Document:

PLEDGE AND ESCROW AGREEMENT

      THIS PLEDGE AND ESCROW  AGREEMENT  (the  "Agreement")  is made and entered
into as of December 30, 2005 (the "Effective Date") by and among CORNELL CAPITAL
PARTNERS, LP ("Cornell" or the "Pledgee"),  EARTHSHELL  CORPORATION,  a Delaware
corporation  (the "Pledgor") and DAVID GONZALEZ,  ESQ., as escrow agent ("Escrow
Agent").

                                    RECITALS:

      WHEREAS,  on May 26,  2005,  Cornell,  the  Pledgor,  and the Escrow Agent
entered into a Pledge and Escrow  Agreement (the "Pledge and Escrow  Agreement")
pursuant to which the Pledgor  pledged shares of Series B Convertible  Preferred
Stock of the  Pledgor  ("Series  B  Preferred  Stock").  The  parties  desire to
terminate the Pledge and Escrow Agreement and replace it with this Agreement;

      WHEREAS,  in  connection  with  the  Securities  Purchase  Agreement  (the
"Securities Purchase Agreement") dated the date hereof among the Pledgee and the
Pledgor,  the Pledgor  shall  issued and sell to the Pledgee up to Four  Million
Five Hundred Thousand  Dollars  ($4,500,000) of secured  convertible  debentures
(the "Convertible Debentures");

      WHEREAS,   in  connection  with  the  transactions   contemplated  by  the
Securities  Purchase  Agreement,  on the date hereof the Pledgee and the Pledgor
entered into an Investor  Registration  Rights Agreement  ("Registration  Rights
Agreement"),  an Escrow  Agreement  ("Escrow  Agreement"),  an Amended  Security
Agreement ("Security  Agreement"),  along with Benton Wilcoxon an Officer Pledge
and Escrow Agreement  ("Officer  Pledge  Agreement"),  and Irrevocable  Transfer
Agent Instructions  ("Transfer Agent Instructions") (the Convertible Debentures,
Securities Purchase Agreement,  Registration Rights Agreement, Escrow Agreement,
Security  Agreement,  Officer Pledge Agreement,  and Transfer Agent Instructions
are collectively referred to as the "Transaction Documents"); and

      WHEREAS,  in order to secure the full and prompt payment when due (whether
at the stated  maturity,  by  acceleration or otherwise) of all of the Company's
obligations (the  "Obligations")  to the Pledgee or any successor to the Pledgee
under the Transaction Documents, the Pledgor has agreed to irrevocably pledge to
the Pledgee One Hundred  (100) shares of Series B Preferred  Stock (the "Pledged
Shares");

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

                              TERMS AND CONDITIONS

      1. Pledge and Transfer of Pledged  Shares.  The Pledgor  hereby  grants to
Pledgee an irrevocable,  first priority  security interest in all Pledged Shares
as security  for the  Obligations.  On or before the closing of the  Transaction
Documents,  the Pledgor  shall  deliver to the Escrow  Agent stock  certificates
representing  the Pledged  Shares,  together with duly executed  stock powers or
other appropriate transfer documents with medallion bank guarantees and executed
in blank by the Pledgor (the "Transfer Documents"),  and such stock certificates
and Transfer  Documents shall be held by the Escrow Agent until the full payment
of all Obligations due to the Pledgee under the Transaction Documents, including
the  repayment  of all  amounts  owed by the  Pledgor to the  Pledgee  under the
Convertible Debentures (whether outstanding principal,  interest, legal fees, or
any other amounts owed to the Pledgee by the Pledgor).
<PAGE>

      2. Rights Relating to Pledged  Shares.  Upon the occurrence of an Event of
Default  (as  defined  herein),  the  Pledgee  shall be  entitled to convert the
Pledged  Shares  into  shares of common  stock of the  Pledgor,  pursuant to the
Certificate  of  Designation  of the Series B Convertible  Preferred  Stock (the
"Certificate of Designation") and enjoy all other rights and privileges incident
to the ownership of the number of Pledged Shares  actually  released from escrow
in  accordance  with  Section 5 hereof and  converted  into common  stock of the
Pledgor.

      3.  Release  of Pledged  Shares  from  Pledge.  Upon  satisfaction  of the
Obligations,  the Pledgor and Pledgee shall  jointly  notify the Escrow Agent to
such effect in writing. Promptly upon receipt of such written notice, the Escrow
Agent shall return to the Pledgor the Transfer  Documents  and the  certificates
representing  the  Pledged  Shares   (collectively  the  "Pledged   Materials"),
whereupon  any and all  rights of  Pledgee  in the  Pledged  Materials  shall be
terminated.

      4.  Event of  Default.  An  "Event  of  Default"  shall be  deemed to have
occurred  under this  Agreement  upon an Event of Default under the  Convertible
Debentures.

      5. Remedies. Upon and anytime after the occurrence of an Event of Default,
so long as the Event of Default has not been previously cured, the Pledgee shall
have the right to provide  written notice of such Event of Default (the "Default
Notice") to the Escrow Agent, with a copy to the Pledgor. As soon as practicable
after receipt of the Default Notice by the Escrow Agent,  the Escrow Agent shall
deliver to Pledgee the Pledged  Materials  held by the Escrow  Agent  hereunder.
Upon receipt of the Pledged  Materials,  the Pledgee shall have the right to (i)
sell the Pledged  Shares and to apply the  proceeds  of such  sales,  net of any
selling commissions, to the Obligations owed to the Pledgee by the Pledgor under
the Transaction Documents, including, without limitation, outstanding principal,
interest,  legal fees,  and any other amounts owed to the Pledgee,  and exercise
all other rights and (ii) any and all  remedies of a secured  party with respect
to such  property as may be available  under the Uniform  Commercial  Code as in
effect in the State of New Jersey.  To the extent that the net proceeds received
by the Pledgee are  insufficient to satisfy the Obligations in full, the Pledgee
shall be entitled to a deficiency  judgment against the Pledgor for such amount.
The  Pledgee  shall have the  absolute  right to sell or dispose of the  Pledged
Shares in any manner it sees fit and shall have no  liability  to the Pledgor or
any other party for selling or disposing  of such  Pledged  Shares even if other
methods of sales or  dispositions  would or  allegedly  would  result in greater
proceeds than the method actually used. The Escrow Agent shall have the absolute
right to  disburse  the Pledged  Shares to the  Pledgee in  batches,  which when
aggregated with all other common stock beneficially owned by the Pledgee and its
affiliates,  will not to exceed 9.9% of the  outstanding  capital of the Pledgor
(which limit may be waived by the Pledgee providing not less than 65 days' prior
written notice to the Escrow Agent). The Pledgee shall return to the Pledgor any
Pledged  Shares  released to it and remaining  after the Pledgee has applied the
net proceeds to all amounts owed to the Pledgee.

