Document:

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                                                                  EXHIBIT 10.24

                                                              July 20, 2006

Dr. Oliver Peoples
c/o Metabolix, Inc.
21 Erie Street
Cambridge, MA  02139

         Re:  EMPLOYMENT AGREEMENT

Dear Oliver:

     This letter is to confirm our understanding with respect to your employment
by Metabolix, Inc. (the "Company"). The terms and conditions agreed to in this
letter are hereinafter referred to as the "Agreement". In consideration of the
mutual promises and covenants contained in this Agreement, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
mutually acknowledged, we have agreed as follows:

     1.   EMPLOYMENT.

          (a) GENERAL. The Company will employ you, and you will be employed by
     the Company, as the Chief Scientific Officer and Vice President, Research
     of the Company, reporting to the Chief Executive Officer, and you shall
     have the responsibilities, duty and authority commensurate with that
     position. You will also perform such other and/or different services for
     the Company as may be assigned to you from time to time. You agree that if
     your employment hereunder ends for any reason, you will tender your
     resignation to the Company.

          (b) DEVOTION TO DUTIES. While you are employed hereunder, you will use
     your best efforts, skills and abilities to perform faithfully all duties
     assigned to you pursuant to this Agreement and will devote your full
     business time and energies to the business and affairs of the Company.
     While you are employed hereunder, you will not undertake any other
     employment from any person or entity without the prior written consent of
     the Company.

     2. EMPLOYMENT AT WILL. Your employment hereunder will be on an "at-will"
basis and may be terminated by the Company or by you at any time for any reason
or for no reason.

     3.   COMPENSATION.

          (a) BASE SALARY. While you are employed hereunder, the Company will
     pay you a base salary at the annual rate of $16,666.66 per month
     (annualized at $200,000.00) (the "Base Salary"). This Base Salary is
     effective July 1, 2006, and may be subject to upward

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     (but not downward) adjustment from time to time in the discretion of the
     Company. The Company will deduct from each monthly salary payment all
     amounts required to be deducted or withheld under applicable law or under
     any employee benefit plan in which you participate.

          (b)  BONUSES.

               (i) As soon as practicable, but no later than July 31, 2006 after
     the execution of this Agreement, the Company shall pay you a bonus of
     $75,000, less all amounts required to be deducted or withheld under
     applicable law or under any employee benefit plan in which you participate.

               (ii) Subject to your continued employment with the Company on the
     date of completion of an initial public offering (an "IPO") of the
     Company's common stock, as soon as practicable following the IPO, but
     in no event later than 2 months following the IPO, the Company shall
     pay you an additional bonus of $75,000, less all amounts required to
     be deducted or withheld under applicable law or under any employee
     benefit plan in which you participate.

               (iii) In addition to the foregoing, the Company on or before
     December 31, 2006, will establish a formalized bonus scheme and pay you an
     annual bonus in an amount to be determined by the Company's Compensation
     Committee. The amount will be based on several criteria, including the
     financial condition of the Company and its overall performance for the
     year, but will be strongly influenced by your contributions toward the
     achievement of established corporate goals and objectives, as well as other
     contributions that add recognizable value to the Company. The present
     target for executive bonuses is 50% of Base Salary (the "Target Bonus").
     This Target Bonus will be subject to revision from time to time by the
     Compensation Committee. In order to receive an annual bonus, you must be
     employed at the time of a timely payment, which will be paid on or before
     March 15 of the year following the year in which it is earned.

          (c) EQUITY COMPENSATION. The Company, in the Board's sole discretion,
     may from time to time grant to you stock options, restricted stock or other
     forms of equity compensation pursuant to the Metabolix, Inc. 2005 Stock
     Plan or any other authorized stock plan in effect at the time.

          (d) VACATION. You will be entitled to paid vacation and paid holidays,
     accrued and used in accordance with the Company's policies as currently in
     effect. For the purpose of clarity the current policy for an individual
     with ten (10) years of service is five (5) weeks. All vacation days will be
     taken at times mutually agreed by you and the Company and will be subject
     to the business needs of the Company.

