Document:

REGISTRATION RIGHTS AGREEMENT

 

EXHIBIT 10.7

REGISTRATION RIGHTS AGREEMENT
         REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"),  dated as of March 15, 2003 by and between CYBERLUX CORPORATION,  a Nevada corporation,  with its principal office located at CYBERLUX CORPORATION, 50 Orange Road, PO BOX 2010, Pinehurst, NC 28370-2010(the  "COMPANY"),  and CORNELL  CAPITAL  PARTNERS,  LP, a Delaware limited partnership (the "INVESTOR").

         WHEREAS:

         A. In  connection  with the  Equity  Line of  Credit  Agreement  by and between the parties  hereto of even date  herewith  (the  "EQUITY LINE OF CREDIT AGREEMENT"),  the  Company  has  agreed,  upon  the  terms  and  subject  to the conditions  of the  Equity  Line of Credit  Agreement,  to issue and sell to the Investor that number of shares of the Company's  common stock, par value $0.001 per share (the "COMMON STOCK"),  which can be purchased pursuant to the terms of the Equity  Line  Credit  Agreement  for an  aggregate  purchase  price of up to $10,000,000.  Capitalized  terms  not  defined  herein  shall  have the  meaning ascribed to them in the Equity Line of Credit Agreement.

         B. To induce the  Investor  to execute  and  deliver the Equity Line of Credit Agreement,  the Company has agreed to provide certain registration rights under the  Securities  Act of 1933,  as amended,  and the rules and  regulations there under, or any similar  successor statute  (collectively,  the "1933 ACT"), and applicable state securities laws.

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

         1. DEFINITIONS.

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         As used in this Agreement, the following terms shall have the following meanings:

            a. "PERSON" means a corporation,  a limited  liability  company,  an association,  a partnership,  an  organization,  a business,  an  individual,  a governmental or political subdivision thereof or a governmental agency.

            b.  "REGISTER,"   "REGISTERED,"  and   "REGISTRATION"   refer  to  a registration   effected  by  preparing  and  filing  one  or  more  Registration Statements  (as defined  below) in compliance  with the 1933 Act and pursuant to Rule 415  under  the 1933  Act or any  successor  rule  providing  for  offering securities on a continuous or delayed basis ("RULE 415"), and the declaration or ordering of effectiveness of such Registration Statement(s) by the United States Securities and Exchange Commission (the "SEC").

            c.  "REGISTRABLE  SECURITIES"  means  the  shares  of  Common  Stock issuable to Investors pursuant to the Equity Line of Credit Agreement.

 
 

 
 
 
            d. "REGISTRATION STATEMENT" means a registration statement under the 1933 Act which covers the Registrable Securities.

         2. REGISTRATION.

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            a. MANDATORY  REGISTRATION.  The Company shall prepare and file with the SEC a  Registration  Statement on Form S-1, SB-2 or on such other form as is available to register 40,000,000 shares of the Company's Common Stock.  The  Company shall cause such  Registration  Statement to be declared effective by  the SEC prior to the first sale to Investor of the Company's Common Stock  pursuant to the Equity Line of Credit Agreement.

            b. SUFFICIENT NUMBER OF SHARES  REGISTERED.  In the event the number of shares  available  under a Registration  Statement  filed pursuant to Section 2(a) is  insufficient  to cover  all of the  Registrable  Securities  which  the Investor  has  purchased  pursuant to the Equity Line of Credit  Agreement,  the Company  shall  amend the  Registration  Statement,  or file a new  Registration Statement (on the short form available therefore, if applicable), or both, so as to cover all of such  Registrable  Securities  which the Investor has  purchased pursuant to the Equity Line of Credit  Agreement as soon as practicable,  but in any event not later than fifteen (15) days after the necessity therefore arises. The  Company  shall use it best  efforts  to cause  such  amendment  and/or  new Registration  Statement to become effective as soon as practicable following the filing thereof.  For purposes of the foregoing  provision,  the number of shares available under a Registration  Statement shall be deemed "insufficient to cover all of the  Registrable  Securities"  if at any time the  number of  Registrable Securities  issuable  on an Advance  Notice  Date is greater  than the number of shares available for resale under such Registration Statement.

         3. RELATED OBLIGATIONS.

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            a. The  Company  shall  keep the  Registration  Statement  effective pursuant  to Rule 415 at all times  until the date on which the  Investor  shall have sold all the Registrable  Securities covered by such Registration Statement (the  "REGISTRATION  PERIOD"),   which  Registration  Statement  (including  any amendments or supplements thereto and prospectuses  contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein,  or necessary to make the statements  therein, in light of the circumstances in which they were made, not misleading.

            b. The Company shall  prepare and file with the SEC such  amendments (including   post-effective   amendments)  and  supplements  to  a  Registration Statement  and  the  prospectus  used  in  connection  with  such   Registration Statement,  which  prospectus  is to be filed  pursuant to Rule 424  promulgated under the 1933 Act,  as may be  necessary  to keep such  Registration  Statement effective at all times during the Registration  Period, and, during such period, comply with the  provisions of the 1933 Act with respect to the  disposition  of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such  Registrable  Securities shall have been disposed of in  accordance  with the  intended  methods of  disposition  by the seller or sellers  thereof  as set forth in such  Registration  Statement.  In the case of amendments and supplements to a Registration  Statement which are required to be filed  pursuant to this Agreement  (including  pursuant to this Section 3(b)) by reason of the Company's filing a report on Form 10-KSB,  Form 10-QSB or Form 8-K

 
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or any analogous  report under the  Securities  Exchange Act of 1934, as amended (the "1934 ACT"), the Company shall have  incorporated  such report by reference into the Registration Statement, if applicable, or shall file such amendments or supplements  with the SEC on the same day on which the 1934 Act  report is filed which  created  the  requirement  for the  Company  to amend or  supplement  the Registration Statement.

            c. The Company shall furnish to the Investor without charge,  (i) at least one copy of such Registration  Statement as declared  effective by the SEC and any amendment(s) thereto,  including financial statements and schedules, all documents  incorporated therein by reference,  all exhibits and each preliminary prospectus,  (ii) ten (10)  copies  of the  final  prospectus  included  in such Registration Statement and all amendments and supplements thereto (or such other number of copies as such Investor may  reasonably  request) and (iii) such other documents as such Investor may reasonably  request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor.

 
            d. The  Company  shall  use its best  efforts  to (i)  register  and qualify the  Registrable  Securities  covered by a Registration  Statement under such other  securities  or "blue sky" laws of such  jurisdictions  in the United States as the  Investor  reasonably  requests,  (ii)  prepare  and file in those jurisdictions,   such  amendments  (including  post-effective   amendments)  and supplements  to such  registrations  and  qualifications  as may be necessary to maintain the effectiveness  thereof during the Registration  Period,  (iii) take such other  actions as may be  necessary  to  maintain  such  registrations  and qualifications in effect at all times during the Registration  Period,  and (iv) take all  other  actions  reasonably  necessary  or  advisable  to  qualify  the Registrable Securities for sale in such jurisdictions;  provided,  however, that the  Company  shall not be required in  connection  therewith  or as a condition thereto to (w) make any change to its certificate of  incorporation  or by-laws, (x) qualify to do business in any  jurisdiction  where it would not otherwise be required to qualify but for this  Section  3(d),  (y) subject  itself to general taxation in any such  jurisdiction,  or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company of any notification with respect to the suspension of the registration or  qualification  of any of the Registrable  Securities for sale under the securities or "blue sky" laws of any  jurisdiction  in the United States or its  receipt  of  actual  notice  of the  initiation  or threat of any proceeding for such purpose.

