
        of any
        Follow On Offerings, the Fixed Conversion Price shall be immediately reset
        to
        the lowest Offer Price of such Following On Offerings and (y) with respect
        to
        all other offerings, the Fixed Conversion Price shall be immediately reset
        pursuant to the formula in the paragraph below. For purposes hereof, the
        issuance of any security of the Company convertible into or exercisable or
        exchangeable for Common Stock shall result in an adjustment to the Fixed
        Conversion Price upon the issuance of such securities; provided, however,
        that
        notwithstanding anything to the contrary set forth herein, the Fixed Conversion
        Price shall in no event, at anytime, be less than $0.50 (as the same may
        be
        adjusted pursuant to Sections 3.4(a), (b) and (c) above). No Follow On Offerings
        shall in any event have an Offer Price of less than $0.50. The Fixed Conversion
        Price shall only be adjusted downward.

       

      Other
        than with respect to a Follow On Offering, if the Company issues any additional
        shares of Common Stock for a consideration per share less than the
        then-applicable Fixed Conversion Price pursuant to this Section 3.4 then,
        and
        thereafter successively upon each such issue, the Fixed Conversion Price
        shall
        be adjusted by multiplying the then applicable Fixed Conversion Price by
        the
        following fraction: 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	 	
                (AxC)+(BxD)

              	 
	 	
                A
                  +
                  B

              	 

      

       

      A
        = Total
        amount of shares issued and outstanding

       

      B
        =
        Actual shares sold in the offering

       

      C
        = Fixed
        Conversion Price

       

      D
        = Offer
        Price

       

      (f) Computation
        of Consideration.
        For
        purposes of any computation respecting consideration received pursuant to
        Section 3.4(c) above, the following shall apply:

       

      (i) in
        the
        case of the issuance of shares of Common Stock for cash, the consideration
        shall
        be the amount of such cash;

       

      (ii) in
        the
        case of the issuance of shares of Common Stock for a consideration in whole
        or
        in part other than cash, the consideration other than cash shall be deemed
        to be
        the fair market value thereof as determined in good faith by the Board of
        Directors of a21 (irrespective of the accounting treatment thereof); and
        

       

      (iii) upon
        any
        such exercise, the aggregate consideration received for such securities shall
        be
        deemed to be the consideration received by a21 for the issuance of such
        securities plus the additional minimum consideration, if any, to be received
        by
        a21 upon the conversion or exchange thereof (the consideration in each case
        to
        be determined in the same manner as provided in subsections (i) and (ii)
        of this
        Section 3.4(d)).

       

      (g) Notice
        of Events.
        In case
        at any time:

       

      (i) a21
        shall
        declare any dividend upon its Common Stock or any other class or series of
        capital stock of a21 payable in cash or stock or make any other distribution
        to
        the holders of its Common Stock or any such other class or series of capital
        stock;

       

      (ii) a21
        shall
        offer for subscription pro rata
        to the
        holders of its Common Stock or any other class or series of capital stock
        of a21
        any additional shares of stock of any class or other rights; or

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (iii) there
        shall be any capital reorganization or reclassification of the capital stock
        of
        a21, any acquisition or a liquidation, dissolution or winding up of a21;
        then,
        in any one or more of said cases, a21 shall give, by delivery in person or
        by
        certified or registered mail, return receipt requested, addressed to the
        Holder
        at the address of such Holder as shown on the books of a21, (a) at least
        10
        days’ prior written notice of the date on which the books of a21 shall close or
        a record shall be taken for such dividend, distribution or subscription rights
        or for determining rights to vote in respect of any event set forth in clauses
        (i) and (ii) of this Section 3.4(g) and (b) in the case of any event set
        forth
        in clause (iii) of this Section 3.4(g), at least 10 days’ prior written notice
        of the date when the same shall take place. Such notice in accordance with
        the
        foregoing clause (a) shall also specify, in the case of any such dividend,
        distribution or subscription rights, the date on which the holders of Common
        Stock or such other class or series of capital stock shall be entitled thereto
        and such notice in accordance with the foregoing clause (b) shall also specify
        the date on which the holders of Common Stock and such other series or class
        of
        capital stock shall be entitled to exchange their Common Stock and other
        stock
        for securities or other property deliverable upon consummation of the applicable
        event set forth in clause (iii) of this Section 3.4(g).

