Document:

Unassociated Document

Exhibit
10.5

 

ACCOUNT
CONTROL AGREEMENT

ACCOUNT
CONTROL AGREEMENT (this “Agreement”), dated
as April 25, 2005, by and among Wachovia Bank, National Association, as
depository bank (“Depository
Bank”),
Portside Growth & Opportunity Fund, a company organized under the laws of
the Cayman Islands (“Secured
Party”), in
its capacity as agent for the Buyers (as defined below), and Millennium Cell
Inc., a Delaware corporation (the “Company”).

Statement
of Facts

Depository
Bank acknowledges that as of the date hereof, it maintains in the name of the
Company a certain deposit account (Account Name: __________________ and
No.#_________) (collectively with all monies on deposit in such deposit account
and all certificates and instruments, if any, representing or evidencing such
deposit account, the “Account”).
Except as otherwise set forth herein, such deposit account is governed by the
terms and conditions of the Deposit Agreement and Disclosures for Non-Personal
Accounts or other comparable deposit account agreement published by Depository
Bank from time to time (the “Deposit
Agreement”).

In
connection with the Securities Purchase Agreement, dated as of April 20, 2005
(the “Securities
Purchase Agreement”), by
and among the Company and the Buyers, the Buyers have purchased 10,000 shares
(the “Preferred
Shares”) of the
Company’s Series C Convertible Preferred Stock, par value $.001 per share. The
Buyers shall be entitled to receive dividends (the “Dividends”) on
such Preferred Shares in accordance with the terms set forth in the Certificate
of Designations, Preferences and Rights of Series C Convertible Preferred Stock
(the “Certificate
of Designations”).
Capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Certificate of Designations.

To secure
the payment of Dividends under the Certificate of Designations and certain other
obligations of the Company under the Certificate of Designations, the Company
hereby informs Depository Bank that it has granted to the Buyers a security
interest in the Account pursuant to the Security Agreement with the Secured
Party, dated the date hereof (the "Security
Agreement"). The
parties desire to enter into this Agreement in order to set forth their relative
rights and duties with respect to the Account.

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

1. Account
Funds. The
Company hereby represents and warrants to Secured Party that the Company has
deposited into the Account cash in the amount of $1,900,000. In connection with
the payment of Dividends in cash on any Dividend Date pursuant to and in
accordance with the Certificate of Designations, the Company shall deliver to
Depository Bank written instructions not later than five business days prior to
each Dividend Payment Date, with a copy of such notice to Secured Party,
directing the release to the holders of the Preferred Shares on such Dividend
Payment Date from the Account of an amount in cash equal to the value of the
Dividends paid in cash to the holders of the Preferred Shares with respect to
such Dividend Date. Such notice shall contain payment amounts and wire
instructions for each holder of the Preferred Shares as of such Dividend Payment
Date. In connection with the payment of Dividends in capital stock of the
Company on any Dividend Date or the conversion of Preferred Shares prior to such
Dividend Date, the Company shall deliver to Depository Bank written instructions
not later than five business days prior to each Dividend Payment Date, with a
copy of such notice to Secured Party, directing the release to the Company on
the tenth Business Day following such Dividend Date of an amount in cash equal
to the value of Dividends paid in capital stock of the Company to holders of the
Preferred Shares with respect to such Dividend Date or the ratable amount of
Dividends corresponding to any Preferred Shares no longer outstanding as of such
Dividend Date. For example, if $2,000,000 of a total of $8,000,000 in Preferred
Shares are converted during a quarter, then an amount equal to 1/4 of the
remaining funds in the account will be refunded to the Company less the amount
of dividends paid for that quarter on such tenth Business Day following such
Dividend Date. Except for withdrawals on the dates and for the amounts specified
above and pursuant to Section 10(c), the Company agrees that it shall not be
entitled to request withdrawals from the Account. The Company hereby covenants
and agrees that the Account shall be exclusively used as the deposit account in
connection with the transactions contemplated by the Transaction Documents and
shall not be used for any other purpose. 

