Document:

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                                                                   EXHIBIT 10.3

                         AMENDED AND RESTATED AGREEMENT

                  This Amended and Restated Agreement dated July   , 2000 is
made by and among Steven C. Amendola ("Amendola"), GP Strategies Corporation, a
Delaware corporation ("GP Strategies"), and Millennium Cell Inc., a Delaware
corporation (f/k/a Millennium Cell LLC and hereinafter the "Company").

                  WHEREAS, Amendola and GP Strategies, f/k/a National Patent
Development Corporation, entered into a License Agreement dated July 31, 1997
(the "License Agreement") pursuant to which, inter alia, Amendola granted GP
Strategies an exclusive worldwide license to use and develop the invention
relating to United States Letters Patent No. 5,804,329 (f/k/a U.S. Application
Serial No. 08/579,781) including any improvements or modifications thereto
(hereinafter "Covered Technology");

                  WHEREAS, GP Strategies and the Company, with the consent of
Amendola, entered into an agreement dated December 17, 1998 styled "Assignment
and Assumption of License Agreement," whereby the Company acquired all rights
and obligations of GP Strategies relating to the License Agreement in
consideration for certain royalty payments;

                  WHEREAS, Amendola, GP Strategies and the Company entered into
an agreement dated May 24, 2000, (the "License Termination Agreement") pursuant
to which the License Agreement was terminated and the Covered Technology was
acquired by the Company; and

                  WHEREAS, Amendola, GP Strategies and the Company wish to amend
and restate the License Termination Agreement.

                  NOW, THEREFORE, in consideration of the foregoing premises and
for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:

                                      -1-
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                  1. License Agreement

                  Amendola and the Company hereby agree that, as May 24, 2000,
the License Agreement is hereby terminated. Amendola agrees to execute as of May
24, 2000 the Assignment, attached hereto as Appendix A, whereby all right, title
and interest in and to "Covered Technology" is and is hereby assigned from
Amendola to the Company, including the right to sue for any past infringement of
said "Covered Technology." In consideration for the foregoing Assignment, the
Company agrees to issue 206,897 shares of the Company's Common Stock, par value
$.001 per share Company ("Shares") to Amendola; and Amendola agrees that the
Company is fully, forever, irrevocably and unconditionally discharged and
released from all past, present and future claims, obligations, duties,
promises, agreements and liabilities to make royalty payments of any kind
relating to "Covered Technology."

                  2. Assignment and Assumption of License Agreement

                  GP Strategies and the Company hereby agree that the Assignment
and Assumption of License Agreement is terminated concurrently with the
termination of the License Agreement. In consideration for terminating the
Assignment and Assumption of License Agreement, the Company agrees to issue to
GP Strategies 250,000 options in the Company ("Options")  with an exercise price
equal to the price of the common stock of the Company at its initial public
offering. GP Strategies agrees that the Company is fully, forever, irrevocably
and unconditionally discharged and released from all past, present and future
claims, obligations, duties, promises, agreements and liabilities to make
royalty payments of any kind relating to the Assignment and Assumption
Agreement.

                                      -2-
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                  3. Representations by and Covenants of Amendola and GP
Strategies

                  (a) Each of Amendola and GP Strategies acknowledges that the
Company is a private corporation which intends to file a registration statement
(the "Registration Statement") for its initial public offering on Form S-1 with
the Securities and Exchange Commission ("SEC") pursuant to the registration
requirements of the Securities Act of 1933, as amended (the "Act").

                  (b) Each of Amendola and GP Strategies recognizes that the
acceptance of the Shares and the Options (collectively, the "Securities")
involves a high degree of risk in that (i) the Company will need additional
capital but has no assurance of additional necessary capital; (ii) an investment
in the Company is highly speculative and only investors who can afford the loss
of their entire investment should consider investing in the Company and the
Securities; (iii) an investor may not be able to liquidate his investment; (iv)
transferability of the Securities is extremely limited; and (v) an investor
could sustain the loss of his entire investment, as well as other risks, as more
fully set forth herein and in the Offering Documents (as hereinafter defined).

                  (c) Each of Amendola and GP Strategies represents that he or
it is able to bear the economic risk of an investment in the Securities and can
afford the loss of his or its entire investment.

                  (d) Each of Amendola and GP Strategies acknowledges that he or
it has prior investment experience, including investments in non-listed and
non-registered securities, or he or it has employed the services of an
investment advisor, attorney or accountant to read all of the documents
furnished or made available by the Company both to him and to all other
prospective investors in the Securities and to evaluate the merits and risks of
such an

                                      -3-
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investment on his or its behalf, and that he or it recognizes the highly
speculative nature of this investment.