                                       2
<PAGE>

      In addition to all other remedies available to the Pledgee,  upon an Event
of Default,  the Pledgor shall  promptly,  but in no event more than thirty (30)
days after the date of the Default  Notice,  file a  registration  statement  to
register  with the  Securities  and  Exchange  Commission  for the resale by the
Pledgee the shares of Common Stock  underlying the Series B Preferred Stock. The
Pledgor  shall cause the  registration  statement  to remain in effect until all
such shares have been sold by the Pledgee.

      Each right, power and remedy of the Pledgee provided for in this Agreement
or any other  Transaction  Document shall be cumulative and concurrent and shall
be in  addition  to every other such  right,  power or remedy.  The  exercise or
beginning  of the  exercise  by the  Pledgee  of any one or more of the  rights,
powers or  remedies  provided  for in this  Agreement  or any other  Transaction
Document  or now or  hereafter  existing  at law or in equity or by  statute  or
otherwise  shall not preclude the  simultaneous or later exercise by the Pledgee
of all such other  rights,  powers or  remedies,  and no failure or delay on the
part of the Pledgee to exercise any such right, power or remedy shall operate as
a waiver  thereof.  No  notice to or demand  on the  Pledgor  in any case  shall
entitle  it to any  other or  further  notice  or  demand  in  similar  or other
circumstances  or constitute a waiver of any of the rights of the Pledgee to any
other further action in any circumstances  without demand or notice. The Pledgee
shall have the full power to enforce or to assign or  contract  is rights  under
this Agreement to a third party.

      The Pledgor has no right to require the Pledgee to marshal its collateral,
and agree that the  Pledgee  may, in  addition  to its other  rights  hereunder,
proceed  against its  collateral in any order that it deems  appropriate  in the
exercise of its absolute discretion.

      6. Representations, Warranties and Covenants.

            6.1 The Pledgor  represents,  warrants  and  covenants  that all the
Pledged  Shares  have  been  duly  and  validly  issued,   are  fully  paid  and
non-assessable and are subject to no options to purchase or similar rights.

            6.2  The  Pledgor  covenants  and  agrees  that  it  will  take  all
reasonable steps to defend the Pledgee's right,  title and security  interest in
and to the  Pledged  Shares  and the  proceeds  thereof  against  the claims and
demands of all persons whomsoever (other than the Pledgee and the Escrow Agent);
and the Pledgor  covenants  and agrees that it will have like title to and right
to pledge any other  property  at any time  hereafter  pledged to the Pledgee as
Collateral  hereunder and will likewise take all reasonable  steps to defend the
right thereto and security interest therein of the Pledgee.

            6.3 The  Pledgor  covenants  and agrees  that it will take no action
which would violate or be inconsistent  with any of the terms of any Transaction
Document,  or which would have the effect of impairing the position or interests
of the Pledgee under any Transaction Document.

                                       3
<PAGE>

      7. Concerning the Escrow Agent.

            7.1. The Escrow Agent  undertakes to perform only such duties as are
expressly set forth herein and no implied  duties or  obligations  shall be read
into this Agreement against the Escrow Agent.

            7.2.  The  Escrow  Agent may act in  reliance  upon any  writing  or
instrument  or signature  which it, in good faith,  believes to be genuine,  may
assume the validity and accuracy of any statement or assertion contained in such
a writing or instrument,  and may assume that any person  purporting to give any
writing, notice, advice or instructions in connection with the provisions hereof
has been duly  authorized  to do so. The Escrow Agent shall not be liable in any
manner for the sufficiency or correctness as to form, manner, and execution,  or
validity of any  instrument  deposited in this escrow,  nor as to the  identity,
authority,  or right of any person  executing the same; and its duties hereunder
shall be limited to the safekeeping of such certificates,  monies,  instruments,
or other document received by it as such escrow holder,  and for the disposition
of the same in  accordance  with the written  instruments  accepted by it in the
escrow.

            7.3.  Pledgee and the Pledgor hereby agree,  to defend and indemnify
the Escrow  Agent and hold it  harmless  from any and all  claims,  liabilities,
losses,  actions,  suits,  or  proceedings  at law or in  equity,  or any  other
expenses, fees, or charges of any character or nature which it may incur or with
which it may be  threatened  by reason of its acting as Escrow  Agent under this
Agreement;  and in connection  therewith,  to indemnify the Escrow Agent against
any and all  expenses,  including  attorneys'  fees and costs of  defending  any
action,  suit, or  proceeding or resisting any claim (and any costs  incurred by
the Escrow  Agent  pursuant to Section 6.4  hereof).  The Escrow  Agent shall be
vested with a lien on all property deposited  hereunder,  for indemnification of
attorneys' fees and court costs regarding any suit, proceeding or otherwise,  or
any other  expenses,  fees, or charges of any character or nature,  which may be
incurred by the Escrow Agent by reason of disputes arising between the makers of
this escrow as to the correct  interpretation of this Agreement and instructions
given to the Escrow Agent hereunder, or otherwise,  with the right of the Escrow
Agent, regardless of the instructions aforesaid, to hold said property until and
unless said additional expenses, fees, and charges shall be fully paid. Any fees
and costs charged by the Escrow Agent for serving hereunder shall be paid by the
Pledgor.