2. No
Liens on Account.
Depository Bank represents that it has not received written notice of any
current claim to the Account from any person not a party to this Agreement.
Depository Bank has not entered into and will not enter into any agreement with
any person other than the Company and Secured Party by which Depository Bank is
obligated for any reason to comply with instructions from such other person as
to the disposition of funds in or from the Account other than those approved in
writing as provided herein by the Company and/or Secured Party. Depository Bank
will not agree that any person other than the Company or Secured Party is
Depository Bank’s customer with respect to the Account. Depository Bank will not
exercise or claim any security interest, lien, right of set-off, deduction,
recoupment or banker’s lien or any other interest in or against the Account and
Depository Bank hereby waives any such interest, right or lien which it may have
against the Account, except that Depository Bank may offset and charge such
Account for all service charges, fees, expenses, adjustments or correction of
posting or encoding errors and other items normally chargeable to any similar
deposit account at Depository Bank, whether incurred before or after the date of
this Agreement.

3. Control
of Account. The
Company hereby authorizes and directs Depository Bank to comply, and Depository
Bank agrees to comply, with instructions originated by Secured Party in
accordance with this Agreement and the Security Agreement directing the
disposition of funds from time to time in the Account or as to any other matters
relating to the Account without further consent by the Company, but subject to
the terms of this Agreement and the Security Agreement. Depository Bank shall
permit transactions in the Account by notices given in accordance with Section 1
hereof (it being understood that the Depository Bank shall have no obligation to
verify the accuracy of such notices) at the direction of the Company or the
Company’s authorized representatives until such time as Secured Party delivers
written notice (the “Notice
of Exclusive Control”) to
Depository Bank that (i) the Company has failed to pay any Obligation (as
defined in the Security Agreement) when due, whether in cash or in kind as
permitted pursuant to the Certificate of Designation, and such failure to pay
continues for a period of at least five (5) Business Days, or a Liquidation
Event has occurred with respect to the Company and (ii) Secured Party is
thereby exercising exclusive control over the Account. The Company and Secured
Party acknowledge and agree that Secured Party shall not be entitled to deliver
a Notice of Exclusive Control until a Company fails to pay any Obligation (as
defined in the Security Agreement) when due, whether in cash or in kind as
permitted pursuant to the Certificate of Designation, and such failure to pay
continues for a period of at least five (5) Business Days, or a Liquidation
Event has occurred. Not later than the next business day after the date of
receipt of the Notice of Exclusive Control with respect to items presented
through the Federal Reserve System, local clearinghouses, or automated
clearinghouses, and not later than the second business day after the date or
receipt of the Notice of Exclusive Control with respect to items presented for
payment or acceptance over the counter, Depository Bank will cease complying
with orders or directions concerning disposition of funds in the Account
initiated by the Company or the Company’s authorized representatives. Any Notice
of Exclusive Control received after 2:00 p.m. New York time shall be deemed to
have been received on the next business day. Depository Bank will use the
Fedwire system to make any funds transfer from the Account to any account
specified by Secured Party in accordance herewith unless for any reason the
Fedwire system is unavailable, in which case Depository Bank will determine the
funds transfer system to be used in making each funds transfer and the means by
which each transfer will be made. 

2

4. Statements
and Notices of Adverse Claims. At
Secured Party’s written request, Depository Bank will furnish in accordance with
its standard practices copies of all correspondence, notices, and account
statements (but not canceled checks) or other information which Depository Bank
is otherwise obligated to send to the Company (by law, agreement or otherwise)
to Secured Party by regular U.S. mail at the address specified below. Depository
Bank also agrees, prior to Depository Bank’s receipt of a Notice of Exclusive
Control, to provide copies of account statements and operating account balance
information and other account information to the Company, including account
balances by telephone and by computer to the extent practicable and as requested
by the Company. Depository Bank’s liability for failure to comply with this
paragraph shall not exceed the cost of providing such information. Upon receipt
of written notice of any lien, encumbrance or adverse claim against the Account,
Depository Bank will endeavor to notify Secured Party and the Company thereof if
such notice is not otherwise prohibited by law or court order but Depository
Bank will not, in any event, be liable for any loss if it fails to so notify
Secured Party or the Company.