       

      (h) Notice
        of Adjustment.
        Upon
        any adjustment of the Fixed Conversion Price, then and in each such case
        a21
        shall give prompt written notice thereof, by delivery in person or by certified
        or registered mail, return receipt requested, addressed to the Holder at
        the
        address of such Holder as shown on the books of a21, which notice shall state
        the Fixed Conversion Price resulting from such adjustment and setting forth
        in
        reasonable detail the method upon which such calculation is based.

       

      3.5 Reservation
        of Shares.
        Commencing on the date a21 receives written consent of the requisite number
        of
        shareholders for the increase of its authorized capital under applicable
        law and
        a21 has, in accordance with applicable state and securities laws, notified
        all
        of its shareholders of such increase, but in no event after June 30, 2006,
        during the period the conversion right exists, a21 will reserve from its
        authorized and unissued Common Stock a sufficient number of shares to provide
        for the issuance of Conversion Shares upon the full conversion of this Note.
        a21
        represents that upon issuance, the Conversion Shares will be duly and validly
        issued, fully paid and non-assessable. a21 agrees that its issuance of this
        Note
        shall constitute full authority to its officers, agents, and transfer agents
        who
        are charged with the duty of executing and issuing stock certificates to
        execute
        and issue the necessary certificates for the Conversion Shares upon the
        conversion of this Note. Without limiting the generality of the foregoing,
        a21
        will from time to time take all such commercially reasonable action as may
        be
        requisite to assure that the par value per share of the Common Stock is at
        all
        times equal to or less than the Fixed Conversion Price in effect at the time.
        a21 shall take all such action as may be necessary to assure that all such
        shares of Common Stock may be so issued without violation of any applicable
        law
        or regulation, or of any requirement of any national securities exchange
        upon
        which the Common Stock may be listed. a21 shall not take any action which
        results in any adjustment of the Fixed Conversion Price if the total number
        of
        shares of Common Stock issued and issuable after such action upon conversion
        of
        this Note would exceed the total number of shares of Common Stock then
        authorized by a21’s Certificate of Incorporation.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      3.6 Registration
        Rights.
        The
        Holder has been granted registration rights with respect to the Conversion
        Shares as set forth in the Registration Rights Agreement dated as of the
        date
        hereof.

       

      3.7 Issuance
        of New Note.
        Upon
        any partial conversion of this Note, a new Note containing the same date
        and
        provisions of this Note shall, at the request of the Holder, be issued by
        a21 to
        the Holder for the principal balance of this Note and interest which shall
        not
        have been converted or paid. Subject to the provisions of Article IV of this
        Note, a21 shall not pay any costs, fees or any other consideration to the
        Holder
        for the production and issuance of a new Note.

       

      3.8 Required
        Conversion.
        In the
        event that the forty-five day Volume Weighted Average Price (“VWAP”),
        as
        defined herein, is greater than or equal to $1.00, subject to adjustment
        from
        time to time in accordance with the provisions of this Article III, then
        a21
        may, at its sole option, provide within one (1) business day following the
        last
        Trading Day used to calculate such VWAP, the Holder irrevocable written notice
        (“Call
        Notice”)
        requiring the conversion at the Fixed Conversion Price of all or a portion
        of
        the Note held by the Holder with five (5) business days of the date of the
        Call
        Notice (the “Call
        Date”),
        provided a registration statement covering resales of that number of Conversion
        Shares provided for in the Call Notice has been declared effective and is
        available for use by the Holders pursuant to the terms of the Registration
        Rights Agreement. For the purposes of this Section 3.8, “VWAP”
means
        the weighted average selling price of each trade of the Common Stock on
        forty-five consecutive Trading Days, as defined herein, weighted by the number
        of shares of Common Stock sold at each such price. “Trading
        Day”
shall
        mean any day on which the shares of Common Stock are traded on a Principal
        Market (as defined in the Purchase Agreement). 

