Document:

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                                                                   EXHIBIT 10.40

CONFIDENTIAL INFORMATION HAS BEEN OMITTED PURSUANT TO RULE 24b-2 UNDER THE
SECURITIES EXCHANGE ACT AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. THE LOCATIONS OF THE OMITTED INFORMATION HAVE BEEN
INDICATED WITH A "[x]."

                   Amendment to PP-GEFS Distributor Agreement

                                  CONFIDENTIAL

Amendment to the Distributor Agreement between GE Fuel Cell Systems, L.L.C. and
                   Plug Power, L.L.C., dated February 2, 1999

                                 July ___, 2000

     This Amendment to the Distributor Agreement (the "Amendment") dated
February 2, 1999 is made and entered into as of this ____ day of July, 2000, by
GE FUEL CELL SYSTEMS, L.L.C., a Delaware limited liability company located at
968 Albany-Shaker Road, Building 1, Latham, New York 12110 (hereinafter referred
to as "GEFCS" or "DISTRIBUTOR"), and PLUG POWER, INC., a Delaware corporation,
successor-in-interest to Plug Power, L.L.C., located at 968 Albany-Shaker Road,
Latham, New York 12110 (hereinafter referred to as "PP" or "SUPPLIER").  GEFCS
and PP are individually referred to herein as a "Party" and collectively as the
"Parties".

     WHEREAS, DISTRIBUTOR and SUPPLIER entered into a Distributor Agreement
dated February 2, 1999 (the "Agreement"), in order to set forth, among other
items, DISTRIBUTOR's obligation to market, sell, and provide services for
"Product" and "Pre-Commercial Units," both of which are defined in the
Agreement;

     WHEREAS, GEFCS and other General Electric Company affiliates have entered
into various agreements with PP related to the Agreement, including, without
limitation, the letter agreement from GE Power Systems to PP dated February 3,
1999, and the Agreement between PP, GE On-Site Power, Inc., and GEFCS dated
August 27, 1999 ("August 27 Agreement"); and

     WHEREAS, DISTRIBUTOR and SUPPLIER now desire to further amend the Agreement
to reflect certain changes, including the revision of the Product and Pre-
Commercial Unit performance specifications and delivery schedules and the
establishment of a process by which GEFCS determines that the Product and Pre-
Commercial Units meet the applicable specifications, as set forth below;

     NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements herein contained, the mutual benefits to be derived
herefrom, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties hereto agree as follows:

1.  Product and Pre-Commercial Unit ("PCU") Performance Specifications

     The sections entitled "Pre-Commercial Unit Performance Specifications" and
     "Product ("Commercial Unit") Performance Specifications" set forth in
     Schedule B of the Agreement are replaced in their entirety with Schedule A
     of the Amendment. Schedule A includes, among other things, information
     regarding a GEFCS acceptance testing process for PCUs and CUs, by which
     GEFCS will determine, in its sole discretion, whether the PCUs and CUs meet
     the agreed upon specifications, and GEFCS notifies PP, if applicable, that
     the product is "available for sale by GEFCS".

     The following sentence is added after the last sentence of Section 1.9 of
     the Agreement:

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                   Amendment to PP-GEFS Distributor Agreement

         The term "Pre-Commercial Unit," when used herein, shall include the
         Pre-Commercial Unit (PCU) versions of Residential Unit RU1, RU2, RU3,
         and RU4.

     The following sentence is added after the last sentence of Section 1.11 of
     the Agreement:

         The term "Product," when used herein, shall include the Commercial Unit
         (CU) versions of Residential Unit RU1, RU2, RU3, and RU4.

     The following is added after Section 1.16 of the Agreement:

         1.17 RU1, RU2, RU3, and RU4. The terms "RU1", "RU2", "RU3", and "RU4",
         when used herein, shall mean "Residential Unit" versions 1 through 4 of
         Pre-Commercial Units and Commercial Units, with associated performance
         levels as set forth in Schedule A of the Amendment.

         1.18 Amendment. The term "Amendment", when used herein, shall mean the
         Amendment to this Agreement dated July ____, 2000.

2.  GEFCS PRODUCT PURCHASE GOALS

     DISTRIBUTOR's Global Sales Commitments and Major Market Sales Commitments,
     as defined in the Agreement, are deleted.

     Section 5.2 of the Agreement is deleted in its entirety and replaced with
     the following:

         5.2 Product Purchase Goals. DISTRIBUTOR will use commercially
         reasonable efforts, subject to delivery of the PCUs and CUs deemed by
         GEFCS to be available for sale in accordance with the delivery schedule
         set forth in Paragraph 10 of the Amendment, to achieve the purchase
         goals set forth below by December 31, 2004.

                                          GEFCS Purchase Goals

                                               PCUS AND CUS (COMBINED)
                                               -----------------------
                  RU1                                 [X]
            RU2 AND RU3 (COMBINED)                    [X]
                  RU4                                 [X]

          In the event that PP does not deliver to GEFCS PCUs and CUs a) deemed
          by GEFCS to be available for sale and b) in accordance with the
          delivery schedule set forth in Paragraph 10 of the Amendment, GEFCS
          and PP shall mutually agree on revised purchase goals, provided that
          if GEFCS and PP are unable to agree on such revised purchase goals, no
          product purchase goals shall be applicable.

     Section 5.5 of the Agreement is deleted in its entirety and replaced with
     the following:

          5.5  [Section intentionally left blank]

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                   Amendment to PP-GEFS Distributor Agreement

     The phrase "in accordance with Schedule D" is deleted from
     Section 4.3(a) of the Agreement.

     Schedule D of the Agreement is deleted in its entirety and replaced with
     the following:

                                   SCHEDULE D

                    [This Schedule intentionally left blank]

3.  PCU and Product Warranties

     Section 7 of the Terms and Conditions of Purchase/Sale set forth in
     Schedule B of the Agreement is revised as follows:

     a.  The second sentence of subsection (c) is deleted and replaced by the
         following:

         For Products purchased under this Agreement during the period ending
         December 31, 2004, the foregoing warranties shall apply for a period
         that is the greater of (a) [X] from the date of installation, or (b)
         [X] from the date of SUPPLIER's invoice to GEFCS following delivery of
         the Product and associated components. This Product warranty period
         shall apply to all of the CU versions of RU1, RU2, RU3, and RU4.

         For Products purchased under this Agreement beginning January 1, 2005,
         the foregoing warranties shall apply for a period that is the greater
         of (a) [X] from the date of installation, or (b) [X] from the date of
         SUPPLIER's invoice to GEFCS following delivery of the Product and
         associated components. This Product warranty period shall apply to all
         of the CU versions of RU1, RU2, RU3, and RU4.

     b.  The third sentence of subsection (c) is deleted and replaced by the
         following:

         For Pre-Commercial Units purchased under this Agreement, the foregoing
         warranties shall apply for a period that is the greater of (a) [X] from
         the date of installation or [X] from the date of SUPPLIER's invoice to
         DISTRIBUTOR following delivery of the PCU and associated components to
         DISTRIBUTOR, whichever is less, and (b) the period of time until a CU
         of the same RU version as the Pre-Commercial Unit is available for sale
         by DISTRIBUTOR (as determined by DISTRIBUTOR pursuant to the PCU and
         Product acceptance criteria in Schedule A of the Amendment). This PCU
         warranty period shall apply to all of the PCU versions of RU1, RU2,
         RU3, and RU4.

     c.  The fourth paragraph beginning with the sentence, "For Products,
         SUPPLIER will provide DISTRIBUTOR with the option of purchasing an
         extension to the initial warranty period" is deleted.