            7.4.   If  the   parties   shall  be  in   disagreement   about  the
interpretation  of this Agreement,  or about the rights and obligations,  or the
propriety of any action  contemplated by the Escrow Agent hereunder,  the Escrow
Agent may, at its sole discretion  deposit the Pledged  Materials with the Clerk
of the United  States  District  Court of New  Jersey,  sitting  in Newark,  New
Jersey,  and, upon notifying all parties concerned of such action, all liability
on the part of the Escrow  Agent  shall fully  cease and  terminate.  The Escrow
Agent shall be indemnified  by the Pledgor and Pledgee for all costs,  including
reasonable  attorneys'  fees in connection  with the aforesaid  proceeding,  and
shall be fully  protected in suspending  all or a part of its  activities  under
this Agreement  until a final decision or other  settlement in the proceeding is
received.

            7.5.  The Escrow  Agent may consult  with  counsel of its own choice
(and the costs of such  counsel  shall be paid by the Pledgor and  Pledgee)  and
shall have full and complete  authorization  and protection for any action taken
or suffered by it hereunder in good faith and in accordance  with the opinion of
such  counsel.  The Escrow Agent shall not be liable for any mistakes of fact or
error of judgment, or for any actions or omissions of any kind, unless caused by
its willful misconduct or gross negligence.

                                       4
<PAGE>

            7.6. The Escrow Agent may resign upon ten (10) days' written  notice
to the parties in this Agreement.  If a successor  Escrow Agent is not appointed
within  this ten (10) day  period,  the  Escrow  Agent may  petition  a court of
competent jurisdiction to name a successor.

            7.7.  Conflict  Waiver.  The Pledgor  hereby  acknowledges  that the
Escrow Agent is general counsel to the Pledgee, a partner in the general partner
of the Pledgee,  and counsel to the Pledgee in connection with the  transactions
contemplated  and referred  herein.  The Pledgor agrees that in the event of any
dispute  arising in  connection  with this  Agreement or otherwise in connection
with any transaction or agreement  contemplated and referred herein,  the Escrow
Agent shall be permitted  to continue to  represent  the Pledgee and the Pledgor
will not seek to disqualify such counsel and waives any objection  Pledgor might
have with respect to the Escrow  Agent  acting as the Escrow  Agent  pursuant to
this Agreement.

            7.8.  Notices.   Unless  otherwise  provided  herein,  all  demands,
notices,  consents,  service  of  process,  requests  and  other  communications
hereunder  shall be in writing and shall be  delivered in person or by overnight
courier  service,  or  mailed  by  certified  mail,  return  receipt  requested,
addressed:

If to Pledgor, to:              EarthShell Corporation
                                1301 York Road, Suite 200
                                Lutherville, MD 20193
                                Attention:  Scott Houston
                                Telephone:  (410) 847-9420
                                Facsimile:  (410) 847-9431

With a copy to:                 Kirkpatrick & Lockhart Nicholson Graham, LLP
                                201 South Biscayne Boulevard, Suite 2000
                                Miami, Florida 33131
                                Attention:  Clayton E. Parker, Esq.
                                Telephone:  (305) 539-3306
                                Facsimile:  (305) 328-7095

If to the Escrow Agent:         David Gonzalez, Esq.
                                101 Hudson Street, Suite 3700
                                Jersey City, NJ 07302
                                Telephone:  (201) 985-8300
                                Facsimile:  (201) 985-8744

If to the Pledgee:              Cornell Capital Partners LP
                                101 Hudson Street, Suite 3700
                                Jersey City, NJ 07302
                                Attention:  Mark A. Angelo
                                Telephone:  (201) 985-8300
                                Facsimile:  (201) 985-8744

                                       5
<PAGE>

With copy to:                   Cornell Capital Partners, LP
                                101 Hudson Street, Suite 3700
                                Jersey City, NJ 07302
                                Attention:  Troy J. Rillo, Esquire
                                Telephone:  (201) 985-8300
                                Facsimile:  (201) 985-1964

Any such notice  shall be  effective  (a) when  delivered,  if delivered by hand
delivery or overnight courier service, or (b) five (5) days after deposit in the
United States mail, as applicable.

      8. Binding Effect.  All of the covenants and obligations  contained herein
shall be binding upon and shall inure to the benefit of the respective  parties,
their successors and assigns.

      9. Governing Law; Venue; Service of Process. The validity,  interpretation
and  performance  of this Agreement  shall be determined in accordance  with the
laws of the State of Delaware  applicable to contracts  made and to be performed
wholly  within that state  except to the extent that  Federal law  applies.  The
parties hereto agree that any disputes, claims, disagreements, lawsuits, actions
or controversies of any type or nature whatsoever that,  directly or indirectly,
arise from or relate to this Agreement,  including,  without limitation,  claims
relating to the  inducement,  construction,  performance  or termination of this
Agreement,  shall be  brought  in the state  superior  courts  located in Hudson
County, New Jersey or Federal district courts located in Newark, New Jersey, and
the parties  hereto  agree not to challenge  the  selection of that venue in any
such proceeding for any reason,  including,  without limitation,  on the grounds
that such venue is an inconvenient  forum. The parties hereto specifically agree
that  service  of process  may be made,  and such  service  of process  shall be
effective if made, pursuant to Section 8 hereto.

      10.  Enforcement Costs. If any legal action or other proceeding is brought
for the enforcement of this Agreement, or because of an alleged dispute, breach,
default  or   misrepresentation  in  connection  with  any  provisions  of  this
Agreement,  the  successful or prevailing  party or parties shall be entitled to
recover  reasonable  attorneys'  fees,  court costs and all expenses even if not
taxable as court costs (including,  without limitation, all such fees, costs and
expenses  incident  to  appeals),  incurred  in that  action or  proceeding,  in
addition to any other relief to which such party or parties may be entitled.