5. Exculpation.
Depository Bank shall be entitled to rely conclusively upon any notice or
instruction it receives from the Company or Secured Party and Depository Bank
shall have no obligation to investigate or verify the authenticity or
correctness of any such notice or instruction. Depository Bank shall have no
liability to the Company for Depository Bank’s honoring of any instructions or
directions regarding the Account which Depository Bank receives from the Company
or Secured Party, and Depository Bank shall be fully discharged from liability
with respect to any funds on deposit in the Account to the extent it honors such
instructions and transfers same to or at the direction of the Company or Secured
Party. Depository Bank will use
due care in performing its duties and responsibilities and shall only be
responsible for any loss which the Company or Secured
Party sustains
to the extent that such loss is proximately caused by Depository Bank’s willful
misconduct, bad faith or gross negligence.
Depository Bank shall have no liability to any party for failure of, or
delay in its performance under this Agreement as a result of any act of
God, fire, other catastrophe, electrical or computer failure, any events
beyond the control of Depository Bank or fraud committed by third parties who
are unaffiliated with Depository Bank. This Agreement does not create any
obligation or duty of Depository Bank other than those expressly set forth
herein, and in no event shall Depository Bank be construed as a fiduciary for
any party. Except as specifically required under the Deposit Agreement,
Depository Bank has no duty
whatsoever to monitor the items deposited into the Account, nor except as set
forth in the Deposit Agreement, does Depository Bank have any responsibility for
notifying Secured
Party or the
Company if any items are returned for any reason. Depository
Bank has no responsibility or liability to either Secured Party or the Company
for complying with any law, regulation or court order affecting the Account.
Depository Bank has no duty to investigate or make any determination as to
whether default exists under any agreement between the Company and Secured Party
and shall comply with a Notice of Exclusive Control even if it believes that no
such default exists.

6. Indemnification
of Depository Bank. The
Company hereby agrees to indemnify and hold harmless Depository Bank, its
directors, officers, agents and employees against any and all losses, claims,
causes of action, liabilities, damages and expenses, including without
limitation, unpaid charges and fees and any and all court costs and other
litigation expenses and reasonable attorneys’ fees and expenses of external
counsel (collectively, “Losses”),
incurred by Depository Bank as a direct result of the Depository Bank’s entering
into this Agreement, honoring any instructions or directions it receives from
the Company with respect to the Account during the term of this Agreement or, to
the extent required by this Agreement, not honoring any instructions it receives
from the Company with respect to the Account during the term of this Agreement,
except to the extent that any such Losses result from the willful
misconduct, bad faith or gross negligence of
Depository Bank. The Company represents and warrants to Depository Bank that
compliance with this Agreement by the Company does not, and will not, violate
applicable law or any other agreement concerning the Account or any other
account of the Company maintained at Depository Bank. Secured Party hereby
agrees to
indemnify Depository Bank, its directors, officers, agents and employees against
any and all Losses incurred by Depository Bank as a direct result of the
Depository Bank’s honoring any instructions or directions it receives from
Secured Party with respect to the Account during the term of this Agreement or,
to the extent required by this Agreement, not honoring any instructions it
receives from Secured Party with respect to the Account during the term of this
Agreement, except to the extent that any such Losses result from the
willful
misconduct, bad faith or gross negligence of
Depository Bank. In no event shall any party hereunder be liable to any other
party hereunder for lost profits or special, indirect, exemplary, consequential
or punitive damages, even if it shall have been advised of the possibility of
such damages. Regardless of the method of termination of this Agreement or by
whom such termination is effected, the indemnity obligations contained in this
Section shall survive the termination of this Agreement and may be fully
enforced by Depository Bank after the termination of this Agreement for events
giving rise to an indemnity claim hereunder for a period of one hundred eighty
(180) days after termination hereof.

3

7. Reimbursement. If
there are insufficient funds in the Account to pay any amounts hereunder, or if
the Depository Bank in good faith believes that any legal process or applicable
law prohibits such charges or offsets against such Account, or the Account is
closed, then the Depository Bank may demand that the Company pay and the Company
agrees to pay the Depository Bank within five (5) business days of written
notice of demand the following: (i) all service charges, fees, expenses,
adjustments or correction of posting or encoding errors (including reasonable
attorneys’ fees of external counsel actually incurred in connection with
enforcement by the Depository Bank of the obligations hereunder of the Company)
and other items normally chargeable to the Account, and (ii) any overdrafts in
the Account. In the absence of gross negligence, bad faith or willful misconduct
on the part of the Depository Bank, the Company shall bear all risk of loss
associated with any Account. Depository Bank reserves the right to charge the
Account regardless of any agreement to be compensated by means of
balances.