                  (e) Each of Amendola and GP Strategies acknowledges receipt
and careful review of a draft of the Registration Statement (draft dated April
7, 2000) and the attachments thereto (the "Offering Documents") and hereby
represents that he or it has been furnished by the Company during the course of
this transaction with all information regarding the Company which he or it had
requested or desired to know; that all documents which could be reasonably
provided have been made available for his or its inspection and review; that he
or it has been afforded the opportunity to ask questions of and receive answers
from duly authorized officers or other representatives of the Company concerning
the terms and conditions of the Offering, and any additional information which
he or it had requested.

                  (f) Each of Amendola and GP Strategies acknowledges that the
offering of the Securities respectively contemplated hereby may involve tax
consequences, and that the contents of the Offering Documents do not contain tax
advice or information. Each of Amendola and GP Strategies acknowledges that he
or it must retain his or its own professional advisors to evaluate the tax and
other consequences of an investment in the Securities, respectively.

                 (g) Each of Amendola and GP Strategies acknowledges that the
offering of the Securities respectively contemplated hereby has not been
reviewed by the SEC because of the Company's representations that this is
intended to be a nonpublic offering pursuant to Section 4(2) of the Act. Each of
Amendola and GP Strategies represents that the Securities respectively to be
acquired by him or it pursuant hereto are being acquired for his or its own
account, for investment and not for distribution or resale to others. Each of
Amendola and GP Strategies agrees that he or it will

                                      -4-
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not sell or otherwise transfer such securities unless they are registered under
the Act or unless an exemption from such registration is available.

                  (h) Each of Amendola and GP Strategies understands that the
Securities respectively have not been registered under the Act by reason of a
claimed exemption under the provisions of the Act which depends, in part, upon
his or its investment intention. In this connection, each of Amendola and GP
Strategies understands that it is the position of the SEC that the statutory
basis for such exemption would not be present if his or its representation
merely meant that his or its present intention was to hold such securities for a
short period, such as the capital gains period of tax statutes, for a deferred
sale, for a market rise, assuming a market develops, or for any other fixed
period. Each of Amendola and GP Strategies realizes that, in the view of the
SEC, acceptance of Options now with an intent to resell would create a purchase
with an intent inconsistent with his or its representation to the Company, and
the SEC might regard such a sale or disposition as a deferred sale to which such
exemptions are not available.

                  (i) Each of Amendola and GP Strategies understands that there
is no public market for the Securities. Each of Amendola and GP Strategies
understands that even if a public market were to exist following the Company's
proposed initial public offering for the Common Stock, Rule 144 (the "Rule")
promulgated under the Act requires, among other conditions, a one year holding
period prior to the resale (in limited amounts) of securities acquired in a
nonpublic offering without having to satisfy the registration requirements under
the Act. Each of Amendola and GP Strategies understands that the Company makes
no representation or warranty regarding its fulfillment in the future of any
reporting requirements under the Securities Exchange Act of 1934, as amended, or
its dissemination to the public of any current financial or other information
concerning the Company, as is required by the Rule as one

                                      -5-
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of the conditions of its availability. Each of Amendola and GP Strategies
understands and hereby acknowledges that the Company is under no obligation to
register the Securities to be issued pursuant to this Agreement under
the Act. Each of Amendola and GP Strategies consents that the Company may, if it
desires, permit the transfer of the Shares and the securities comprising the
Options respectively out of his or its name only when his or its request for
transfer is accompanied by an opinion of counsel reasonably satisfactory to the
Company that neither the sale nor the proposed transfer results in a violation
of the Act or any applicable state "blue sky" laws (collectively "Securities
Laws"). Each of Amendola and GP Strategies agrees to hold the Company and its
directors, officers and controlling persons and their respective heirs,
representatives, successors and assigns harmless and to indemnify them against
all liabilities, costs and expenses incurred by them as a result of any
misrepresentation made by him or it contained herein or any sale or distribution
by each of Amendola and GP Strategies in violation of any Securities Laws.

                 (j) Each of Amendola and GP Strategies consents to the
placement of one or more legends on any certificate or other document evidencing
his or its Shares or Options respectively and the common Stock stating that they
have not been registered under the Act and setting forth or referring to the
restrictions on transferability and sale thereof.