      11.  Remedies  Cumulative.  No remedy herein  conferred  upon any party is
intended to be  exclusive  of any other  remedy,  and each and every such remedy
shall be  cumulative  and  shall be in  addition  to every  other  remedy  given
hereunder  or now or  hereafter  existing  at law,  in equity,  by  statute,  or
otherwise.  No single or partial  exercise  by any party of any right,  power or
remedy hereunder shall preclude any other or further exercise thereof.

      12.  Counterparts.   This  Agreement  may  be  executed  in  one  or  more
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute the same instrument.

                                       6
<PAGE>

      13. No Penalties. No provision of this Agreement is to be interpreted as a
penalty upon any party to this Agreement.

      14. JURY TRIAL.  EACH OF THE  PLEDGEE  AND THE PLEDGOR  HEREBY  KNOWINGLY,
VOLUNTARILY AND  INTENTIONALLY  WAIVES THE RIGHT WHICH IT MAY HAVE TO A TRIAL BY
JURY OF ANY CLAIM,  DEMAND,  ACTION OR CAUSE OF ACTION BASED HEREON,  OR ARISING
OUT OF,  UNDER OR IN ANY WAY  CONNECTED  WITH THE DEALINGS  BETWEEN  PLEDGEE AND
PLEDGOR, THIS PLEDGE AND ESCROW AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION
HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,  STATEMENTS (WHETHER ORAL
OR WRITTEN) OR ACTIONS OF ANY PARTY  HERETO OR THERETO IN EACH CASE  WHETHER NOW
EXISTING  OR  HEREAFTER  ARISING,  AND  WHETHER  IN  CONTRACT,  TORT,  EQUITY OR
OTHERWISE.

                          [SIGNATURE PAGE TO FOLLOW]

                                       7
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have duly executed this Pledge and
Escrow Agreement as of the date first above written.

CORNELL CAPITAL PARTNERS, LP

By:   Yorkville Advisors, LLC
Its:  General Partner

By: /s/ Mark Angelo
   ---------------------------
   Name:  Mark Angelo
   Title: Portfolio Manager

EARTHSHELL CORPORATION

By: /s/ Scott Houston
   ---------------------------
   Name:  Scott Houston
   Title: Chief Financial Officer

ESCROW AGENT

By: /s/ David Gonzalez
   ---------------------------
   Name: David Gonzalez, Esq.

                                       8ESCROW AGREEMENT

      THIS ESCROW  AGREEMENT  (this  "Agreement") is made and entered into as of
December  30,  2005  EARTHSHELL   CORPORATION,   a  Delaware   corporation  (the
"Company");  the Buyer(s) listed on the Securities Purchase Agreement, dated the
date hereof (also referred to as the "Investor(s)"),  and DAVID GONZALEZ,  ESQ.,
as Escrow Agent hereunder (the "Escrow Agent").

                                   BACKGROUND

      WHEREAS,  the Company and the  Investor(s)  have entered into a Securities
Purchase Agreement (the "Securities Purchase  Agreement"),  dated as of the date
hereof,  pursuant to which the  Company  proposes  to sell  secured  convertible
debentures (the  "Convertible  Debentures")  which shall be convertible into the
Company's Common Stock,  par value $0.001 per share (the "Common Stock"),  for a
total  purchase  price  of up to Four  Million  Five  Hundred  Thousand  Dollars
($4,500,000).  The Securities  Purchase  Agreement provides that the Investor(s)
shall deposit the purchase  amount in a segregated  escrow account to be held by
Escrow Agent in order to effectuate a  disbursement  to the Company at a closing
to be held as set forth in the Securities Purchase Agreement (the "Closing").

      WHEREAS,   the  Company  intends  to  sell  Convertible   Securities  (the
"Offering").

      WHEREAS,  Escrow Agent has agreed to accept,  hold, and disburse the funds
deposited with it in accordance with the terms of this Agreement.

      WHEREAS,  in order to  establish  the  escrow of funds  and to effect  the
provisions of the Securities Purchase Agreement, the parties hereto have entered
into this Agreement.

      NOW THEREFORE,  in consideration of the foregoing,  it is hereby agreed as
follows:

            1.  Definitions.  The  following  terms  shall  have  the  following
meanings when used herein:

            a. "Escrow  Funds" shall mean the funds  deposited with Escrow Agent
pursuant to this Agreement.

            b. "Joint Written Direction" shall mean a written direction executed
by the Investor(s) and the Company  directing  Escrow Agent to disburse all or a
portion  of the  Escrow  Funds or to take or  refrain  from  taking  any  action
pursuant to this Agreement.

            c. "Escrow Period" shall begin with the commencement of the Offering
and shall terminate upon the earlier to occur of the following dates:

                  (i) The date upon  which  Escrow  Agent  confirms  that it has
received  in the  Escrow  Account  all  of  the  proceeds  of  the  sale  of the
Convertible Debentures;
<PAGE>

                  (ii) The  expiration  of  twenty  (20)  days  from the date of
commencement  of the  Offering  (unless  extended  by mutual  written  agreement
between the Company and the Investor(s)  with a copy of such extension to Escrow
Agent); or

                  (iii)  The  date  upon  which a  determination  is made by the
Company and the  Investor(s)  to terminate the Offering prior to the sale of all
the Convertible Debentures.

      During the Escrow Period,  the Company and the  Investor(s) are aware that
they are not entitled to any funds received into escrow and no amounts deposited
in  the  Escrow  Account  shall  become  the  property  of  the  Company  or the
Investor(s)  or any other  entity,  or be subject to the debts of the Company or
the Investor(s) or any other entity.

      2.  Appointment of and Acceptance by Escrow Agent. The Investor(s) and the
Company hereby appoint Escrow Agent to serve as Escrow Agent  hereunder.  Escrow
Agent hereby accepts such  appointment and, upon receipt by wire transfer of the
Escrow  Funds in  accordance  with Section 3 below,  agrees to hold,  invest and
disburse the Escrow Funds in accordance with this Agreement.

            a. The Company hereby  acknowledges that the Escrow Agent is general
counsel to the Investor(s), a partner in the general partner of the Investor(s),
and counsel to the Investor(s) in connection with the transactions  contemplated
and referred herein. The Company agrees that in the event of any dispute arising
in connection  with this Escrow  Agreement or otherwise in  connection  with any
transaction  or agreement  contemplated  and referred  herein,  the Escrow Agent
shall be permitted to continue to represent the Investor(s) and the Company will
not seek to disqualify such counsel.