       

      ARTICLE
        IV

       

      EVENTS
        OF DEFAULT

       

      4.1 Events
        of Default.
        The
        occurrence of any of the following events set forth in this Section 4.1 shall
        constitute an event of default (“Event
        of Default”)
        hereunder:

       

      (a) Failure
        to Pay.
        Any
        Company fails to pay when due, whether at maturity, upon acceleration or
        otherwise, (i) any installment of principal in accordance herewith, or (ii)
        any
        installment of interest in accordance herewith or any of the other Obligations
        (under and as defined in the Master Security Agreement) and, with respect
        to
        this clause (ii), such failure shall continue for a period of five (5) days
        following the date upon which such payment was due;

       

      (b) Breach
        of Covenant.
        Any
        Company or any of its Subsidiaries breaches any covenant or any other term
        or
        condition of this Note (other than with respect to an Event of Default set
        forth
        in this Section 4.1) and such breach continues for a period of twenty (20)
        days
        after such Company receives from Agent notice of the occurrence
        thereof;

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) Breach
        of Representations and Warranties.
        Any
        representation, warranty or statement made or furnished by, or on behalf
        of, any
        Company or any of its Subsidiaries in, or in connection with, this Note,
        the
        Purchase Agreement or any other Related Agreement shall at any time be false
        or
        misleading in any material respect on the date as of which made or deemed
        made,
        if that representation or warranty is not by its terms already qualified
        as to
        materiality;

       

      (d) Default
        Under Other Agreements.
        The
        occurrence of any default (or similar term) in the observance or performance
        of
        any other agreement or condition relating to any indebtedness of greater
        than
        $500,000 in aggregate principal amount of any Company or any of its Subsidiaries
        beyond the period of grace (if any), if the effect of such default is to
        accelerate, or gives the holder or holders of such indebtedness the right
        to
        accelerate its stated maturity or any such indebtedness becomes
        due;

       

      (e) Bankruptcy.
        Any
        Company or any of its Subsidiaries shall (i) apply for, consent to or
        suffer to exist the appointment of, or the taking of possession by, a receiver,
        custodian, trustee or liquidator of itself or of all or a substantial part
        of
        its property, (ii) make a general assignment for the benefit of creditors,
        (iii) commence a voluntary case under the federal bankruptcy laws (as now
        or
        hereafter in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file
        a
        petition seeking to take advantage of any other law providing for the relief
        of
        debtors, (vi) acquiesce to, or failure to have dismissed within sixty (60)
        days,
        any petition filed against it in any involuntary case under such bankruptcy
        laws, or (vii) take any action for the purpose of effecting any of the
        foregoing;

       

      (f) Judgments.
        Any
        judgments, attachments or levies in excess of $300,000 in the aggregate are
        made
        upon any Company or any of its Subsidiary’s assets or a judgment is rendered
        against any Company’s property involving a liability of more than $300,000 which
        shall not have been vacated, discharged, stayed or bonded within thirty (30)
        days from the entry thereof;

       

      (g) Insolvency.
        Any
        Company or any of its Subsidiaries shall admit in writing its inability,
        or be
        generally unable, to pay its debts as they become due or cease operations
        of its
        present business;

       

      (h) Indictment.
        A
        felony indictment of any Company or any of its Subsidiaries or any executive
        officer of a21 or any of its Subsidiaries under any criminal statute relating
        to
        fraud or deceit which has a Material Adverse Effect;

       

      (i) The
        Purchase Agreement and Related Agreements.
        (i) An
        Event of Default (as such term is defined in each of the Purchase Agreement
        and
        any other Related Agreement) shall occur, (ii) any Company or any of its
        Subsidiaries shall breach any term or provision of the Purchase Agreement
        or any
        other Related Agreement in any respect and such breach, if capable of cure,
        continues unremedied for a period of twenty (20) days after such breach,
        (iii) any Company or any of its Subsidiaries attempts to terminate,
        challenges the validity of, or its liability under, the Purchase Agreement
        or
        any Related Agreement or (iv) the Purchase Agreement or any Related Agreement
        ceases to be a valid, binding and enforceable obligation of any Company or
        any
        of its Subsidiaries (to the extent such persons or entities are a party
        thereto);

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (j) Stop
        Trade.
        An SEC
        stop trade order or Principal Market trading suspension of the Common Stock
        shall be in effect for five (5) consecutive days or five (5) days during
        a
        period of ten (10) consecutive days, excluding in all cases a suspension
        of all
        trading on a Principal Market, provided that a21 shall not have been able
        to
        cure such trading suspension within thirty (30) days of the notice thereof
        or
        list the Common Stock on another Principal Market within sixty (60) days
        of such
        notice; 

       

      (k) Transfers
        or Dispositions of Collateral.
        Any
        transfer or disposition of Collateral, except in the ordinary course of business
        as expressly permitted under the Purchase Agreement or any other Related
        Agreement; or

       