8. Governing
Law. This
Agreement shall be governed by the laws of the State of New Jersey, which is the
State where the Accounts are maintained (without giving effect to its conflicts
of law rules) and the jurisdiction of the Depository Bank for purposes of the
applicable Uniform Commercial Code.

9.
Judicial
or Administrative Process; Bankruptcy. In the
event that any third party should assert an adverse claim against the Account or
any sums on deposit therein, whether such a claim arises by tax lien, execution,
attachment, garnishment, writ of sequestration, levy, the claim of a trustee in
bankruptcy or debtor-in-possession, or a competing lien creditor or other legal
process, the Depository Bank in addition to any other remedies the Depository
Bank may possess under this Agreement or at law or in equity, may suspend
disbursements from such Account without any liability until such time as the
Depository Bank shall receive an appropriate court order or other assurances
reasonably satisfactory to the Depository Bank establishing that the funds may
continue to be disbursed according to instructions then applicable to the
Account, and/or are authorized to immediately interplead all such funds in such
Account into the registry of the appropriate courts located in the State where
such Account is maintained, the Company shall pay all of the Depository Bank’s
costs, expenses and reasonable attorney's fees of external counsel. In addition,
in the event a bankruptcy or insolvency proceeding shall be instituted by or
against the Company, the Depository Bank shall be entitled to refuse to permit
any deposits, withdrawals and/or transfers from the Account without any
liability until satisfactory documentation is provided to the Depository Bank
that continued deposits, withdrawals and/or transfers from the Account will be
authorized and not in violation of any laws, regulations, or orders of any
court.

10.
Termination.
(a) This
Agreement may be terminated by the Company but only with the prior express
written consent of Secured Party, and in that case Secured Party and the Company
shall jointly notify Depository Bank of such termination. This Agreement may be
terminated by Secured Party at any time upon its delivery of written notice of
such termination to Depository Bank. This Agreement may be terminated by the
Company without the prior express written consent of Secured Party at any time
after Secured Party ceases to have a security interest in the Account.

4

(b) This
Agreement may be terminated by Depository Bank at any time on not less than
thirty (30) days’ prior written notice of such intention delivered by it to each
of the Company and Secured Party.

(c) Upon
termination of this Agreement, all funds remaining in the Account shall be
forwarded by Depository Bank (i) if such termination occurs prior to
Depository Bank’s receipt of a Notice of Exclusive Control, directly to Company
or to an account of Company at a depository institution designated by Company,
or (ii) if such termination occurs after Depository Bank’s receipt of a
Notice of Exclusive Control, directly to the Secured Party or to an account of
the Secured Party at a depository institution designated by the Secured
Party.

11.
Entire
Agreement. This
Agreement, the Deposit Agreement, the instructions herein and the notices
required or permitted to be executed and delivered hereunder set forth the
entire agreement of the parties with respect to the subject matter hereof. The
parties hereby confirm and agree, with respect to any term or condition of the
Deposit Agreement that conflicts with this Agreement, that the terms and
conditions of this Agreement shall govern.

12.
Amendments. No
amendment, modification or termination of this Agreement, nor any assignment of
any rights hereunder shall be binding on any party hereto unless it is in
writing and is signed by each of the parties hereto, and any attempt to so
amend, modify, terminate or assign except pursuant to such a writing shall be
null and void. No waiver of any rights hereunder shall be binding on any party
hereto unless such waiver is in writing and signed by the party against whom
enforcement is sought.

13.
Successors. The
terms of this Agreement shall be binding upon, and shall inure to the benefit
of, the parties hereto and their respective successors and assigns.

14.
Notices. Any
notice, request or other communication required or permitted to be given under
this Agreement shall be in writing and deemed to have been properly given if
delivered in person, or by recognized overnight courier, or if sent by certified
or registered United States mail, return receipt requested, postage prepaid,
addressed to each party at its respective address and be issued by or directed
to the designated officer (the “Designated Officer”) set forth beneath its
signature below (or at such other address and to or by such other Designated
Officer as such party may designate in writing to the other parties). Such
notices or communications shall be effective not more than two (2) banking days
(exclusive of the date actually received) after receipt by the Designated
Officer.