         4. Representations of The Company

         The Company represents and warrants to Amendola and GP Strategies that:

                  (a) The Company is a corporation duly organized, existing and
in good standing under the laws of the State of Delaware and has the corporate
power to conduct the business which it conducts and proposes to conduct.

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                 (b) The execution, delivery and performance of this Agreement
by the Company will have been duly approved by the Board of Directors of the
Company and all other actions required to authorize and effect the offer, sale
and transfer of the Securities will have been duly taken and approved.

                 (c) The Shares have been duly and validly authorized, issued
and fully paid and nonassessable.

                 (d) The Options have been duly and validly authorized and when
exercised, the shares of Common Stock, upon payment of the applicable exercise
price, will be validly issued, fully paid and nonassessable.

                 (e) The Company has obtained, or is in the process of
obtaining, all licenses, permits and other governmental authorizations necessary
to the conduct of its business; such licenses, permits and other governmental
authorizations obtained are in full force and effect; and the Company is in all
material respects complying therewith.

                 (f) The Company knows of no pending or threatened legal or
governmental proceedings to which the Company is a party which could materially
adversely affect the business, property, financial condition or operations of
the Company.

                 (g) The Company is not in violation of or default under, nor
will the execution and delivery of this Agreement, the issuance of the Shares
and the Options, and the incurrence of the obligations herein and therein set
forth and the consummation of the transactions herein or therein contemplated,
result in a violation of, or constitute a default under, the certificate of
incorporation or by-laws of the Company, in the performance or observance of any
material obligations, agreement, covenant or condition contained in any bond,
debenture, note or other evidence of indebtedness or in any material contract,
indenture, mortgage, loan agreement, lease, joint venture or other agreement or
instrument to which the Company is a party or by which it or any of its
properties may be bound or in violation of any material order, rule, regulation,
writ,

                                      -7-
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injunction, or decree of any government, governmental instrumentality or court,
domestic or foreign.

         5.       Miscellaneous

                  (a) This Agreement and the rights of the parties hereto shall
be governed as to the validity, construction, enforcement and in all other
respects by the laws of the State of New York, without regard to its conflict of
laws rules.

                  (b) At any time, and from time to time, each party hereby
agrees with the other party that it will execute such additional instruments and
take such actions as may be reasonably requested by such other party in order
for it to realize the benefit of the transactions contemplated hereby.

                  (c) This Agreement embodies the entire agreement and
understanding among the parties hereto and supersedes any and all prior
agreements and understandings between the parties hereto, written or oral,
relating to the subject matter hereof.

                  (d) This Agreement may be executed in one or more counterparts
which, taken together, shall constitute the original action of the signatories
hereto.

                                      -8-
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                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.

                                      MILLENNIUM CELL INC.

                                       By:
                                                ________________________________
                                                Name:     Stephen S. Tang
                                                Title:    CEO and President

                                       GP STRATEGIES CORPORATION

                                       By:
                                                ________________________________
                                                Name:  Scott N. Greenberg
                                                Title: Executive Vice President

                                        ________________________________________
                                        STEVEN C. AMENDOLA

                                      -9-
<PAGE>   10
                                   APPENDIX A

                                   ASSIGNMENT

                  WHEREAS, I, STEVEN C. AMENDOLA, a citizen of the United States
of America, whose post office address is 22 Lambert Johnson Drive, Ocean, New
Jersey 07712, have made the inventions identified in the attached Schedule A;

                  WHEREAS, the inventions identified in Schedule A were the
subject of a License Agreement dated July 31, 1997, which has now been
terminated;

                  WHEREAS, the inventions identified in Schedule A constitute
all of the Covered Technology as that term is defined in the Agreement dated May
24, 2000 attached hereto; and

                  WHEREAS, MILLENNIUM CELL INC., a corporation organized and
existing under the laws of the State of Delaware, and having an office for the
transaction of business at 1 Industrial Way West, Eatontown, New Jersey 07724,
is desirous of acquiring the entire right, title and interest in and to the
inventions identified in Schedule A and in and to the applications for Letters
Patent therefor, and any Letters Patent which may be obtained therefor,
including any reissued or re-examined patents and each and every foreign
counterpart of said inventions, all as set forth in Schedule A;