4.  CU RU1 Replacement

     The following paragraph shall be added after the third paragraph of Section
     7 of the Terms and Conditions of Purchase/Sale set forth in Schedule B of
     the Agreement:

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                   Amendment to PP-GEFS Distributor Agreement

          PP, at its sole expense, will replace each CU RU1 with a CU RU4 that
          is deemed available for sale by GEFCS. PP will complete each
          replacement within [X] of installation of each RU1.  Replacement will
          not extend the Product warranty period beyond the warranty period set
          forth in Paragraph 3(a) of the Amendment, provided, however, that in
          no event shall the warranty period for the replacement CU RU4 apply
          for a period less than [X] beginning on the date of installation of
          such CU RU4.  In the event that PP is unable to replace any RU1 within
          [X] of installation [X], then PP agrees, at GEFCS's sole option, to
          either (a) refund to GEFCS, or such other party as designated by
          GEFCS, all [X] incurred by GEFCS, its distributors, or end-users in
          connection with the failure to replace the RU1, including without
          limitation the total [X] price paid by the then-current owner of the
          RU1 for such RU1 and all installation, removal, and shipping costs of
          the RU1, or (b) pay to the then-current owner of the RU1 [X] until
          such time that a replacement RU4 is available, at which time PP, at
          PP's sole expense, will replace such CU RU1 with a CU RU4.

5.  PCU and CU Prices

     Section 3.3(a) of the Agreement is deleted in its entirety and replaced
     with the following:

          3.3(a)  The prices charged to DISTRIBUTOR for all PCUs and CUs
          purchased hereunder shall be the lower of (i) the applicable prices
          set forth in the Amendment, including all Schedules thereto, and (ii)
          the lowest prices charged by SUPPLIER to any other person or entity
          for the same such PCU or CU in similar quantities during the [X]
          preceding DISTRIBUTOR's purchase.

     The following is added after Section 3.3(d) of the Agreement:

          (e) For Products other than the PCU and CU versions of RU1, RU2, RU3,
          and RU4 offered for sale by SUPPLIER to DISTRIBUTOR,  SUPPLIER's
          prices to DISTRIBUTOR (i.e., transfer prices) will be as mutually
          agreed in good faith between the Parties.  In the event that the
          Parties can not agree on transfer prices applicable to such additional
          Products, then the Parties shall commence nonbinding mediation to
          establish the transfer prices, which mediation shall be facilitated by
          a mediator selected by the Parties. In the event that the Parties are
          not able to agree on transfer prices during the ninety (90) day period
          following the commencement of mediation, either Party may submit to
          arbitration the issue of establishing the transfer prices.  Such issue
          shall be determined by one arbitrator in accordance with the
          Commercial Arbitration Rules of the American Arbitration Association
          (AAA) as then in effect and except as modified by explicit provision
          in this Article.

          The Parties may mutually agree to extend the time periods provided for
          in the AAA Arbitration Rules.  Unless the Parties agree otherwise or
          the arbitral tribunal directs otherwise, the locale of the arbitration
          will be Latham, New York.  At its discretion, the arbitral tribunal
          may hold pre-hearing conferences or adopt other procedures (including
          reasonable discovery).  The right to reasonable examination of
          opposing witnesses in oral hearing will not be denied.  The English
          language shall be used in the arbitral proceedings.  Each Party will
          bear its own costs of presenting or defending its position in the
          arbitration.

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                   Amendment to PP-GEFS Distributor Agreement

          (f) DISTRIBUTOR will have the right to audit SUPPLIER's financial
          records to the extent necessary to confirm SUPPLIER's calculation of
          actual [X].

     The first sentence of Section 6.9 of the Agreement is deleted in its
     entirety and replaced with the following:

          Prices to DISTRIBUTOR for PCU, Product, and additional Product
          replacement parts will be as mutually agreed by the Parties; provided
          however that in no case will the prices exceed SUPPLIER's actual [X].
          All major components replaced by SUPPLIER pursuant to the warranty
          provisions herein will be returned to SUPPLIER at SUPPLIER's request
          and at SUPPLIER's expense.

6.  PCU AND CU PRICES (THROUGH 12/31/2004)

     Schedule C of the Agreement is deleted in its entirety and replaced by the
     following:

                                      PCU and Product Prices

                         PCU PRICE TO GEFCS       CU PRICE TO GEFCS
                             ($/UNIT)                 ($/UNIT)
                         ------------------       -----------------
              RU1              $[X]                     $[X]
              RU2               [X]                      [X]
              RU3               [X]                      [X]
              RU4               [X]                      [X]

          Prices shown are for the PCUs and CUs as specified in Schedule A of
          the Amendment and deemed available for sale by GEFCS. Prices for the
          PCUs and CUs as shown are firm (i.e., not subject to change) and will
          apply during the period beginning on the execution date of the
          Amendment and ending on December 31, 2004.

          Provided that SUPPLIER meets the PCU RU1 delivery date set forth in
          Paragraph 10 of the Amendment, DISTRIBUTOR will, on or before July 1,
          2001, on a monthly basis provide SUPPLIER with a 12-month rolling
          forecast of DISTRIBUTOR's monthly purchases.  Each of the first [X] of
          DISTRIBUTOR's forecast will be a firm order.  DISTRIBUTOR's forecast
          for the final [X] of the forecast period is for SUPPLIER's planning
          purposes only.  DISTRIBUTOR, at its sole discretion, may change the
          monthly purchase forecast in any month in the final [X] forecast
          period by any amount.  In the event that SUPPLIER fails to meet the
          PCU RU1 delivery date set forth in Paragraph 10 of the Amendment,
          DISTRIBUTOR will begin providing SUPPLIER with 12-month rolling
          forecasts 3 months after the date that SUPPLIER first makes PCU RU1
          available for sale by DISTRIBUTOR.

          Any Products for which DISTRIBUTOR has issued a purchase order, but is
          unable to sell, may be held in SUPPLIER's inventory at the request of

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                   Amendment to PP-GEFS Distributor Agreement

          DISTRIBUTOR.  Electing to have SUPPLIER hold DISTRIBUTOR's inventory
          does not relieve DISTRIBUTOR of its obligations under the purchase
          order.  DISTRIBUTOR will reimburse SUPPLIER for its fully loaded
          inventory carrying cost, including warehouse expenses, interest, and
          any inventory carrying cost charged to SUPPLIER by SUPPLIER's vendors
          as a direct result of DISTRIBUTOR's request for SUPPLIER to hold
          inventory.  On or before April 1, 2001, SUPPLIER will provide
          DISTRIBUTOR with a firm price for the monthly inventory carrying
          charge for 2001.  On or before each August 1 thereafter, SUPPLIER will
          provide DISTRIBUTOR with a firm price for the monthly inventory
          carrying charge for the upcoming year.

          The last sentence of Section 6.6 of the Agreement is deleted in its
          entirety.

7. PCU and CU Prices (1/1/2005 - 3/4/2009)

     The last two sentences of Section 5.1 of the August 27 Agreement are
     deleted in their entirety and replaced with the following:

          For the period January 1, 2005-December 31, 2006, the CU price to be
          paid by DISTRIBUTOR (the "Transfer Price") will be as set forth in
          Schedule B of the Amendment to the Distributor Agreement dated July
          31, 2000 ("Amendment").  In the event that (a) SUPPLIER's actual [X]
          (defined as [X] (defined as [X]), provided that manufacturing overhead
          may not exceed [X] of the sum of direct material costs plus direct
          labor costs), as set forth in Column B of Schedule B of the Amendment
          for the applicable production lot (based on total PP cumulative
          production volume for all customers) exceed the Transfer Price for
          such lot, and/or (b) the Transfer Price for such lot exceeds the [X],
          then the Transfer Price for such lot will be set at [X].  When used in
          the Amendment, [X] shall mean then prevailing average, global retail
          price for a PEM Fuel Cell-Powered Generator Set (as defined in Section
          1.7 of the Agreement) of comparable features (including kW output,
          cogeneration capability, efficiency, life, and lifecycle cost) to the
          Product.

          The Parties will establish a mutually agreed upon mechanism for
          establishing the [X] no later than July 1, 2003; provided however that
          if the Parties cannot reach agreement on the mechanism, then the
          Parties shall commence nonbinding mediation to establish the [X],
          which mediation shall be facilitated by a mediator selected by the
          Parties. In the event that the Parties are not able to agree on a [X]
          during the ninety (90) day period following the commencement of
          mediation, either Party may submit to arbitration the issue of
          establishing the [X]. Such issue shall be determined by one arbitrator
          in accordance with the Commercial Arbitration Rules of the American
          Arbitration Association (AAA) as then in effect and except as modified
          by explicit provision in this Article.

