Document:

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                                                                    EXHIBIT 4.28

              -----------------------------------------------------

                     MASTER INTELLECTUAL PROPERTY AGREEMENT

                                OCTOBER 16, 2001

                                 BY AND BETWEEN

                             HYDROGENICS CORPORATION

                                       AND

                           GENERAL MOTORS CORPORATION

              -----------------------------------------------------

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                  THIS MASTER INTELLECTUAL PROPERTY AGREEMENT (this "AGREEMENT")
is made and entered into as of the 16th day of October 2001, by and between
Hydrogenics Corporation, a corporation duly organized and validly existing under
the laws of Canada ("HYG") and General Motors Corporation, a corporation duly
organized and validly existing under the laws of the State of Delaware, USA
("GM").

                  WHEREAS, GM and HYG desire to enter into a long-term
relationship concerning fuel cell stack technology and its worldwide
commercialization for defined applications. The Parties share a joint vision to
commercialize PEM fuel cell stacks to accelerate the development of advanced
energy and propulsion systems and support the global introduction of fuel cell
vehicles and fuel cell power systems. The relationship is intended to include
equity interest by GM in HYG, cooperative marketing and branding efforts, joint
communications strategies and product development, all concerning PEM fuel cell
stack engineering, engineering services, prototyping, testing and associated
equipment, field testing and shared learnings, and light manufacturing.

                  WHEREAS, GM and HYG are parties to a subscription agreement
and a corporate alliance agreement, as of this date (hereinafter referred to as
the "EQUITY AGREEMENT" and the "ALLIANCE AGREEMENT");

                  WHEREAS, GM and HYG, pursuant to the Equity Agreement and the
Alliance Agreement, have agreed to handle certain intellectual property matters
under this Agreement; and

NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and in the Equity Agreement and the Alliance Agreement, the Parties
agree as follows:

1.       DEFINITIONS AND INTERPRETATION

1.1.     DEFINITIONS

         All capitalized terms, except as defined herein, shall have the same
         meanings set forth in the Equity Agreement and the Alliance Agreement.
         The following terms, as used herein, shall have the meanings ascribed
         to them below:

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         "AFFILIATE" means, with respect to any specified Party, any company
         that directly or indirectly through one or more intermediaries,
         controls, or is controlled by, or is under common control with, the
         Party specified. For purposes of this definition, "control" including
         with correlative meanings, the terms "controlled by" and "under common
         control with" means ownership directly or indirectly of more than fifty
         percent (50%) of the equity capital having the right to vote for
         election of directors (or in the case of an entity other than a
         corporation, the equivalent management authority).

         "ALLIANCE PARTNER" means a Third Party, with whom GM has a technical
         and/or business relationship related to fuel cells.

         "BUSINESS TEAM" shall have the meaning specified in the Alliance
         Agreement.

         "CONFIDENTIAL INFORMATION" documents and other tangible items,
         disclosed by one Party to the other Party, and which comply with
         Section 7 below.

         "CURRENT ACTIVITIES" means the HYG fuel cell activities that are
         identified in Exhibit A.

         "FUTURE ACTIVITIES" means all fuel cell activities that incorporate GM
         Licensed Fuel Cell Intellectual Property, other than the Current
         Activities, that are entered into during the term of this Agreement by
         HYG as provided for herein.

         "ACTIVITIES" means collectively Current Activities and Future
         Activities.

         "FUEL CELL INTELLECTUAL PROPERTY" means rights in, to and under
         patents, patent applications and statutory invention registrations,
         trade secrets, know-how, inventions, manufacturing and production
         processes and techniques, research and development information,
         technology, drawings, specifications, designs, plans, proposals,
         technical data, and other technical information, copyrights, mask works
         and designs, and all other intellectual and industrial property,
         including registrations and applications for registration thereof which
         are related to the business of fuel cells. The term "FUEL CELL
         INTELLECTUAL PROPERTY" shall not include Trademarks.

         "PROGRAM INVENTIONS" means inventions which were conceived, or first
         actually or constructively reduced to practice, as a result of work
         performed as provided for under the Alliance Agreement, by employees
         and/or agents of the Parties.

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         "PROGRAM PATENTS" means all patents and associated patent applications,
         regardless of country of origin, issue or publication, which cover
         Program Inventions.

         "MULTIPLE PARTY INVENTION" means a Program Invention invented by
         employees and/or agents of both of the Parties to this Agreement.

         "SINGLE PARTY INVENTION" means a Program Invention invented solely by
         employees and/or agents of one of the Parties to this Agreement.

          "HYG INITIAL FUEL CELL INTELLECTUAL PROPERTY" means Fuel Cell
         Intellectual Property owned by HYG as of the Effective Date.

         "GM INITIAL FUEL CELL INTELLECTUAL PROPERTY" means Fuel Cell
         Intellectual Property owned by GM as of the Effective Date.

         "GM LICENSED FUEL CELL INTELLECTUAL PROPERTY" means GM Initial Fuel
         Cell Intellectual Property associated with GM's generation 4, 7 and 11
         stack technology which includes, among other things, the intellectual
         property specified in Exhibit B hereto. Any and all innovations and
         improvements to such GM Licensed Fuel Cell Intellectual Property, and
         any new fuel cell stack technology developed by GM during the term of
         this Agreement and the Alliance Agreement that is based on the
         architecture of the GM Licensed Fuel Cell Intellectual Property is
         included in this definition.

         "FUTURE FUEL CELL INTELLECTUAL PROPERTY" means any and all (i)
         improvements, modifications, developments, enhancements, extensions,
         additions, adaptations, upgrades, updates and derivative works of the
         Initial HYG or GM Initial Fuel Cell Intellectual Property created,
         conceived, discovered, developed and/or invented by or on behalf of the
         Parties after the Effective Date

         "GM FUNDED FUEL CELL INTELLECTUAL PROPERTY" means Future Fuel Cell
         Intellectual Property owned by HYG arising out of work performed
         pursuant to a Purchase Order issued by GM to HYG, or otherwise funded
         by GM.

         "HYG FUNDED FUEL CELL INTELLECTUAL PROPERTY" means independently funded
         Future Fuel Cell Intellectual Property owned by HYG.

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         "MOBILITY FIELD OF USE" means those products supplied as factory
         installed, original equipment or sold for after-market installation in
         automobiles, trucks, buses, trains, aircraft, water craft or other
         platforms recognized for use in the transportation of persons, goods
         and services.

         "PARTY" or "PARTIES" refers to HYG and GM individually or collectively.

         "THIRD PARTY" means any person who is not a person in HYG or GM.

         "TRADEMARKS" means trademarks, service marks, trade dress, logos, brand
         names, trade names, domain names or any other identifiers of source and
         goodwill, including registrations and applications for registration
         thereof.

1.2.     EXHIBITS

         Each of the following Exhibits shall be made part of and be
         incorporated into this Agreement:

<TABLE>
                           <S>              <C>
                           Exhibit A        Hydrogenics Current Activities
                           Exhibit B        GM Licensed Fuel Cell Intellectual Property
</TABLE>

1.3.     INTERPRETATION

         In this Agreement, except to the extent that the context otherwise
         requires:

         (a)      when a reference is made in this Agreement to an Article,
                  Section, Exhibit or Schedule, such reference is to an Article
                  or Section of, or an Exhibit to, this Agreement unless
                  otherwise indicated;

         (b)      the table of contents and headings for this Agreement are for
                  reference purposes only and do not affect in any way the
                  meaning or interpretation of this Agreement;

         (c)      whenever the words "include," "includes" or "including" are
                  used in this Agreement, they are deemed to be followed by the
                  words "without limitation";

         (d)      the words "hereof," "herein" and "hereunder" and words of
                  similar import, when used in this Agreement, refer to this
                  Agreement as a whole and not to any particular provision of
                  this Agreement;

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         (e)      all terms defined in this Agreement have the defined meanings
                  when used in any certificate or other document made or
                  delivered pursuant hereto, unless otherwise defined therein;

         (f)      the definitions contained in this Agreement are applicable to
                  the singular as well as the plural forms of such terms;

         (g)      any Law defined or referred to herein or in any agreement or
                  instrument that is referred to herein means such Law or
                  statute as from time to time amended, modified or
                  supplemented, including by succession of comparable successor
                  Laws;

         (h)      references to a person are also to its permitted successors
                  and assigns; and

         (i)      in the event that there is a conflict between terms related to
                  Intellectual Property Issues in the Equity Agreement or the
                  Strategic Alliance Agreement and this Master Intellectual
                  Property Agreement, the terms of this Agreement shall prevail

         (j)      in the event that there is a conflict between terms unrelated
                  to Intellectual Property Issues in the Equity Agreement or the
                  Strategic Alliance Agreement and this Master Intellectual
                  Property Agreement, the terms of those Agreements shall
                  prevail.