            e. As promptly as practicable  after becoming aware of such event or development,  the Company  shall notify the Investor in writing of the happening of any event as a result  of which the  prospectus  included  in a  Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated  therein or necessary to make the statements therein, in light of the circumstances under which they were made,  not  misleading  (provided that in no event shall such notice contain any material, nonpublic information), and promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver ten (10) copies of such  supplement or amendment to each  Investor.  The Company shall also promptly notify the Investor in writing (i) when a prospectus or any prospectus  supplement or  post-effective  amendment has been filed,  and when  a  Registration  Statement  or any  post-effective  amendment  has  become effective (notification of such effectiveness shall be delivered to the Investor by facsimile on the same day of such effectiveness),  (ii) of any request by the

 
 
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SEC for  amendments  or  supplements  to a  Registration  Statement  or  related prospectus  or  related  information,  and  (iii)  of the  Company's  reasonable determination that a post-effective  amendment to a Registration Statement would be appropriate.

            f. The Company shall use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable  Securities for sale in any  jurisdiction  within the United  States of America  and, if such an order or  suspension  is  issued,  to obtain  the  withdrawal  of such  order or suspension  at the  earliest  possible  moment and to notify the Investor of the issuance  of such  order and the  resolution  thereof  or its  receipt of actual notice of the initiation or threat of any proceeding for such purpose.

            g. At the  reasonable  request of the  Investor,  the Company  shall furnish to the Investor,  on the date of the  effectiveness  of the Registration Statement  and  thereafter  from time to time on such dates as the  Investor may reasonably request (i) a letter, dated such date, from the Company's independent certified  public  accountants in form and substance as is customarily  given by independent  certified  public  accountants to  underwriters  in an underwritten public  offering,  and  (ii) an  opinion,  dated  as of such  date,  of  counsel representing the Company for purposes of such Registration  Statement,  in form, scope and substance as is customarily given in an underwritten  public offering, addressed to the Investor.

            h. The  Company  shall  make  available  for  inspection  by (i) the Investor  and (ii) one firm of  accountants  or  other  agents  retained  by the Investor  (collectively,  the  "INSPECTORS")  all pertinent  financial and other records,  and  pertinent  corporate  documents  and  properties  of the  Company (collectively,  the "RECORDS"),  as shall be reasonably deemed necessary by each Inspector,  and cause the Company's officers,  directors and employees to supply all information which any Inspector may reasonably request;  provided,  however, that each Inspector  shall agree,  and the Investor  hereby  agrees,  to hold in strict  confidence and shall not make any disclosure  (except to an Investor) or use of any Record or other  information  which the  Company  determines  in good faith to be  confidential,  and of which  determination  the  Inspectors  are so notified,  unless (a) the  disclosure  of such  Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under the 1933 Act, (b) the release of such Records is ordered pursuant to a final,  non-appealable subpoena or order from a court or government body of competent  jurisdiction,  or (c) the  information  in such Records has been made generally  available to the public other than by disclosure in violation of this or any other  agreement of which the Inspector  and the Investor has  knowledge. The Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or  governmental  body of competent  jurisdiction  or through other means, give prompt notice to the Company and allow the Company, at its expense,  to undertake  appropriate  action to prevent  disclosure of, or to obtain a protective order for, the Records deemed confidential.

            i. The Company shall hold in confidence  and not make any disclosure of  information  concerning  the  Investor  provided to the  Company  unless (i) disclosure  of such  information  is  necessary  to comply with federal or state securities  laws, (ii) the disclosure of such  information is necessary to avoid or correct a misstatement or omission in any Registration  Statement,  (iii) the

 
 
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release of such  information  is ordered  pursuant to a subpoena or other final, non-appealable   order  from  a  court  or   governmental   body  of   competent jurisdiction,  or (iv) such information has been made generally available to the public other than by  disclosure  in  violation  of this  Agreement or any other agreement.  The Company agrees that it shall,  upon learning that  disclosure of such  information  concerning  the  Investor  is  sought  in  or by a  court  or governmental body of competent  jurisdiction or through other means, give prompt written  notice  to the  Investor  and  allow the  Investor,  at the  Investor's expense, to undertake  appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

            j. The Company  shall use its best  efforts  either to cause all the Registrable  Securities covered by a Registration  Statement (i) to be listed on each securities  exchange on which securities of the same class or series issued by the Company  are then  listed,  if any,  if the  listing of such  Registrable Securities is then  permitted  under the rules of such exchange or to secure the inclusion for quotation on the National Association of Securities Dealers,  Inc. OTC Bulletin Board for such  Registrable  Securities.  The Company shall pay all fees and  expenses in  connection  with  satisfying  its  obligation  under this Section 3(j).

            k. The  Company  shall  cooperate  with the  Investor  to the extent applicable,  to facilitate the timely  preparation  and delivery of certificates (not bearing any restrictive legend) representing the Registrable  Securities to be offered pursuant to a Registration  Statement and enable such certificates to be in such  denominations  or amounts,  as the case may be, as the  Investor may reasonably request and registered in such names as the Investor may request.

            l. The Company  shall use its best efforts to cause the  Registrable Securities  covered by the  applicable  Registration  Statement to be registered with or approved by such other  governmental  agencies or  authorities as may be necessary to consummate the disposition of such Registrable Securities.

            m. The  Company  shall  make  generally  available  to its  security holders  as soon as  practical,  but not later than  ninety  (90) days after the close of the period covered  thereby,  an earnings  statement (in form complying with the  provisions  of Rule 158 under the 1933 Act)  covering  a  twelve-month period  beginning not later than the first day of the Company's  fiscal  quarter next following the effective date of the Registration Statement.

            n. The Company  shall  otherwise use its best efforts to comply with all  applicable  rules  and  regulations  of the  SEC  in  connection  with  any registration hereunder.

            o. Within two (2) business days after a Registration Statement which covers Registrable Securities is ordered effective by the SEC, the Company shall deliver,  and shall  cause legal  counsel  for the  Company to  deliver,  to the transfer  agent for such  Registrable  Securities  (with copies to the Investor) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as EXHIBIT A.

            p. The Company shall take all other reasonable  actions necessary to expedite and facilitate  disposition by the Investors of Registrable  Securities pursuant to a Registration Statement.

 
 
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         4. OBLIGATIONS OF THE INVESTOR.

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         The Investor  agrees that,  upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(f) or the first sentence of 3(e),  the Investor  will  immediately  discontinue  disposition  of Registrable  Securities pursuant to any Registration  Statement(s) covering such Registrable  Securities  until  the  Investor's  receipt  of the  copies  of the supplemented  or amended  prospectus  contemplated by Section 3(e) or receipt of notice that no supplement or amendment is required.  Notwithstanding anything to the contrary,  the Company shall cause its transfer agent to deliver  unlegended certificates  for shares of Common  Stock to a  transferee  of the  Investor  in accordance  with the terms of the Equity Line of Credit  Agreement in connection with any sale of Registrable  Securities  with respect to which the Investor has entered  into a contract  for sale prior to the  Investor's  receipt of a notice from the Company of the happening of any event of the kind  described in Section 3(f) or the  first  sentence  of 3(e) and for  which  the  Investor  has not yet settled.