      3. Creation of Escrow Funds.  On or prior to the date of the  commencement
of the Offering,  the parties shall  establish an escrow account with the Escrow
Agent, which escrow account shall be entitled as follows: EarthShell Corporation
Escrow  Account  for the  deposit  of the Escrow  Funds.  The  Investor(s)  will
instruct  subscribers  to wire  funds  to the  account  of the  Escrow  Agent as
follows:

Bank:                     Wachovia, N.A. of New Jersey

Routing #:                031201467

Account #:                2000014931134

Name on Account:          David Gonzalez Attorney Trust Account

Name on Sub-Account:      EarthShell Corporation Escrow Account

      4.  Deposits into the Escrow  Account.  The  Investor(s)  agrees that they
shall promptly  deliver funds for the payment of the  Convertible  Debentures to
Escrow Agent for deposit in the Escrow Account.

                                       2
<PAGE>

      5. Disbursements from the Escrow Account.

            a. The Escrow Agent will  continue to hold such funds until  Cornell
Capital  Partners,  LP on behalf of the  Investor(s) and Company execute a Joint
Written  Direction  directing  the Escrow  Agent to  disburse  the Escrow  Funds
pursuant to Joint Written  Direction  signed by the Company and the Investor(s).
In  disbursing  such funds,  Escrow Agent is  authorized to rely upon such Joint
Written  Direction  from the  Company  and the  Investor(s)  and may  accept any
signatory  from the Company  listed on the signature  page to this Agreement and
any signature from the Investor(s) that the Escrow Agent already has on file.

            b. In the event  Escrow  Agent  does not  receive  the amount of the
Escrow Funds from the Investor(s), Escrow Agent shall notify the Company and the
Investor(s). Upon receipt of payment instructions from the Company, Escrow Agent
shall refund to each subscriber  without  interest the amount received from each
Investor(s),  without  deduction,  penalty,  or expense to the  subscriber.  The
purchase  money returned to each  subscriber  shall be free and clear of any and
all claims of the Company, the Investor(s) or any of their creditors.

            c. In the event  Escrow  Agent does receive the amount of the Escrow
Funds  prior to  expiration  of the Escrow  Period,  in no event will the Escrow
Funds be released to the Company  until such amount is received by Escrow  Agent
in collected funds. For purposes of this Agreement,  the term "collected  funds"
shall mean all funds  received by Escrow Agent which have cleared normal banking
channels and are in the form of cash.

      6. Collection Procedure.  Escrow Agent is hereby authorized to deposit the
proceeds of each wire in the Escrow Account.

      7.  Suspension of  Performance:  Disbursement  Into Court. If at any time,
there  shall exist any dispute  between  the  Company and the  Investor(s)  with
respect to  holding or  disposition  of any  portion of the Escrow  Funds or any
other  obligations of Escrow Agent hereunder,  or if at any time Escrow Agent is
unable to determine, to Escrow Agent's sole satisfaction, the proper disposition
of any portion of the Escrow Funds or Escrow Agent's proper actions with respect
to its obligations hereunder, or if the parties have not within thirty (30) days
of the furnishing by Escrow Agent of a notice of resignation pursuant to Section
9 hereof, appointed a successor Escrow Agent to act hereunder, then Escrow Agent
may, in its sole discretion, take either or both of the following actions:

            a.  suspend the  performance  of any of its  obligations  (including
without  limitation any  disbursement  obligations)  under this Escrow Agreement
until such dispute or uncertainty  shall be resolved to the sole satisfaction of
Escrow Agent or until a successor  Escrow Agent shall be appointed  (as the case
may be);  provided  however,  Escrow  Agent shall  continue to invest the Escrow
Funds in accordance with Section 8 hereof; and/or

            b.  petition  (by  means  of an  interpleader  action  or any  other
appropriate method) any court of competent  jurisdiction in any venue convenient
to Escrow Agent, for  instructions  with respect to such dispute or uncertainty,
and to the  extent  required  by law,  pay into  such  court,  for  holding  and
disposition in accordance with the instructions of such court, all funds held by
it in the Escrow Funds,  after deduction and payment to Escrow Agent of all fees
and expenses  (including  court costs and attorneys'  fees) payable to, incurred
by, or expected to be incurred by Escrow Agent in connection with performance of
its duties and the exercise of its rights hereunder.

                                       3
<PAGE>

            c.  Escrow  Agent  shall  have  no  liability  to the  Company,  the
Investor(s), or any person with respect to any such suspension of performance or
disbursement  into  court,  specifically  including  any  liability  or  claimed
liability that may arise, or be alleged to have arisen, out of or as a result of
any delay in the  disbursement of funds held in the Escrow Funds or any delay in
with respect to any other action required or requested of Escrow Agent.

      8. Investment of Escrow Funds. Escrow Agent shall deposit the Escrow Funds
in a non-interest bearing account.

      If Escrow  Agent has not  received a Joint  Written  Direction at any time
that an investment decision must be made, Escrow Agent shall maintain the Escrow
Funds, or such portion thereof,  as to which no Joint Written Direction has been
received, in a non-interest bearing account.