          The Parties may mutually agree to extend the time periods provided for
          in the AAA Arbitration Rules.  Unless the Parties agree otherwise or
          the arbitral tribunal directs otherwise, the locale of the arbitration
          will be Latham, New York.  At its discretion, the arbitral tribunal
          may hold pre-hearing conferences or adopt other procedures (including
          reasonable discovery).  The right to

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                   Amendment to PP-GEFS Distributor Agreement

          reasonable examination of opposing witnesses in oral hearing will not
          be denied. The English language shall be used in the arbitral
          proceedings. Each Party will bear its own costs of presenting or
          defending its position in the arbitration.

          For the period January 1, 2007-March 4, 2009, the Transfer Price will
          be as set forth in Schedule B of the Amendment. In the event that (a)
          SUPPLIER's [X] for the applicable production lot exceed the Transfer
          Price for such lot, and/or (b) the Transfer Price for such lot exceeds
          the [X], then the Transfer Price for such lot will be set at the [X].

          SUPPLIER's Direct Costs and the Transfer Prices, as set forth Schedule
          B of the Amendment, are expressed in nominal (i.e., year 2000) dollars
          and will be adjusted on each January 1st, beginning January 1, 2005,
          for changes in the Producer Price Index ("PPI") from the prior period
          (e.g., on January 1, 2005, the Direct Costs and Transfer Prices will
          be adjusted for changes in the PPI from the execution date of the
          Amendment to January 1, 2005.  On January 1, 2006, the Direct Costs
          and Transfer Prices will be adjusted for changes in the PPI from
          January 1, 2005 to January 1, 2006).

8.  OPTION TO EXTEND TERM/CU PRICES (3/5/2009-12/31/2014)

     The following sentence is added after the first sentence of Section 5.1 of
     the August 27 Agreement:

          GEFCS shall have the option of extending the termination date of the
          Distributor Agreement from March 4, 2009 through December 31, 2014,
          provided that such option will expire on July 31, 2008, unless
          exercised by GEFCS on or prior to that date.  If GEFCS elects to
          extend the Distributor Agreement, the payment terms and purchase goals
          in existence at the end of the current (i.e., March 4, 2009) term will
          apply for the [X] (i.e., [X] through [X]).

     The following is added as the last paragraph of Section 5.1 of the August
     27 Agreement:

          In order to supplement the Distributor Agreement with Product transfer
          prices applicable to the period March 5, 2009-December 31, 2014, GEFCS
          and PP agree to begin discussions of such prices not later than
          January 1, 2008, and engage in negotiations to conclude such
          discussion by March 31, 2008. In the event GEFCS and PP fail to
          mutually agree on transfer prices, the prices shall be set at [X].

9. PAYMENT TERMS

     The fifth sentence of Section 2 of the Terms and Conditions of
     Purchase/Sale in Schedule B of the Agreement is deleted and replaced by the
     following two sentences:

          Unless otherwise agreed between SUPPLIER and DISTRIBUTOR, payments
          shall become due [X] days from DISTRIBUTOR's receipt of SUPPLIER's
          invoice. For any of DISTRIBUTOR's orders where SUPPLIER is more than
          one month late in delivery, DISTRIBUTOR, at its sole option, may
          cancel any or all of such order.

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                   Amendment to PP-GEFS Distributor Agreement

10. PCU AND PRODUCT DELIVERY SCHEDULE

     The following is added after Section 6.10 of the Agreement:

          6.11  Delivery Schedule. SUPPLIER shall use best efforts to deliver
          PCUs and CUs to DISTRIBUTOR according to the following schedule:

                          PCU AND CU DELIVERY SCHEDULE

                 PCUS AVAILABLE TO                CUS AVAILABLE TO
                    DISTRIBUTOR                      DISTRIBUTOR
                 -----------------          ------------------------------
     RU1               [X]                              [X]
     RU2               [X]                              [X]
     RU3               [X]                              [X]
     RU4               [X]                              [X]

     Section 6.7(a) of the Agreement is deleted in its entirety and replaced
     with the following:

          SUPPLIER will use best efforts to maintain a minimum annual Product
          production capacity necessary to meet DISTRIBUTOR's CU purchase goals
          as shown in Paragraph 2 of the Amendment. To the extent SUPPLIER
          experiences capacity constraints that limit its ability to deliver
          PCUs or Products to DISTRIBUTOR, PP will allocate the PCUs and/or
          Products to GEFCS and to other parties that have placed firm orders on
          a pro rata basis as a proportion of their firm orders.

     Sections 6.7(b) and 6.7(c) of the Agreement are deleted in their entirety.

     The second sentence of Section 3 (Delivery and Passage of Title) of the
     Terms and Conditions of Purchase/Sale of Schedule B of the Agreement is
     deleted in its entirety and replaced with the following two paragraphs:

          If SUPPLIER fails to deliver the PCU and CU versions of RU1, RU2, RU3,
          and/or RU4 in accordance with the delivery schedule set forth in
          Paragraph 10 of the Amendment or such units are delivered in
          accordance with the delivery schedule but are deemed by GEFCS not to
          be available for sale, then the unit price to DISTRIBUTOR for each
          unit deemed available for sale, in addition to the remedies available
          to DISTRIBUTOR elsewhere under the Agreement and the Amendment, will
          be reduced by [X] for each month of delay (e.g., CU RU1 delivery in
          [X], represents a 1 month delay) after the first two months of delay
          (i.e., SUPPLIER has a 2 month grace period); provided that the unit
          price to DISTRIBUTOR will not be reduced by more than [X], and the
          price reduction will apply only for the first [X] after the delayed
          PCU and/or CU version becomes available to DISTRIBUTOR (e.g., if
          SUPPLIER first makes PCU RU3 available in [X], DISTRIBUTOR's price for
          PCU RU3 for the period [X] to [X] will be $[X]/unit, returning to
          $[X]/unit beginning [X]).

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                   Amendment to PP-GEFS Distributor Agreement

          If SUPPLIER delivers the PCU and CU versions of RU1, RU2, RU3, and/or
          RU4 prior to the delivery schedule set forth in Paragraph 10 of the
          Amendment and such units are deemed by GEFCS to be available for sale,
          then the unit price to DISTRIBUTOR for each unit deemed available for
          sale will be increased by [X] for each month of acceleration; provided
          that the unit price to DISTRIBUTOR will not be increased by more than
          [X], and the price increase will apply only for the first [X] after
          the accelerated PCU and/or CU version becomes available to DISTRIBUTOR
          (e.g., if SUPPLIER first makes PCU RU3 available in [X], DISTRIBUTOR's
          price for PCU RU3 for the period [X] to [X] will be $[X]/unit,
          returning to $[X]/unit beginning [X]).

11. TERMINATION FOR CAUSE

     The following paragraph is added after the first sentence of Section 4.2 of
     the Agreement:

          This Agreement may be terminated by GEFCS prior to expiration of the
          initial five (5) year term or any renewal term hereof by furnishing
          prior written notice to PP in the event PP should fail to perform any
          of its obligations set forth in the Amendment, including its
          obligations in the Schedules thereto, provided PP shall fail to remedy
          any such nonperformance within 120 days after receiving written demand
          therefor.

12. COMPETING PRODUCTS

     The following paragraphs revise the letter agreement between GE Power
     Systems and Plug Power, L.L.C., dated February 3, 1999:

          In the event that PP does not offer PEM fuel cell-powered generator
          sets capable of producing maximum continuous output of (a) [X]),
          and/or (b) [X]), that are (i) suitable for residential, commercial,
          and/or industrial stationary power applications outlined in the
          paragraph 1 of Schedule A-1 of the Agreement, and (ii) capable of
          running on natural gas and LPG fuel, and (iii) capable of producing
          IEEE 519-quality AC electricity at [X] and [X] Hz, and (iv) available
          for commercial sale by GEFCS, and another manufacturer has a PEM fuel
          cell-powered generator set available in the [X] and/or [X] kW size
          range(s) available for commercial sale by GEFCS ("Competing Product"),
          then upon one hundred and twenty (120) days written notice to PP,
          GEFCS or a GEFCS affiliate may, at its sole option, become a
          distributor for such non-PP PEM fuel cell, provided that PP does not
          produce a competitive product in that size range within the one
          hundred and twenty (120) day period.