         5. EXPENSES OF REGISTRATION.

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         All expenses  incurred in  connection  with  registrations,  filings or qualifications pursuant to Sections 2 and 3, including,  without limitation, all registration,  listing and qualifications fees,  printers,  legal and accounting fees shall be paid by the Company.

         6. INDEMNIFICATION.

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         With  respect  to  Registrable  Securities  which  are  included  in  a Registration Statement under this Agreement:

            a. To the fullest  extent  permitted by law, the Company  will,  and hereby does,  indemnify,  hold harmless and defend the Investor,  the directors, officers, partners, counsel, employees, agents,  representatives of, and each Person, if any, who  controls  the Investor  within the meaning of the 1933 Act or the 1934 Act (each,  an  "INDEMNIFIED  PERSON"),  against  any losses,  claims,  damages, liabilities,  judgments, fines, penalties, charges, costs, reasonable attorneys' fees,  amounts paid in settlement or expenses,  joint or several  (collectively, "CLAIMS") incurred in investigating,  preparing or defending any action,  claim, suit, inquiry,  proceeding,  investigation or appeal taken from the foregoing by or before any court or governmental,  administrative or other regulatory agency, body or the SEC,  whether  pending or threatened,  whether or not an indemnified party is or may be a party thereto ("INDEMNIFIED Damages"), to which any of them may become subject  insofar as such Claims (or actions or  proceedings,  whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any  untrue  statement  or alleged  untrue  statement  of a  material  fact in a Registration Statement or any post-effective  amendment thereto or in any filing made in connection with the  qualification  of the offering under the securities or other "blue sky" laws of any jurisdiction in which Registrable Securities are offered  ("BLUE SKY  FILING"),  or the  omission or alleged  omission to state a material fact required to be stated  therein or necessary to make the statements therein not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in any final  prospectus (as amended or  supplemented, if the Company files any amendment  thereof or supplement  thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein,  in light of the circumstances  under which the  statements  therein were made,  not  misleading;  or (iii) any violation or

 
 
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alleged  violation  by the Company of the 1933 Act, the 1934 Act, any other law, including,  without  limitation,  any  state  securities  law,  or any  rule  or regulation  there  under  relating  to the  offer  or  sale  of the  Registrable Securities  pursuant to a  Registration  Statement (the matters in the foregoing clauses (i) through (iii) being, collectively,  "VIOLATIONS"). The Company shall reimburse  the  Investor  and each  such  controlling  person  promptly  as such expenses  are  incurred  and  are  due  and  payable,  for  any  legal  fees  or disbursements or other reasonable  expenses  incurred by them in connection with investigating  or  defending  any such  Claim.  Notwithstanding  anything to the contrary  contained  herein,  the  indemnification  agreement  contained in this Section 6(a):  (x) shall not apply to a Claim by an  Indemnified  Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information  furnished in writing to the Company by such Indemnified Person expressly  for  use in  connection  with  the  preparation  of the  Registration Statement or any such amendment thereof or supplement thereto;  (y) shall not be available  to the extent  such Claim is based on a failure  of the  Investor  to deliver  or to  cause to be  delivered  the  prospectus  made  available  by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(e); and (z) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect  regardless of any  investigation  made by or on behalf of the Indemnified Person.

            b. In connection with a Registration Statement,  the Investor agrees to  indemnify,  hold  harmless  and  defend,  to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the  Registration  Statement and each Person,  if any, who  controls  the  Company  within the  meaning of the 1933 Act or the 1934 Act (each an "INDEMNIFIED PARTY"), against any Claim or Indemnified Damages to which any of them may become  subject,  under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or  Indemnified  Damages arise out of or is based upon any Violation,  in each  case to the  extent,  and  only to the  extent,  that  such Violation  occurs in reliance  upon and in conformity  with written  information furnished to the Company by the Investor  expressly for use in  connection  with such  Registration  Statement;  and,  subject to Section 6(d), the Investor will reimburse any legal or other expenses  reasonably incurred by them in connection with  investigating  or defending any such Claim;  provided,  however,  that the indemnity  agreement  contained  in this  Section  6(b) and the  agreement  with respect to  contribution  contained in Section 7 shall not apply to amounts paid in  settlement  of any Claim if such  settlement  is effected  without the prior written  consent  of the  Investor,  which  consent  shall  not be  unreasonably withheld;  provided,  further,  however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not  exceed  the  net  proceeds  to the  Investor  as a  result  of the  sale of Registrable Securities pursuant to such Registration  Statement.  Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified  Party.  Notwithstanding  anything to the contrary contained herein, the  indemnification  agreement contained in this Section 6(b) with respect to any prospectus shall not inure to the benefit of any Indemnified Party if the untrue  statement  or omission of material  fact  contained  in the prospectus  was corrected and such new  prospectus was delivered to the Investor prior to the Investor's use of the prospectus to which the Claim relates.

 
 
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            c. Promptly  after receipt by an  Indemnified  Person or Indemnified Party  under  this  Section  6 of notice of the  commencement  of any  action or proceeding  (including any governmental action or proceeding) involving a Claim, such  Indemnified  Person or  Indemnified  Party  shall,  if a Claim in  respect thereof is to be made  against  any  indemnifying  party  under this  Section 6, deliver to the indemnifying party a written notice of the commencement  thereof, and the  indemnifying  party shall have the right to participate in, and, to the extent the indemnifying  party so desires,  jointly with any other  indemnifying party similarly  noticed,  to assume control of the defense thereof with counsel mutually  satisfactory to the indemnifying  party and the Indemnified  Person or the  Indemnified  Party,  as  the  case  may  be;  provided,  however,  that  an Indemnified  Person or Indemnified  Party shall have the right to retain its own counsel  with the fees  and  expenses  of not  more  than one  counsel  for such Indemnified  Person or Indemnified  Party to be paid by the indemnifying  party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation  by such counsel of the Indemnified  Person or Indemnified  Party and the  indemnifying  party would be  inappropriate  due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party  represented  by such counsel in such  proceeding.  The  Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection  with any  negotiation  or defense of any such action or claim by the indemnifying  party and shall furnish to the indemnifying  party all information reasonably  available  to the  Indemnified  Party or  Indemnified  Person  which relates  to such  action  or  claim.  The  indemnifying  party  shall  keep  the Indemnified  Party or  Indemnified  Person fully apprised at all times as to the status of the defense or any settlement  negotiations  with respect thereto.  No indemnifying  party shall be liable for any  settlement of any action,  claim or proceeding effected without its prior written consent,  provided,  however, that the indemnifying party shall not unreasonably  withhold,  delay or condition its consent.  No indemnifying party shall,  without the prior written consent of the Indemnified  Party or  Indemnified  Person,  consent to entry of any judgment or enter into any  settlement  or other  compromise  which  does not  include as an unconditional  term  thereof  the giving by the  claimant or  plaintiff  to such Indemnified  Party or  Indemnified  Person of a release  from all  liability  in respect to such claim or litigation.  Following  indemnification as provided for hereunder,  the  indemnifying  party  shall be  subrogated  to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations  relating to the matter for which indemnification has been made. The  failure  to  deliver  written  notice to the  indemnifying  party  within a reasonable  time of the  commencement  of any such action shall not relieve such indemnifying  party of any liability to the  Indemnified  Person or  Indemnified Party under this Section 6, except to the extent that the indemnifying  party is prejudiced in its ability to defend such action.

            d. The  indemnification  required by this Section 6 shall be made by periodic  payments of the amount thereof during the course of the  investigation or defense, as and when bills are received or Indemnified Damages are incurred.

            e. The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the  indemnifying  party or others,  and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

 
 
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         7. CONTRIBUTION.