2.       SCOPE OF THIS AGREEMENT

         This Agreement sets forth the rights and obligations of the Parties
         with respect to the GM and the HYG Initial Fuel Cell Intellectual
         Property and the Future Fuel Cell Intellectual Property for the
         purposes contemplated under the Equity Agreement and the Alliance
         Agreements.

3.       LICENSE

3.1.     LICENSE TO HYG

         GM hereby grants to HYG a limited, paid-up, non-exclusive, irrevocable,
         worldwide, royalty-free license for the purpose of making, having made,
         using, having used, selling, offering to sell and importing, solely to
         engage in Current Activities, and to engage in Future Activities with
         the consent of the Business Team and on terms to be agreed upon by the
         Business Team, under GM Licensed Fuel Cell Intellectual Property.

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         The right and license granted herein conveys no right to grant any
         sublicense, concession, right or privilege relating thereto, nor are
         the right and license to be deemed transferable by operation of law for
         any purpose and are indivisible and non-assignable in any manner.

         The right and license granted herein, and any transactions contemplated
         by the Equity Agreement and the Alliance Agreement are not intended to
         affect GM's continued ownership and use of the GM Licensed Fuel Cell
         Intellectual Property.

         Any request, following the date of this Agreement, by HYG to GM to
         obtain the right to expand its rights under GM Licensed Fuel Cell
         Intellectual Property shall be referred to the Business Team for
         consideration and approval. Failure of the Business Team to reach a
         unanimous decision on the matter shall mean that no authorization is
         granted.

         The Business Team shall consult on a regular basis regarding which, if
         any, additional GM Fuel Cell Intellectual Property beyond that licensed
         in this Section 3.1 may be necessary or desirable for GM to license to
         HYG. If the Business Team agrees that any such Fuel Cell Intellectual
         Property will be licensed to HYG, then the Parties shall enter into a
         supplemental intellectual property license agreement on terms to be
         agreed upon by the Parties.

3.2.     LICENSE TO GM

         HYG grants to GM, with the right in GM to extend said grant to its
         Affiliates and Alliance Partners, a paid-up, non-exclusive,
         irrevocable, worldwide, royalty-free license for the purpose of making,
         having made, using, having used, selling, offering to sell and
         importing for any such purpose, under all HYG Funded Fuel Cell
         Intellectual Property using GM Licensed Fuel Cell Intellectual
         Property.

         HYG grants to GM, with the right in GM to extend said grant to its
         Affiliates and Alliance Partners, a paid-up, exclusive, world-wide,
         royalty-free license, for the purpose of making, having made using,
         having used, selling, offering to sell, importing and sub-licensing for
         any such purpose in the Mobility Field of Use under all GM Funded Fuel
         Cell Intellectual Property owned solely by HYG and jointly by HYG and
         GM.

         HYG grants to GM, with the right in GM to extend said grant to its
         Affiliates and Alliance Partners, a paid-up, non-exclusive, world-wide,
         royalty-free license, for the purpose of making, having made, using,
         having used, selling, offering to sell, importing and sub-licensing for
         any such purpose in fields of use other than the Mobility Field of Use
         under all GM Funded Fuel Cell Intellectual Property owned solely by
         HYG.

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         The right and license granted herein, and any transactions contemplated
         by the Equity Agreement and the Alliance Agreement are not intended to
         affect HYG's continued ownership and use of the HYG Funded Fuel Cell
         Intellectual Property.

         The Business Team shall consult on a regular basis regarding which, if
         any, additional HYG Fuel Cell Intellectual Property beyond that
         licensed in this Section 3.2 may be necessary or desirable for HYG to
         license to GM. If the Business Team agrees that any such Fuel Cell
         Intellectual Property will be licensed to GM, then the Parties shall
         enter into a supplemental intellectual property license agreement on
         terms to be agreed upon by the Parties.

3.3.     NON ASSERTION OF INITIAL FUEL CELL INTELLECTUAL PROPERTY

         The Parties agree to refrain from enforcing any claim against each
         other, their Affiliates and Alliance Partners under any Initial Fuel
         Cell Intellectual Property which may arise out of their use, of any
         Fuel Cell Intellectual Property, solely to the extent licensed under
         this Agreement.

4.       ENFORCEMENT AND THIRD PARTY INFRINGEMENT

4.1.     NOTIFICATION OF INFRINGEMENT

         In the event that either Party obtains knowledge of any infringement or
         misappropriation by a Third Party of any Fuel Cell Intellectual
         Property of the other, such Party shall inform the Business Team
         promptly of such infringement or misappropriation and provide the
         Business Team with any available evidence of such infringement or
         misappropriation.

4.2.     ENFORCEMENT OF FUEL CELL INTELLECTUAL PROPERTY

         GM shall have the sole responsibility, but not the obligation, to take
         action against others in the courts, administrative agencies or
         otherwise, at its cost and expense, to prevent or terminate
         infringement, illegal use or misuse of the GM Initial Fuel Cell
         Intellectual Property.

         GM and HYG shall jointly have the responsibility, but not the
         obligation, to take action against others in the courts, administrative
         agencies or otherwise, at their cost and expense, to prevent or
         terminate infringement, illegal use or misuse of the GM Funded Fuel
         Cell Intellectual Property. The Parties may agree to act jointly to
         take such or continue such action or, in the event that the

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         Parties fail to agree to take or continue such action, either Party may
         take or continue such action unilaterally at its own cost.

         HYG shall have the sole responsibility, but not the obligation, to take
         action against others in the courts, administrative agencies or
         otherwise, at its cost and expense, to prevent or terminate
         infringement, illegal use or misuse of the HYG Funded Fuel Cell
         Intellectual Property and HYG Initial Fuel Cell Intellectual Property.

4.3.     COOPERATION IN ENFORCEMENT

         Each Party agrees to cooperate with the other Party in any litigation
         undertaken to enforce or protect Fuel Cell Intellectual Property as
         provided for in Section 4.2 and, upon request, the Parties shall
         execute, file and deliver all documents and proof reasonably necessary
         for such purpose. The enforcing Party, in the case of unilateral
         action, shall reimburse all reasonable out-of-pocket expenses incurred
         by the non-participating Party in connection therewith. The Parties
         shall have no claim of any kind against each other based on or arising
         out of the handling of or decisions concerning any such action, suit,
         proceeding, settlement, or compromise, and the Parties hereby
         irrevocably release each other from any such claim, except that an
         enforcing Party acting unilaterally shall not enter into any settlement
         or compromise of such action, suit or proceeding that affects or
         concerns the validity, enforceability, or ownership of the Fuel Cell
         Intellectual Property of the other Party without the prior written
         consent of the other Party, which consent shall not be unreasonably
         withheld or delayed.

4.4.     THIRD PARTY CHARGES OF INFRINGEMENT

         In the event that either Party receives notification from a Third Party
         of the alleged or actual, direct or contributory infringement of, or
         inducement to infringe any intellectual property rights of such Third
         Party by reason of the production, use or sale of products by a Party,
         under agreements, projects or ventures, including, but not limited to
         infringement arising out of the compliance with specifications
         furnished by a Party, or for actual or alleged misuse or
         misappropriation of a trade secret resulting directly or indirectly
         from a Party's actions and, unless otherwise specifically provided for
         in a separate written agreement between the Parties, and to the extent
         not otherwise addressed by a supply agreement executed between the
         Parties hereto, or their Affiliates, the Parties agree that in any such
         suit, claim or action, or in response to any threat thereof the
         Parties:

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                  i.       will jointly determine the appropriate action to be
                           taken to resolve such allegation of infringement of
                           such Third Party intellectual property rights,
                           including, but not limited to jointly or unilaterally
                           defending any suit or other claim. The Parties will
                           have full control of the defense of any such action,
                           through counsel of their own selection, and may
                           settle any such action at their own expense. The
                           Parties reserve the right, at their sole option and
                           expense, to participate in such action or any portion
                           thereof, and to conduct their own defense with
                           counsel of their own selection; and

                  ii.      will hold each other harmless against any money
                           damages or costs awarded in, or arising out of, any
                           suit or claim or any threat thereof arising out of
                           any such suit including reasonable attorney's fees.