      (l) Liens.
        Any
        liens created by the Master Security Agreement shall at any time not constitute
        a valid and perfected first priority lien on the collateral intended to be
        covered thereby (to the extent perfection by filing, registration, recordation
        or possession is required herein or therein) in favor of the Holders, free
        and
        clear of all other liens (other than Permitted Encumbrances (as defined in
        the
        Master Security Agreement), or any of the security interests granted pursuant
        to
        the Master Security Agreement shall be determined to be void, voidable, invalid
        or unperfected, are subordinated or are ineffective to provide the Holder
        with a
        perfected, first priority security interest in the collateral covered by
        the
        Master Security Agreement, free and clear of all other liens (other than
        Permitted Encumbrances) or, except for expiration or termination in accordance
        with their terms, the Master Security Agreement shall for whatever reason
        be
        terminated or cease to be in full force and effect, or the enforceability
        thereof or the Purchase Agreement or any other Related Agreement shall be
        contested by the Company.

       

      Upon
        the
        occurrence of any such Event of Default all unpaid principal and accrued
        interest under this Note shall become immediately due and payable (A) upon
        election of the Required Purchasers (as defined in the Purchase Agreement)
        by
        notice to the Agent, with respect to (a) through (d) and (f) through (l),
        and
        (B) automatically, with respect to (e). Upon the occurrence of any Event
        of
        Default, the Agent, on behalf of the Holders, may, in addition to declaring
        all
        amounts due hereunder to be immediately due and payable, pursue any available
        remedy, whether at law or in equity, including, without limitation, exercising
        its rights under the Purchase Agreement and other Related Agreements. If
        an
        Event of Default occurs, the Company shall pay to the Holders or the Agent,
        on
        behalf of the Holders, the reasonable attorneys' fees and disbursements and
        all
        other reasonable out-of-pocket costs incurred by the Agent in order to collect
        amounts due and owing under this Note or otherwise to enforce the Holder's
        rights and remedies hereunder and under the Purchase Agreement and other
        Related
        Agreements.

       

      4.2 Limitation
        on Holder Remedies.
        Anything in the Purchase Agreement or the Related Agreements to the contrary
        notwithstanding, Holder agrees with each other Holder that to the extent
        Agent
        or Required Purchasers have the right to take or cause to be taken any action,
        course of action or enforcement, no Holder, shall take any such action to
        protect or enforce its rights arising out of the Purchase Agreement, the
        Notes
        or the other Related Agreements (including exercising any rights of setoff)
        without first obtaining the prior written consent of Agent and Required
        Purchasers, it being the intent of Holders that any such action to protect
        or
        enforce rights under the Purchase Agreement, the Notes and the other Related
        Agreements shall be taken in concert and at the direction or with the consent
        of
        Agent or Required Purchasers, as applicable.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        V

       

      MISCELLANEOUS

       

      5.1 Conversion
        Privileges.
        The
        conversion privileges set forth in Article III shall remain in full force
        and
        effect immediately from the date hereof until the date this Note is indefeasibly
        paid in full.

       

      5.2 Cumulative
        Remedies.
        The
        remedies under this Note shall be cumulative.

       

      5.3 Failure
        or Indulgence Not Waiver.
        No
        failure or delay on the part of the Holder hereof or in the exercise of any
        power, right or privilege hereunder shall operate as a waiver thereof, nor
        shall
        any single or partial exercise of any such power, right or privilege preclude
        other or further exercise thereof or of any other right, power or privilege.
        All
        rights and remedies existing hereunder are cumulative to, and not exclusive
        of,
        any rights or remedies otherwise available.

       

      5.4 Notices.
        Any
        notice herein required or permitted to be given shall be in writing and shall
        be
        deemed effectively given: (a) upon personal delivery to the party notified,
        (b)
        when sent by confirmed telex or facsimile if sent during normal business
        hours
        of the recipient, if not, then on the next business day, (c) five (5) days
        after
        having been sent by registered or certified mail, return receipt requested,
        postage prepaid, or (d) one 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 Companies at the address
        provided in the Purchase Agreement executed in connection herewith, and to
        the
        Holder at the address provided in the Purchase Agreement for such Holder,
        or at
        such other address as any Company or the Holder may designate by five (5)
        days
        advance written notice to the other parties hereto. 

       

      5.5 Amendment
        Provision.
        The
        term “Note”
and
        all
        references thereto, as used throughout this instrument, shall mean this
        instrument as originally executed, or if later amended or supplemented in
        writing and consented to by the Required Purchasers, then as so amended or
        supplemented, and any successor instrument as such successor instrument may
        be
        amended or supplemented. 