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         To  the  extent  any   indemnification  by  an  indemnifying  party  is prohibited or limited by law, the indemnifying  party agrees to make the maximum contribution  with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no seller of Registrable  Securities guilty of fraudulent  misrepresentation (within  the  meaning of Section  11(f) of the 1933 Act)  shall be  entitled  to contribution  from any seller of  Registrable  Securities  who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds  received by such seller from the sale of such Registrable Securities.

         8. REPORTS UNDER THE 1934 ACT.

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         With a view to making  available  to the  Investor the benefits of Rule 144 promulgated  under the 1933 Act or any similar rule or regulation of the SEC that may at any time permit the  Investors to sell  securities of the Company to the public without registration ("RULE 144") the Company agrees to:

            a. make and keep public  information  available,  as those terms are understood and defined in Rule 144;

            b.  file  with the SEC in a timely  manner  all  reports  and  other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company  remains  subject to such  requirements  (it being  understood  that nothing  herein shall limit the Company's  obligations  under Section 6.3 of the Equity  Line of  Credit  Agreement)  and the  filing of such  reports  and other documents is required for the applicable provisions of Rule 144; and

            c. furnish to the Investor so long as the Investor owns  Registrable Securities,  promptly upon request,  (i) a written statement by the Company that it has complied  with the reporting  requirements  of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent  annual or quarterly  report of the Company and such other reports and documents so filed by the Company,  and (iii) such other information as may be reasonably  requested to permit the Investor to sell such securities pursuant to Rule 144 without registration.

 
 
         9. AMENDMENT OF REGISTRATION RIGHTS.

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         Provisions of this Agreement may be amended and the observance  thereof may  be  waived  (either  generally  or  in a  particular  instance  and  either retroactively  or  prospectively),  only with the written consent of the Company and the  Investor.  Any  amendment or waiver  effected in  accordance  with this Section 9 shall be binding upon the Investor and the Company.  No  consideration shall be  offered  or paid to any  Person  to amend or  consent  to a waiver  or modification  of  any  provision  of any  of  this  Agreement  unless  the  same consideration also is offered to all of the parties to this Agreement.

 
 
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        10. MISCELLANEOUS.

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            a. A Person  is  deemed  to be a holder  of  Registrable  Securities whenever  such  Person  owns or is  deemed  to own of  record  such  Registrable Securities.  If  the  Company  receives  conflicting  instructions,  notices  or elections  from  two or  more  Persons  with  respect  to the  same  Registrable Securities,  the  Company  shall act upon the basis of  instructions,  notice or election received from the registered owner of such Registrable Securities.

            b. Any notices,  consents,  waivers or other communications required or  permitted to be given under the terms of this  Agreement  must be in writing and will be deemed to have been  delivered:  (i) upon  receipt,  when  delivered personally;  (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending  party);  or (iii) one  business  day after  deposit  with a  nationally recognized  overnight  delivery service,  in each case properly addressed to the party to  receive  the  same.  The  addresses  and  facsimile  numbers  for such communications shall be:

  	If to the Company, to: 	CYBERLUX CORPORATION
	 	50 Orange Road
	 	PO BOX 2010
	 	Pinehurst, NC 28370-2010
	 	Attention: Donald Evans
	 	Telephone:  (910) 235-0066 
	 	Facsimile:   (910) 235-0933 

 

  	With a copy to: 	John W. Ringo, Esq.  
	 	241 Lamplighter Lane
	 	Marietta, GA 30067
	 	Telephone:  (770) 952-1904 
	 	Facsimile:   (770) 952-0894 
	 	 
	 	 
	 	 
	If to the Investor, to:	Cornell Capital Partners, LP
	 	101 Hudson Street - Suite 3606
	 	Jersey City, NJ 07302
	 	Attention: Mark Angelo
	 	Portfolio Manager
	 	Telephone: (201) 985-8300
	 	Facsimile: (201) 985-8266
	 	 
	 	 
	 	 
	With copy to: 	Seth A. Farbman, P.C.
	 	Seth A. Farbman, Esq. 
	 	301 Eastwood Road
	 	Woodmere, New York 11598
	 	Telephone: 516-569-6089
	 	Facsimile: 516-569-6084

 
 
 
10

 
 
 
Any party may  change  its  address  by  providing  written  notice to the other parties  hereto at least five days prior to the  effectiveness  of such  change. Written  confirmation  of receipt  (A) given by the  recipient  of such  notice, consent,  waiver or other  communication,  (B)  mechanically  or  electronically generated by the sender's facsimile machine containing the time, date, recipient facsimile  number  and an image of the first  page of such  transmission  or (C) provided by a courier or overnight courier service shall be rebuttable  evidence of  personal  service,  receipt  by  facsimile  or  receipt  from  a  nationally recognized  overnight  delivery  service in accordance  with clause (i), (ii) or (iii) above, respectively.

            c.  Failure of any party to exercise  any right or remedy under this Agreement or otherwise,  or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

            d. The corporate laws of the State of Nevada shall govern all issues concerning  the  relative  rights of the  Company  and the  Investor.  All other questions concerning the construction,  validity, enforcement and interpretation of this  Agreement  shall be governed by the  internal  laws of the State of New Jersey,  without giving effect to any choice of law or conflict of law provision or rule  (whether  of the State of New  Jersey or any other  jurisdiction)  that would cause the application of the laws of any jurisdiction other than the State of New  Jersey.  Each party  hereby  irrevocably  submits  to the  non-exclusive jurisdiction  of the  Superior  Courts of the State of New  Jersey,  sitting  in Hudson County, New Jersey and the Federal District Court for the District of New Jersey  sitting in Newark,  New  Jersey,  for the  adjudication  of any  dispute hereunder or in connection herewith or with any transaction  contemplated hereby or discussed herein, and hereby irrevocably  waives, and agrees not to assert in any suit, action or proceeding,  any claim that it is not personally  subject to the  jurisdiction  of any such court,  that such suit,  action or  proceeding is brought  in an  inconvenient  forum or that the  venue of such  suit,  action or proceeding is improper. Each party hereby irrevocably waives personal service of process  and  consents  to  process  being  served in any such  suit,  action or proceeding  by  mailing a copy  thereof to such  party at the  address  for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient  service of process and notice  thereof.  Nothing  contained herein  shall be deemed to limit in any way any  right to serve  process  in any manner  permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction  or the  validity  or  enforceability  of  any  provision  of  this Agreement in any other  jurisdiction.  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  HEREWITH  OR ARISING  OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

            e. This  Agreement,  the  Equity  Line of Credit  Agreement  and the Escrow  Agreement  constitute the entire agreement among the parties hereto with respect to the subject  matter  hereof and thereof.  There are no  restrictions,

 
 
11

 
 
 
promises, warranties or undertakings,  other than those set forth or referred to herein and therein. This Agreement,  the Equity Line of Credit Agreement and the Escrow  Agreement  supersede all prior agreements and  understandings  among the parties hereto with respect to the subject matter hereof and thereof.

            f. This Agreement  shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.