4.5.     INTELLECTUAL PROPERTY WARRANTEE

4.5.1    To the best knowledge of GM:

         (a) it has the right to allow HYG to use the GM Licensed Fuel Cell
         Intellectual Property upon the terms and conditions set out in this
         Agreement;

         (b) the GM Licensed Fuel Cell Intellectual Property is valid and
         enforceable and has not been judged invalid or unenforceable in whole
         or in part;

         (c) the use of GM's Licensed Fuel Cell Intellectual Property in
         accordance with the terms and conditions set out in this Agreement does
         not infringe or misappropriate the intellectual property rights of any
         Third Party;

         (d) no unresolved written claim that could have a material adverse
         effect upon HYG has been asserted against GM during the three years
         preceding the date of this Agreement that GM's use of its GM Licensed
         Fuel Cell Intellectual Property infringes the intellectual property
         rights of any Third Party;

         (e) no Third Party is engaging in any activity that infringes GM's
         Licensed Fuel Cell Intellectual Property.

4.5.2    Notwithstanding the above Section 4.5.1:

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         (a) HYG acknowledges that GM was a participant in a Government
         sponsored program directed to the development of METHANOL FUEL CELLS
         with the attendant possibility of intervening rights to technology
         developed under the program.

         (b) GM will, at its expense, defend, indemnify and hold harmless HYG
         from and against any and all claims or threatened claims that the
         provision or use of the GM Licensed Fuel Cell Intellectual Property, or
         any part thereof, by HYG infringe such rights.

4.5.3    Except as expressly set out in the above Sections 4.5.1 and 4.5.2, GM
         makes no express warranty or representation, and hereby excludes any
         implied warranty or representation, in this Agreement in respect of its
         GM Licensed Fuel Cell Intellectual Property.

4.5.4    For greater certainty, the Parties agree that GM shall have no
         liability for any Claim under this Section 4 that arises as a result of
         HYG's adaptation or modification of the GM Licensed Fuel Cell
         Intellectual Property that is provided by GM pursuant to this Agreement
         or the Alliance Agreement and not authorised by GM.

5.       RIGHTS AND OBLIGATIONS

5.1.     PROSECUTION AND MAINTENANCE

         GM shall have the sole responsibility to prosecute, maintain and renew
         any and all patents, registrations and applications for patents and
         registrations included in it's GM Licensed Fuel Cell Intellectual
         Property, and to pay all fees relating thereto.

         Single Party Inventions shall be owned by the Party employing said
         inventors and such owning party shall (i) disclose such Single Party
         Inventions to the other Party; and (ii) decide, in its sole discretion,
         whether and where to file patent applications thereon, and shall file
         such patent applications at its sole cost. However, if such owning
         Party decides not to file a patent application the non-owning Party may
         have such filing done at its sole cost if it desires and shall be the
         owner of the resulting patent.

         Multiple Party Inventions shall be jointly owned by the Parties. The
         Parties shall agree whether and where to file patent applications
         thereon, and shall file such patent applications, sharing equally in
         all costs of procuring and maintaining said patent applications and any
         resulting patents. However, if a Party decides not to participate in
         the filing of a patent application the other Party may have such filing
         done at its sole cost if it desires and shall be the owner of the
         resulting patent.

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5.2.     DUTY NOT TO ABANDON

         (a) GM shall not, intentionally, abandon or disclaim any portion of the
         GM Licensed Fuel Cell Intellectual Property without the prior
         notification of HYG.

         (b) The Parties shall not, intentionally, abandon or disclaim any
         portion of the GM Funded Fuel Cell Intellectual Property without the
         prior notification of the other Party

         (c) The prohibition against abandonment or disclaimer does not apply to
         such activities arising out of the prosecution of any patent
         application.

5.2.     PROVISION OF TECHNICAL DOCUMENTATION

         After the date hereof and upon the request of HYG, and to the extent
         not already done so, GM shall timely make available to HYG copies of
         all documentation, manuals, diagrams, blueprints, schematics and data
         existing on a tangible medium of expression ("TECHNICAL
         DOCUMENTATION"), that are in the possession of GM , at the time of such
         request, that allows HYG, in the sole discretion of GM, to use the GM
         Licensed Fuel Cell Intellectual Property as Licensed herein. The
         Technical Documentation to be provided hereunder is to be provided "as
         is," and HYG acknowledges that GM makes no representations or
         warranties, express or implied, with respect to the accuracy,
         completeness, efficacy, usability, legibility or understandability of
         the Technical Documentation so made available.

5.3.     PROVISION OF TECHNICAL ASSISTANCE

         GM shall undertake its reasonable best efforts to provide technical
         assistance upon the request of HYG on an ad hoc basis, at no cost to
         HYG, for a period of one year from the date of execution of this
         Agreement, and thereafter at a cost to be determined through arm's
         length negotiations and to be agreed upon prior to the delivery of such
         assistance to HYG in order for HYG to utilize the GM Licensed Fuel Cell
         Intellectual Property as Licensed herein.

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6.       TERM AND TERMINATION

6.1.     TERM AND TERMINATION

         This Agreement shall become effective on the date of its execution and
         shall continue in full force and effect until the date of expiration or
         termination of the Equity Agreement and the Alliance Agreement.

         GM may provide written notice of its intention to terminate this
         Agreement with HYG should HYG unilaterally extend the scope of its use
         of GM Licensed Fuel Cell Intellectual Property beyond the Activities
         provided for herein, or engage in Activities which use other Fuel Cell
         Intellectual Property owned by GM without GM's authorization. Upon
         termination pursuant to this paragraph, in addition to other rights and
         remedies available to GM pursuant to this Agreement, the Equity
         agreement, the Alliance agreement and applicable laws and regulations,
         all licenses provided to HYG under this Agreement shall terminate. If
         HYG remedies such default within thirty (30) days, this Agreement will
         continue as if such notice had not been given. For the purposes of this
         paragraph, such remedy may include the submission to GM of an
         acceptable plan for remedying such default and the initiation of the
         execution thereof.

         Subject to the above paragraph, the Parties shall not be entitled to
         terminate this Agreement for breach, other than in accordance with the
         Equity Agreement and the Alliance Agreement.

6.2.     SURVIVAL

         Notwithstanding the expiration or termination of this Agreement, for
         other than breach as defined in the above section 6.1, the licenses
         granted herein shall survive, from the date of such termination as
         follows:

                  In respect of HYG, in order solely for HYG and it's respective
                  Affiliates to continue to produce, to have produced, to use
                  and to sell products and services defined by Activities
                  authorized herein and by the Business Team at the date of such
                  termination; and

                  In respect of GM, as granted herein.

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7.       CONFIDENTIALITY

In the disclosure of Confidential Information by GM and HYG to each other, the
parties agree that all documents and hardware shall be plainly marked with a
legend referencing this Agreement and indicating the following information and
text:

                  "this document / hardware is to be protected from disclosure
                  to third parties, pursuant to the Hydrogenics - General Motors
                  agreement dated ____________."

if the disclosing party wishes to place such documents and hardware under this
Agreement.

For a period of 3 years from the termination of this agreement the receiving
party shall protect Confidential Information which is directly related to the
above stated evaluation, which has been disclosed to the receiving party and
marked in accordance with this Section by the disclosing party, from disclosure
to third parties.

Both parties to this agreement represent that it is their policy to handle
confidential, intangible technical information in a manner which generally
prevents its disclosure to unauthorized third parties. Recognizing, however, the
legal ramifications of obligations which are directed to such intangible
information, the parties agree that their sole remedy in the case of
unauthorized disclosure of such intangible information will be limited to a
reassessment and/or redefinition of the relationship therebetween.

