Document:

Placement Agent Agreement

 Exhibit 10.72 
  
 LITHIUM TECHNOLOGY CORPORATION 
 PLACEMENT AGENT AGREEMENT 
  
 Dated as of:    March 9, 2005 
  
 Newbridge
Securities Corporation 
 1451 Cypress Creek Road, Suite 204 
 Fort Lauderdale, Florida 33309 
  
 Ladies and Gentlemen: 
  
 The undersigned, Lithium Technology Corporation, a Delaware corporation (the
“Company”), hereby agrees with Newbridge Securities Corporation (the “Placement Agent”) and Cornell Capital Partners, LP, a Delaware Limited Partnership (the “Investor”), as follows: 
  
 1. Offering. The Company hereby engages the Placement Agent to act as
its exclusive placement agent in connection with the Standby Equity Distribution Agreement dated the date hereof (the “Standby Equity Distribution Agreement”), pursuant to which the Company shall issue and sell to the Investor, from
time to time, and the Investor shall purchase from the Company (the “Offering”) up to Fifteen Million U.S. Dollars ($15,000,000) of the Company’s common stock (the “Commitment Amount”), par value US $0.01 per
share (the “Common Stock”), at price per share equal to the Purchase Price, as that term is defined in the Standby Equity Distribution Agreement. The Placement Agent services shall consist of reviewing the terms of the Standby
Equity Distribution Agreement and advising the Company with respect to those terms. 
  
 All capitalized terms used herein and not otherwise defined herein shall have the same meaning ascribed to them as in the Standby Equity Distribution Agreement. The Investor will be granted certain registration rights
with respect to the Common Stock as more fully set forth in the Registration Rights Agreement between the Company and the Investor dated the date hereof (the “Registration Rights Agreement”). The documents to be executed and
delivered in connection with the Offering, including, but not limited, to the Company’s latest Quarterly Report on Form 10-QSB as filed with the United States Securities and Exchange Commission, this Agreement, the Standby Equity Distribution
Agreement, the Registration Rights Agreement, and the Escrow Agreement dated the date hereof (the “Escrow Agreement”), are referred to sometimes hereinafter collectively as the “Offering Materials.” The
Company’s Common Stock purchased by the Investor hereunder are sometimes referred to hereinafter as the “Securities.” The Placement Agent shall not be obligated to sell any Securities. 
  
 2. Compensation. 
  
 A. Upon the execution of this Agreement, the Company shall issue to the
Placement Agent or its designee shares of the Company’s Common Stock in an amount equal to Ten Thousand U.S. Dollars (US$10,000) divided by the volume weighted average price of the Company’s Common Stock, as quoted by Bloomberg, LP, on the
date hereof (the “Placement Agent’s Shares”). The Placement Agent shall be entitled to “piggy-back” registration rights with 

  

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respect to the Placement Agent’s Shares, which shall be triggered upon registration of any shares of Common Stock by the Investor pursuant to the
Registration Rights Agreement dated the date hereof. 
  
 3.
Representations, Warranties and Covenants of the Placement Agent. 
  
 A. The Placement Agent represents, warrants and covenants as follows: 
  
 (i) The Placement Agent has the necessary power to enter into this Agreement and to consummate the transactions contemplated hereby. 
  
 (ii) The execution and delivery by the Placement Agent of this Agreement and
the consummation of the transactions contemplated herein will not result in any violation of, or be in conflict with, or constitute a default under, any agreement or instrument to which the Placement Agent is a party or by which the Placement Agent
or its properties are bound, or any judgment, decree, order or, to the Placement Agent’s knowledge, any statute, rule or regulation applicable to the Placement Agent. This Agreement when executed and delivered by the Placement Agent, will
constitute the legal, valid and binding obligations of the Placement Agent, enforceable in accordance with their respective terms, except to the extent that (a) the enforceability hereof or thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws from time to time in effect and affecting the rights of creditors generally, (b) the enforceability hereof or thereof is subject to general principles of equity, or (c) the indemnification provisions hereof
or thereof may be held to be in violation of public policy. 
  
 (iii) Upon receipt and execution of this Agreement, the Placement Agent will promptly forward copies of this Agreement to the Company or its counsel and the Investor or its counsel. 
  
 (iv) The Placement Agent will not intentionally take any action that it
reasonably believes would cause the Offering to violate the provisions of the Securities Act of 1933, as amended (the “1933 Act”), the Securities Exchange Act of 1934 (the “1934 Act”), the respective rules and
regulations promulgated thereunder (the “Rules and Regulations”) or applicable “Blue Sky” laws of any state or jurisdiction. 
  
 (v) The Placement Agent is a member of the National Association of Securities Dealers, Inc., and is a broker-dealer registered as such under the 1934 Act
and under the securities laws of the states in which the Securities will be offered or sold by the Placement Agent unless an exemption for such state registration is available to the Placement Agent. The Placement Agent is in material compliance
with the rules and regulations applicable to the Placement Agent generally and applicable to the Placement Agent’s participation in the Offering. 
  
 4. Representations and Warranties of the Company. 
  
 A. The Company represents and warrants as follows: 
  
 (i) The execution, delivery and performance of each of this Agreement, the Standby Equity Distribution Agreement, the Escrow Agreement, and the 

  

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Registration Rights Agreement has been or will be duly and validly authorized by the Company and is, or with respect to this Agreement, the Standby Equity
Distribution Agreement, the Escrow Agreement, and the Registration Rights Agreement, will be a valid and binding agreement of the Company, enforceable in accordance with its respective terms, except to the extent that (a) the enforceability hereof
or thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws from time to time in effect and affecting the rights of creditors generally, (b) the enforceability hereof or thereof is subject to general principles of
equity or (c) the indemnification provisions hereof or thereof may be held to be in violation of public policy. The Securities to be issued pursuant to the transactions contemplated by this Agreement and the Standby Equity Distribution Agreement
have been duly authorized and, when issued and paid for in accordance with this Agreement, the Standby Equity Distribution Agreement and the certificates/instruments representing such Securities, will be valid and binding obligations of the Company,
enforceable in accordance with their respective terms, except to the extent that (1) the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws from time to time in effect and affecting the rights
of creditors generally, and (2) the enforceability thereof is subject to general principles of equity. All corporate action required to be taken for the authorization, issuance and sale of the Securities has been duly and validly taken by the
Company. 
  