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

            h. This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall  constitute one and the same agreement.  This Agreement,  once executed by a party,  may be delivered to the other party hereto by  facsimile  transmission  of a copy of this  Agreement bearing the signature of the party so delivering this Agreement.

            i.  Each  party  shall  do and  perform,  or  cause  to be done  and performed,  all such further acts and things,  and shall execute and deliver all such other  agreements,  certificates,  instruments and documents,  as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

            j. The  language  used in this  Agreement  will be  deemed to be the language  chosen by the parties to express  their mutual  intent and no rules of strict construction will be applied against any party.

            k. This  Agreement is intended for the benefit of the parties hereto and  their  respective  permitted  successors  and  assigns,  and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 
 
 
                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 
 
 
 
 
 

 
12

 

 
 
         IN WITNESS WHEREOF,  the parties have caused this  Registration  Rights Agreement to be duly executed as of day and year first above written.

 
 
                               

  	 	 COMPANY:
	 	CYBERLUX CORPORATION
	 	 
	 	By:  /s/ Donald Evans
	 	----------------------------
	 	Name: Donald Evans
	 	Title: CEO
	 	 
	 	 
	 	INVESTOR:
	 	CORNELL CAPITAL PARTNERS, LP
	 	 
	 	By: Yorkville Advisors, LLC
	 	Its: General Partner
	 	 
	 	By: /s/ Mark Angelo
	 	----------------------------
	 	Name: Mark Angelo
	 	Title: Portfolio Manager

 
 
 
 
 
 

 
13

 
                                                                      EXHIBIT A

 
 
 
FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT
 
 
 
[TRANSFER AGENT]

ATTN:_____________________________
 
 

Re: CYBERLUX CORPORATION

---------------------------
 
Ladies and Gentlemen:
 

         We are counsel to Cyberlux Corporation, a Nevada corporation (the "COMPANY"),  and have  represented  the Company in connection  with that certain Equity Line of Credit Agreement (the "EQUITY LINE OF CREDIT AGREEMENT")  entered into  by  and  between  the  Company  and  Cornell  Capital  Partners,  LP  (the "INVESTOR")  pursuant to which the Company issued to the Investor  shares of its Common Stock, par value $0.001 per share (the "COMMON STOCK").  Pursuant to the Equity  Line  of  Credit  Agreement,   the  Company  also  has  entered  into  a Registration  Rights  Agreement  with the  Investor  (the  "REGISTRATION  RIGHTS AGREEMENT")  pursuant  to which the  Company  agreed,  among  other  things,  to register  the  Registrable  Securities  (as defined in the  Registration  Rights Agreement)  under the  Securities  Act of 1933, as amended (the "1933 ACT").  In connection  with  the  Company's   obligations  under  the  Registration  Rights Agreement,  on ____________ ____, the Company filed a Registration  Statement on Form ________ (File No.  333-_____________) (the "REGISTRATION  STATEMENT") with the Securities and Exchange  Commission  (the "SEC") relating to the Registrable Securities which names the Investor as a selling stockholder thereunder.

         In connection  with the  foregoing,  we advise you that a member of the SEC's  staff has  advised  us by  telephone  that the SEC has  entered  an order declaring the Registration Statement effective under the 1933 Act at [ENTER TIME OF  EFFECTIVENESS]  on [ENTER DATE OF  EFFECTIVENESS]  and we have no knowledge, after  telephonic  inquiry of a member of the SEC's  staff,  that any stop order suspending its  effectiveness  has been issued or that any  proceedings for that purpose  are  pending  before,  or  threatened  by, the SEC and the  Registrable Securities  are  available  for  resale  under  the  1933  Act  pursuant  to the Registration Statement.

 
                                 Very truly yours,

 
                                 [ISSUER'S COUNSEL]

 
 
                                 By: ____________________________________

 
 
cc:      CORNELL CAPITAL PARTNERS, LP

 
 
 
14Exhibit 10.8

EXHIBIT 10.8

  ESCROW AGREEMENT

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

        THIS ESCROW  AGREEMENT  (this  "AGREEMENT") is made and entered into as of March 15, 2003, by CYBERLUX  CORPORATION,  a Nevada  corporation  (the "COMPANY");  CORNELL CAPITAL PARTNERS,  LP, a Delaware limited  partnership (the "INVESTOR");  BUTLER GONZALEZ LLP (the  "INVESTOR'S  COUNSEL");  and FIRST UNION NATIONAL BANK, a national  banking  association,  as Escrow Agent hereunder (the "ESCROW AGENT").
   
 BACKGROUND

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

        WHEREAS,  the Company and the Investor have entered into an Equity Line of Credit  Agreement (the "EQUITY LINE OF CREDIT  AGREEMENT")  dated as of the date hereof, pursuant to which the Investor will purchase the Company's Common Stock, par value $0.001 per share (the "COMMON STOCK"),  at a price per share equal to the  Purchase  Price,  as that  term is  defined  in the  Equity  Line of Credit Agreement,  for an  aggregate  price of up to  $10,000,000.  The Equity  Line of Credit Agreement  provides that on each Advance Date the Investor,  as that term is defined in the Equity  Line of Credit  Agreement,  shall  deposit the Advance pursuant  to the Advance  Notice in a  segregated  escrow  account to be held by Escrow Agent and the Company shall deposit shares of the Company's Common Stock, which  shall be  purchased  by the  Investor  as set forth in the Equity Line of Credit  Agreement,  with  the  Investor's  Counsel,  in order  to  effectuate  a disbursement  to  the  Company  of  the  Advance  by  the  Escrow  Agent  and  a disbursement  to the  Investor of the shares of the  Company's  Common  Stock by Investor's  Counsel at a closing  to be held as set forth in the Equity  Line of Credit Agreement (the "CLOSING").
   
      WHEREAS,  Escrow Agent has agreed to accept,  hold, and disburse the funds deposited with it in accordance with the terms of this Agreement.

        WHEREAS,  Investor's Counsel has agreed to accept,  hold, and disburse the shares of the  Company's  Common  Stock  which  have been  deposited  with it in accordance with the terms of this Agreement.

        WHEREAS,  in order to  establish  the escrow of funds and shares to effect the provisions of the Equity Line of Credit  Agreement,  the parties hereto have entered into this Agreement.

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

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

            a. "ESCROW  FUNDS"  shall mean the Advance  funds  deposited  with the Escrow Agent pursuant to this Agreement.