Nothing is this Agreement shall be interpreted as precluding an employee of one
of the parties to this Agreement from making use of his/her general knowledge in
connection with other projects being performed on behalf of his/her employer,
even if such general knowledge has been furthered by his/her having access to
the Confidential Information exchanged under this Agreement.

Any Confidential Information which has been disclosed by one party to the other
party shall remain the property of the disclosing party and will be promptly
returned, upon request by the disclosing party, accompanied by all copies of
such documentation.

Nothing in this Agreement shall be construed as granting or conferring any
license or immunity, expressly, impliedly, or otherwise, to any invention,
discovery or improvement or any right in any information other than as expressly
specified herein.

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8.       MISCELLANEOUS PROVISIONS

8.1.     ASSIGNMENT

         Neither shall assign its rights or obligations under this Agreement,
         without the prior written consent of the other Party hereto.

8.2.     WAIVER

         Failure of any Party hereto to enforce any of the provisions of this
         Agreement or any right with respect thereto, or failure to exercise any
         election provided for herein shall not be considered a waiver of such
         provision, right or election, or in any way affect the validity of this
         Agreement.

         The failure of any Party to enforce any of such provisions, rights or
         elections shall not preclude or prejudice such party from later
         enforcing or exercising the same or other provisions, rights or
         elections which they may have under this Agreement.

8.3.     LIMITATION OF LIABILITY

         THIS TECHNOLOGY LICENSE DOES NOT CONTAIN ANY WARRANTIES, EXPRESS OR
         IMPLIED BY OR ON BEHALF OF ONE PARTY TO THE OTHER. IN NO EVENT WILL
         EITHER BE LIABLE FOR SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, OR
         CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO ANY DAMAGES
         RESULTING FROM LOSS OF USE, DATA OR PROFITS ARISING OUT OF, OR IN
         CONNECTIONS WITH, THIS CONTRACT OR THE USE OR PERFORMANCE OF ANY
         LICENSED TECHNOLOGY, WHETHER IN AN ACTION BASED ON CONTRACT OR TORT,
         INCLUDING NEGLIGENCE.

8.4.     REMEDIES

         All rights and remedies of the Parties hereunder shall be in addition
         to all other legal rights and remedies belonging to them and the same
         shall be deemed to be cumulative and not alternative to such legal
         rights and remedies.

8.5.     ENTIRE AGREEMENT

         This Agreement, the Equity Agreement, the Alliance Agreement and all
         agreements referenced herein and therein (including all Exhibits and
         Schedules hereto and thereto) set forth the general understanding of
         the Parties hereto with respect to the matters covered herein and
         therein and,

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         except as otherwise provided herein, supersedes all prior agreements,
         covenants, arrangements, communications, representations and
         warranties, except of a fraudulent nature, whether oral or written by
         any officer, employee or representative of either of the Parties.

8.6.     AMENDMENT

         No amendment to any provision of this Agreement shall be effective or
         binding on either party unless set forth in writing and executed by a
         duly authorized representative of each Party.

8.7.     SEVERABILITY

         In case any provision in this Agreement shall be invalid, illegal or
         unenforceable, the validity, legality and enforceability of the
         remaining provisions shall not in any way be affected or impaired
         thereby, provided the Parties agree to negotiate and sign an equitable
         amendment to this Agreement if a material provision is thus adversely
         affected. The invalidity, illegality or -enforceability of any
         provision in this Agreement in any jurisdiction shall not invalidate or
         render illegal or unenforceable such provision in any other
         jurisdiction.

8.8.     COUNTERPARTS

         This Agreement shall be executed in two counterparts, each of which
         shall be deemed to be an original, and all shall constitute one and the
         same Agreement.

8.9.     NOTICES

         All notices, requests, consents, approvals, waivers and other
         communications hereunder shall be deemed to have been duly given and
         made if in writing, in English, and if served by personal delivery upon
         the party for whom they are intended, if delivered by registered or
         certified mail, return receipt requested, or by a national courier
         service, or if sent by facsimile, provided that the facsimile is
         promptly confirmed by telephone confirmation thereof, to the person at
         the address set forth below, or such other address as may be designated
         in writing hereafter, in the same manner, by such person and shall be
         effective upon receipt:

                                       16
<PAGE>

         To Hydrogenics Corporation:

                  Hydrogenics Corporation
                  5985 McLaughlin Road
                  Mississauga, Ontario
                  Canada L5R 1B8
                  Telephone:        905 361 3660
                  Facsimile:        905 361 3626
                  Attention:        Pierre Rivard
                                    President and CEO

         With a copy to:

                  Osler, Hoskin and Harcourt
                  Box 50, 1 First Canadian Place
                  Toronto, Ontario
                  Canada Mx5 1B8
                  Telephone:        416 362 2111
                  Facsimile:        416 862 6666
                  Attention:        Mark Trachuk
                                    Partner

         To GM:

                  General Motors Corporation
                  Global Alternative Propulsion Center
                  10 Carriage Street
                  Honeyoe Falls, New York
                  14472-0603   USA
                  Telephone:        001 716 624 6600
                  Facsimile:        001 716 624 6610
                  Attention:        Matthew Fronk
                                    Chief Engineer

                                       17
<PAGE>

         With a copy to the Legal Staff:

                  General Motors Corporation
                  Office of the General Counsel
                  300 Renaissance Center
                  Jefferson Avenue
                  Detroit, MI 48265-3000
                  Telephone:        001 313 667 3406
                  Facsimile:        001 313 667 3188
                  Attention:          Chief Patent Counsel

8.10.    APPLICABLE LAW

         The validity, interpretation and implementation of this Agreement shall
         be governed by and construed in accordance with the laws the State of
         New York, USA.

8.11.    DISPUTE RESOLUTION

         The Parties agree that the dispute resolution provisions set forth in
         the Equity Agreement and /or the Strategic Alliance Agreement shall
         govern this Agreement.

                                       18
<PAGE>

IN WITNESS WHEREOF, this Agreement is signed by duly authorized representatives
of the parties on the date mentioned on the first page of this Agreement.

                                        HYDROGENICS CORPORATION

                                        By:     /s/ PIERRE RIVARD
                                           ----------------------------
                                        Name:  Pierre Rivard
                                        Title: President & CEO

                                        GENERAL MOTORS CORPORATION

                                        By:   /s/ LAWRENCE D. BURNS
                                           ----------------------------
                                        Name:  Lawrence D. Burns
                                        Title: Vice President

                                       19
<PAGE>
                                   EXHIBIT A

                         HYDROGENICS CURRENT ACTIVITIES

(a)  FCET - Modular/scalable commercial stationary power (50kW basis), with car
     refuelling capability (with additional features under the code name Project
     Silver Plate, as disclosed to Peppercorn verbally)

(b)  GENESYS - Regenerative FC systems for premium reserve power application
     (5kW - 40kW) (telecom and information technology, replacement/
     supplementation/enhancement of battery/diesel)

(c)  Regenerative FC Systems for Vehicular/Utility Vehicle APU Auxiliary Power
     (e.g. 5kW - 15kW)

(d)  Portable Power and hydrogen generation (60 W. 500 W, 3-15kW)

(e)  Underground Mining - Propulsion and Utility
<PAGE>
                                   EXHIBIT B

                  GM LICENSED FUEL CELL INTELLECTUAL PROPERTY

09/11/2001

DOCKET NUMBER

G8714
GP300252
GP300328
GP300358
GP300381
GP300429
GP300528
GP300536
GP300791
GP300799
GP301075
GP301128
GP301174
GP301294
GP301294
GP301332
GP301334
GP301376
GP301429
GP301444
GP301467
GP301597
GP301598
GP301698
GP301699
GP301701
H195358
H197146
H197264
H200053
H202101
H202253
H202923
H202924
H203172
H203295
H203404
H203563
H203679
H203754
H204168
H204168
H-204543
H205551
H205755<PAGE>

                                                                    EXHIBIT 4.33

                            SHARE PURCHASE AGREEMENT
                                (TO BE NOTARIZED)

                                     between

                               DR. BERND PITSCHAK
                       Vormholzer Ring 69c, 58456 Witten,

                                                              - the "SELLER 1" -

                             PROF. DR. KARL H. KLUG
                        Bauordenweg 7, 45481 Mulheim/Ruhr

                                                              - the "SELLER 2" -

             CREAVIS GESELLSCHAFT FUR TECHNOLOGIE UND INNOVATION MBH
                Paul-Baumann-StraBe 1, Building 141/15, 45764 Marl

                                                              - the "SELLER 3" -
on the one hand
                                       and

                              HYDROGENICS GMBH I.G.
                       Luggendelle 19, 45894 Gelsenkirchen
                                                             - the "PURCHASER" -

                             HYDROGENICS CORPORATION
             5984 McLaughlin Road, Mississauga, ON, L5R 1B8, Canada,

                                                               - "HYDROGENICS" -
on the other hand.