          GEFCS will provide PP with (a) notice of the availability of a
          Competing Product at the earliest feasible date, and (b) periodic
          marketing updates that address, among other matters, distributor and
          end-user feedback on the Products, GEFCS's marketing plans, and the
          demand for various sized products.

          In the event that GEFCS or a GEFCS affiliate elects to distribute a
          non-PP PEM fuel cell-powered generator set in the [X] kW size range
          ("Non-PP [X] kW PEM Gen Set"), then PP may name additional
          distributors, on either an exclusive or

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                   Amendment to PP-GEFS Distributor Agreement

          non-exclusive basis, for PP product in the [X] kW size range ("PP [X]
          kW PEM Gen Set"), provided that PP shall notify GEFCS when PP deems,
          in its sole discretion, that such PP [X] kW PEM Gen Set is
          commercially available and GE may elect during the sixty (60) day
          period following such notice to discontinue distribution of the Non-PP
          [X] kW PEM Gen Set and become the exclusive distributor of the PP [X]
          kW PEM Gen Set.

          In the event that GEFCS or a GEFCS affiliate elects to distribute a
          non-PP PEM fuel cell-powered generator set in the [X] kW size range
          ("Non-PP [X] kW PEM Gen Set"), then PP may name additional
          distributors, on either an exclusive or non-exclusive basis, for PP
          product in the [X] kW size range ("PP [X] kW PEM Gen Set"), provided
          that PP shall notify GEFCS when PP deems, in its sole discretion, that
          such PP [X] kW PEM Gen Set is commercially available and GE may elect
          during the sixty (60) day period following such notice to discontinue
          distribution of the Non-PP [X] kW PEM Gen Set and become the exclusive
          distributor of the PP [X] kW PEM Gen Set.

13. GENERAL PROVISIONS

     In the event of a conflict between the terms of this Amendment and any
     other ancillary documents related thereto, the terms of this Amendment
     shall apply.

     This Amendment may be executed in one or more counterparts, and by the
     different Parties hereto in separate counterparts, each of which when
     executed shall be deemed to be an original but all of which taken together
     shall constitute one and the same agreement.  Delivery of an executed
     counterpart of a signature page to this Amendment by telecopier shall be
     effective as delivery of a manually executed counterpart of this Amendment.

     This Amendment shall be construed without regard to any presumption or rule
     requiring construction or interpretation against the Party drafting or
     causing any instrument to be drafted.

     The headings contained in this Amendment are for convenience of reference
     only, do not constitute a party of this Amendment, and will not be used in
     interpreting this Amendment.

     Except as expressly set forth herein, this Amendment in no way alters or
     affects any other terms of the Agreement, which otherwise remains in full
     force and effect.

     IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date
 first above written.

                                  PLUG POWER, INC.

                                  BY:  /S/ Gary Mittleman
                                     --------------------------
                                  NAME: GARY MITTLEMAN
                                  TITLE: PRESIDENT AND CEO

                                  GE FUEL CELL SYSTEMS, L.L.C.

                                  BY:  /S/ Barry Glickman
                                     --------------------------
                                  NAME: BARRY GLICKMAN
                                  TITLE: PRESIDENT

                                       10
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                   Amendment to PP-GEFS Distributor Agreement

                                   SCHEDULE A

               RU1, RU2, RU3, AND RU4 PERFORMANCE SPECIFICATIONS

RU PRODUCT CONCEPT:

The RU product is a fuel cell-powered generating system for the home, designed
to provide the power needs of a "standard" household, defined as one using [X]
kWh per year. The RU system sits outside or inside the home and is connected
directly into the home's electrical system via the [X]. It may be run grid
independent, or grid-connected, depending on the end-user and local conditions.
The system runs on natural gas or LPG and is low cost, efficient, and
environmentally friendly.

The Product will be introduced over time as a series of three releases, preceded
by a Pre-Commercial Unit at the beginning of each release.  The Product releases
are called: RU1, RU2 and RU3 (to be released simultaneously), and RU4.  Each
subsequent release provides improved functionality, and cost savings to the
homeowner.  RU2 and RU3 are identical units except that RU2 is designed for
natural gas fuel and RU3 for LPG fuel.

PRE-COMMERCIAL UNITS:

The terminology Pre-Commercial (PCU) is identical to and interchangeable with
the Plug Power terminology [X] unit. The objective is for the PCUs to have
similar appearance, technology, functionality and performance to the Commercial
Unit (CU) RU product, including:

     1.  The PCU performance specifications are as indicated in the attached
         table (PCU RU Performance Specifications).

     2.  PCUs will be complete to the point where interfaces between major
         components (including, but not limited to, stack, reformer, inverter,
         etc.) will be the CU RU.

     3.  Weight, size, and physical appearance will be similar to the CU RU.

     4.  Operating methodology used to start, run and maintain the PCU will be
         the same as the CU RU.

RU1:

OVERVIEW: Grid connected, natural gas-fueled product providing complementary
power, capable of [X] purposes only.

MAIN FEATURES:

     . Grid connected unit with the ability to run [X] cumulative hours per
       year.
     . In [X] operation, system [X]supports the entire home.
     . RU1 recognizes [X] to the home for a period longer than [X].
     . RU1 recognizes the availability of grid power and resynchronizes without
       power loss to the home of more than [X].
     . In [X] mode the unit will regulate voltage and frequency while delivering
       power to the required specifications.
     . When operating in [X] the system will shut down.

                                       11
<PAGE>

                   Amendment to PP-GEFS Distributor Agreement

     .  The system will indicate mode change [X].
     .  The system is capable of [X] being present.
     .  The system has two available settings [X] kW power requirements.
     .  [X] operation is used when [X].  Operating strategy and implementation
        will be [X] as compared to [X].
     .  System efficiency will be evaluated based on the unit's ability to
        deliver kW to the house for each unit of natural gas fuel input to the
        system.  [X]
     .  The unit will have [X].
     .  The CU RU1 systems will meet the all of the performance specifications
        indicated for RU1 in the attached table ("CU RU Performance
        Specifications").

RU2:

OVERVIEW: Grid independent, natural gas-fueled product providing primary power
with grid providing back up service.

IMPROVEMENTS OVER RU1

     .  50Hz capability
     .  Improved efficiency
     .  Grid independent
     .  [X] load following capability (e.g., unit output response time to
        changes in customer load)

MAIN FEATURES:

     .  System has the ability to [X].
     .  System is designed to achieve total kW delivered to the homeowner with
        minimum natural gas usage.  [X]
     .  In the case of a [X].
     .  When [X], the system will shut down.
     .  The system packaging will provide [X].
     .  The system is capable of [X] being present.
     .  Transition of the house load between the system and the grid shall occur
        with a [X].  The system will indicate mode change [X].
     .  Plug Power will offer an [X].
     .  Plug Power will offer [X].
     .  The system will regulate voltage and frequency while delivering power to
        the required specifications.
     .  The unit will have a [X].
     .  The CU RU2 systems will meet the all of the performance specifications
        indicated for RU2 in the attached table ("CU RU Performance
        Specifications").

RU3:

OVERVIEW: Grid independent, LPG-fueled product providing primary, stand-alone
power.

IMPROVEMENTS OVER RU1

     .  LPG (HD5) fuel capability

                                       12
<PAGE>

                   Amendment to PP-GEFS Distributor Agreement

     .  50Hz capability
     .  Improved efficiency
     .  Grid independent
     .  [X] load following capability (e.g., unit output response time to
        changes in customer load)

MAIN FEATURES:

     .  The system is designed to run grid independent, without a grid back-up.
        However, the system has ability to [X].
     .  System is designed to achieve total kW delivered to the homeowner with
        minimum LPG usage [X].
     .  In the case of a [X].
     .  The system packaging will provide [X].
     .  The system is capable of starting without the grid being present.
     .  The system will regulate voltage and frequency while delivering power to
        the required specifications.
     .  When [X], the system will shut down.
     .  Transition of the house load between the system and the grid shall occur
        with [X].
     .  Plug Power will offer [X].
     .  The unit will have [X].
     .  The CU RU3 systems will meet the all of the performance specifications
        indicated for RU3 in the attached table ("CU RU Performance
        Specifications").