5

15. Counterparts. This
Agreement may be executed in two or more identical counterparts, all of which
shall be considered one and the same agreement; provided that a facsimile
signature shall be considered due execution and shall be binding upon the
signatory thereto with the same force and effect as if the signature were an
original, not a facsimile signature.

16. Waiver
of Right to Trial by Jury. EXCEPT
AS MAY BE PROHIBITED BY APPLICABLE LAW, EACH OF SECURED PARTY, DEPOSITORY BANK
AND THE COMPANY IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR
PROCEEDING (INCLUDING ANY COUNTERCLAIM) OF ANY TYPE IN WHICH SECURED PARTY,
DEPOSITORY BANK OR THE COMPANY ARE PARTIES AS TO ALL MATTERS ARISING DIRECTLY OR
INDIRECTLY OUT OF THIS AGREEMENT.

6

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

 

	PORTSIDE GROWTH & OPPORTUNITY
      FUND	 	 	 
	 	 	 	 
	By:	 	 	
	
      

    	 	 	
	Name:
Title:	 	 	

	 	 	 	 
	 Address: 	 	 	 
	
      

    	 	 	 
	
      

    	 	 	 
	
      

    	 	 	 

 

	MILLENNIUM CELL
    INC.	 	 	 
	 	 	 	 
	By: /s/ John
      D. Giolli	 	 	
	
      

    	 	 	
	Name: John D.
      Giolli
Title: Vice
      President — Finance and Chief Financial Officer
      
	 	 	

	 	 	 	 
	Address:   One Industrial Way West
      	 	 	 
	
      

                   
       Eatontown, New Jersey 07724	 	 	 
	
      

    	 	 	 
	
      

    	 	 	 

 

	WACHOVIA BANK, NATIONAL
      ASSOCIATION	 	 	 
	 	 	 	 
	By:/s/ Robert G.
      Murphy Jr.	 	 	
	
      

    	 	 	
	Name: Robert G. Murphy
      Jr.
Title: Senior Vice President	 	 	

	 	 	 	 
	Address:    1889 Hwy
    27	 	 	 
	
      

                    
      Edison NJ 08817Exhibit
10.6

VOTING
AGREEMENT

 

VOTING
AGREEMENT, dated as of April 25, 2005 (this "Agreement"), by
and among Millennium Cell Inc., a Delaware corporation, with headquarters
located at One Industrial Way West, Eatontown, New Jersey 07724 (the
"Company"), and
___________ (the "Stockholder").

 

WHEREAS, the
Company and certain investors (each, a "Buyer", and
collectively, the "Buyers") have
entered into a Securities Purchase Agreement, dated as of the date hereof (the
"Securities
Purchase Agreement"),
pursuant to which, among other things, the Company has agreed to issue and sell
to the Buyers and the Buyers have, severally but not jointly, agreed to purchase
(i) shares of the Company's Series C Convertible Preferred Stock, par value
$.001 per share (the "Preferred
Shares"), which
will, among other things, be convertible into the Company's common stock, $.001
par value per share (the "Common
Stock") and
(ii) warrants ("Warrants") to
purchase shares of Common Stock. Capitalized terms used and not otherwise
defined herein shall have the meanings assigned to such terms in the Securities
Purchase Agreement.

 

WHEREAS,
as of the date hereof, (i) the Stockholder owns the number of shares of Common
Stock set forth below such Stockholder’s name on the signature page hereto and
(ii) the Stockholder owns options (the "Options") to
purchase the number of shares of Common Stock set forth below such Stockholder’s
name on the signature page hereto (the "Option
Shares").

 

WHEREAS,
as a condition to the obligation of the Buyers to enter into the Securities
Purchase Agreement and to consummate the transactions contemplated thereby
(collectively, the "Transaction"), the
Buyers have required that the Stockholder agree, and in order to induce the
Buyers to enter into the Securities Purchase Agreement, the Stockholder has
agreed, to enter into this Agreement with respect to all the Common Stock now
owned and which may hereafter be acquired by the Stockholder (including, without
limitation, the Option Shares acquired upon exercise of the Options, and any
other securities, if any, which Stockholder is currently entitled to vote, or
after the date hereof becomes entitled to vote, at any meeting of the
stockholders of the Company (the
"Other
Securities")).