Seller 1, Seller 2 and Seller 3 together are referred to as "SELLERS". Each of
the Sellers and the Purchaser are also referred to as a "PARTY"; Sellers and
Purchaser together are also referred to as "PARTIES".

<PAGE>

TABLE OF CONTENTS

<TABLE>
<S>                                                                                                       <C>
PREAMBLE...................................................................................................3

Article 1 Sale and Transfer of the ENKAT-Shares............................................................4
Article 2 Purchase Price for the ENKAT-Shares..............................................................4
Article 3 Sale and Assignment of Payment Claims of Seller 3 under Shareholder Loans........................5
Article 4 Sale and Assignment of Outstanding Compensation of Seller 2......................................5
Article 5 Further Agreements with Seller 1 and Seller 2....................................................5
Article 6 Guarantees of Sellers 1 and 2....................................................................7
Article 7 Breach of Guarantees of Sellers 1 and 2.........................................................13
Article 8 Guarantees of Seller 3; Breach of Guarantees....................................................14
Article 9 Competition Restraint...........................................................................16
Article 10 Miscellaneous..................................................................................16

LIST OF EXHIBITS..........................................................................................18

Exhibit 5.1...............................................................................................19
Exhibit 5.2...............................................................................................20
Exhibit 5.3(b)............................................................................................21
Exhibit 6.5(h)............................................................................................23
Exhibit 6.3(c)............................................................................................24
Exhibit 6.7(a)............................................................................................25
Exhibit 6.9(b)............................................................................................26
</TABLE>

<PAGE>

                                    PREAMBLE

1.       ENKAT GmbH - Gesellschaft fur Energiemanagement und Katalyse is a
         limited liability company under German law (Gesellschaft mit
         beschrankter Haftung), registered in the commercial register maintained
         at the lower court of Gelsenkirchen-Buer under registration no. HR B
         1849 and having its domicile in Gelsenkirchen, Germany ("ENKAT"). ENKAT
         has a registered capital of DM 100,000.00 which is divided into five
         (5) shares with a nominal value of DM 100.00, DM 37,000.00, DM
         12,900.00, DM 25,100.00 and DM 24,900.00 each (hereinafter each an
         "ENKAT-SHARE" and together the "ENKAT-SHARES"). ENKAT is active in the
         field of planning and marketing of services in the area of energy
         management and catalyzation (Katalyse).

         Sellers have submitted to Purchaser a certified copy of an excerpt from
         the commercial register which reflects the current register entries of
         facts and of all circumstances in need of registration for ENKAT.

2.       Seller 1 is a shareholder of ENKAT, holding two (2) shares with a
         nominal value of DM 100.00 and DM 37,000.00; Seller 1 also is the
         current sole managing director (Geschaftsfuhrer) of ENKAT.

3.       Seller 2 holds two (2) shares in ENKAT with a nominal value of DM
         12,900.00 and DM 25,100.00 and works for ENKAT on the basis of a
         consultancy agreement.

4.       Seller 3 is a limited liability company under German law (Gesellschaft
         mit beschrankter Haftung), registered in the commercial register
         maintained at the lower court of Marl under registration no. HR B 3390
         and having its domicile in Marl, Germany. Seller 3 holds one (1) share
         in ENKAT with a nominal value of DM 24,900.00.

5.       Purchaser is a limited liability company under German law (Gesellschaft
         mit beschrankter Haftung) in foundation, to be registered in the
         commercial register maintained at the lower court of Gelsenkirchen,
         Germany, and having its domicile in Gelsenkirchen, Germany. Purchaser
         is a wholly owned subsidiary of Hydrogenics.

6.       Sellers intend to sell to Purchaser, and Purchaser intends to purchase
         from Sellers, the ENKAT-Shares.

Now, therefore, the Parties agree as follows (hereinafter the "AGREEMENT"):

<PAGE>

                                    ARTICLE 1
                      SALE AND TRANSFER OF THE ENKAT-SHARES

(1)      With effect as of May 1, 2002 (the "EFFECTIVE DATE"), Sellers hereby
         sell and, subject to the receipt of the Purchase Price (as defined in
         Article 2 below), transfer to Purchaser the ENKAT-Shares with all
         rights and obligations pertaining thereto. Purchaser hereby accepts
         this sale and transfer. In any event Sellers hereby sell and, subject
         to the receipt of the Purchase Price (as defined in Article 2 below),
         transfer to Purchaser all existing shares in ENKAT regardless of the
         nominal amount; Purchaser hereby accepts such sale and transfers.

(2)      As among the Parties, the ENKAT-Shares shall be deemed transferred to
         Purchaser with economic effect as of January 1, 2002.

(3)      Sellers hereby consent to the transfer of the ENKAT-Shares in their
         capacity as shareholders in accordance with ss. 8 of the articles of
         association of ENKAT. As a precautionary measure, each Seller hereby
         waives any and all rights to sell the ENKAT-Shares, any pre-emptive
         rights or rights of first refusal to which he/it is entitled with
         regard to the ENKAT-Shares, irrespective on what legal grounds.

                                    ARTICLE 2
                       PURCHASE PRICE FOR THE ENKAT-SHARES

(1)      The purchase price for the ENKAT-Shares amounts to EUR 300,000.00 (in
         words: Euro three hundred thousand) (hereinafter referred to as the
         "PURCHASE PRICE").

(2)      The Purchase Price becomes payable on the Effective Date. It is payable
         to Sellers by delivery to each Seller of a certified check or a bank
         draft in the amounts indicated below:

         o        to Seller 1, an amount of EUR 111,300.00 (in words: Euro one
                  hundred eleven thousand three hundred);

         o        to Seller 2, an amount of EUR 114,000.00 (in words: Euro one
                  hundred fourteen thousand); and

         o        to Seller 3, an amount of EUR 74,700.00 (in words: Euro
                  seventy-four thousand seven hundred).

<PAGE>

                                    ARTICLE 3
                SALE AND ASSIGNMENT OF PAYMENT CLAIMS OF SELLER 3
                             UNDER SHAREHOLDER LOANS

(1)      With effect as of the Effective Date, Seller 3 hereby sells and assigns
         to Purchaser its claims on repayment of the outstanding balance
         (including accrued interest) under the two shareholder loans given by
         Seller 3 to ENKAT under the loan agreements dated January 20, 1998 and
         October 28/29, 1998 respectively. Purchaser hereby accepts this sale
         and the assignments.

(2)      The purchase price for the claims under para. (1) above amounts to EUR
         208,282.55 (equals DM 407,365.26). The purchase price is payable on the
         Effective Date by delivery of a certified check or a bank draft to
         Seller 3.

                                    ARTICLE 4
           SALE AND ASSIGNMENT OF OUTSTANDING COMPENSATION OF SELLER 2

(1)      With effect as of the Effective Date, Seller 2 hereby sells and assigns
         to Purchaser all his claims on payment of the accrued outstanding
         compensation of Seller 2 under his consultancy agreement with ENKAT
         dated October 23, 1998 (with amendments of June 26, 2000 and January
         15, 2001) until the Effective Date. Purchaser hereby accepts this sale
         and assignment.

(2)      The purchase price for the claims under para. (1) above amounts to EUR
         81,807.96. The purchase price is payable on the Effective Date by
         delivery of a certified check or a bank draft to Seller 2.

                                    ARTICLE 5
                  FURTHER AGREEMENTS WITH SELLER 1 AND SELLER 2

(1)      On the Effective Date Purchaser will and is obliged to use its
         influence as new sole shareholder of ENKAT that ENKAT enters into a
         service agreement with Seller 1 in accordance with the terms and
         conditions as set forth in the draft service agreement attached as
         Exhibit 5.1; Seller 1 agrees to enter into such agreement with ENKAT.