 (ii) The Company has a duly authorized, issued and
outstanding capitalization as set forth herein and in the Standby Equity Distribution Agreement. The Company is not a party to or bound by any instrument, agreement or other arrangement providing for it to issue any capital stock, rights, warrants,
options or other securities, except for this Agreement, the agreements described herein and as described in the Standby Equity Distribution Agreement, dated the date hereof and the agreements described therein. All issued and outstanding securities
of the Company, have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission or preemptive rights with respect thereto and are not subject to personal liability solely by reason
of being security holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security of the Company. 
  
 (iii) The Common Stock to be issued in accordance with this Agreement and the Standby Equity Distribution Agreement has been duly authorized and, when
issued and paid for in accordance with this Agreement, the Standby Equity Distribution Agreement, the certificates/instruments representing such Common Stock will be validly issued, fully-paid and non-assessable; the holders thereof will not be
subject to personal liability solely by reason of being such holders; such Securities are not and will not be subject to the preemptive rights of any holder of any security of the Company. 
  
 (iv) The Company has good and marketable title to, or valid and enforceable
leasehold estates in, all items of real and personal property necessary to conduct its business (including, without limitation, any real or personal property stated in the Offering Materials to be owned or leased by the Company), free and clear of
all liens, encumbrances, claims, security interests and defects of any material nature whatsoever, other than those set forth in the Offering Materials and liens for taxes not yet due and payable. 
  

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 (v) There is no litigation or governmental proceeding pending or, to the best of the Company’s
knowledge, threatened against, or involving the properties or business of the Company, except as set forth in the Offering Materials. 
  
 (vi) The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware. Except as set
forth in the Offering Materials, the Company does not own or control, directly or indirectly, an interest in any other corporation, partnership, trust, joint venture or other business entity. The Company is duly qualified or licensed and in good
standing as a foreign corporation in each jurisdiction in which the character of its operations requires such qualification or licensing and where failure to so qualify would have a material adverse effect on the Company. The Company has all
requisite corporate power and authority, and all material and necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies (domestic and foreign) to conduct its
businesses (and proposed business) as described in the Offering Materials. Any disclosures in the Offering Materials concerning the effects of foreign, federal, state and local regulation on the Company’s businesses as currently conducted and
as contemplated are correct in all material respects and do not omit to state a material fact. The Company has all corporate power and authority to enter into this Agreement, the Standby Equity Distribution Agreement, the Registration Rights
Agreement, and the Escrow Agreement, to carry out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals and orders required in connection herewith and therewith have been obtained. No consent, authorization or
order of, and no filing with, any court, government agency or other body is required by the Company for the issuance of the Securities or execution and delivery of the Offering Materials except for applicable federal and state securities laws. The
Company, since its inception, has not incurred any liability arising under or as a result of the application of any of the provisions of the 1933 Act, the 1934 Act or the Rules and Regulations. 
  
 (vii) There has been no material adverse change in the condition or
prospects of the Company, financial or otherwise, from the latest dates as of which such condition or prospects, respectively, are set forth in the Offering Materials, and the outstanding debt, the property and the business of the Company conform in
all material respects to the descriptions thereof contained in the Offering Materials. 
  
 (viii) Except as set forth in the Offering Materials, the Company is not in breach of, or in default under, any term or provision of any material indenture, mortgage, deed of trust, lease, note, loan or Standby Equity
Distribution Agreement or any other material agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which it is a party or by which it or any of its properties may be bound or affected.
The Company is not in violation of any provision of its charter or by-laws or in violation of any franchise, license, permit, judgment, decree or order, or in violation of any material statute, rule or regulation. Neither the execution and delivery
of the Offering Materials nor the issuance and sale or delivery of the Securities, nor the consummation of any of the transactions contemplated in the Offering Materials nor the compliance by the Company with the terms and provisions hereof or
thereof, has conflicted with or will conflict with, or has resulted in or will result in a breach of, any of the terms and provisions of, or has constituted or will constitute a default under, or has resulted in or will result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Company or pursuant to the 

  

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terms of any indenture, mortgage, deed of trust, note, loan or any other agreement or instrument evidencing an obligation for borrowed money, or any other
agreement or instrument to which the Company may be bound or to which any of the property or assets of the Company is subject except (a) where such default, lien, charge or encumbrance would not have a material adverse effect on the Company and (b)
as described in the Offering Materials; nor will such action result in any violation of the provisions of the charter or the by-laws of the Company or, assuming the due performance by the Placement Agent of its obligations hereunder, any material
statute or any material order, rule or regulation applicable to the Company of any court or of any foreign, federal, state or other regulatory authority or other government body having jurisdiction over the Company. 
  
 (ix) Subsequent to the dates as of which information is given in the
Offering Materials, and except as may otherwise be indicated or contemplated herein or therein and the securities offered pursuant to the Securities Purchase Agreement dated the date hereof, the Company has not (a) issued any securities or incurred
any liability or obligation, direct or contingent, for borrowed money, or (b) entered into any transaction other than in the ordinary course of business, or (c) declared or paid any dividend or made any other distribution on or in respect of its
capital stock. Except as described in the Offering Materials, the Company has no outstanding obligations to any officer or director of the Company. 
  
 (x) There are no claims for services in the nature of a finder’s or origination fee with respect to the sale of the Common Stock or any other
arrangements, agreements or understandings that may affect the Placement Agent’s compensation, as determined by the National Association of Securities Dealers, Inc. 
  