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements contained herein, and intending to be legally bound hereby, the
parties hereto hereby agree as follows:

 

 

ARTICLE
I

 

VOTING
AGREEMENT OF THE STOCKHOLDER

 

SECTION
1.01. Voting
Agreement. The
Stockholder hereby agrees that at any special or annual meeting of the
stockholders of the Company, however called, and in any action by written
consent of the Company’s stockholders, in each case for the purpose of
considering and approving the Company's issuance of all of the shares of Common
Stock issued and issuable upon conversion of the Preferred Shares and exercise
of the Warrants and as otherwise described in the Transaction Documents in
accordance with applicable law and the rules and regulations of the Principal
Market (the "Stockholder
Approval"), the
Stockholder shall vote the Common Stock owned by the Stockholder, any Option
Shares (to the extent any Options have been exercised) and any Other Securities
in favor of the Stockholder Approval. The obligations of the Stockholder under
this Section 1.01 shall terminate immediately following the occurrence of the
Stockholder Approval.

 

ARTICLE
II

 

REPRESENTATIONS
AND WARRANTIES OF THE STOCKHOLDER

 

The
Stockholder hereby represents and warrants to the Company and each of the Buyers
as follows:

 

SECTION
2.01. Authority
Relative to this Agreement. The
Stockholder has the capacity to execute and deliver this Agreement, to perform
his obligations hereunder and to consummate the transactions contemplated
hereby. This Agreement has been duly executed and delivered by the Stockholder
and constitutes a legal, valid and binding obligation of the Stockholder,
enforceable against the Stockholder in accordance with its terms, except (a) as
such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium or similar laws now or
hereafter in effect relating to, or affecting generally, the enforcement of
creditors’ and other obligees’ rights and (b) where the remedy of specific
performance or other forms of equitable relief may be subject to certain
equitable defenses and principles and to the discretion of the court before
which the proceeding may be brought.

 

SECTION
2.02. No
Conflict. (a) The
execution and delivery of this Agreement by the Stockholder does not, and the
performance of this Agreement by the Stockholder shall not, (i) conflict with or
violate any federal, state or local law, statute, ordinance, rule, regulation,
order, judgment or decree applicable to the Stockholder or by which the Common
Stock, Options, or any Other Securities currently owned by the Stockholder are
bound or affected or (ii) result in any breach of or constitute a default
(or an event that with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or
cancellation of, or result in the creation of a lien or encumbrance on any of
the Common Stock, Options or any Other Securities currently owned by the
Stockholder pursuant to, any note, bond, mortgage, indenture, contract,
agreement, lease, license, permit, franchise or other instrument or obligation
to which the Stockholder is a party or by which such Stockholder is
bound.

 

(b) The
execution and delivery of this Agreement by the Stockholder does not, and the
performance of this Agreement by the Stockholder shall not, require any consent,
approval, authorization or permit of, or filing with or notification to, any
governmental entity by the Stockholder.

 

SECTION
2.03. Title
to the Stock. As of
the date hereof, (a) the Stockholder is the owner of the number of shares of
Common Stock set forth below such Stockholder’s name on the signature page
hereto and (b) the Stockholder owns Options to purchase the Option Shares. As of
the date hereof, the Stockholder is entitled to vote, without restriction, on
all matters brought before holders of capital stock of the Company, the shares
of Common Stock owned by him and the Other Securities that the Stockholder has
been granted to vote. Such Common Stock and the Options are all the securities
of the Company owned, either of record or beneficially, by the Stockholder. Such
Common Stock is owned free and clear of all security interests, liens, claims,
pledges, options, rights of first refusal, agreements, limitations on the
Stockholder's voting rights, charges and other encumbrances of any nature
whatsoever. The Stockholder has not appointed or granted any proxy, which
appointment or grant is still effective, with respect to the Common Stock or
Other Securities owned by the Stockholder.