<PAGE>

(2)      On the Effective Date Seller 2 agrees to enter into an exclusive,
         irrevocable, world-wide, license agreement with Hydrogenics concerning
         his pending German patent application DE 101 09 983 A1, filed with the
         German Patent Office, Munich (Deutsches Patentamt), on March 1, 2001,
         with respect to the invention "Electro-catalytic Reformer for the
         Synthesis Gas Production (Elektrokatalytischer Reformer fur die
         Synthesegaserzeugung)" in accordance with the terms and conditions as
         set forth in the draft license agreement attached as Exhibit 5.2.

(3)      Seller 2 currently is employed as holder of a chair for Thermodynamics
         (Warmelehre) at the University of Applied Sciences of Gelsenkirchen
         (Fachhochschule Gelsenkirchen). Seller 2 agrees, to the extent legally
         permissible, to devote his entire working capacity and all of his
         professional knowledge and expertise to ENKAT and, in the light
         thereof, coordinate his activities in connection with his employment at
         the University of Applied Sciences (Fachhochschule Gelsenkirchen) in
         the future. Should it be admissible for Seller 2 to be appointed
         managing director of ENKAT, or should he have given up his
         aforementioned activity at the University of Applied Sciences
         (Fachhochschule Gelsenkirchen) he shall have the right to become
         managing director of ENKAT upon the same terms and conditions as Seller
         1.

         Seller 2 and Purchaser agree that the consultancy agreement between
         Seller 2 and ENKAT dated October 23, 1998 (with amendments of June 26,
         2000 and January 15, 2001) (the "CONSULTANCY AGREEMENT") shall be
         amended as follows:

         (a)      In ss. 2 (Term of the Agreement - Dauer des Vertrages) of the
                  Consultancy Agreement, the base term of five (5) years
                  (Grundvertragsdauer) of the agreement as defined in sentence 1
                  shall start anew on the Effective Date. Sentence 2 shall be
                  deleted; instead a new sentence shall be inserted under which
                  the subsequent periods of automatic prolongation after expiry
                  of the initial term, unless the Consultancy Agreement is
                  terminated by either Party on five (5) months' prior written
                  notice to the end of each term, shall be each time one (1)
                  year.

         (b)      ss. 3 (Compensation - Vergutung) of the Consultancy Agreement
                  shall be deleted; instead the following clause shall be
                  inserted:

                           "Prof. Klug shall receive compensation in the gross
                           amount of EUR 112,600.00 (in words: Euro one hundred
                           and twelve thousand six hundred), payable in twelve
                           (12) equal instalments at the end of each calendar
                           month. In addition, he shall be entitled to payments
                           of

<PAGE>

                           a performance bonus in accordance with the attached
                           bonus scheme."

                  The aforementioned bonus scheme for the years 2002 - 2006 is
                  attached hereto as Exhibit 5(3)(b).

         (c)      ss. 8 (3) of the Consultancy Agreement, containing an
                  obligation of ENKAT and Seller 2 to regularly review the
                  agreement and re-draft it annually, shall be deleted.

         On the Effective Date Purchaser will and is obliged to use its
         influence as new sole shareholder of ENKAT that ENKAT enters into an
         amendment of the Consultancy Agreement in accordance with the terms and
         conditions as set forth above under lit. (a) to (c); Seller 2 agrees to
         enter into such an amendment of the Consultancy Agreement.

(4)      In addition, Hydrogenics will grant to Seller 2 25,000 stock options
         pursuant to its actual stock option plan. These stock options shall
         exclusively be governed by the stock option agreement between Seller 2
         and Hydrogenics and not be part of this Agreement. Further, Hydrogenics
         will take out life insurances for Sellers 1 and 2 for a period of five
         (5) years on a declining scale to cover the entitlements under the
         service agreement with Seller 1 referred to in Article 5(1) and the
         amended Consultancy Agreement of Seller 2.

(5)      Hydrogenics hereby warrants by way of an independent guarantee
         (selbstandiges Garantieversprechen) pursuant to Section 311 (1) German
         Civil Code (BGB) the fulfillment of all obligations of Purchaser under
         this Agreement towards Sellers 1 and 2.

                                    ARTICLE 6
                          GUARANTEES OF SELLERS 1 AND 2

Sellers 1 and 2 hereby warrant by way of an independent guarantee (selbstandiges
Garantieversprechen) pursuant to Section 311 (1) German Civil Code (BGB) the
following, and this in relation to the time of signing of this Agreement and as
per the Effective Date (if no other point in time or time period is referred to
in the following):

(1)      Legal Situation

<PAGE>

         (a)      ENKAT is a limited liability company, duly established and
                  validly existing under German law. ENKAT does not hold any
                  direct or indirect participations in other companies. The
                  statements contained in number 1. of the Preamble of this
                  Agreement are accurate in every respect. ENKAT does not hold
                  any direct or indirect participations in other companies. The
                  ENKAT-Shares of Sellers 1 and 2 exist in the amounts set out
                  in numbers 2. and 3. of the Preamble of this Agreement and are
                  fully paid-up. The share capital has not been reduced by
                  repayments or any comparable processes.

         (b)      Each of the Sellers 1 and 2 is the sole and unrestricted owner
                  of those ENKAT-Shares sold by him as described in numbers 2.
                  and 3. of the Preamble of this Agreement. The ENKAT-Shares of
                  Seller 1 and 2 are duly authorized and validly issued. There
                  are no restrictions to sell and transfer the ENKAT-Shares to
                  Purchaser in accordance with this Agreement. No third parties
                  are entitled to exercise pre-emptive or similar rights in case
                  of a sale and transfer of the ENKAT-Shares of Seller 1 and 2.
                  The ENKAT-Shares of Seller 1 and 2 are not pledged or
                  otherwise encumbered with rights of third parties (within the
                  meaning of ss.ss. 433 (1) 2, 435 of the German Civil Code
                  (BGB).

         (c)      This Agreement and its implementation does not constitute a
                  breach of any agreement by which Sellers 1 and 2 are bound.

(2)      Financial Situation

         (a)      The following annual accounts of ENKAT have been prepared in
                  accordance with generally accepted accounting principles in
                  Germany (Grundsatze ordnungsgema(beta)er Buchfuhrung und
                  Bilanzierung), and having regard to the principle of
                  continuity of accounting and valuation (taking due account of
                  the accounting principles applied in previous years):

                  -        Audited annual accounts of ENKAT as per December 31,
                           2000;

                  -        Audited annual accounts of ENKAT as per December 31,
                           2001 (the "2001 ACCOUNTS").

         (b)      As per December 31, 2001, ENKAT had no liabilities other than
                  those shown in the 2001 Accounts; since then, ENKAT has not
                  incurred any liabilities or obligations (whether accrued or
                  absolute, contingent or otherwise), which continue to be
                  outstanding, except for those liabilities

<PAGE>

                  and obligations listed in Exhibit 6.2(b) or which were
                  incurred in the ordinary course of business. It is understood
                  that Sellers 1 and 2 give no warranty on future revenues or
                  profits.

(3)      Assets

         (a)      ENKAT is the owner of all assets shown in the 2001 Accounts,
                  free from third party claims (excepting customary retention of
                  title), except as for assets disposed of in the ordinary
                  course of business since January 1, 2002.

         (b)      All assets used by ENKAT as well as the operation, storage and
                  handling thereof are effected in accordance with applicable
                  laws and legal provisions, and this in particular also with
                  regard to environmental and other public law provisions,
                  regulations and permits.

         (c)      As of the date of this Agreement, ENKAT has no accounts
                  receivables which are 90 days or more past due, except for
                  those listed in Exhibit 6.3(c).

(4)      Litigation/Compliance with Applicable Law

         (a)      ENKAT is - as of the signing of this Agreement - not a party
                  to any legal action, whether as plaintiff or defendant
                  (including any arbitration proceedings), nor are there any
                  other legal, arbitration or other proceedings in which it is
                  involved. As of the date of signing of this Agreement, Sellers
                  1 and 2 have no knowledge of any administrative proceedings or
                  investigations imminent or pending against ENKAT, including
                  any such proceedings under competition law. As of the signing
                  of this Agreement no claims have been asserted or threatened
                  against ENKAT, which would involve a one-off or annual burden
                  of more than EUR 25,000.00 on ENKAT. As of the date of signing
                  of this Agreement, Sellers 1 and 2 are not aware of any
                  factual circumstances on which such claims could be based
                  except for possible litigation arising from the former
                  business relationship of ENKAT with ATT.