RU4:

OVERVIEW: Grid independent product targeted at grid displacement (i.e., cost
savings versus continuing to buy from grid is the primary customer CTQ)

IMPROVEMENTS OVER RU2/RU3
     .  [X] balanced
     .  Higher efficiency operation
     .  Higher reliability
     .  Lower operation and maintenance (O&M) costs

MAIN FEATURES:

     .  The system is designed to run grid independent, without a grid back-up.
        However, the system has ability to [X].
     .  System is designed to achieve total kW delivered to the homeowner with
        minimum fuel usage. [X].
     .  In the case of a [X], the system will [X].
     .  The system packaging will provide [X].
     .  The system will be [X] earlier RU versions is not needed.
     .  The system is designed for routine maintenance visits every [X] (as
        opposed to the [X] required for RU1, RU2 and RU3).
     .  The system will have options to utilize either natural gas or LPG.  The
        operating strategy will be the [X] for either fuel type, but the system
        efficiencies will [X] (as reflected in the "RU Performance
        Specifications" table).
     .  The system will [X].

                                       13
<PAGE>

                   Amendment to PP-GEFS Distributor Agreement

     .  The system is capable of starting without the grid being present.
     .  The system will regulate voltage and frequency while delivering power to
        the required specifications.
     .  When [X], the unit will provide [X]. If [X], the system will [X]. [X].
        If after the [X], the system will shut down.
     .  Transition of the house load between the system and the grid shall occur
        with a [X].  The system will indicate mode change via [X].
     .  Plug Power will offer an [X].  When grid connected the RU4 system will
        provide the [X].
     .  Plug Power will offer [X].
     .  The unit will have [X].
     .  The CU RU4 systems will meet the all of the performance specifications
        indicated for RU4 in the attached table ("CU RU Performance
        Specifications").

CERTIFICATIONS:

     .  CU versions of RU1, RU2, RU3, and RU4 (including the external packaging
        of all RU versions), will be compliant with all requisite standards
        (including, but not limited to, [X]).
     .  CU versions of RU1, RU2, RU3, and RU4 will have a [X] certification.
     .  PCU and CU versions of RU1, RU2, RU3, and RU4 must satisfy GE's
        environmental, health and safety (EH&S) review as a condition of
        acceptance.
     .  CU versions of RU1, RU2, RU3, and RU4 are intended to be capable of
        parallel operation with an electrical grid.  Hence, these products will
        be built with inverters that are [X].

DOCUMENTATION:

     .  PCU and CU versions of all RU products will be shipped with sufficient
        documentation (including, but not limited to, standard [X]) to allow for
        start-up and service by individuals with a skill level comparable to a
        typical [X], after such individual has completed [X] service training
        program.

SHIPPING:

     .  Plug Power will prepare all PCUs and CUs to allow for standard
        commercial shipment (e.g., truck, rail, cargo ship) to customer
        locations in the US and overseas.  Plug Power will be responsible for
        supplying all pertinent shipping paperwork including material safety
        data sheets  and hazardous material disclaimers (Reference GE
        requirements [X]).

MONITORING AND DIAGNOSTICS:

     .  PCU and CU versions of all RU products will be designed to accommodate
        [X]. At a minimum, the RU system [X] will allow the [X]. For grid
        parallel RU products, the [X] system will also allow for adjustment of
        the [X] on the unit.
     .  For PCU and CU versions of all RU products, maintenance providers must
        be able to [X].  [X].
     .  PCU and CU versions of all RU products will have the ability to [X].

INTERCONNECTION:

     .  PCU and CU versions of all RU products will be capable of
        interconnection to the electrical system of a typical single family
        residence. Each RU system will have a [X]. The [X] for RU1 will be
        defined by [X]. [X] for RU2, RU3 and RU4 will be defined no later than 2
        months prior to the respective PCU launch.

                                       14
<PAGE>

     .  PCU and CU versions of all RUs will be able to connect and operate to
        the utility grid without [X]; provided however, that the RU operate [X].
     .  Power transfer from the PCU and CU version of all RUs to the electric
        grid will take no longer than [X]. The power transfer will not [X].

Service Call Rate ("SCR"):

     [X]

PCU AND CU ACCEPTANCE CRITERIA:

  [X]

                                       15
<PAGE>

                       PCU RU PERFORMANCE SPECIFICATIONS

<TABLE>
<CAPTION>
                                      RU1           RU2           RU3          RU4            RU4
  ----------------------------------------------------------------------------------------------------
                                     GRID           GRID        Remote     Stand Alone    Stand Alone
                                  Parallel w/   Independent   Stand Alone     - Grid        - Grid
                                   emergency      w/ GRID                  Displacement  Displacement
                                  Stand Alone      backup
  ----------------------------------------------------------------------------------------------------
<S>                                 <C>             <C>         <C>          <C>            <C>
</TABLE>

                                       [X]

                        [Eight pages have been omitted]

                                       16
<PAGE>

                                   SCHEDULE B
                                   ----------

                  PP Direct Costs and Transfer Prices to GEFCS

<TABLE>
<CAPTION>
                              # OF UNITS    PP PROJECTED DIRECT COST*        GE PRICE
                    LOT #       IN LOT               ($/UNIT)            (TRANSFER PRICE)
                  -----------------------------------------------------------------------
<S>                 <C>     <C>             <C>                         <C>
RU1
RU2/3
RU4
2005 -
 </TABLE>

                                      [X]

                          [One page has been omitted]

                                       17<PAGE>

                                                                     Exhibit 4.4

                              PURCHASE AGREEMENT

     This PURCHASE AGREEMENT (this "Agreement"), dated as of October 27, 2000,
                                    ---------
is entered into by and between Myriad Genetics Inc., a Delaware corporation with
offices at 320 Wakara Way, Salt Lake City, Utah 84108 (the "Company"), and Acqua
                                                            -------
Wellington North American Equities Fund, Ltd., a company organized under the
laws of the Commonwealth of the Bahamas, with offices c/o Fortis Fund Services
(Bahamas) Ltd., Montague Sterling Centre, East Bay Street, P. O. Box SS-6238,
Nassau, Bahamas (the "Purchaser"), for the purchase and sale of shares of the
                      ---------
common stock, par value $0.01 per share (the "Common Stock"), of the Company by
                                              ------------
the Purchaser, in the manner, and upon the terms, provisions and conditions set
forth in this Agreement.

     WHEREAS, the parties desire that, upon the terms and subject to the
conditions contained herein, the Company shall issue and sell to the Purchaser
and Purchaser shall purchase shares of Common Stock; and

     WHEREAS, such purchase and sale will be made in reliance upon the
provisions of Section 4(2) and Rule 901 of Regulation S ("Regulation S") of the
                                                          ------------
United States Securities Act of 1933, as amended and regulations promulgated
thereunder (the "Securities Act"), or upon such other exemption from the
                 --------------
registration requirements of the Securities Act as may be available with respect
to any or all of the purchases of Common Stock to be made hereunder.

     NOW, THEREFORE, in consideration of the representations, warranties and
agreements contained herein and other good and valuable consideration, the
receipt and legal adequacy of which is hereby acknowledged by the parties, the
Company and the Purchaser hereby agree as follows:

     1.   Purchase Price.
          --------------

          (a)  Upon the following terms and subject to the conditions contained
herein, the Purchaser hereby agrees to purchase 400,000 shares of the Company's
Common Stock (the "Shares") at a per share price of $102.50 and for an
                   ------
aggregate purchase price of $41,000,000 (the "Purchase Price").
                                              --------------

          (b)  The Company has authorized and has reserved and covenants to
continue to reserve, free of preemptive rights and other similar contractual
rights of stockholders, a sufficient number of its authorized but unissued
shares of its Common Stock, to effect the issuance of the Shares.