 (xi) The Company owns or possesses, free and clear of all liens or encumbrances and rights thereto or therein by third
parties, the requisite licenses or other rights to use all trademarks, service marks, copyrights, service names, trade names, patents, patent applications and licenses necessary to conduct its business (including, without limitation, any such
licenses or rights described in the Offering Materials as being owned or possessed by the Company) and, except as set forth in the Offering Materials, there is no claim or action by any person pertaining to, or proceeding, pending or threatened,
which challenges the exclusive rights of the Company with respect to any trademarks, service marks, copyrights, service names, trade names, patents, patent applications and licenses used in the conduct of the Company’s businesses (including,
without limitation, any such licenses or rights described in the Offering Materials as being owned or possessed by the Company) except any claim or action that would not have a material adverse effect on the Company; the Company’s current
products, services or processes do not infringe or will not infringe on the patents currently held by any third party. 
  
 (xii) Except as described in the Offering Materials, the Company is not under any obligation to pay royalties or fees of any kind whatsoever to any third
party with respect to any trademarks, service marks, copyrights, service names, trade names, patents, patent applications, licenses or technology it has developed, uses, employs or intends to use or employ, other than to their respective licensors.

  

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 (xiii) Subject to the performance by the Placement Agent of its obligations hereunder the offer and sale
of the Securities complies, and will continue to comply, in all material respects with the requirements of Rule 506 of Regulation D promulgated by the SEC pursuant to the 1933 Act and any other applicable federal and state laws, rules, regulations
and executive orders. Neither the Offering Materials nor any amendment or supplement thereto nor any documents prepared by the Company in connection with the Offering will contain any untrue statement of a material fact or omit to state any 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. All statements of material facts in the Offering Materials are true and correct as of the date
of the Offering Materials. 
  
 (xiv) All material taxes which are
due and payable from the Company have been paid in full or adequate provision has been made for such taxes on the books of the Company, except for those taxes disputed in good faith by the Company 
  
 (xv) None of the Company nor any of its officers, directors, employees or
agents, nor any other person acting on behalf of the Company, has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any
customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or
other person who is or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) which (A) might subject the Company to any damage or penalty in any civil, criminal or
governmental litigation or proceeding, or (B) if not given in the past, might have had a materially adverse effect on the assets, business or operations of the Company as reflected in any of the financial statements contained in the Offering
Materials, or (C) if not continued in the future, might adversely affect the assets, business, operations or prospects of the Company in the future. 
  
 5. Representations, Warranties and Covenants of the Investor. 
  
 A. The Investor represents, warrants and covenants as follows: 
  
 (i) The Investor has the necessary power to enter into this Agreement and
to consummate the transactions contemplated hereby. 
  
 (ii) The
execution and delivery by the Investor of this Agreement and the consummation of the transactions contemplated herein will not result in any violation of, or be in conflict with, or constitute a default under, any agreement or instrument to which
the Investor is a party or by which the Investor or its properties are bound, or any judgment, decree, order or, to the Investor’s knowledge, any statute, rule or regulation applicable to the Investor. This Agreement when executed and delivered
by the Investor, will constitute the legal, valid and binding obligations of the Investor, enforceable in accordance with their respective terms, except to the extent that (a) the enforceability hereof or thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws from time to time in effect and affecting the rights of creditors generally, (b) the enforceability hereof or thereof is subject to general principles of equity, or (c) the indemnification
provisions hereof or thereof may be held to be in violation of public policy. 
  

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 (iii) The Investor will promptly forward copies of any and all due diligence questionnaires compiled by
the Investor to the Placement Agent. 
  
 (iv) The Investor is an
Accredited Investor (as defined under the 1933 Act). 
  
 (v) The
Investor is acquiring the Securities for the Inventor’s own account as principal, not as a nominee or agent, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part and
no other person has a direct or indirect beneficial interest in such Securities. Further, the Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to
any third person, with respect to any of the Securities. 
  
 (vi)
The Investor acknowledges the Investor’s understanding that the offering and sale of the Securities is intended to be exempt from registration under the 1933 Act by virtue of Section 3(b) of the 1933 Act and the provisions of Regulation D
promulgated thereunder (“Regulation D”). In furtherance thereof, the Investor represents and warrants as follows: 
  
 (a) The Investor has the financial ability to bear the economic risk of the Investor’s investment, has adequate means for providing for the
Inventor’s current needs and personal contingencies and has no need for liquidity with respect to the Investor’s investment in the Company; and 
  
 (b) The Investor has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the
prospective investment. The Inventor also represents it has not been organized for the purpose of acquiring the Securities. 
  
 (vii) The Investor has been given the opportunity for a reasonable time prior to the date hereof to ask questions of, and receive answers from, the
Company or its representatives concerning the terms and conditions of the Offering, and other matters pertaining to this investment, and has been given the opportunity for a reasonable time prior to the date hereof to obtain such additional
information in connection with the Company in order for the Investor to evaluate the merits and risks of purchase of the Securities, to the extent the Company possesses such information or can acquire it without unreasonable effort or expense. The
Investor is not relying on the Placement Agent or any of its affiliates with respect to the accuracy or completeness of the Offering Materials or for any economic considerations involved in this investment. 
  

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 6. Certain Covenants and Agreements of the Company. 
  
 The Company covenants and agrees at its expense and without any expense to
the Placement Agent as follows: 
  
 A. To advise the Placement
Agent and the Investor of any material adverse change in the Company’s financial condition, prospects or business or of any development materially affecting the Company or rendering untrue or misleading any material statement in the Offering
Materials occurring at any time as soon as the Company is either informed or becomes aware thereof. 
  
 B. To use its commercially reasonable efforts to cause the Common Stock issuable in connection with the Standby Equity Distribution Agreement to be
qualified or registered for sale on terms consistent with those stated in the Registration Rights Agreement and under the securities laws of such jurisdictions as the Placement Agent and the Investor shall reasonably request. Qualification,
registration and exemption charges and fees shall be at the sole cost and expense of the Company. 
  
 C. Upon written request, to provide and continue to provide the Placement Agent and the Investor copies of all quarterly financial statements and audited
annual financial statements prepared by or on behalf of the Company, other reports prepared by or on behalf of the Company for public disclosure and all documents delivered to the Company’s stockholders. 
  