         (b)      ENKAT is authorized without restrictions and has been granted
                  all permits which are necessary to continue its present
                  business operations. There are no public law authorizations
                  which, due to the sale envisaged with this Agreement, could be
                  modified, withdrawn or revoked. In all material aspects, the
                  operations of ENKAT have been, and are now being, conducted in
                  compliance with the laws of each jurisdiction in which

<PAGE>

                  ENKAT carries on business. Sellers 1 and 2 have no knowledge
                  of ENKAT being in breach of any provisions under public law,
                  competition law or laws for the protection of intellectual
                  property rights.

(5)      Contracts

         ENKAT is not a party to any written or oral agreement or contract of
         the following kind:

         (a)      except for the lease agreement with Erwin Kahrmann concerning
                  the building in Gelsenkirchen-Buer dated October 17, 2000, the
                  Consultancy Agreement between ENKAT and Seller 2 dated October
                  23, 1998 and except for employment contracts, any rental or
                  lease agreements or other agreements the contract or
                  obligation value whereof exceeds in each instance EUR
                  25,000.00 p.a.;

         (b)      agreements with sales representatives, commission merchants,
                  contract dealers or other distributors;

         (c)      any contracts or other obligations limiting or excluding the
                  right of ENKAT to compete;

         (d)      loan agreements, except for the shareholder loans given by
                  Seller 3 to ENKAT under the loan agreements dated January 20,
                  1998 and October 28/29, 1998;

         (e)      any agreement granting the respective counterparty a right to
                  terminate or change the agreement in case shares of ENKAT are
                  to be sold;

         (f)      any guarantee, warranty or other agreements or unilateral
                  transactions whereby collateral is granted for or the
                  assumption of third party liabilities, any futures contracts,
                  currency transactions or swap agreements;

         (g)      any agreements or contracts which grant to third parties any
                  rebates, discounts or any other deductions than those
                  previously granted in the ordinary course of business;

         (h)      except for the employment agreement between ENKAT and Peter
                  Pabst dated January 29, 2001, any contracts with employees
                  with an annual salary exceeding EUR 25,000.00 (including any
                  percentage of profits or a bonus paid);

<PAGE>

         (i)      any agreement or obligation outside the scope of the ordinary
                  business.

(6)      Employees

         (a)      ENKAT has not more than those employees listed in Exhibit
                  6.6(a); for every employee Exhibit 6.6(a) furthermore lists
                  the titles, service record and material terms of employment,
                  including current wages, salaries or hourly rate of pay and
                  bonus (whether monetary or otherwise) paid since December 31,
                  2001, the date upon which such wage, salary, rate or bonus
                  became effective and the date upon which each such employee
                  was first hired by ENKAT.

         (b)      Except as shown in Exhibit 6.6(b), ENKAT is not a party to any
                  voluntary pension promises or direct insurances, agreements on
                  commissions or bonuses, employment agreements with extended
                  termination periods compared with bargaining agreements,
                  agreements with unions, shop agreements or agreements with
                  professional associations (e.g. employers' associations).

         (c)      ENKAT has been and is being operated in full compliance with
                  all laws relating to employees. There have been no claims, nor
                  are there, to the knowledge of Sellers 1 and 2, any threatened
                  complaints under such laws against ENKAT, except for possible
                  non-compliance issues relating to the status of Mr. Reichardt
                  as a free lance employee.

(7)      Intellectual Property Rights /Registrations

         Except as shown in Exhibit 6.7(a), the business operations of ENKAT do
         not involve the use of intellectual property rights. The list in
         Exhibit 6.7(a) is exhaustive and all such intellectual property rights
         have been registered for ENKAT. ENKAT is the sole legitimate owner of
         the respective intellectual property rights. To the best of the
         knowledge of Sellers 1 and 2 the intellectual property rights listed in
         Exhibit 6.7(a) are - in their geographical respective area of validity
         - not subject to third party objections. There are no respective legal
         actions pending or imminent nor to be expected based on other
         circumstances.

(8)      Agreements between Sellers 1 and 2 and ENKAT and among Sellers 1 and 2

         (a)      There are no contracts existing between one or several of
                  Sellers 1 and 2 on the one hand, and ENKAT on the other hand,
                  except for the service

<PAGE>

                  agreement between ENKAT and Seller 1 dated October 7, 1997 and
                  the Consultancy Agreement between ENKAT and Seller 2 dated
                  October 23, 1998.

         (b)      Except for the articles of association of ENKAT dated October
                  29, 1998, there are no contracts among Sellers 1 and 2 which
                  relate to ENKAT.

(9)      Existing Contracts; Insurance

         (a)      The contracts and agreements to which ENKAT is a party and
                  which are material for its business operation, are in full
                  force and effect, unamended, and no material default exists
                  under such contracts and agreements on the part of ENKAT, or,
                  to the knowledge of Sellers 1 and 2, on the part of any other
                  party to such contracts and agreements.

         (b)      ENKAT maintains the policies of insurance which are listed in
                  Exhibit 6.9(b). ENKAT is not in default, as to the payment of
                  premiums, under the terms of such policies. There exist no
                  open insurance claims other than those claims listed in
                  Exhibit 6.9(b).

(10)     Tax

         (a)      All tax declarations or tax applications which were to be
                  filed by ENKAT until the Effective Date, have been filed and
                  all statements made therein are correct and complete.

         (b)      All amounts which, pursuant to these tax declarations or
                  filings, are to be paid by ENKAT (including interest and other
                  ancillary duties) and which relate to the time period before
                  the Effective Date, have been paid in full and in time. For
                  unpaid taxes which relate to the period until December 31,
                  2001, sufficient liabilities or accruals are shown in the 2001
                  Accounts. ENKAT has, in accordance with statutory provisions,
                  in full and in time, withheld and paid to the tax authorities,
                  social security institutions or health insurance institutions,
                  all wage taxes as well as employees' shares for social
                  security and other social benefits (hereinafter collectively
                  referred to as the "EMPLOYMENT CHARGES") for all time periods
                  until the Effective Date. For Employment Charges relating to
                  the period until December 31, 2001 and which are not paid,
                  appropriate obligations or provisions have been stated in the
                  2001 Accounts therefore.

(11)     Transactions since January 1, 2002 until the Effective Date

<PAGE>

         Within the period between January 1, 2002 and the Effective Date the
         following will have been complied with:

         (a)      the business of ENKAT shall be conducted in the ordinary and
                  normal course, consistent with past practice and in accordance
                  with proper business principles, and no extraordinary
                  transactions shall be effected;

         (b)      ENKAT shall not dispose of any assets;

         (c)      the scope and contents of the business activities shall not be
                  changed substantially;

         (d)      no profit distributions shall be declared or made (including
                  hidden profit distributions);

         (e)      no increase in the remuneration, no change of other employment
                  conditions and no pension commitments or changes thereof for
                  any of the employees (including managing directors) shall be
                  effected or promised;

         (f)      ENKAT shall not (i) conclude or use loans or (ii) enter into
                  contracts which have a total value of more than EUR 25,000.00
                  p.a. each;

         (g)      the purchasing and payment practice shall not be changed;

         (h)      no special discounts shall be granted to customers.

                                    ARTICLE 7
                     BREACH OF GUARANTEES OF SELLERS 1 AND 2

(1)      If any of the guarantees given by the Sellers 1 and 2 under Article 6
         is incorrect, the following shall apply:

         Sellers 1 and 2 shall place Purchaser or (at Purchaser's choice), if
         ENKAT has incurred the damage, ENKAT, in that position as if the
         guarantees had been correct. If and to the extent that Sellers 1 and 2
         within one (1) month fail to put the respective party in the position
         as set forth in the Agreement, or if it is impossible to put that party
         in that position, Purchaser shall be entitled to claim monetary damages
         up to an aggregate amount of EUR 214,000.00. This limitation shall not
         apply, however, to the guarantees given under Article 6(1).