                  NOW, THEREFORE, TO ALL WHOM IT MAY CONCERN, BE IT KNOWN, that
I, STEVEN C. AMENDOLA, for the consideration recited in the attached AGREEMENT,
hereby acknowledge at or before the ensealing and delivery of these presents,
and the receipt of which is hereby acknowledged, have sold, assigned,
transferred and conveyed and by these presents do sell, assign, transfer and
convey, unto said MILLENNIUM CELL INC., its successors and assigns the entire
right, title and interest in and to the inventions identified in
<PAGE>   11
Schedule A, including all rights, past, present and future, to enforce any and
all patents issuing thereon, and any and all improvements thereon, and in and to
said applications and any divisions, continuations or continuations-in-part
thereof, and in and to any Letters Patent of the United States of America which
may be issued on any of said applications, and any reissues and/or
re-examinations thereof, and in and to any and all applications for Letters
Patent filed in foreign countries for said inventions or improvements including
all priority rights, and any and all Letters Patent which may be granted in
foreign countries therefor, TO HAVE AND TO HOLD THE SAME to the full end of the
term or terms for which any and all said Letters Patent may be granted;

                  AND I, STEVEN C. AMENDOLA, do hereby authorize and request the
Commissioner of Patents and Trademarks to issue Letters Patent of the United
States of America to said MILLENNIUM CELL INC., as the assignee of the entire
right, title and interest in and to the same, for the sole use and benefit of
said MILLENNIUM CELL INC., its successors and assigns;

                  AND I, STEVEN C. AMENDOLA, do hereby covenant and agree to and
with said MILLENNIUM CELL INC., its successors and assigns, that I have the full
power to make this assignment, and that the rights assigned are not encumbered
by any grant, license or right heretofore given, and that I, my executors or
administrators, shall and will do all lawful acts and things and make, execute
and deliver without further compensation, any and all other instruments in
writing, further applications, papers, affidavits, powers of attorney,
assignments, and other documents which, in the opinion of counsel for said
MILLENNIUM CELL INC., its successors and assigns, may be required or necessary
more effectively to secure to and vest in said MILLENNIUM CELL INC., its
successors and assigns, the entire right, title and interest in

                                       2
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and to said inventions and improvements, applications, Letters Patent, rights,
titles, benefits, privileges, and advantages hereby sold, assigned, transferred
and conveyed, and that I will sign any applications for reissue or
re-examination which may be desired by the owner of the patents assigned hereby.

                  IN WITNESS WHEREOF, I, STEVEN C. AMENDOLA, have hereunto set
my hand and seal on the date below written.

                                            /s/  STEVEN C. AMENDOLA
DATED:______________________                ____________________________________
                                            STEVEN C. AMENDOLA

STATE OF ____________________)
                             ) ss.:
COUNTY OF ___________________)

                  BE IT KNOWN, that on this ___ day of ____________, 2000,
before me personally came STEVEN C. AMENDOLA, to me known and known to me to be
the person mentioned in and who executed the foregoing assignment, and he
acknowledged to me that he executed the same as his free act and deed for the
use and purposes therein mentioned.

                                            ____________________________________
                                                        Notary Public

                                       3
<PAGE>   13
                                   SCHEDULE A

United States Patent No. 5,804,329
for ELECTROCONVERSION CELL
(Appln. Ser. No. 08/579,781)

Australian Appln. Ser. No. 14320/97

Canadian Appln. Ser. No. 2241862

Chinese Appln. Ser. No. 96180019.4

European Patent Convention Appln. Ser. No. 96944546.9

Israeli Appln. Ser. No. 125,126

Indian Appln. Ser. No. 2943/DEL/96

Japanese Appln. Ser. No. 9-524601

Mexican Appln. Ser. No. 98 5327

Norwegian Appln. Ser. No. 19982990

Federation of Russia Appln. Ser. No. 98 114096

Taiwanese Patent No. 104555

WIPO Appln. Ser. No. US96/20851

South African Patent No. 96/10870

United States Appln. Ser. No. 08/883,859
for ELECTROCONVERSION CELL
(CIP of Appln. Ser. No. 08/579,781)<PAGE>   1
                                                                    Exhibit 10.6

                              EMPLOYMENT AGREEMENT

         Employment Agreement ("Agreement") made and entered into as of
____________, 2000, by and between MILLENNIUM CELL INC., a Delaware corporation
having a place of business at 1 Industrial Way West, Eatontown, New Jersey 07724
("Employer"), and STEVEN C. AMENDOLA, an individual residing at 22 Lambert
Johnson Drive, Asbury Park, New Jersey 07712 ("Executive").