          (c)  The closing under this Agreement shall take place at the offices
of the Parker Chapin LLP, The Chrysler Building, 405 Lexington Avenue, New York,
New York 10174 at 1:00 p.m. (eastern time) upon the satisfaction of each of the
conditions set forth in Section 5 hereof (the "Closing Date").
                                               ------------
<PAGE>

     2.   Representations, Warranties and Covenants of the Purchaser.  The
          ----------------------------------------------------------
Purchaser represents and warrants to the Company, and covenants for the benefit
---------
of the Company, as follows:

          (a)  This Agreement has been duly authorized, validly executed and
delivered by the Purchaser and is a valid and binding agreement and obligation
of the Purchaser enforceable against the Purchaser in accordance with its terms,
subject to limitations on enforcement by general principles of equity and by
bankruptcy or other laws affecting the enforcement of creditors' rights
generally, and the Purchaser has full power and authority to execute and deliver
this Agreement and the other agreements and documents contemplated hereby and to
perform its obligations hereunder and thereunder.

          (b)  The Purchaser has received and carefully reviewed copies of the
Public Document (as hereinafter defined). The Purchaser understands that no
Federal, state, local or foreign governmental body or regulatory authority has
made any finding or determination relating to the fairness of an investment in
any of the Shares and that no Federal, state, local or foreign governmental body
or regulatory authority has recommended or endorsed, or will recommend or
endorse, any investment in any of the Shares. The Purchaser, in making the
decision to purchase the Shares, has relied upon independent investigation made
by it and has not relied on any information or representations made by third
parties.

          (c)  The Purchaser understands that the Shares are being offered and
sold to it in reliance on specific provisions of Federal and state securities
laws and that the Company is relying upon the truth and accuracy of the
representations, warranties, agreements, acknowledgments and understandings of
the Purchaser set forth herein for purposes of qualifying for exemptions from
registration under the Securities Act, and applicable state securities laws.

          (d)  The Purchaser is not a "U.S. Person" (as defined in Rule 902(k)
of Regulation S) and is not acquiring any of the Shares for the account or
benefit of any U.S. Person.

          (e)  The Shares were not offered to the Purchaser in the United States
and at the time of execution of this Agreement and the time of any offer to the
Purchaser to purchase the Shares, the Purchaser was physically outside of the
"United States" (as defined in Rule 902(l) of Regulation S). The offer leading
to the sale evidenced hereby was made in an "offshore transaction" (as defined
in Rule 902(h) of Regulation S).

          (f)  The Purchaser is and will be acquiring the Shares for such
Purchaser's own account, and not with a view to any resale or distribution of
the Shares in whole or in part, in violation of the Securities Act or any
applicable securities laws.

          (g)  The offer and sale of the Shares is intended to be exempt from
registration under the Securities Act, by virtue of Section 4(2) and Regulation
S promulgated under the Securities Act. The Purchaser understands that the
Shares purchased hereunder have not been,

                                      -2-
<PAGE>

and may never be, registered under the Securities Act and that none of the
Shares can be sold, transferred, assigned, pledged, subjected to any lien or
security interest or otherwise conveyed to a U.S. Person or for the account or
benefit of a U.S. Person unless in accordance with the provisions of Regulation
S, pursuant to registration of the Shares under the Securities Act and such
state and other securities laws as may be applicable or in the opinion of
counsel for the Company an exemption from registration under the Securities Act
is available (and then the Shares may be sold, transferred, assigned, pledged,
subjected to a lien or security interest or otherwise conveyed only in
compliance with such exemption and all applicable state and other securities
laws).

          (h)  The Purchaser (i) has such knowledge, experience and
sophistication in financial and business matters as to be capable of evaluating
the merits and risks of an investment in the Company and the Shares; (ii)
recognizes that such Purchaser's investment in the Company involves a high
degree of risk; and (iii) is capable of bearing the entire loss of its
investment in the Shares.

          (i)  The Purchaser agrees not to engage in hedging transactions with
regard to the Shares unless in compliance with the Securities Act.

          (j)  The Purchaser is neither a registered broker-dealer nor an
affiliate of a registered broker-dealer.

     3.   Representations, Warranties and Covenants of the Company.  The Company
          --------------------------------------------------------
represents and warrants to the Purchaser, and covenants for the benefit of the
Purchaser, as follows:

          (a)  The Company has been duly incorporated and is validly existing
and in good standing under the laws of the state of Delaware, with full
corporate power and authority to own, lease and operate its properties and to
conduct its business as currently conducted, and is duly registered and
qualified to conduct its business and is in good standing in each jurisdiction
or place where the nature of its properties or the conduct of its business
requires such registration or qualification, except where the failure to
register or qualify would not shave a Material Adverse Effect. For purposes of
this agreement, "Material Adverse Effect" shall mean any effect on the business,
results of operations, assets or financial condition of the Company that is
material and adverse to the Company and its subsidiaries, taken as a whole
and/or any condition, circumstance, or situation that would prohibit the Company
from entering into and performing any of its obligations under this Agreement in
any material respect.

          (b)  The Company has furnished the Purchaser with copies of the
Company's most recent Annual Report on Form 10-K for the fiscal year ended June
30, 2000 filed with the Commission (the "Public Document"), provided, that the
                                         ---------------
Purchaser acknowledges that the Company intends to file an amendment to such
Public Document. The Public Document at the time of its filing did not include
any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements contained therein, in light of the
circumstances under which they were made, not misleading. As used herein,
"Commission

                                      -3-
<PAGE>

Documents" means all reports, schedules, forms, statements and other documents
filed by the Company with the Commission pursuant to the reporting requirements
of the Exchange Act, including material filed pursuant to Section 13(a) or 15(d)
of the Exchange Act.

          (c)  The Shares have been duly authorized by all necessary corporate
action and, when paid for by the Purchaser and issued in accordance with the
terms hereof, the Shares shall be validly issued, will be fully paid and non-
assessable.

          (d)  Each of this Agreement and the Registration Rights Agreement
attached hereto as Exhibit A (the "Registration Rights Agreement") has been duly
                                   -----------------------------
authorized, validly executed and delivered on behalf of the Company and is a
valid and binding agreement and obligation of the Company enforceable against
the Company in accordance with its terms, subject to limitations on enforcement
by general principles of equity and by bankruptcy or other laws affecting the
enforcement of creditors' rights generally, and the Company has full power and
authority to execute and deliver this Agreement and the other agreements and
documents contemplated hereby and to perform its obligations hereunder and
thereunder.

          (e)  The execution and delivery of this Agreement and the Registration
Rights Agreement, the issuance of any of the Shares and the consummation of the
transactions contemplated by this Agreement and the Registration Rights
Agreement by the Company, will not (i) conflict with or result in a breach of or
a default under any of the terms or provisions of, (A) the Company's certificate
of incorporation or by-laws, or (B) of any material provision of any indenture,
mortgage, deed of trust or other material agreement or instrument to which the
Company is a party or by which it or any of its material properties or assets is
bound, (ii) result in a violation of any material provision of any law, statute,
rule, regulation, or any existing applicable decree, judgment or order by any
court, Federal or state regulatory body, administrative agency, or other
governmental body having jurisdiction over the Company, or any of its material
properties or assets or (iii) result in the creation or imposition of any
material lien, charge or encumbrance upon any material property or assets of the
Company or any of its subsidiaries pursuant to the terms of any agreement or
instrument to which any of them is a party or by which any of them may be bound
or to which any of their property or any of them is subject except in the case
of clauses (i)(B) or (iii) for any such conflicts, breaches, or defaults or any
liens, charges, or encumbrances which would not have a Material Adverse Effect.

          (f)  The sale and issuance of the Shares in accordance with the terms
and on the basis of the representations and warranties set forth in this
Agreement will be exempt from the registration requirements of the Securities
Act.