      9.  Resignation and Removal of Escrow Agent.  Escrow Agent may resign from
the performance of its duties  hereunder at any time by giving thirty (30) days'
prior written notice to the parties or may be removed, with or without cause, by
the parties,  acting jointly,  by furnishing a Joint Written Direction to Escrow
Agent,  at any time by the  giving of ten (10)  days'  prior  written  notice to
Escrow Agent as provided  herein below.  Upon any such notice of  resignation or
removal,  the  representatives  of the Investor(s) and the Company identified in
Sections 13a.(iv) and 13b.(iv),  below, jointly shall appoint a successor Escrow
Agent  hereunder,  which  shall be a  commercial  bank,  trust  company or other
financial  institution  with  a  combined  capital  and  surplus  in  excess  of
$10,000,000.00.  Upon the  acceptance  in writing of any  appointment  of Escrow
Agent hereunder by a successor  Escrow Agent,  such successor Escrow Agent shall
thereupon succeed to and become vested with all the rights,  powers,  privileges
and duties of the retiring Escrow Agent,  and the retiring Escrow Agent shall be
discharged  from its duties and  obligations  under this Escrow  Agreement,  but
shall not be  discharged  from any  liability  for actions taken as Escrow Agent
hereunder  prior  to  such   succession.   After  any  retiring  Escrow  Agent's
resignation or removal,  the provisions of this Escrow  Agreement shall inure to
its  benefit as to any  actions  taken or omitted to be taken by it while it was
Escrow  Agent under this  Escrow  Agreement.  The  retiring  Escrow  Agent shall
transmit all records pertaining to the Escrow Funds and shall pay all funds held
by it in the Escrow Funds to the successor Escrow Agent,  after making copies of
such records as the retiring  Escrow Agent deems  advisable and after  deduction
and payment to the retiring  Escrow  Agent of all fees and  expenses  (including
court costs and  attorneys'  fees)  payable to,  incurred  by, or expected to be
incurred by the retiring  Escrow Agent in connection with the performance of its
duties and the exercise of its rights hereunder.

                                       4
<PAGE>

      10. Liability of Escrow Agent.

            a. Escrow Agent shall have no liability or  obligation  with respect
to the Escrow  Funds  except  for Escrow  Agent's  willful  misconduct  or gross
negligence.  Escrow Agent's sole  responsibility  shall be for the  safekeeping,
investment, and disbursement of the Escrow Funds in accordance with the terms of
this  Agreement.  Escrow Agent shall have no implied duties or  obligations  and
shall not be charged with  knowledge or notice or any fact or  circumstance  not
specifically  set forth herein.  Escrow Agent may rely upon any instrument,  not
only as to its due  execution,  validity and  effectiveness,  but also as to the
truth and accuracy of any information contained herein, which Escrow Agent shall
in good faith  believe to be genuine,  to have been signed or  presented  by the
person or parties  purporting to sign the same and conform to the  provisions of
this  Agreement.  In no event  shall  Escrow  Agent be  liable  for  incidental,
indirect, special, and consequential or punitive damages. Escrow Agent shall not
be obligated to take any legal action or commence any  proceeding  in connection
with the Escrow  Funds,  any account in which Escrow Funds are  deposited,  this
Agreement or the Purchase  Agreement,  or to appear in,  prosecute or defend any
such legal action or proceeding. Escrow Agent may consult legal counsel selected
by it in any event of any dispute or question as to  construction  of any of the
provisions hereof or of any other agreement or its duties hereunder, or relating
to any dispute  involving  any party  hereto,  and shall incur no liability  and
shall be fully indemnified from any liability whatsoever in acting in accordance
with  the  opinion  or  instructions  of  such  counsel.  The  Company  and  the
Investor(s)   jointly  and  severally  shall  promptly  pay,  upon  demand,  the
reasonable fees and expenses of any such counsel.

            b. Escrow Agent is hereby  authorized,  in its sole  discretion,  to
comply with orders  issued or process  entered by any court with  respect to the
Escrow Funds, without determination by Escrow Agent of such court's jurisdiction
in the  matter.  If any  portion  of the Escrow  Funds is at any time  attached,
garnished  or  levied  upon  under  any  court  order,  or in case the  payment,
assignment,  transfer,  conveyance  or  delivery of any such  property  shall be
stayed or  enjoined  by any court  order,  or in any case any order  judgment or
decree shall be made or entered by any court affecting such property or any part
thereof,  then and in any such event,  Escrow Agent is  authorized,  in its sole
discretion, to rely upon and comply with any such order, writ judgment or decree
which it is advised by legal counsel  selected by it,  binding upon it,  without
the need for appeal or other action;  and if Escrow Agent complies with any such
order,  writ,  judgment or decree,  it shall not be liable to any of the parties
hereto or to any other person or entity by reason of such compliance even though
such order,  writ  judgment or decree may be  subsequently  reversed,  modified,
annulled, set aside or vacated.

      11.  Indemnification of Escrow Agent. From and at all times after the date
of this  Agreement,  the parties  jointly and severally,  shall,  to the fullest
extent  permitted by law and to the extent provided  herein,  indemnify and hold
harmless Escrow Agent and each director, officer, employee,  attorney, agent and
affiliate of Escrow Agent (collectively,  the "Indemnified Parties") against any
and all actions,  claims (whether or not valid), losses,  damages,  liabilities,
costs  and  expenses  of  any  kind  or  nature  whatsoever  (including  without
limitation  reasonable  attorney's  fees,  costs and  expenses)  incurred  by or
asserted against any of the Indemnified  Parties from and after the date hereof,
whether direct, indirect or consequential,  as a result of or arising from or in
any way relating to any claim,  demand,  suit, action, or proceeding  (including
any inquiry or  investigation) by any person,  including without  limitation the
parties to this Agreement,  whether  threatened or initiated,  asserting a claim
for any legal or  equitable  remedy  against  any  person  under any  statute or
regulation, including, but not limited to, any federal or state securities laws,
or under any common law or  equitable  cause or  otherwise,  arising  from or in
connection with the negotiation,  preparation, execution, performance or failure
of performance of this Agreement or any transaction contemplated herein, whether
or not any such  Indemnified  Party is a party to any such action or proceeding,
suit or the target of any such inquiry or investigation; provided, however, that
no  Indemnified  Party  shall  have the right to be  indemnified  hereunder  for
liability finally determined by a court of competent jurisdiction, subject to no
further appeal, to have resulted from the gross negligence or willful misconduct
of such  Indemnified  Party.  If any such  action or claim  shall be  brought or