 D. To deliver, during the registration period of the Standby Equity
Distribution Agreement, to the Investor upon the Investor’s request, within forty five (45) days, a statement of its income for each such quarterly period, and its balance sheet and a statement of changes in stockholders’ equity as of the
end of such quarterly period, all in reasonable detail, certified by its principal financial or accounting officer; (ii) within ninety (90) days after the close of each fiscal year, its balance sheet as of the close of such fiscal year, together
with a statement of income, a statement of changes in stockholders’ equity and a statement of cash flow for such fiscal year, such balance sheet, statement of income, statement of changes in stockholders’ equity and statement of cash flow
to be in reasonable detail and accompanied by a copy of the certificate or report thereon of independent auditors if audited financial statements are prepared; and (iii) a copy of all documents, reports and information furnished to its stockholders
at the time that such documents, reports and information are furnished to its stockholders. 
  
 E. To comply with the terms of the Offering Materials. 
  
 F. To ensure that any transactions between or among the Company, or any of its officers, directors and affiliates be on terms and conditions that are no less favorable to the Company, than the terms and conditions
that would be available in an “arm’s length” transaction with an independent third party. 
  
 7. Indemnification and Limitation of Liability. 
  
 A. The Company hereby agrees that it will indemnify and hold the Placement Agent and each officer, director, shareholder, employee or representative of
the Placement Agent 

  

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and each person controlling, controlled by or under common control with the Placement Agent within the meaning of Section 15 of the 1933 Act or Section 20 of
the 1934 Act or the SEC’s Rules and Regulations promulgated thereunder (the “Rules and Regulations”), harmless from and against any and all loss, claim, damage, liability, cost or expense whatsoever (including, but not limited
to, any and all reasonable legal fees and other expenses and disbursements incurred in connection with investigating, preparing to defend or defending any action, suit or proceeding, including any inquiry or investigation, commenced or threatened,
or any claim whatsoever or in appearing or preparing for appearance as a witness in any action, suit or proceeding, including any inquiry, investigation or pretrial proceeding such as a deposition) to which the Placement Agent or such indemnified
person of the Placement Agent may become subject under the 1933 Act, the 1934 Act, the Rules and Regulations, or any other federal or state law or regulation, common law or otherwise, arising out of or based upon (i) any untrue statement or alleged
untrue statement of a material fact contained in (a) Section 4 of this Agreement, (b) the Offering Materials (except those written statements relating to the Placement Agent given by the Placement Agent for inclusion therein), (c) any application or
other document or written communication executed by the Company or based upon written information furnished by the Company filed in any jurisdiction in order to qualify the Common Stock under the securities laws thereof, or any state securities
commission or agency; (ii) the omission or alleged omission from documents described in clauses (a), (b) or (c) above of a material fact required to be stated therein or necessary to make the statements therein not misleading; or (iii) the breach of
any representation, warranty, covenant or agreement made by the Company in this Agreement. The Company further agrees that upon demand by an indemnified person, at any time or from time to time, it will promptly reimburse such indemnified person for
any loss, claim, damage, liability, cost or expense actually and reasonably paid by the indemnified person as to which the Company has indemnified such person pursuant hereto. Notwithstanding the foregoing provisions of this Paragraph 7(A), any such
payment or reimbursement by the Company of fees, expenses or disbursements incurred by an indemnified person in any proceeding in which a final judgment by a court of competent jurisdiction (after all appeals or the expiration of time to appeal) is
entered against the Placement Agent or such indemnified person based upon specific finding of fact that the Placement Agent or such indemnified person’s gross negligence or willful misfeasance will be promptly repaid to the Company. 

 
 B. The Placement Agent hereby agrees that it will indemnify and hold the
Company and each officer, director, shareholder, employee or representative of the Company, and each person controlling, controlled by or under common control with the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the
1934 Act or the Rules and Regulations, harmless from and against any and all loss, claim, damage, liability, cost or expense whatsoever (including, but not limited to, any and all reasonable legal fees and other expenses and disbursements incurred
in connection with investigating, preparing to defend or defending any action, suit or proceeding, including any inquiry or investigation, commenced or threatened, or any claim whatsoever or in appearing or preparing for appearance as a witness in
any action, suit or proceeding, including any inquiry, investigation or pretrial proceeding such as a deposition) to which the Company or such indemnified person of the Company may become subject under the 1933 Act, the 1934 Act, the Rules and
Regulations, or any other federal or state law or regulation, common law or otherwise, arising out of or based upon (i) the material breach of any representation, warranty, covenant or agreement made by the Placement Agent in this Agreement, or (ii)
any false or misleading information provided to the Company in writing by one of the Placement Agent’s indemnified persons specifically for inclusion in the Offering Materials. 
  

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 C. The Investor hereby agrees that it will indemnify and hold the Placement Agent and each officer,
director, shareholder, employee or representative of the Placement Agent, and each person controlling, controlled by or under common control with the Placement Agent within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act or
the Rules and Regulations, harmless from and against any and all loss, claim, damage, liability, cost or expense whatsoever (including, but not limited to, any and all reasonable legal fees and other expenses and disbursements incurred in connection
with investigating, preparing to defend or defending any action, suit or proceeding, including any inquiry or investigation, commenced or threatened, or any claim whatsoever or in appearing or preparing for appearance as a witness in any action,
suit or proceeding, including any inquiry, investigation or pretrial proceeding such as a deposition) to which the Placement Agent or such indemnified person of the Placement Agent may become subject under the 1933 Act, the 1934 Act, the Rules and
Regulations, or any other federal or state law or regulation, common law or otherwise, arising out of or based upon (i) the conduct of the Investor or its officers, employees or representatives in its acting as the Investor for the Offering, (ii)
the material breach of any representation, warranty, covenant or agreement made by the Investor in the Offering Materials, or (iii) any false or misleading information provided to the Placement Agent by one of the Investor’s indemnified
persons. 
  