          (g)  No consent, approval or authorization of or designation,
declaration or filing with any governmental authority on the part of the Company
is required in connection with the valid execution and delivery of this
Agreement or the offer, sale or issuance of the Shares or the consummation of
any other transaction contemplated by this Agreement (other than any filings
which may be required to be made by the Company with the Securities and Exchange
Commission, or Nasdaq or pursuant to any state or "blue sky" securities laws
subsequent to the Closing, and, any registration statement which may be filed
pursuant to this Agreement).

                                      -4-
<PAGE>

          (h)  There is no action, suit, claim or proceeding before or by any
court or governmental agency or body, domestic or foreign, now pending against
or affecting the Company, or any of its properties, which questions the validity
of the Agreement, the Registration Rights Agreement or the transactions
contemplated thereby or any action taken or to be take pursuant thereto. There
is no action, suit, claim or proceeding before or by any court or governmental
agency or body, domestic or foreign, now pending against or affecting the
Company, or any of its properties, which, if adversely determined, is reasonably
likely to result in a Material Adverse Effect.

          (i)  Subsequent to the dates as of which information is given in the
Public Document, except as contemplated herein, the Company has not incurred any
material liabilities or material obligations, direct or contingent, or entered
into any material transactions not in the ordinary course of business.

          (j)  The Company has sufficient title and ownership of all trademarks,
service marks, trade names, copyrights, patents, trade secrets and other
proprietary rights ("Intellectual Property") necessary for its business as
                     ---------------------
now conducted and as proposed to be conducted as described in the Public
Document or the Commission Documents except for any of the foregoing, the
absence of which would not reasonably be likely to result in a Material Adverse
Effect and, to its knowledge without any conflict with or infringement of the
rights of others. Except as set forth in the Public Documents or the Commission
Documents, there are no material outstanding options, licenses or agreements of
any kind relating to the Intellectual Property, nor is the Company bound by or
party to any material options, licenses or agreements of any kind with respect
to the Intellectual Property of any other person or entity.

          (k)  The Company has complied and will comply with all applicable
federal and state securities laws in connection with the offer, issuance and
sale of the Shares hereunder. Neither the Company nor anyone acting on its
behalf, directly or indirectly, has or will sell, offer to sell or solicit
offers to buy any of the Shares, or similar securities to, or solicit offers
with respect thereto from, or enter into any preliminary conversations or
negotiations relating thereto with, any person, or has taken or will take any
action so as to bring the issuance and sale of any of the Shares under the
registration provisions of the Securities Act and any other applicable federal
and state securities laws. Neither the Company nor any of its affiliates, nor
any person acting on its or their behalf, has engaged in any form of general
solicitation or general advertising in connection with any of the Shares.

          (l)  Neither this Agreement or the Schedules hereto nor the
Registration Rights Agreement contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements made
herein or therein, in the light of the circumstances under which they were made
herein or therein, not misleading.

          (m)  The authorized capital stock of the Company and the shares
thereof issued and outstanding as of the date hereof are set forth on
Schedule 3(m) attached hereto. All of the outstanding shares of the Company's
-------------
Common Stock have been duly and validly authorized, and

                                      -5-
<PAGE>

are fully paid and non-assessable. Except as set forth in this Agreement, the
Public Documents the Commission Documents or on Schedule 3(m) attached hereto,
                                                -------------
as of the date hereof, no shares of Common Stock are entitled to preemptive
rights or registration rights and there are no outstanding options, warrants,
scrip, rights to subscribe to, call or commitments of any character whatsoever
relating to, or securities or rights convertible into, any shares of capital
stock of the Company. Furthermore, except as set forth in this Agreement, in the
Public Documents, the Commission Documents or on Schedule 3(m) as of the date
                                                 ------------
hereof, there are no contracts, commitments, understandings, or arrangements by
which the Company is or may become bound to issue additional shares of the
capital stock of the Company or options, securities or rights convertible into
shares of capital stock of the Company. Except as disclosed in the Commission
Documents and except for customary transfer restrictions contained in agreements
entered into by the Company in order to sell restricted securities, as of the
date hereof, the Company is not a party to any agreement granting registration
rights to any person with respect to any of its equity or debt securities. The
Company is not a party to, and it has no knowledge of, any agreement restricting
the voting or transfer of any shares of the capital stock of the Company. The
offer and sale of all capital stock, convertible securities, rights, warrants,
or options of the Company issued prior to the Closing complied with all
applicable federal and state securities laws, and no stockholder has a right of
rescission or damages with respect thereto which is reasonably likely to have a
Material Adverse Effect. The Company has furnished or made available to the
Purchaser true and correct copies of the Company's Certificate of Incorporation
as in effect on the date hereof (the "Certificate"), and the Company's Bylaws
                                      -----------
as in effect on the date hereof (the "Bylaws").
                                      ------

          (n)  In connection with the offer and sale of the Shares, no
distributor or any affiliates or any person acting on behalf of the Company or
any affiliate of the Company or any distributor has engaged in any "directed
selling efforts" (as such term is defined in Rule 902(c) of Regulation S) nor
conducted any general solicitation relating to the offer to persons residing
within the United States or to "U.S. Persons" (as such term is defined in Rule
902(o) of Regulation S).

          (o)  Prior to the effectiveness of the Registration Statement (as
defined in the Registration Rights Agreement), the Company will use its best
efforts to list the Shares for trading on the Nasdaq National Market system or
any relevant market or system, if applicable, and will comply in all material
respects with the Company's reporting, filing and other obligations under the
bylaws or rules of the NASD and NASDAQ system or any relevant market or system.

          (p)  The Company may not issue a press release or otherwise make a
public statement or announcement with respect to the transaction contemplated
hereby prior to the Closing Date. In the event that the Company is required by
law or regulations to issue a press release or otherwise make a public statement
or announcement with respect to this Agreement after the Closing Date, the
Company shall consult with the Purchaser on the form and substance of such press
release or other disclosure.

                                      -6-
<PAGE>

     4.  Conditions Precedent: The obligations hereunder of both the Company
         --------------------
and the Purchaser to enter into this Agreement is subject to their satisfaction
or waiver, at or before the Closing, of each of the conditions set forth below.
These conditions are for the Company's and the Purchaser's sole benefit
respectively, and they may waive their own rights at any time in their sole
discretion.

          (a)  The parties shall have executed and delivered this Agreement and
the Registration Rights Agreement.

          (b)  The Company shall have delivered certificates evidencing the
Shares to the Purchaser.

          (c)  Upon receipt of the certificates evidencing the Shares, the
Purchaser shall have delivered to the Company immediately available funds as
payment in full of the Purchase Price for the Shares.

          (d)  The Purchaser shall have received a legal opinion in
substantially the form annexed hereto as Exhibit A.

     5.   Legends.  Unless otherwise provided below, each certificate
          -------
representing the Shares shall be stamped or otherwise imprinted with a legend
substantially in the following form (the "Legend"):
                                          ------

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
          REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
          "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD,
          TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF
          UNLESS IN ACCORDANCE WITH REGULATION S OF THE SECURITIES ACT,
          REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE
          SECURITIES LAWS OR MYRIAD GENETICS INC. (THE "COMPANY") SHALL HAVE
          RECEIVED AN OPINION, IN FORM, SCOPE AND SUBSTANCE REASONABLY
          ACCEPTABLE TO THE COMPANY, OF COUNSEL WHO IS REASONABLY ACCEPTABLE TO
          THE COMPANY THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES
          ACT AND UNDER THE PROVISIONS OF APPLICABLE FEDERAL AND STATE
          SECURITIES LAWS IS NOT REQUIRED.

          HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY
          NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT."

                                      -7-
<PAGE>

     6.   Fees and Expenses. Except as otherwise set forth in this Agreement and
          ------------------
the Registration Rights Agreement, each of the Company and the Purchaser shall
pay its respective fees and expenses related to the transactions contemplated by
this Agreement and the Registration Rights Agreement.

     7.   Indemnification.
          ---------------

          (a)  The Company hereby agrees to indemnify and hold harmless the
Purchaser and its officers, directors, shareholders, employees, agents and
attorneys against any and all losses, claims, damages, liabilities and
reasonable expenses incurred by each such person in connection with defending or
investigating any such claims or liabilities, whether or not resulting in any
liability to such person, to which any such indemnified party may become
subject, insofar as such losses, claims, demands, liabilities and expenses arise
out of or are based upon any breach of any representation or warranty made by
the Company in this Agreement.