<PAGE>

(2)      To the extent that Sellers 1 and 2 have represented in this Agreement
         that ENKAT is free of liabilities, Sellers 1 and 2 shall indemnify and
         hold harmless ENKAT from any liabilities (including the cost for legal
         advisers), which exist or are asserted contrary to this representation.

(3)      Claims under this Article 7 shall be time-barred

         (a)      in respect of incorrectness of any of the guarantees detailed
                  in Article 6(1) after ten (10) years from the Effective Date;

         (b)      in respect of incorrectness of the guarantees detailed in
                  Article 6(10) six (6) months after tax assessments have become
                  final or, if no final payment order is made, six (6) months
                  after the respective tax liability is barred by statute of
                  limitation in accordance with the law;

         (c)      in respect of any other claims under this Article 7 after two
                  (2) years from the Effective Date.

         The limitation period shall be suspended by raising a claim in writing
         vis-a-vis Sellers 1 and 2. Should there be a written notice of a claim
         before the end of the limitation period, the limitation period for the
         respective claim shall be extended by another three (3) months. After
         such additional three (3) months, the claim will be time-barred unless
         the limitation period is interrupted in accordance with the law.

                                    ARTICLE 8
                  GUARANTEES OF SELLER 3; BREACH OF GUARANTEES

(1)      Seller 3 warrants by way of an independent guarantee (selbstandiges
         Garantieversprechen) pursuant to Section 311 (1) German Civil Code
         (BGB), and this in relation to the time of signing of this Agreement
         and as per the Effective Date, that:

         (a)      The ENKAT-Share held by Seller 3 exists in the amount set out
                  in number 4. of the Preamble of this Agreement and is fully
                  paid-up. The share capital has not been reduced by repayments
                  or any comparable processes.

         (b)      Seller 3 is the sole and unrestricted owner of the ENKAT-Share
                  sold by it as described in number 4. of the Preamble of this
                  Agreement. This ENKAT-Share is duly authorized and validly
                  issued. There are no restrictions to sell and transfer this
                  ENKAT-Share to Purchaser in accordance with this

<PAGE>

                  Agreement. No third parties are entitled to exercise
                  pre-emptive or similar rights in case of a sale and transfer
                  of this ENKAT-Share. This ENKAT-Share is not pledged or
                  otherwise encumbered with rights of third parties (within the
                  meaning of ss.ss. 433 (1)2, 435 of the German Civil Code
                  (BGB).

         (c)      This Agreement and its implementation does not constitute a
                  breach of any agreement by which Seller 3 is bound.

         (d)      Seller 3 has the corporate power and authority to sell its
                  ENKAT-Share under this Agreement and to enter into this
                  Agreement. All corporate actions which are necessary for the
                  sale and transfer of its ENKAT-Share have been, or prior to
                  the Effective Date will be, taken.

(2)      If any of the guarantees given by Seller 3 under Article 8(1) is
         incorrect, the following shall apply:

         Seller 3 shall place Purchaser or (at Purchaser's choice), if ENKAT has
         incurred the damage, ENKAT, in that position as if the guarantees had
         been correct. If and to the extent that Seller 3 within one (1) month
         fails to put the respective party in the position as set forth in the
         Agreement, or if it is impossible to put that party in that position,
         Purchaser shall be entitled to claim monetary damages. Seller 3 shall
         in no event be liable for any consequential damages (Folgeschaden),
         lost profits (entgangener Gewinn), damages incidental to any breach or
         non-fulfillment of the independent guarantees or any internal costs and
         expenses incurred by the Purchaser.

(3)      Purchaser and Seller 3 are in agreement that the remedies that
         Purchaser or ENKAT may have against Seller 3 for breach of its
         obligations set forth in this Agreement are solely governed by this
         Agreement, and the remedies provided for by this Agreement shall be the
         exclusive remedies available to Purchaser or ENKAT. Any right of
         Purchaser to withdraw (zurucktreten) this Agreement or to require the
         winding up of the transaction contemplated hereunder (e.g. by way of
         gro(beta)er Schadenersatz or Schadenersatz statt der Leistung), any
         claims for breach of pre-contractual obligations (culpa in contrahendo,
         including but not limited to, claims arising under Sections 241 (2),
         311 (2) (3) German Civil Code) or ancillary obligations (positive
         Forderungsverletzung, including but not limited to, claims arising
         under Sections 280, 282 German Civil Code), frustration of contract
         pursuant to Section 313 German Civil Code (Storung der
         Geschaftsgrundlage), all remedies of Purchaser for defects of the
         Object of Sale under Sections 437 through 441 German Civil Code and any
         and all other statutory rights and remedies, if any, are hereby
         expressly excluded and waived by Purchaser, except

<PAGE>

         claims for willful deceit (arglistige Tauschung) and other intentional
         breaches of contract (vorsatzliche Vertragsverletzungen). Purchaser and
         Seller 3 are in agreement that Seller 3's guarantees are only designed
         for the specific remedies of Purchaser set forth in this Article 8
         above and the restrictions contained in this Article 8 and that Seller
         3's guarantees shall not serve to provide Purchaser with any other
         claims than those set forth in this Agreement.

(4)      Claims under this Article 8 shall be time-barred in respect of
         incorrectness of any of the guarantees detailed in this Article 8(1)
         after ten (10) years from the Effective Date.

                                    ARTICLE 9
                              COMPETITION RESTRAINT

(1)      For a period of three (3) years after the Effective Date, Sellers 1 and
         2 shall not, directly or indirectly, establish a business which
         directly competes with the business conducted by ENKAT on the date
         hereof, or acquire a majority interest (in equity or votes) in an
         enterprise which is engaged in a business which directly competes with
         the business presently conducted by ENKAT.

(2)      This competition restraint does not apply to Seller 3.

                                   ARTICLE 10
                                  MISCELLANEOUS

(1)      All transfer taxes, fees, notarial fees and charges payable in
         connection with the execution and implementation of this Agreement
         shall be borne by Purchaser. Each Party shall pay its own expenses,
         including the fees of its advisors, incurred in connection with this
         Agreement.

(2)      This Agreement (including all Exhibits attached hereto, which shall
         form an integral part of this Agreement) contains the entire agreement
         between the Parties with respect to the subject matter hereof and
         supersedes all prior agreements and understandings with respect
         thereto.

(3)      Any provision of this Agreement may be amended or waived if, and only
         if, such amendment or waiver is in writing and signed, or any other
         stricter form which is required by law in the case of an amendment, by
         each of the Parties hereto, or in the

<PAGE>

         case of a waiver, by the Party against whom the waiver is to be
         effective. This also applies to any amendments to this Article 10(4).

(4)      Should any provision of this Agreement, or any provision to be
         incorporated in the future, be or become invalid or unenforceable, the
         validity of the balance of this agreement shall not be effected
         thereby. The same applies if this Agreement contains any omissions. In
         lieu of the invalid or unenforceable provision or in order to complete
         any omission, a fair provision shall apply which, to the extent legally
         permissible, comes as close as possible to what the Parties had
         intended or would have intended, according to the spirit and purpose of
         this Agreement, if they had considered the matter at the time this
         Agreement was executed. The same applies if the provision is invalid
         because of the stipulated scope or time period.

(5)      This Agreement shall be governed by, and construed in accordance with,
         the laws of the Federal Republic of Germany. The courts of Frankfurt am
         Main, Germany, shall have exclusive jurisdiction.

Sellers declared: ENKAT does not own real estate.

The notary shall notify ENKAT of the transfer of the shares according to Article
1(4) of this Agreement, in accordance with Section 16 (1) German Act on Limited
Liability Companies (GmbHG).

The above protocol and the Exhibits were read to the persons appearing by the
acting notary and approved by the persons appearing and signed by the persons
appearing and the notary as follows:

/s/ DR. MICHAEL TIGGES, acting in the name and on behalf of Dr. Bernd Pitschak
    and Dr. Karl Klug

/s/ DR. JORG STREITFERDT, acting in the name and on behalf of Creavis GmbH

/s/ DR. ROLAND MASSE, acting in the name and on behalf of Hydrogenics

/s/ DR. KARSTEN MULLER -- EISING, notary

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