 D. The Placement Agent hereby agrees that it will
indemnify and hold the Investor and each officer, director, shareholder, employee or representative of the Investor, and each person controlling, controlled by or under common control with the Investor within the meaning of Section 15 of the 1933
Act or Section 20 of the 1934 Act or the Rules and Regulations, harmless from and against any and all loss, claim, damage, liability, cost or expense whatsoever (including, but not limited to, any and all reasonable legal fees and other expenses and
disbursements incurred in connection with investigating, preparing to defend or defending any action, suit or proceeding, including any inquiry or investigation, commenced or threatened, or any claim whatsoever or in appearing or preparing for
appearance as a witness in any action, suit or proceeding, including any inquiry, investigation or pretrial proceeding such as a deposition) to which the Investor or such indemnified person of the Investor may become subject under the 1933 Act, the
1934 Act, the Rules and Regulations, or any other federal or state law or regulation, common law or otherwise, arising out of or based upon the material breach of any representation, warranty, covenant or agreement made by the Placement Agent in
this Agreement. 
  
 E. Promptly after receipt by an indemnified
party of notice of commencement of any action covered by Section 7(A), (B), (C) or (D), the party to be indemnified shall, within five (5) business days, notify the indemnifying party of the commencement thereof; the omission by one (1) indemnified
party to so notify the indemnifying party shall not relieve the indemnifying party of its obligation to indemnify any other indemnified party that has given such notice and shall not relieve the indemnifying party of any liability outside of this
indemnification if not materially prejudiced thereby. In the event that any action is brought against the indemnified party, the indemnifying party will be entitled to participate therein and, to the extent it may desire, to assume and control the
defense thereof with counsel chosen by it which is reasonably acceptable to the indemnified party. After notice from 

  

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the indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party will not be liable to such
indemnified party under such Section 7(A), (B), (C), or (D) for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof, but the indemnified party may, at its own expense, participate in
such defense by counsel chosen by it, without, however, impairing the indemnifying party’s control of the defense. Subject to the proviso of this sentence and notwithstanding any other statement to the contrary contained herein, the indemnified
party or parties shall have the right to choose its or their own counsel and control the defense of any action, all at the expense of the indemnifying party if (i) the employment of such counsel shall have been authorized in writing by the
indemnifying party in connection with the defense of such action at the expense of the indemnifying party, or (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to such indemnified party to have charge of the defense
of such action within a reasonable time after notice of commencement of the action, or (iii) such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional
to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and
expenses of one additional counsel shall be borne by the indemnifying party; provided, however, that the indemnifying party shall not, in connection with any one action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstance, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all such indemnified parties. No settlement of any action or
proceeding against an indemnified party shall be made without the consent of the indemnifying party. 
  
 F. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in Section 7(A) or 7(B) is due in
accordance with its terms but is for any reason held by a court to be unavailable on grounds of policy or otherwise, the Company and the Placement Agent shall contribute to the aggregate losses, claims, damages and liabilities (including legal or
other expenses reasonably incurred in connection with the investigation or defense of same) which the other may incur in such proportion so that the Placement Agent shall be responsible for such percent of the aggregate of such losses, claims,
damages and liabilities as shall equal the percentage of the gross proceeds paid to the Placement Agent and the Company shall be responsible for the balance; provided, however, that no person guilty of fraudulent misrepresentation within the meaning
of Section 11(f) of the 1933 Act shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 7(F), any person controlling, controlled by or under common control with the
Placement Agent, or any partner, director, officer, employee, representative or any agent of any thereof, shall have the same rights to contribution as the Placement Agent and each person controlling, controlled by or under common control with the
Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and each officer of the Company and each director of the Company shall have the same rights to contribution as the Company. Any party entitled to contribution
will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against the other party under this Section 7(D), notify such party from whom
contribution may be sought, but the omission to so notify such party shall not relieve the party from whom contribution may be sought from any obligation they may have hereunder or otherwise if the party from whom contribution may be sought is not
materially prejudiced thereby. 
  

 11 

 G. The indemnity and contribution agreements contained in this Section 7 shall remain operative and in
full force and effect regardless of any investigation made by or on behalf of any indemnified person or any termination of this Agreement. 
  
 H. The Company hereby waives, to the fullest extent permitted by law, any right to or claim of any punitive, exemplary, incidental, indirect, special,
consequential or other damages (including, without limitation, loss of profits) against the Placement Agent and each officer, director, shareholder, employee or representative of the placement agent and each person controlling, controlled by or
under common control with the Placement Agent within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules and Regulations arising out of any cause whatsoever (whether such cause be based in contract, negligence,
strict liability, other tort or otherwise). Notwithstanding anything to the contrary contained herein, the aggregate liability of the Placement Agent and each officer, director, shareholder, employee or representative of the Placement Agent and each
person controlling, controlled by or under common control with the Placement Agent within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules and Regulations shall not exceed the compensation received by the
Placement Agent pursuant to Section 2 hereof. This limitation of liability shall apply regardless of the cause of action, whether contract, tort (including, without limitation, negligence) or breach of statute or any other legal or equitable
obligation. 
  
 8. Payment of Expenses. 
  
 The Company hereby agrees to bear all of the expenses in connection with the
Offering, including, but not limited to the following: filing fees, printing and duplicating costs, advertisements, postage and mailing expenses with respect to the transmission of Offering Materials, registrar and transfer agent fees, escrow agent
fees and expenses, fees of the Company’s counsel and accountants, issue and transfer taxes, if any. 
  
 9. Conditions of Closing. 
  
 The Closing shall be held at the offices of the Investor or its counsel. The obligations of the Placement Agent hereunder shall be subject to the
continuing accuracy of the representations and warranties of the Company and the Investor herein as of the date hereof and as of the Date of Closing (the “Closing Date”) with respect to the Company or the Investor, as the case may
be, as if it had been made on and as of such Closing Date; the accuracy on and as of the Closing Date of the statements of the officers of the Company made pursuant to the provisions hereof; and the performance by the Company and the Investor on and
as of the Closing Date of its covenants and obligations hereunder and to the following further conditions: 
  
 A. Upon the effectiveness of a registration statement covering the Standby Equity Distribution Agreement, the Investor and the Placement Agent shall
receive the opinion of Counsel to the Company, dated as of the date thereof, which opinion shall be in form and substance reasonably satisfactory to the Investor, their counsel and the Placement Agent. 
  