          (b)  The Purchaser hereby agrees to indemnify and hold harmless the
Company and its officers, directors, shareholders, employees, agents and
attorneys against any and all losses, claims, damages, liabilities and expenses
incurred by each such person in connection with defending or investigating any
such claims or liabilities, whether or not resulting in any liability to such
person, to which any such indemnified party may become subject under the
Securities Act, or under any other statute, at common law or otherwise, insofar
as such losses, claims, demands, liabilities and expenses arise out of or are
based upon (i) any untrue statement or alleged untrue statement of a material
fact made by the Purchaser, (ii) any omission or alleged omission of a material
fact with respect to the Purchaser or (iii) any breach of any representation,
warranty or agreement made by the Purchaser in this Agreement.

     8.  Governing Law; Consent to Jurisdiction. This Agreement shall be
         --------------------------------------
governed by and interpreted in accordance with the laws of the State of New York
without giving effect to the rules governing the conflicts of laws. Each of the
parties consents to the exclusive jurisdiction of the Federal courts whose
districts encompass any part of the County of New York located in the City of
New York in connection with any dispute arising under this Agreement and hereby
waives, to the maximum extent permitted by law, any objection, including any
objection based on forum non conveniens, to the bringing of any such proceeding
in such jurisdictions. Each party waives its right to a trial by jury. Each
party to this Agreement irrevocably consents to the service of process in any
such proceeding by the mailing of copies thereof by registered or certified
mail, postage prepaid, to such party at its address set forth herein or its
agent. Nothing herein shall affect the right of any party to serve process in
any other manner permitted by law.

9.  Notices.  All notices and other communications provided for or permitted
    -------
hereunder shall be made in writing by hand delivery, express overnight courier,
registered first class mail, or telecopier, initially to the address set forth
below, and thereafter at such other address, notice of which is given in
accordance with the provisions of this Section.

                                      -8-
<PAGE>

               (a)  if to the Company:

                    Myriad Genetics Inc.
                    320 Wakara Way
                    Salt Lake City, Utah 84108
                    Tel. No.: (801) 584-3600
                    Fax No.: (801) 584-3640
                    Attn: President

                    with a copy to:

                    Lewis J. Geffen, Esq.
                    Mintz Levin Cohn Ferris Glovsky and Popeo PC
                    One Financial Center
                    Boston, Massachusetts 02111
                    Tel. No.: (617) 542-6000
                    Fax No.:  (617) 542-2241

               (b)  if to the Purchaser:

                    Acqua Wellington North American Equities Fund, Ltd.
                    c/o Fortis Fund Services (Bahamas) Ltd.
                    Montague Sterling Centre
                    East Bay Street, P. O. Box SS-6238
                    Nassau, Bahamas
                    Attention:  Anthony L.M. Inder Rieden
                    Tel. No.: (242) 394-2700
                    Fax No.: (242) 394-9667

                    with a copy to:

                    Parker Chapin LLP
                    The Chrysler Building
                    405 Lexington Avenue
                    New York, New York 10174
                    Attention:  Christopher S. Auguste
                    Tel. No.: (212) 704-6000
                    Fax No.: (212) 704-6288

     All such notices and communications shall be deemed to have been duly
given: when delivered by hand, if personally delivered; when receipt is
acknowledged, if telecopied; or when actually received or refused if sent by
other means.

                                      -9-
<PAGE>

     10.  Entire Agreement. This Agreement and the Registration Rights Agreement
          ----------------
constitute the entire understanding and agreement of the parties with respect to
the subject matter hereof and supersedes all prior and/or contemporaneous oral
or written proposals or agreements relating thereto all of which are merged
herein. This Agreement may not be amended or any provision hereof waived in
whole or in part, except by a written amendment signed by both of the parties.

     11.  Counterparts.  This Agreement may be executed by facsimile signature
          ------------
and in counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                                 [end of page]

                                      -10-
<PAGE>

     IN WITNESS WHEREOF, this Agreement was duly executed on the date first
written above.

                              MYRIAD GENETICS INC.

                              By: /s/ Peter D. Meldrum
                                  Name:  Peter D. Meldrum
                                  Title: President and C.E.O.

                              ACQUA WELLINGTON NORTH AMERICAN EQUITIES FUND,
                              LTD.

                              By: /s/ Helen A. Forbes
                                  Name:  Helen A. Forbes
                                  Title:  Secretary

                                     -11-
<PAGE>

                                EXHIBIT A TO THE
                        COMMON STOCK PURCHASE AGREEMENT
                               OPINION OF COUNSEL

          1.   The Company is a corporation duly organized, validly existing and
in good standing under the laws of the State of Delaware and has full power and
authority (corporate and other) to conduct its business as presently conducted
by it and to enter into and perform the Purchase Agreement and the Registration
Rights Agreement and to carryout the transactions contemplated thereby. There
are no jurisdictions in which, to our knowledge, the nature of the Company's
properties or the transaction of its business, makes the Company's qualification
to do business as a foreign corporation necessary, except for those
jurisdictions in which the Company is qualified, to our knowledge, to do
business as a foreign corporation or those jurisdictions in which failure to be
so qualified would not have a Material Adverse Effect.

          2.   The execution, delivery and performance by the Company of the
Purchase Agreement and the Registration Rights Agreement have been duly
authorized by all necessary corporate action of the Company, and each of the
Purchase Agreement and the Registration Rights Agreement has been duly executed
and delivered by the Company. The Purchase Agreement and the Registration Rights
Agreement each constitutes a valid and binding obligation of the Company
enforceable in accordance with its terms.

          3.   The issuance, sale and delivery of the Shares in accordance with
the Purchase Agreement have been duly authorized by all necessary corporate
action on the part of the Company and, when delivered against payment in full as
provided in the Purchase Agreement, will be validly issued, fully paid and
nonassessable. To our knowledge, the Shares are free and clear of all liens,
charges, restrictions, claims and encumbrances imposed by or through the
Company. Neither the issuance, sale or delivery of the Shares is subject to any
preemptive right of stockholders of the Company arising under law or the
Certificate of Incorporation or By-laws of the Company, each as amended to date.

          4.   The execution and delivery of the Purchase Agreement and the
Registration Rights Agreement and the performance by the Company of its
obligations thereunder, do not (A) violate any provision of the Certificate of
Incorporation or By-laws of the Company, each as amended to date, (B) violate,
conflict with or constitute a default under any material contract, commitment,
trust or agreement of any kind known to us to which the Company is a party or by
which it is bound or (C) violate the Delaware General Corporation Law or any
U.S. federal statute, regulation or rule or, to our knowledge, any judgment,
decree, writ, order or injunction of any arbitrator, court or governmental
authority binding upon the Company.

          5.   To our knowledge, there is no action, suit, proceeding or
arbitration pending against or threatened against or affecting the Company
before any court or arbitrator or

                                      -12-
<PAGE>

any governmental body, agency or official which, if adversely determined, is
reasonably likely to result in a Material Adverse Effect, or which in any manner
questions the validity of the Purchase Agreement and the issuance of the Shares
pursuant thereto, or the Registration Rights Agreement

          6.   To our knowledge, all authorizations, consents, approvals and
clearances of all governmental agencies and authorities and of third parties
required in order to permit the issuance by the Company of the Shares pursuant
to the Purchase Agreement (other than any filings which may be required to be
made by the Company with the Commission, or Nasdaq subsequent to the Closing,
and, any registration statement which may be filed pursuant to the Purchase
Agreement or the Registration Rights Agreement) have been obtained.

          7.   Subject to the truth and accuracy of the representations and
warranties of the Purchaser set forth in Section 2 of the Purchase Agreement,
the offer, issuance and sale of the Shares pursuant to the Purchase Agreement
will be exempt from registration under the Securities Act of 1933, as amended,
pursuant to Rule 4(2) and Regulation S promulgated thereunder.

                                      -13-

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