  

   
 
          b. "JOINT WRITTEN  DIRECTION" shall mean a written direction  executed by the  Investor  and the Company  directing  Escrow  Agent to disburse all or a portion  of the  Escrow  Funds or to take or  refrain  from  taking  any  action pursuant to this Agreement.
   
          c. "COMMON  STOCK  JOINT  WRITTEN  DIRECTION"  shall  mean  a  written direction executed by the Investor and the Company directing  Investor's Counsel to disburse all or a portion of the shares of the  Company's  Common Stock or to refrain from taking any action pursuant to this Agreement.

        2.  APPOINTMENT OF AND ACCEPTANCE BY ESCROW AGENT AND INVESTOR'S COUNSEL.

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

            a. The Investor and the Company  hereby  appoint Escrow Agent to serve as Escrow Agent  hereunder.  Escrow Agent hereby accepts such  appointment  and, upon receipt by wire transfer of the Escrow Funds in  accordance  with Section 3 below,  agrees to hold,  invest and disburse the Escrow Funds in accordance with this Agreement.
   
          b. The Investor and the Company hereby appoint  Investor's  Counsel to serve as the holder of the shares of the  Company's  Common Stock which shall be purchased by the Investor.  Investor's  Counsel hereby accepts such  appointment and, upon receipt via D.W.A.C or the certificates  representing of the shares of the Company's  Common Stock in accordance  with Section 3 below,  agrees to hold and disburse the shares of the Company's  Common Stock in  accordance  with this Agreement.

        3.  CREATION OF ESCROW ACCOUNT/COMMON STOCK ACCOUNT.

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

            a. On or prior to the date of this  Agreement  the Escrow  Agent shall establish  an escrow  account  for the deposit of the Escrow  Funds  entitled as follows: Cyberlux Corporation/Cornell  Capital Partners,  LP The Investor will wire funds to the account of the Escrow Agent as follows:

  BANK:                                                     First Union National Bank of New Jersey

  ROUTING #:                                           031201467

  ACCOUNT #:                                         2020000659170

  NAME ON ACCOUNT:                        Butler Gonzalez LLP/First Union as  Escrow Agent

  NAME ON SUB-ACCOUNT:               Cyberlux Corporation/Cornell  Capital Partners, LP Escrow account

  REFERENCE SUB-ACCOUNT #:        1672-02

  ATTN:                                                     Robert Mercado (732) 452-3005

                                                                    Carmela Agugliaro (732) 452-3005

  NOTE:                                                      Only wire transfers shall be accepted.

   
 
 2

  

  

 
          b. On or prior to the date of this Agreement  Investor's Counsel shall establish an account for the D.W.A.C. of the shares of Common Stock. The Company will D.W.A.C.  shares of the Company's Common Stock to the account of Investor's Counsel as follows:

  
  BROKERAGE FIRM:                  Investec Ernst & Co.

  ACCOUNT #:                              400-07595

  DTC #:                                          0233

  NAME ON ACCOUNT:            Butler Gonzalez LLP Escrow Account

        4.  DEPOSITS INTO THE ESCROW ACCOUNT.  The  Investor  agrees that it shall promptly  deliver all monies for the payment of the Common Stock to the Escrow Agent for deposit in the Escrow Account.

        5.  DISBURSEMENTS FROM THE ESCROW ACCOUNT.

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

            a.  At  such  time  as  Escrow  Agent  has   collected  and  deposited instruments  of payment in the total  amount of the Advance  and the  Investor's Counsel has received such Common Stock via D.W.A.C from the Company which are to be issued to the  Investor  pursuant  to the  Equity  Line of Credit  Agreement, Investor's  Counsel shall notify the Company and the Investor.  The Escrow Agent will  continue to hold such funds  until the  Investor  and Company  execute and deliver a Joint  Written  Direction  directing  the Escrow Agent to disburse the Escrow Funds pursuant to Joint Written  Direction at which time the Escrow Agent shall wire the Escrow Funds to the Company.  In  disbursing  such funds,  Escrow Agent is authorized to rely upon such Joint Written  Direction  from Company and may accept any signatory  from the Company  listed on the signature page to this Agreement and any  signature  from the Investor that Escrow Agent already has on file.  Simultaneous with delivery of the executed Joint Written Direction to the Escrow Agent the Investor and Company  shall  execute and deliver a Common Stock Joint Written Direction to Investor's  Counsel directing  Investor's  Counsel to release via D.W.A.C to the Investor the shares of the Company's Common Stock. In releasing such shares of Common Stock  Investor's  Counsel is authorized to rely upon such Common Stock Joint Written  Direction  from Company and may accept any signatory  from the Company  listed on the signature  page to this Agreement and any signature from the Investor Investor's Counsel has on file.

        In the event the Escrow  Agent does not  receive the amount of the Advance from the  Investor,  the Escrow Agent shall notify the Company and the Investor. In the event  Investor's  Counsel does not receive the shares of Common Stock to be purchased by the Investor Investor's Counsel shall notify the Company and the Investor.

        In the event that the Escrow  Agent is advised by the  Investor's  Counsel that the Common Stock has not been received  from the Company,  in no event will the Escrow  Funds be released to the Company  until such shares are  received by the Investor's Counsel.  For purposes of this Agreement,  the term "Common Stock certificates"  shall mean Common Stock  certificates to be purchased pursuant to the respective Advance Notice pursuant to the Equity Line of Credit Agreement.

   
 
3

  

  

 
      6.  COLLECTION PROCEDURE.  The Escrow Agent is hereby authorized to forward each wire for  collection  and,  upon  collection  of the  proceeds of each wire deposit the collected proceeds in the Escrow Account.

        Any wires  returned  unpaid to the Escrow  Agent  shall be returned to the Investor.  In such cases,  the Escrow Agent will promptly  notify the Company of such return.

        7.  SUSPENSION OF PERFORMANCE: DISBURSEMENT INTO COURT.

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

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

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

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

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

             b. INVESTOR'S  COUNSEL. If at any time, there shall exist any dispute between the Company and the Investor with respect to holding or  disposition  of any portion of the shares of Common Stock or any other obligations of Investor's Counsel hereunder,  or if at any time Investor's Counsel is unable to determine, to Investor's Counsel's sole satisfaction, the proper disposition of any portion of the  shares of Common  Stock or  Investor's  Counsel's  proper  actions  with respect to its obligations  hereunder,  then Investor's Counsel may, in its sole discretion, take either or both of the following actions:

   
 
4

   
 

 
             i. suspend the  performance  of any of its  obligations  (including without  limitation any  disbursement  obligations)  under this Escrow Agreement until such dispute or uncertainty  shall be resolved to the sole satisfaction of Investor's Counsel or until a successor shall be appointed (as the case may be); and/or

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

               iii. Investor's Counsel shall have no liability to the Company, the Investor,  or any person with respect to any such  suspension of  performance or disbursement  into  court,  specifically  including  any  liability  or  claimed liability that may arise, or be alleged to have arisen, out of or as a result of any delay in the release of shares of the Company's Common Stock or any delay in with respect to any other action required or requested of Investor's Counsel.

        8.  INVESTMENT OF ESCROW FUNDS.  The Escrow Agent shall deposit the Escrow Funds in a non-interest bearing money market account.