                                       5
<PAGE>

asserted against any Indemnified  Party,  such Indemnified  Party shall promptly
notify the Company and the Investor(s) hereunder in writing, and the Investor(s)
and the Company shall assume the defense  thereof,  including the  employment of
counsel and the payment of all expenses.  Such  Indemnified  Party shall, in its
sole discretion,  have the right to employ separate counsel (who may be selected
by such  Indemnified  Party in its sole  discretion)  in any such  action and to
participate and to participate in the defense thereof, and the fees and expenses
of such  counsel  shall  be paid by such  Indemnified  Party,  except  that  the
Investor(s) and/or the Company shall be required to pay such fees and expense if
(a) the  Investor(s) or the Company agree to pay such fees and expenses,  or (b)
the  Investor(s)  and/or the  Company  shall fail to assume the  defense of such
action or proceeding or shall fail, in the sole  discretion of such  Indemnified
Party, to employ counsel reasonably satisfactory to the Indemnified Party in any
such action or proceeding, (c) the Investor(s) and the Company are the plaintiff
in any such action or  proceeding  or (d) the named or potential  parties to any
such action or proceeding  (including any potentially impleaded parties) include
both  the  Indemnified  Party,  the  Company  and/or  the  Investor(s)  and  the
Indemnified  Party shall have been  advised by counsel  that there may be one or
more legal  defenses  available to it which are different  from or additional to
those  available  to the Company or the  Investor(s).  The  Investor(s)  and the
Company  shall be  jointly  and  severally  liable to pay fees and  expenses  of
counsel  pursuant to the preceding  sentence,  except that any obligation to pay
under  clause (a) shall apply only to the party so  agreeing.  All such fees and
expenses payable by the Company and/or the Investor(s) pursuant to the foregoing
sentence  shall be paid from time to time as  incurred,  both in  advance of and
after the final  disposition  of such action or claim.  The  obligations  of the
parties under this section shall survive any termination of this Agreement,  and
resignation  or  removal  of  the  Escrow  Agent  shall  be  independent  of any
obligation of Escrow Agent.

      The parties agree that neither  payment by the Company or the  Investor(s)
of any claim by Escrow Agent for indemnification  hereunder shall impair, limit,
modify,  or affect,  as between the Investor(s) and the Company,  the respective
rights and obligations of Investor(s),  on the one hand, and the Company, on the
other hand.

      12.  Expenses  of Escrow  Agent.  Except as set  forth in  Section  11 the
Company shall  reimburse  Escrow Agent for all of its  reasonable  out-of-pocket
expenses,  including  attorneys' fees, travel expenses,  telephone and facsimile
transmission  costs,  postage  (including  express mail and  overnight  delivery
charges),   copying  charges  and  the  like.  All  of  the   compensation   and
reimbursement  obligations  set forth in this  Section  shall be  payable by the
Company,  upon demand by Escrow Agent. The obligations of the Company under this
Section shall survive any  termination of this Agreement and the  resignation or
removal of Escrow Agent.

                                       6
<PAGE>

      13. Warranties.

            a.  The  Investor(s)   makes  the  following   representations   and
warranties to Escrow Agent:

                  (i) The  Investor(s)  has full power and  authority to execute
and deliver this Agreement and to perform its obligations hereunder.

                  (ii) This  Agreement  has been duly  approved by all necessary
action of the  Investor(s),  including  any  necessary  approval  of the limited
partner of the Investor(s) or necessary corporate approval,  as applicable,  has
been executed by duly  authorized  officers of the  Investor(s),  enforceable in
accordance with its terms.

                  (iii)  The  execution,   delivery,   and  performance  of  the
Investor(s)  of this  Agreement  will not  violate,  conflict  with,  or cause a
default  under any  agreement  of  limited  partnership  of  Investor(s)  or the
articles of  incorporation  or bylaws of the  Investor(s) (as  applicable),  any
applicable law or regulation, any court order or administrative ruling or degree
to which the  Investor(s)  is a party or any of its property is subject,  or any
agreement, contract, indenture, or other binding arrangement.

                  (iv)  Mark  Angelo  has  been  duly  appointed  to  act as the
representative of the Investor(s)  hereunder and has full power and authority to
execute,  deliver, and perform this Escrow Agreement, to execute and deliver any
Joint  Written  Direction,  to amend,  modify,  or waive any  provision  of this
Agreement,  and  to  take  any  and  all  other  actions  as  the  Investor(s)'s
representative  under this  Agreement,  all without further consent or direction
form, or notice to, the Investor(s) or any other party.

                  (v)  No  party   other  than  the   parties   hereto  and  the
Investor(s)s  have, or shall have, any lien,  claim or security  interest in the
Escrow  Funds or any part  thereof.  No  financing  statement  under the Uniform
Commercial Code is on file in any jurisdiction  claiming a security  interest in
or describing  (whether  specifically or generally) the Escrow Funds or any part
thereof.

                  (vi)  All  of  the   representations  and  warranties  of  the
Investor(s)  contained  herein are true and  complete  as of the date hereof and
will be true and complete at the time of any disbursement from the Escrow Funds.

            b. The Company makes the following representations and warranties to
the Escrow Agent:

                  (i) 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 to execute and deliver this  Agreement  and to perform
its obligations hereunder.

                  (ii) This  Agreement  has been duly  approved by all necessary
corporate action of the Company,  including any necessary  shareholder approval,
has been executed by duly  authorized  officers of the Company,  enforceable  in
accordance with its terms.

                                       7
<PAGE>

                  (iii) The execution,  delivery, and performance by the Company
of this Agreement is in accordance  with the Securities  Purchase  Agreement and
will not violate,  conflict  with, or cause a default under the  certificate  of
incorporation  or bylaws of the Company,  any applicable law or regulation,  any
court order or  administrative  ruling or decree to which the Company is a party
or any of its property is subject,  or any agreement,  contract,  indenture,  or
other  binding  arrangement,  including  without  limitation  to the  Securities
Purchase Agreement, to which the Company is a party.