         WHEREAS, Employer has been established to engage in the business of
developing a patented alternative energy source based on boron chemistry; and

         WHEREAS, Employer desires to employ Executive as its Executive Vice
President and Chief Technical Officer, and Executive is willing to be employed
in such capacity.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
promises and covenants contained herein, it is agreed as follows:

         1.       EMPLOYMENT; DUTIES.

                  (a) Employer hereby agrees to employ Executive, and Executive
hereby agrees to accept employment during the term hereof, as Executive Vice
President and Chief Technical Officer, and shall perform such services in
accordance with the standards observed by senior executives in comparable
businesses, subject at all times to the direction of the Board of Directors of
Employer (the "Board").

                  (b) Executive agrees to serve on the Board on the same terms
and conditions as the other directors serving on the Board. Absent Executive's
gross negligence or willful misconduct, Employer agrees to indemnify and hold
Executives harmless, in accordance with Employer's bylaws and on the same terms
and conditions as the other directors serving on the Board, with respect to any
claims arising out of performance of Executive's duties as a director or officer
of Employer.

         2.       TERM OF EMPLOYMENT. Executive's employment hereunder shall
commence on the date of this Agreement and shall continue for a period of _____
(_) years therefrom (the "Employment Term").

         3.       COMPENSATION.

                  (a) Base Salary. As consideration for all of the services
performed by Executive under this Agreement, Employer shall pay Executive, as an
annual Base Salary (defined below) payable in accordance with Employer's
ordinary payroll practices, the sum of two hundred thousand dollars ($200,000).
Executive's Base Salary shall be increased to two hundred and twenty-five
thousand dollars ($225,000) upon the earlier occurrence of (i) the closing of
the initial public offering of Employer's common stock registered with the
Securities
<PAGE>   2
and Exchange Commission (the "IPO") or (ii) January 1, 2001. (The compensation
specified in this subsection (a), together with any increases in such
compensation that the Employer may grant from time to time, are referred to in
this Agreement as "Base Salary").

                  (b) Bonus. Executive will be eligible to earn a year-end cash
bonus [based on the financial and operational performance of Millenium Cell,
Inc.] in an amount equal to 50% of Executive's Base Salary for that year
("Bonus"). The Bonus shall be payable in a lump sum within 90 days of the end of
the calendar year.

                  (c) Signing Bonus. As consideration for Executive entering
into this Agreement, Employer shall pay Executive upon the closing of the IPO
the sum of two hundred fifty thousand dollars ($250,000).

                  (d) Stock Options. Employer and Executive shall enter into a
Stock Option Agreement of even date herewith whereby Employer shall issue to
Executive options to purchase 1,006,643 shares of common stock of Employer with
an exercise price of $2.90 per share ("Options") pursuant to the terms of the
Millennium Cell 2000 Stock Option Plan. 241,630 of such Options shall be
exercisable immediately ("West Coast Options").

                  (e) Effect of Termination.

                      A. The Employer may terminate Executive's employment for
Cause or without Cause. "Cause" shall mean only one or more of the following
occurrences: (a) Executive's conviction of a felony by a court of competent
jurisdiction (which conviction, through lapse of time or otherwise, is not
subject to appeal); (b) Executive's commission of an act of fraud or
embezzlement upon the Employer; (c) the material breach by Executive of Section
4 hereof; or (d) in the event of the willful malfeasance or gross negligence in
the performance of Executive's duties hereunder or the willful failure of
Executive to perform his duties hereunder, which malfeasance, negligence or
failure has a material adverse effect on the business of Employer and continues
for a period of fifteen (15) days after written notice is given to Executive
specifying such malfeasance, negligence or failure.

If the Employer terminates Executive's employment without "Cause," then:

                           (i) Executive shall receive a severance payment equal
to Executive's Base Salary plus Bonus at the time of his termination; and

                           (ii) Executive's Options shall vest as if Executive
were employed throughout the year of termination. Notwithstanding the foregoing
sentence, a minimum of 50% of Employee's Options shall vest. The exercise period
for Executive's Options shall be 1 year from the date of termination without
cause.
<PAGE>   3
                      B. Anything to the contrary notwithstanding, this
Agreement shall terminate before the expiration of the term hereof in the event
of (i) Executive's death or (ii) at the discretion of the Employer, upon
Executive's "disability" (as defined below) for a period of 26 (twenty six)
consecutive weeks. For the purposes of this Agreement, "disability" shall mean
the incapacitation or disablement by accident, sickness or otherwise so as to
render Executive mentally or physically incapable of performing the services
required to be performed by him under this Agreement. If the Agreement is
terminated in accordance with this subsection B, the exercise period of
Executive's Options shall be 1 year from such termination.