 B. At or prior to the Closing, the Investor and the Placement Agent shall
have been furnished such documents, certificates and opinions as it may reasonably require for the 

  

 12 

 
purpose of enabling them to review or pass upon the matters referred to in this Agreement and the Offering Materials, or in order to evidence the accuracy,
completeness or satisfaction of any of the representations, warranties or conditions herein contained. 
  
 C. At and prior to the Closing, (i) there shall have been no material adverse change nor development involving a prospective change in the condition or
prospects or the business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Offering Materials; (ii) there shall have been no transaction, not in the ordinary course of business
except the transactions pursuant to the Securities Purchase Agreement entered into by the Company on the date hereof which has not been disclosed in the Offering Materials or to the Placement Agent in writing; (iii) except as set forth in the
Offering Materials, the Company shall not be in default under any provision of any instrument relating to any outstanding indebtedness for which a waiver or extension has not been otherwise received; (iv) except as set forth in the Offering
Materials, the Company shall not have issued any securities (other than those to be issued as provided in the Offering Materials) or declared or paid any dividend or made any distribution of its capital stock of any class and there shall not have
been any change in the indebtedness (long or short term) or liabilities or obligations of the Company (contingent or otherwise) and trade payable debt; (v) no material amount of the assets of the Company shall have been pledged or mortgaged, except
as indicated in the Offering Materials; and (v) no action, suit or proceeding, at law or in equity, against the Company or affecting any of its properties or businesses shall be pending or threatened before or by any court or federal or state
commission, board or other administrative agency, domestic or foreign, wherein an unfavorable decision, ruling or finding could materially adversely affect the businesses, prospects or financial condition or income of the Company, except as set
forth in the Offering Materials. 
  
 D. If requested at Closing
the Investor and the Placement Agent shall receive a certificate of the Company signed by an executive officer and chief financial officer, dated as of the applicable Closing, to the effect that the conditions set forth in subparagraph (C) above
have been satisfied and that, as of the applicable closing, the representations and warranties of the Company set forth herein are true and correct. 
  
 E. The Placement Agent shall have no obligation to insure that (x) any check, note, draft or other means of payment for the Common Stock will be honored,
paid or enforceable against the Investor in accordance with its terms, or (y) subject to the performance of the Placement Agent’s obligations and the accuracy of the Placement Agent’s representations and warranties hereunder, (1) the
Offering is exempt from the registration requirements of the 1933 Act or any applicable state “Blue Sky” law or (2) the Investor is an Accredited Investor. 
  
 10. Termination. 
  
 This Agreement shall be co-terminus with, and terminate upon the same terms and conditions as those set forth in, the Standby Equity Distribution
Agreement. The rights of the Investor and the obligations of the Company under the Registration Rights Agreement, and the rights of the Placement Agent and the obligations of the Company shall survive the termination of this Agreement unabridged.

  

 13 

 11. Miscellaneous. 
  
 A. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all
which shall be deemed to be one and the same instrument. 
  
 B.
Any notice required or permitted to be given hereunder shall be given in writing and shall be deemed effective when deposited in the United States mail, postage prepaid, or when received if personally delivered or faxed (upon confirmation of receipt
received by the sending party), addressed as follows to such other address of which written notice is given to the others): 
  

					
	 If to Placement Agent, to:
	 	 Newbridge Securities Corporation

	 	 	 1451 Cypress Creek Road, Suite 204

	 	 	 Fort Lauderdale, Florida 33309

	 	 	 Attention:
	  	 Doug Aguililla

	 	 	 Telephone:
	  	 (954) 334-3450

	 	 	 Facsimile:
	  	 (954) 229-9937

		
	 If to the Company, to:
	 	 Lithium Technology Corporation

	 	 	 5115 Campus Drive

	 	 	 Plymouth Meeting, PA 19462

	 	 	 Attention:
	  	 John J. McGovern

	 	 	 Telephone:
	  	 (610) 940-6090

	 	 	 Facsimile:
	  	 (610) 940-6091

		
	 With a copy to:
	 	 Gallagher, Briody & Butler

	 	 	 Princeton Forrestal Village

	 	 	 155 Village Blvd. – Suite 201

	 	 	 Princeton, NJ 08540

	 	 	 Attention:
	  	 Tom Gallagher, Esq.

	 	 	 Telephone:
	  	 (609) 452-6000

	 	 	 Facsimile:
	  	 (609) 452-0090

		
	 If to the Investor:
	 	 Cornell Capital Partners, LP

	 	 	 101 Hudson Street – Suite 3700

	 	 	 Jersey City, New Jersey 07302

	 	 	 Attention:
	  	 Mark A. Angelo

	 	 	 	  	 Portfolio Manager

	 	 	 Telephone:
	  	 (201) 985-8300

	 	 	 Facsimile:
	  	 (201) 985-8266

  

 14 

					
	 With copies to:
	 	 Cornell Capital Partners, LP

	 	 	 101 Hudson Street –Suite 3700

	 	 	 Jersey City, NJ 07302

	 	 	 Attention:
	  	 Troy Rillo, Esq.

	 	 	 	  	 Senior Vice-President

	 	 	 Telephone:
	  	 (201) 985-8300

	 	 	 Facsimile:
	  	 (201) 985-8266

  
 C. This Agreement
shall be governed by and construed in all respects under the laws of the State of New Jersey, without reference to its conflict of laws rules or principles. Any suit, action, proceeding or litigation arising out of or relating to this Agreement
shall be brought and prosecuted in such federal or state court or courts located within the State of New Jersey as provided by law. The parties hereby irrevocably and unconditionally consent to the jurisdiction of each such court or courts located
within the State of New Jersey and to service of process by registered or certified mail, return receipt requested, or by any other manner provided by applicable law, and hereby irrevocably and unconditionally waive any right to claim that any suit,
action, proceeding or litigation so commenced has been commenced in an inconvenient forum. 
  
 D. This Agreement and the other agreements referenced herein contain the entire understanding between the parties hereto and may not be modified or amended except by a writing duly signed by the party against whom
enforcement of the modification or amendment is sought. 
  