                  (iv)  Scott  Houston,  in  his  capacity  as  Chief  Financial
Officer,  has been duly  appointed to act as the  representative  of the Company
hereunder and has full power and authority to execute, deliver, and perform this
Agreement,  to execute and deliver any Joint Written Direction, to amend, modify
or waive any  provision of this  Agreement  and to take all other actions as the
Company's  Representative  under this Agreement,  all without further consent or
direction from, or notice to, the Company or any other party.

                  (v)  No  party   other  than  the   parties   hereto  and  the
Investor(s)s  have, or shall have, any lien,  claim or security  interest in the
Escrow  Funds or any part  thereof.  No  financing  statement  under the Uniform
Commercial Code is on file in any jurisdiction  claiming a security  interest in
or describing  (whether  specifically or generally) the Escrow Funds or any part
thereof.

                  (vi) All of the  representations and warranties of the Company
contained  herein are true and  complete  as of the date hereof and will be true
and complete at the time of any disbursement from the Escrow Funds.

      14. Consent to Jurisdiction  and Venue. In the event that any party hereto
commences  a  lawsuit  or other  proceeding  relating  to or  arising  from this
Agreement,  the parties  hereto agree that the United States  District Court for
the District of New Jersey shall have the sole and exclusive  jurisdiction  over
any  such   proceeding.   If  all  such  courts  lack  federal   subject  matter
jurisdiction,  the parties agree that the Superior Court Division of New Jersey,
Chancery  Division of Hudson County shall have sole and exclusive  jurisdiction.
Any of these  courts  shall be proper  venue for any such  lawsuit  or  judicial
proceeding and the parties hereto waive any objection to such venue. The parties
hereto consent to and agree to submit to the  jurisdiction  of any of the courts
specified  herein  and agree to accept the  service of process to vest  personal
jurisdiction over them in any of these courts.

      15. Notice.  All notices and other  communications  hereunder  shall be in
writing and shall be deemed to have been validly served, given or delivered five
(5) days after deposit in the United States mails, by certified mail with return
receipt requested and postage prepaid,  when delivered  personally,  one (1) day
delivered  to  any  overnight   courier,   or  when   transmitted  by  facsimile
transmission  and upon  confirmation of receipt and addressed to the party to be
notified as follows:

If to Investor(s), to:    Cornell Capital Partners, LP
                          101 Hudson Street - Suite 3700
                          Jersey City, NJ 07302
                          Attention: Mark Angelo
                                     Portfolio Manager
                          Telephone: (201) 985-8300
                          Facsimile: (201) 985-8266

                                       8
<PAGE>

If to Escrow Agent, to:   Troy Rillo, Esq.
                          101 Hudson Street - Suite 3700
                          Jersey City, NJ 07302
                          Telephone: (201) 985-8300
                          Facsimile: (201) 985-8266

If to the Company, to:    EarthShell Corporation
                          1301 York Road, Suite 200
                          Lutherville, MD 20193
                          Attention: Scott Houston
                          Telephone: (410) 847-9420
                          Facsimile: (410) 847-9431

With a copy to:           Kirkpatrick & Lockhart Nicholson Graham LLP
                          201 S. Biscayne Blvd., Suite 2000
                          Miami, FL 33131
                          Attention: Clayton E. Parker, Esq.
                          Telephone: (305) 539-3306
                          Facsimile: (305) 358-7095

Or to such other address as each party may designate for itself by like notice.

      16.  Amendments  or  Waiver.  This  Agreement  may  be  changed,   waived,
discharged  or terminated  only by a writing  signed by the parties  hereto.  No
delay or omission by any party in exercising any right with respect hereto shall
operate as waiver.  A waiver on any one occasion shall not be construed as a bar
to, or waiver of, any right or remedy on any future occasion.

      17.  Severability.  To the  extent  any  provision  of this  Agreement  is
prohibited  by  or  invalid  under  applicable  law,  such  provision  shall  be
ineffective  to  the  extent  of  such  prohibition,   or  invalidity,   without
invalidating the remainder of such provision or the remaining provisions of this
Agreement.

      18.  Governing Law. This Agreement  shall be construed and  interpreted in
accordance  with the  internal  laws of the State of New Jersey  without  giving
effect to the conflict of laws principles thereof.

      19. Entire  Agreement.  This Agreement  constitutes  the entire  Agreement
between the parties relating to the holding, investment, and disbursement of the
Escrow Funds and sets forth in their entirety the  obligations and duties of the
Escrow Agent with respect to the Escrow Funds.

                                       9
<PAGE>

      20. Binding Effect.  All of the terms of this  Agreement,  as amended from
time to time,  shall be binding upon, inure to the benefit of and be enforceable
by the respective heirs, successors and assigns of the Investor(s), the Company,
or the Escrow Agent.

      21.  Execution  of  Counterparts.  This  Agreement  and any Joint  Written
Direction  may be  executed  in  counter  parts,  which when so  executed  shall
constitute one and same agreement or direction.

      22.  Termination.  Upon the  first to  occur  of the  disbursement  of all
amounts  in the  Escrow  Funds  pursuant  to  Joint  Written  Directions  or the
disbursement of all amounts in the Escrow Funds into court pursuant to Section 7
hereof,  this Agreement  shall  terminate and Escrow Agent shall have no further
obligation or liability  whatsoever with respect to this Agreement or the Escrow
Funds.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       10
<PAGE>

      IN WITNESS WHEREOF the parties have hereunto set their hands and seals the
day and year above set forth.

                                            EARTHSHELL CORPORATION

                                            By: /s/ Scott Houston
                                               ---------------------------------
                                               Name:  Scott Houston
                                               Title: Chief Financial Officer

                                            CORNELL CAPITAL PARTNERS, LP

                                            By:  Yorkville Advisors, LLC
                                            Its: General Partner

                                            By: /s/ Mark Angelo
                                               ---------------------------------
                                               Name:  Mark Angelo
                                               Title: Portfolio Manager

                                            By: /s/ David Gonzalez
                                               ---------------------------------
                                               Name: David Gonzalez, Esq.

                                       11

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