       

      5.6 Assignability.
        This
        Note shall be binding upon the Companies and their respective successors
        and
        assigns, and shall inure to the benefit of the Holder and its successors
        and
        assigns, and may be assigned by the Holder in accordance with the requirements
        of the Purchase Agreement. The Companies may not assign any of their obligations
        under this Note without the prior written consent of the Required Purchasers,
        any such purported assignment without such consent being null and
        void.

       

      5.7 Governing
        Law, Jurisdiction and Waiver of Jury Trial.

       

      (a) THIS
        NOTE
        SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS
        OF
        THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
        LAW.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b) EACH
        COMPANY HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED
        IN
        THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION
        TO
        HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY COMPANY, ON THE ONE
        HAND,
        AND THE HOLDER, ON THE OTHER HAND, PERTAINING TO THIS NOTE OR ANY OF THE
        OTHER
        RELATED AGREEMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS NOTE
        OR
        ANY OF THE RELATED AGREEMENTS; PROVIDED,
        THAT
        EACH COMPANY ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO
        BE
        HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF NEW
        YORK.
        EACH COMPANY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION
        IN
        ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH COMPANY HEREBY WAIVES
        ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION,
        IMPROPER VENUE OR FORUM
        NON CONVENIENS.
        

       

      (c) EACH
        COMPANY DESIRES THAT ITS DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
        APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
        OF
        THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH COMPANY HERETO WAIVES ALL RIGHTS
        TO
        TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,
        WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE HOLDER AND ANY
        COMPANY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE
        RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS NOTE, ANY OTHER
        RELATED AGREEMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO.

       

      5.8 Severability.
        In the
        event that any provision of this Note is invalid or unenforceable under any
        applicable statute or rule of law, then such provision shall be deemed
        inoperative to the extent that it may conflict therewith and shall be deemed
        modified to conform with such statute or rule of law. Any such provision
        which
        may prove invalid or unenforceable under any law shall not affect the validity
        or enforceability of any other provision of this Note.

       

      5.9 Security
        Interest.
        Agent,
        for the benefit of all Holders, has been granted a security interest (i)
        in
        certain assets of the Companies as more fully described in the Master Security
        Agreement dated as of the date hereof and (ii) in the equity interests of
        Superstock UK Ltd. pursuant to the Deed of Charge Over Shares dated as of
        the
        date hereof. The Master Security Agreement grants the Holder certain rights
        with
        respect to such collateral upon an Event of Default.

       

      5.10 Construction.
        Each
        party acknowledges that its legal counsel participated in the preparation
        of
        this Note and, therefore, stipulates that the rule of construction that
        ambiguities are to be resolved against the drafting party shall not be applied
        in the interpretation of this Note to favor any party against the
        other.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      5.11 Joint
        and Several Liability.
        Other
        than with respect to matters related to the Common Stock, including, without
        limitation, the issuance or conversion thereof, and registration rights,
        each
        Company hereby acknowledges that their financial obligations under this Note,
        the Purchase Agreement or any other Related Agreement are joint and
        several.

       

      [Balance
        of page intentionally left blank; signature page follows]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF,
        each
        Company has caused this Secured Convertible Term Note to be signed in its
        name
        effective as of this ___ day of _________, 2006.

       

      
        	 	 	 
	 	a21, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	Title 

      

       

      
        	 	 	 
	 	SUPERSTOCK, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	Title 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

       

      EXHIBIT
        A

       

      NOTICE
        OF CONVERSION

       

      (To
        be
        executed by the Holder in order to convert all or part of

      the
        Secured Convertible Term Note into Common Stock)

       

      [Name
        and
        Address of a21]

       

      The
        undersigned hereby converts $_________ of the principal under the Secured
        Convertible Term Note dated as of _________, 200__ (the “Note”)
        issued
        by a21, Inc. (“a21”)
        and
        Superstock, Inc. by delivery of shares of Common Stock of a21 (“Shares”)
        on and
        subject to the conditions set forth in the Note.

       

      1. Date
        of
        Conversion                       
_______________________

       

      2. Shares
        To
        Be Delivered: 
_______________________

       

                                              
        [HOLDER]

      

       

      By:__________________________________

       

      Name:________________________________

       

      Title:_________________________________

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