 E. If
any provision of this Agreement shall be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of this Agreement. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 15 

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

			
	COMPANY:
	LITHIUM TECHNOLOGY CORPORATION
		
	 By:
	 	 /s/ John J. McGovern

	 Name:
	 	 John J. McGovern

	 Title:
	 	 Chief Financial Officer

	
	PLACEMENT AGENT:
	NEWBRIDGE SECURITIES CORPORATION
		
	 By:
	 	  

	 Name:
	 	 Guy S. Amico

	 Title:
	 	 President

	
	INVESTOR:
	CORNELL CAPITAL PARTNERS, LP
		
	By:	 	Yorkville Advisors, LLC
	Its:	 	General Partner
		
	 By:
	 	 /s/ Mark A. Angelo

	 Name:
	 	 Mark A. Angelo

	 Title:
	 	 Portfolio Manager

  

 16Escrow Agreement

 Exhibit 10.73 
  
 ESCROW AGREEMENT 
  
 THIS ESCROW AGREEMENT (this “Agreement”) is made and entered into as of March 11, 2005 by LITHIUM TECHNOLOGY CORPORATION, a
Delaware corporation (the “Company”); CORNELL CAPITAL PARTNERS, LP, a Delaware limited partnership (the “Investor”); and DAVID GONZALEZ, ESQ. (the “Escrow Agent”). 
  
 BACKGROUND 
  
 WHEREAS, the Company and the Investor have entered into a Standby
Equity Distribution Agreement (the “Standby Equity Distribution Agreement”) dated as of the date hereof, pursuant to which the Investor will purchase the Company’s Common Stock, par value US $0.01 per share (the “Common
Stock”), at a price per share equal to the Purchase Price, as that term is defined in the Standby Equity Distribution Agreement, for an aggregate price of up to Fifteen Million U.S. Dollars ($15,000,000). The Standby Equity Distribution
Agreement provides that on each Advance Date the Investor, as that term is defined in the Standby Equity Distribution 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 Standby Equity Distribution Agreement, with the Escrow Agent, 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 Escrow Agent at a closing to be held as set forth in the Standby Equity Distribution Agreement (the “Closing”).

  
 WHEREAS, Escrow Agent has agreed to accept, hold, and
disburse the funds and the shares of the Company’s Common Stock 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 Standby Equity Distribution 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. 
  
 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 the Escrow
Agent to serve as the holder of the shares of the Company’s Common Stock which shall be purchased by the Investor. The Escrow Agent 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. 
  
 c. The Company hereby acknowledges that the Escrow Agent is general counsel to the Investor, a partner of the general
partner of the Investor and counsel to the Investor in connection with the transactions contemplated and referenced herein and will be acting as the escrow agent for shares of the Company’s Common Stock as outlined herein. The Company agrees
that in the event of any dispute arising in connection with this Escrow Agreement or otherwise in connection with any transaction or agreement contemplated and referenced herein, the Escrow Agent shall be permitted to continue to represent the
Investor and the Company will not seek to disqualify such counsel. 
  
 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: Lithium Technology Corporation/Cornell Capital Partners, LP. The Investor will wire
funds to the account of the Escrow Agent as follows: 
  

			
	Bank:	  	 Wachovia, N.A. of New Jersey

	Routing #:	  	 031201467

	Account #:	  	 2000014931134

	Name on Account:	  	 David Gonzalez Attorney Trust Account

	Name on Sub-Account:	  	 Lithium Technology Corporation/Cornell Capital Partners, LP Escrow account

  
 b. On or prior to the
date of this Agreement the Escrow Agent shall establish on 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 the Escrow Agent as follows: 
  

			
	Brokerage Firm:	  	 Sloan Securities Corp.

	Clearing House:	  	 Fiserv

	Account #:	  	 56887298

	DTC #:	  	 0632

	Name on Account:	  	 David Gonzalez Escrow Account

  

 2 

 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 has received such Common Stock via D.W.A.C from the Company which are to be issued to the
Investor pursuant to the Standby Equity Distribution Agreement, the Escrow Agent 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 the Escrow Agent directing the Escrow Agent 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 the Escrow Agent 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 Escrow Agent has on file. 
  
 In the event the Escrow Agent does not receive the amount of the Advance from the Investor or the shares of Common Stock to be purchased by the Investor from the Company, the Escrow Agent shall notify the Company and the Investor.

  
 In the event that the Escrow Agent has not received the Common
Stock to be purchased by the Investor from the Company, in no event will the Escrow Funds be released to the Company until such shares are received by the Escrow Agreement. 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 Standby Equity Distribution Agreement. 
  
 6. Deposit of Funds. The Escrow Agent is hereby authorized to deposit the wire transfer proceeds in the Escrow
Account. 
  

 3 

 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 the Common Stock 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. 
  
 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 may retain the Escrow Fund, or such portion thereof, as to which no Joint Written Direction has been received, in a non-interest bearing money market account. 

 
 9. Resignation and Removal of Escrow Agent. Escrow Agent may resign
from the performance of its duties hereunder at any time by giving thirty (30) days’ prior written notice to the parties or may be removed, with or without cause, by the parties, acting jointly, by furnishing a Joint Written Direction to Escrow
Agent, at any time by the giving of ten (10) days’ prior written notice to Escrow Agent as provided herein below. Upon any such notice of resignation or removal, the representatives of the Investor and the Company identified in Sections
13a.(iv) 

  

 4 

 
and 13b.(iv), below, jointly shall appoint a successor Escrow Agent hereunder, which shall be a commercial bank, trust company or other financial institution
with a combined capital and surplus in excess of US $10,000,000.00. Upon the acceptance in writing of any appointment of Escrow Agent hereunder by a successor Escrow Agent, such successor Escrow Agent shall thereupon succeed to and become vested
with all the rights, powers, privileges and duties of the retiring Escrow Agent, and the retiring Escrow Agent shall be discharged from its duties and obligations under this Escrow Agreement, but shall not be discharged from any liability for
actions taken as Escrow Agent hereunder prior to such succession. After any retiring Escrow Agent’s resignation or removal, the provisions of this Escrow Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was Escrow Agent under this Escrow Agreement. The retiring Escrow Agent shall transmit all records pertaining to the Escrow Funds and shall pay all funds held by it in the Escrow Funds to the successor Escrow Agent, after making copies of
such records as the retiring Escrow Agent deems advisable and after deduction and payment to the retiring Escrow Agent of all fees and expenses (including court costs and attorneys’ fees) payable to, incurred by, or expected to be incurred by
the retiring Escrow Agent in connection with the performance of its duties and the exercise of its rights hereunder. 
  