        If Escrow  Agent has not  received a Joint  Written  Direction at any time that an investment  decision must be made,  Escrow Agent shall invest the Escrow Fund, or such portion thereof,  as to which no Joint Written  Direction has been received,  in investments  described above. The foregoing  investments  shall be made by the Escrow Agent.  Notwithstanding  anything to the contrary  contained, Escrow Agent may,  without  notice to the parties,  sell or liquidate any of the foregoing  investments at any time if the proceeds  thereof are required for any release of funds permitted or required hereunder,  and Escrow Agent shall not be liable or responsible for any loss, cost or penalty resulting from any such sale or liquidation.

        9.  RESIGNATION AND REMOVAL OF ESCROW AGENT. 
  Escrow Agent may resign from the performance of its duties  hereunder at any time by giving thirty (30) days' prior written notice to the parties or may be removed, with or without cause, by the parties,  acting jointly,  by furnishing a Joint Written Direction to Escrow Agent,  at any time by the  giving of ten (10)  days'  prior  written  notice to Escrow Agent as provided  herein below.  Upon any such notice of  resignation or removal,  the  representatives  of the  Investor and the Company  identified  in Sections 15a.(iv) and 15b.(iv),  below, jointly shall appoint a successor Escrow Agent  hereunder,  which  shall be a  commercial  bank,  trust  company or other financial  institution  with  a  combined  capital  and  surplus  in  excess  of $10,000,000.00.  Upon the  acceptance  in writing of any  appointment  of Escrow Agent hereunder by a successor  Escrow Agent,  such successor Escrow Agent shall thereupon succeed to and become vested with all the rights,  powers,  privileges and duties of the retiring Escrow Agent,  and the retiring Escrow Agent shall be discharged  from its duties and  obligations  under this Escrow  Agreement,  but shall not be  discharged  from any  liability  for actions taken as Escrow Agent hereunder  prior  to  such   succession.   After  any  retiring  Escrow  Agent's
   
 
 

5

  

  

 
 
resignation or removal,  the provisions of this Escrow  Agreement shall inure to its  benefit as to any  actions  taken or omitted to be taken by it while it was Escrow  Agent under this  Escrow  Agreement.  The  retiring  Escrow  Agent shall transmit all records pertaining to the Escrow Funds and shall pay all funds held by it in the Escrow Funds to the successor Escrow Agent,  after making copies of such records as the retiring  Escrow Agent deems  advisable and after  deduction and payment to the retiring  Escrow  Agent of all fees and  expenses  (including court costs and  attorneys'  fees)  payable to,  incurred  by, or expected to be incurred by the retiring  Escrow Agent in connection with the performance of its duties and the exercise of its rights hereunder.

        10. LIABILITY OF ESCROW AGENT.

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

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

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

   
 
 6

  

  

 
      11. LIABILITY OF INVESTOR'S COUNSEL.

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

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

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

        12. INDEMNIFICATION OF ESCROW AGENT.  From and at all times after the date of this  Agreement,  the parties  jointly and severally,  shall,  to the fullest extent  permitted by law and to the extent provided  herein,  indemnify and hold harmless Escrow Agent and each director, officer, employee,  attorney, agent and affiliate of Escrow Agent (collectively,  the "INDEMNIFIED PARTIES") against any and all actions,  claims (whether or not valid), losses,  damages,  liabilities, costs  and  expenses  of  any  kind  or  nature  whatsoever  (including  without limitation  reasonable  attorney's  fees,  costs and  expenses)  incurred  by or asserted against any of the Indemnified  Parties from and after the date hereof,
   
 
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whether direct, indirect or consequential,  as a result of or arising from or in any way relating to any claim,  demand,  suit, action, or proceeding  (including any inquiry or  investigation) by any person,  including without  limitation the parties to this Agreement,  whether  threatened or initiated,  asserting a claim for any legal or  equitable  remedy  against  any  person  under any  statute or regulation, including, but not limited to, any federal or state securities laws, or under any common law or  equitable  cause or  otherwise,  arising  from or in connection with the negotiation,  preparation, execution, performance or failure of performance of this Agreement or any transaction contemplated herein, whether or not any such  Indemnified  Party is a party to any such action or proceeding, suit or the target of any such inquiry or investigation; provided, however, that no  Indemnified  Party  shall  have the right to be  indemnified  hereunder  for liability finally determined by a court of competent jurisdiction, subject to no further  appeal,  to have resulted  solely from the gross  negligence or willful misconduct  of such  Indemnified  Party.  If any such  action or claim  shall be brought or asserted against any Indemnified  Party, such Indemnified Party shall promptly notify the Company and the Investor  hereunder in writing,  and the and the Company  shall  assume the defense  thereof,  including  the  employment  of counsel and the payment of all expenses.  Such  Indemnified  Party shall, in its sole discretion,  have the right to employ separate counsel (who may be selected by such  Indemnified  Party in its sole  discretion)  in any such  action and to participate and to participate in the defense thereof, and the fees and expenses of such  counsel  shall  be paid by such  Indemnified  Party,  except  that  the Investor  and/or the  Company  shall be required to pay such fees and expense if (a) the Investor or the Company agree to pay such fees and expenses,  or (b) the Investor  and/or the Company  shall fail to assume the defense of such action or proceeding or shall fail, in the sole discretion of such  Indemnified  Party, to employ counsel  reasonably  satisfactory  to the  Indemnified  Party in any such action or proceeding,  (c) the Investor and the Company are the plaintiff in any such  action or  proceeding  or (d) the named or  potential  parties to any such action or proceeding  (including any potentially impleaded parties) include both Indemnified  Party the Company and/or the Investor and  Indemnified  Party shall have been  advised  by  counsel  that  there may be one or more  legal  defenses available to it which are different from or additional to those available to the Company or the  Investor.  The  Investor  and the  Company  shall be jointly and severally  liable to pay fees and expenses of counsel  pursuant to the preceding sentence, except that any obligation to pay under clause (a) shall apply only to the party so agreeing.  All such fees and expenses payable by the Company and/or the Investor pursuant to the foregoing  sentence shall be paid from time to time as incurred,  both in advance of and after the final  disposition of such action or claim.  The  obligations  of the parties under this section shall survive any termination of this  Agreement,  and  resignation or removal of the Escrow Agent shall be independent of any obligation of Escrow Agent.