                  (f) Tax Gross-Up. If any payment received by Executive under
this Agreement constitutes, in whole or in part, an "excess parachute payment"
under Section 280G of the Internal Revenue Code of 1986, as amended (the
"Code"), and Executive becomes liable for excise tax imposed under Section 4999
of the Code with respect to such payment, the Company shall pay Executive as
additional compensation an amount equal to the amount necessary to put Executive
on an after-tax basis (taking into account federal, state and local income
taxes) in the same position as if the excise tax had not been imposed.

         4.       NON-COMPETITION.

                  (a) Definitions. As used herein, the term "Competitive
Activities" means any attempt by Executive, directly or indirectly, for his own
account or as an employee, officer, director, partner, joint venturer,
shareholder, investor (except that Executive may purchase up to five percent of
the outstanding capital stock of any publicly-traded corporation) or otherwise
to engage or participate in the business of developing an alternative energy
source based on boron chemistry, including hydrogen generation, for use, without
limitation, in fuel cells, batteries or automotive engines, in any area. As used
herein, the term "Client Solicitation" means any attempt by Executive, directly
or indirectly, for his own account or as an employee, officer, director,
partner, joint venturer, shareholder, investor of otherwise to interfere with,
disrupt, or attempt to disrupt, any past, present or prospective relationship,
contractual or otherwise, between Employer and any client, customer, vendor or
supplier of Employer. As used herein, the term "Employee Solicitation" means any
attempt by Executive, directly or indirectly, for his own account or as an
employee, officer, director, partner, joint venturer, shareholder, investor or
otherwise to employ or solicit the employment or engagement by others of any
employee of Employer who was an employee as of the date of the termination of
this Agreement or within six (6) months prior thereto.

                  (b) Non-competition. During the term of this Agreement and for
1 year following the termination of this Agreement, Executive will not engage in
any Competitive Activities, Client Solicitation or Employee Solicitation.

         5.       CONFIDENTIALITY. During the term of this Agreement and
thereafter, Executive agrees to hold in strictest confidence, and not to use,
except for the benefit of
<PAGE>   4
Employer, or to disclose to any person, firm or corporation, without the prior
written authorization of the Board, any trade secrets, confidential knowledge,
data or other proprietary information of Employer.

         6.       VACATION; BENEFITS. Executive shall be entitled to paid
vacation time at the rate of not less than _____ ( ) weeks per calendar year
during the term of his employment hereunder. In addition, Executive will be
permitted to observe religious holidays as personal days and such days off will
not be applied against Executive's vacation time. During the term of this
Agreement, Employer shall maintain medical and dental insurance plans similar in
scope and coverage to those maintained by comparable businesses and Executive
shall be entitled to participate in such plans.

         7.       NOTICES. All notices hereunder shall be in writing and shall
be delivered in person or given by registered or certified mail, postage
prepaid, and sent to the parties at the respective addresses above set forth.
Either party may designate any other address to which notice shall be given by
giving notice to the other of such change of address in the manner herein
provided.

         8.       SEVERABILITY OF PROVISIONS. If any provision of this Agreement
shall be declared by a court of competent jurisdiction to be invalid, illegal or
incapable of being enforced in whole or in part, the remaining conditions and
provisions or portions thereof shall nevertheless remain in full force and
effect and enforceable to the extent they are valid, legal and enforceable, and
no provision shall be deemed dependent upon any other covenant or provision
unless so expressed herein.

         9.       GOVERNING LAW. This Agreement shall be construed and governed
by the internal laws of the State of New York.

         10.      NON-WAIVER. The failure of either party to insist upon the
strict performance of any term or condition in this Agreement shall not be
considered a waiver or relinquishment of future compliance therewith.

         11.      ATTORNEY'S FEES. In the event of a dispute arising hereunder,
each party shall bear its own fees and expenses (including legal fees and
expenses).

         12.      ENTIRE AGREEMENT; MODIFICATION. This Agreement contains the
entire agreement between the parties relating to the subject matter hereof. No
modification of this Agreement shall be valid unless it is made in writing and
signed by the parties.
<PAGE>   5
                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.

                                         MILLENNIUM CELL, INC.
                                         By:____________________________________
                                         Stephen S. Tang
                                         President and Chief Executive Officer

                                         _______________________________________
                                         STEVEN C. AMENDOLA

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