 

2

ARTICLE
III

 

MISCELLANEOUS

 

SECTION
3.01. Further
Assurances. The
Stockholder shall execute and deliver such further documents and instruments and
take all further action as may be reasonably necessary in order to consummate
the transactions contemplated hereby.

 

SECTION
3.02. Specific
Performance. The
parties hereto agree that irreparable damage would occur in the event any
provision of this Agreement was not performed in accordance with the terms
hereof and that any Buyer (without being joined by any other Buyer) shall be
entitled to seek specific performance of the terms hereof, in addition to any
other remedy at law or in equity.

 

SECTION
3.03. Entire
Agreement. This
Agreement constitutes the entire agreement among the Company and the Stockholder
with respect to the subject matter hereof and supersedes all prior agreements
and understandings, both written and oral, among the Company and the Stockholder
with respect to the subject matter hereof.

 

SECTION
3.04. Amendment. This
Agreement may not be amended except by an instrument in writing signed by the
parties hereto.

 

SECTION
3.05. Severability. If any
term or other provision of this Agreement is invalid, illegal or incapable of
being enforced by any rule of law, or public policy, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of this Agreement is not affected in
any manner materially adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the terms of this Agreement remain as originally
contemplated to the fullest extent possible.

 

SECTION
3.06. Governing
Law. All
questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of
Delaware, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Delaware or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the
State of Delaware. The parties hereby agree that all actions or proceedings
arising directly or indirectly from or in connection with this Agreement shall
be litigated only in the Supreme Court of the State of New York or the United
States District Court for the Southern District of New York located in New York
County, New York. The parties consent to the jurisdiction and venue of the
foregoing courts and consent that any process or notice of motion or other
application to any of said courts or a judge thereof may be served inside or
outside the State of New York or the Southern District of New York by registered
mail, return receipt requested, directed to the party being served at its
address set forth on the signature ages to this Agreement (and service so made
shall be deemed complete three (3) days after the same has been posted as
aforesaid) or by personal service or in such other manner as may be permissible
under the rules of said courts. Each of the Company and the Stockholder
irrevocably waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of the venue of any such suit,
action, or proceeding brought in such a court and any claim that suit, action,
or proceeding has been brought in an inconvenient forum. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

 

3

SECTION
3.07. Third-Party
Beneficiaries. The
Buyers shall be intended third party beneficiaries of this Agreement to the same
extent as if they were parties hereto, and shall be entitled to enforce the
provisions hereof.

 

SECTION
3.08. Termination. This
Agreement shall terminate immediately following the occurrence of the
Stockholder Approval or upon the mutual consent of the Stockholder and the
Buyers.

 

SECTION
3.09. Stockholder
Capacity; No Limitations on Actions of Stockholder as Director. No
person executing this Agreement who is or becomes during the term hereof a
director of the Company makes any agreement or understanding herein in his or
her capacity as such director. Each Stockholder signs solely in his or her
individual capacity as the record and beneficial owner of, or the trustee of a
trust whose beneficiaries are the beneficial owners of, such Stockholder’s
shares of Common Stock, Options and Other Securities. Accordingly, nothing in
this Agreement is intended or shall be construed to require such Stockholder, in
such Stockholder’s capacity as a director of the Company, to fail to act in
accordance with the Stockholder’s fiduciary duties in his or her capacity as a
director. 

 

4

IN
WITNESS WHEREOF, the Stockholder and the Company has duly executed this
Agreement as of the date first written above.

 

	 	 	 
	 	THE
      COMPANY:
	 	 
	 	MILLENNIUM CELL INC.
	 	 
		By:  	
	 	
      

    

 

	 	 	 
	 	Address:	One Industrial Way West
			
      Eatontown,
      New Jersey 07724

	 	 

 

	 	 	 
	 	STOCKHOLDER:
	 
 	 

      

      
	 	[                                                                 ]
	 	

 

	 	 	 
	 	Address:	
       

      
      

      

			
      
      

       

	 	 	
      

    
	 	 

 

	 	 	 
	 	
      As
      of the date hereof, owner of:

	 
 	 
 	 
 
	 		______Shares of Common Stock
	 	
      Options
      to Purchase ______Shares of Common Stock

	 	

 

`

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