        13. INDEMNIFICATION OF INVESTOR'S COUNSEL. From and at all times after the date of this Agreement, the parties jointly and severally, shall, to the fullest extent  permitted by law and to the extent provided  herein,  indemnify and hold harmless  Investor's  Counsel and each  partner,  director,  officer,  employee, attorney,   agent  and  affiliate  of  Investor's  Counsel  (collectively,   the "INDEMNIFIED  PARTIES")  against  any and all  actions,  claims  (whether or not valid), losses, damages,  liabilities,  costs and expenses of any kind or nature whatsoever  (including without limitation  reasonable attorney's fees, costs and expenses)  incurred by or asserted  against any of the Indemnified  Parties from and after the date  hereof,  whether  direct,  indirect or  consequential,  as a result of or arising  from or in any way  relating to any claim,  demand,  suit, action,  or proceeding  (including any inquiry or  investigation) by any person, including without  limitation the parties to this Agreement,  whether threatened
   
 
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or initiated,  asserting a claim for any legal or equitable  remedy  against any person  under any  statute or  regulation,  including,  but not  limited to, any federal or state  securities laws, or under any common law or equitable cause or otherwise,  arising from or in  connection  with the  negotiation,  preparation, execution,  performance  or  failure of  performance  of this  Agreement  or any transaction  contemplated herein, whether or not any such Indemnified Party is a party to any such action or  proceeding,  suit or the target of any such inquiry or investigation;  provided,  however,  that no Indemnified Party shall have the right to be indemnified hereunder for liability finally determined by a court of competent  jurisdiction,  subject to no further appeal,  to have resulted solely from the gross negligence or willful  misconduct of such  Indemnified  Party. If any such action or claim shall be brought or  asserted  against any  Indemnified Party, such Indemnified Party shall promptly notify the Company and the Investor hereunder in writing,  and the Investor and the Company shall assume the defense thereof,  including  the  employment of counsel and the payment of all expenses. Such Indemnified  Party shall, in its sole discretion,  have the right to employ separate  counsel  (who may be  selected by such  Indemnified  Party in its sole discretion)  in any such action and to  participate  and to  participate  in the defense thereof, and the fees and expenses of such counsel shall be paid by such Indemnified Party, except that the Investor and/or the Company shall be required to pay such fees and expense if (a) the  Investor  or the  Company  agree to pay such fees and  expenses,  or (b) the Investor  and/or the Company  shall fail to assume the  defense of such  action or  proceeding  or shall  fail,  in the sole discretion of such Indemnified Party, to employ counsel reasonably  satisfactory to the Indemnified Party in any such action or proceeding,  (c) the Investor and the Company are the  plaintiff in any such action or proceeding or (d) the named or potential parties to any such action or proceeding (including any potentially impleaded  parties)  include  both  Indemnified  Party the  Company  and/or  the Investor and the Indemnified Party shall have been advised by counsel that there may be one or more legal  defenses  available to it which are different  from or additional to those  available to the Company or the Investor.  The Investor and the Company  shall be jointly and  severally  liable to pay fees and expenses of counsel  pursuant to the preceding  sentence,  except that any obligation to pay under  clause (a) shall apply only to the party so  agreeing.  All such fees and expenses  payable by the Company  and/or the Investor  pursuant to the foregoing sentence  shall be paid from time to time as  incurred,  both in  advance of and after the final  disposition  of such action or claim.  The  obligations  of the parties under this section shall survive any termination of this Agreement.

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

        15. WARRANTIES.

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

            a. The Investor makes the following  representations and warranties to the Escrow Agent and Investor's Counsel:

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

               ii. This  Agreement has been duly approved by all necessary  action of the Investor,  including any necessary approval of the limited partner of the Investor,  has been  executed  by duly  authorized  officers  of the  Investor's general partner, enforceable in accordance with its terms.

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

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

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

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

            b. The Company makes the following  representations  and warranties to Escrow Agent, the Investor and Investor's Counsel:

               i. The Company is a corporation duly organized,  validly  existing, and in good standing  under the laws of the State of Nevada,  and has full power and  authority  to  execute  and  deliver  this  Agreement  and to  perform  its obligations hereunder.

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

               iii. The  execution,  delivery,  and  performance by the Company of this Escrow  Agreement is in accordance with the Equity Line of Credit Agreement and will not violate, conflict with, or cause a default under the certificate of incorporation  or bylaws of the Company,  any applicable law or regulation,  any court order or  administrative  ruling or decree to which the Company is a party or any of its property is subject,  or any agreement,  contract,  indenture,  or other binding arrangement.

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

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

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

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

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

   

	If to Investor, to: 	Cornell Capital Partners, LP
	 	101 Hudson Street - Suite 3606
	 	Jersey City, New Jersey  07302
	 	Attention: Mark Angelo
	 	Facsimile: (201) 985-8266
	 	   
	With copy to: 	Butler Gonzalez LLP
	 	1000 Stuyvesant Avenue - Suite 6
	 	Union, New Jersey 07083
	 	Attention: David Gonzalez, Esq.
	 	Facsimile: (908) 810-0973

 
 
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	If to Company, to:	CYBERLUX CORPORATION
	 	50 Orange Road
	 	PO BOX 2010
	 	Pinehurst, NC 28370-2010
	 	Attention: Donald Evans
	 	Telephone:  (910) 235-0066
  
	 	Facsimile:   (910) 235-0933
  
	 	                           
  
	With a copy to:
  	John Ringo, Esq.
  
	 	241 Lamplighter Lane
	 	Marietta, GA 30067
	 	Telephone:  (770) 952-1904
  
	 	Facsimile:   (770) 952-0894
  
	 	 
	With a copy to: 	Seth A. Farbman, P.C.
	 	Seth A. Farbman, Esq.
  
	 	301 Eastwood Road
	 	Woodmere, New York 11598
	 	Telephone: 516-569-6089
	 	Facsimile: 516-569-6084
	 	 
	If to the Escrow Agent, to:	First Union National Bank,
	 	407 Main Street
	 	Metuchen, New Jersey 08840
	 	Attention: Robert Mercado
	 	                    CarmelaAgugliaro
	 	Facsimile: (732) 548-5973

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

        18. AMENDMENTS  OR  WAIVER.  This  Agreement  may   be  changed,   waived, discharged or terminated  only by a writing  signed by the parties of the Escrow Agent.  No delay or omission by any party in  exercising  any right with respect hereto  shall  operate  as  waiver.  A waiver on any one  occasion  shall not be construed as a bar to, or waiver of, any right or remedy on any future occasion.
   
      19.  SEVERABILITY. 
To the  extent  any  provision  of this  Agreement  is prohibited  by  or  invalid  under  applicable  law,  such  provision  shall  be ineffective  to  the  extent  of  such  prohibition,   or  invalidity,   without invalidating the remainder of such provision or the remaining provisions of this Agreement.

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

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

   
 
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      22. BINDING EFFECT. 
All of the terms of this  Agreement,  as amended from time to time,  shall be binding upon, inure to the benefit of and be enforceable by the respective heirs, successors and assigns of the Investor, the Company, or the Escrow Agent.

        23.  EXECUTION  OF  COUNTERPARTS.  This  Agreement  and any Joint  Written Direction  may be  executed  in  counter  parts,  which when so  executed  shall constitute one and same agreement or direction.

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

   
 
 

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

   

	CYBERLUX CORPORATION
	  
	By: /S/ Donald Evans 
	----------------------------
	Name: Donald Evans
	Title: CEO
	  
	  
	FIRST UNION NATIONAL BANK
	  
	By: /s/ Robert Mercado 
	----------------------------
	Name: Robert Mercado
	Title: As the Escrow Agent
	  
	  
	CORNELL CAPITAL PARTNERS, LP
	  
	By:  Yorkville Advisors, LLC
	Its: General Partner
	  
	By:  /s/ Mark A. Angelo
	----------------------------
	Name: Mark A. Angelo
	Title: Portfolio Manager
	  
	  
	BUTLER GONZALEZ LLP
	  
	By:  /s/ David Gonzalez
	----------------------------
	Name: David Gonzalez, Esq.
	Title: Partner

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