 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 Standby Equity Distribution Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in the 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 and Escrow Agent is hereby authorized to
pay such fees and expenses from funds held in escrow. 
  
 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 

  

 5 

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

  

 6 

 
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. 
  
 12.
Expenses of Escrow Agent. Except as set forth in Section 11 the Company shall reimburse Escrow Agent for all of its reasonable out-of-pocket expenses, including attorneys’ fees, travel expenses, telephone and facsimile transmission
costs, postage (including express mail and overnight delivery charges), copying charges and the like as outlined in Section 12.4 of the Standby Equity Distribution Agreement dated the date hereof. 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.

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

 7 

 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 and the Investor: 
  
 i. The Company is a corporation duly organized, validly existing, and in
good standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. 
  
 ii. This Agreement has been duly approved by all necessary corporate action of the Company, including any necessary
shareholder approval, has been executed by duly authorized officers of the Company, enforceable in accordance with its terms. 
  
 iii. The execution, delivery, and performance by the Company of this Escrow Agreement is in accordance with the Standby Equity Distribution Agreement and
will not violate, conflict with, or cause a default under the articles 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. 
  
 iv. John J. McGovern 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. 
  
 14. Consent to Jurisdiction and Venue. In the event that any party
hereto commences a lawsuit or other proceeding relating to or arising from this Agreement, the parties hereto agree that the United States District Court for the District of New Jersey shall have the sole and exclusive jurisdiction over any such
proceeding. If all such courts lack federal subject matter jurisdiction, the parties agree that the Superior Court Division of New Jersey, Chancery Division of Hudson County shall have sole and exclusive jurisdiction. Any of these courts shall be
proper venue for any such lawsuit or judicial proceeding and the parties hereto waive any objection to such venue. The parties hereto consent to and agree to submit to the jurisdiction of any of the courts specified herein and agree to accept the
service of process to vest personal jurisdiction over them in any of these courts. 
  

 8 

 15. Notice. All notices and other communications hereunder shall be in writing and shall be deemed
to have been validly served, given or delivered five (5) days after deposit in the United States mail, by certified mail with return receipt requested and postage prepaid, when delivered personally, one (1) day delivery 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 3700

	 	  	 Jersey City, New Jersey 07302

	 	  	 Attention:
	  	 Mark Angelo

	 	  	 Facsimile:
	  	 (201) 985-8266

		
	 With a copy to:
	  	 Cornell Capital Partners, LP

	 	  	 101 Hudson Street –Suite 3700

	 	  	 Jersey City, NJ 07302

	 	  	 Attention:
	  	 Troy Rillo, Esq.

	 	  	 	  	 Senior Vice-President

	 	  	 Telephone:
	  	 (201) 985-8300

	 	  	 Facsimile:
	  	 (201) 985-8266

		
	 If to Escrow Agent, to:
	  	 David Gonzalez, Esq.

	 	  	 101 Hudson Street – Suite 3700

	 	  	 Jersey City, NJ 07302

	 	  	 Telephone:
	  	 (201) 985-8300

	 	  	 Facsimile:
	  	 (201) 985-8266

		
	 If to Company, to:
	  	 Lithium Technology Corporation

	 	  	 5115 Campus Drive

	 	  	 Plymouth Meeting, PA 19462

	 	  	 Attention:
	  	 John J. McGovern

	 	  	 Telephone:
	  	 (610) 940-6090

	 	  	 Facsimile:
	  	 (610) 940-6091

		
	 With a copy to:
	  	 Gallagher, Briody & Butler

	 	  	 Princeton Forrestal Village

	 	  	 155 Village Blvd. – Suite 201

	 	  	 Princeton, NJ 08540

	 	  	 Attention:
	  	 Tom Gallagher, Esq.

	 	  	 Telephone:
	  	 (609) 452-6000

	 	  	 Facsimile:
	  	 (609) 452-0090

  
 Or to such other
address as each party may designate for itself by like notice. 
  
 16. Amendments or Waiver. This Agreement may be changed, waived, discharged or terminated only by a writing signed by the parties 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. 
  

 9 

 17. Severability. To the extent any provision of this Agreement is prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such prohibition, or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  
 18. Governing Law. This Agreement shall be construed and interpreted
in accordance with the internal laws of the State of New Jersey without giving effect to the conflict of laws principles thereof. 
  
 19. Entire Agreement. This Agreement constitutes the entire Agreement between the parties relating to the holding, investment, and disbursement of
the Escrow Funds and sets forth in their entirety the obligations and duties of the Escrow Agent with respect to the Escrow Funds. 
  
 20. Binding Effect. All of the terms of this Agreement, as amended from time to time, shall be binding upon, inure to the benefit of and be
enforceable by the respective heirs, successors and assigns of the Investor, the Company, or the Escrow Agent. 
  
 21. Execution of Counterparts. This Agreement and any Joint Written Direction may be executed in counter parts, which when so executed shall
constitute one and same agreement or direction. 
  
 22.
Termination. Upon the first to occur of the termination of the Standby Equity Distribution Agreement dated the date hereof or the disbursement of all amounts in the Escrow Funds and Common Stock 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 or Common Stock. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 10 

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

			
	LITHIUM TECHNOLOGY CORPORATION
		
	 By:
	 	 /s/ John J. McGovern

	 Name:
	 	 John J. McGovern

	 Title:
	 	 Chief Financial Officer

	
	CORNELL CAPITAL PARTNERS, LP
		
	By:	 	Yorkville Advisors, LLC
	Its:	 	General Partner
		
	 By:
	 	 /s/ Mark A. Angelo

	 Name:
	 	 Mark A. Angelo

	 Title:
	 	 Portfolio Manager

		
	 By:
	 	 /s/ David Gonzalez

	 Name:
	 	 David Gonzalez, Esq.

  

 11

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