          (e) FRINGE BENEFITS. You will be entitled to participate in employee
     benefit plans which the Company provides or may establish for the benefit
     of its senior executives

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     generally (for example, group life, disability, medical, dental and other
     insurance, retirement, pension, profit-sharing and similar plans)
     (collectively, the "Fringe Benefits"). Your eligibility to participate in
     the Fringe Benefits and receive benefits thereunder will be subject to the
     plan documents governing such Fringe Benefits. Nothing contained herein
     will require the Company to establish or maintain any Fringe Benefits.

          (f) LEGAL FEES. The Company shall reimburse you for all legal fees and
     expenses incurred by you in connection with the negotiation of this
     Agreement; PROVIDED that the Company's reimbursement obligation with
     respect to such legal fees and expenses shall not exceed $3,000.

     4.   TERMINATION.

          (a) GENERAL. As an at-will employee, your employment may be terminated
     at any time for any reason or for no reason. Upon termination, unless
     otherwise specifically provided herein, you shall be eligible only to
     receive (i) the portion of your Base Salary as has accrued prior to such
     termination and has not yet been paid, (ii) an amount equal to the value of
     your accrued unused vacation days, and (iii) reimbursement for expenses
     properly incurred by you on behalf of the Company prior to such termination
     if such expenses are properly documented in accordance with Company policy
     and practice and submitted for reimbursement within thirty (30) days of the
     termination date (collectively, the "Accrued Obligations"). Such amounts
     will be paid promptly after termination in accordance with applicable law.

          (b) TERMINATION WITHOUT CAUSE OR WITH GOOD REASON. Except as provided
     in Section 4(c) hereof, in the event that your employment is terminated by
     the Company without Cause or by you with Good Reason (each, as defined
     below), in addition to the Accrued Obligations, and contingent on your
     provision of a timely and complete release of claims against the Company,
     you shall be entitled to receive: (i) a lump-sum cash payment equal to
     twenty-four (24) months of your Base Salary, and (ii) a pro rata Target
     Bonus for the year in which such termination occurs, each of the clause (i)
     and (ii) amounts to be payable (A) on the first business day following the
     six (6) month anniversary of the effective date of termination, to the
     extent required by Section 409A of the Internal Revenue Code of 1986, as
     amended (the "Code"), or (B) if Section 409A of the Code is not then
     applicable, promptly following the date of termination. In addition to the
     foregoing, you shall be entitled to receive payment of COBRA premiums to
     maintain medical and dental benefits, if any, in effect at the time of
     termination for the period of twenty-four (24) months following the
     termination.

          (c) TERMINATION WITHOUT CAUSE OR WITH GOOD REASON BEFORE OR AFTER A
     CHANGE OF CONTROL.

               (i) In the event that your employment is terminated by the
     Company without Cause or by you for Good Reason (each, as defined below)
     within the twenty-four (24) month period immediately following or the two
     month period immediately prior to a

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     Change of Control (as defined below), in addition to the Accrued
     Obligations, and contingent on your provision of a timely release of claims
     against the Company, you shall be entitled to receive:

                    (A) a lump-sum cash payment equal to two times the sum of
     (I) your then-current Base Salary plus (II) 50% of your then-current Target
     Bonus, such amount to be payable (x) on the first business day following
     the six (6) month anniversary of the effective date of termination, to the
     extent required by Section 409A of the Code, or (y) if Section 409A of the
     Code is not then applicable, promptly following the date of termination;
     and

                    (B) continued payment of COBRA premiums to maintain medical
     and dental benefits, if any, in effect at the time of termination for the
     period of twenty-four (24) months following the termination; and

                    (C) full vesting of all options granted to you under the
     Metabolix Inc. 1995 Stock Plan, the Metabolix Inc. 2005 Stock Plan or any
     authorized successor stock plan provided that the conditions to vesting
     other than the passage of time have been satisfied.

               (ii) You agree that the payments and benefits hereunder, and
     under all other contracts, arrangements or programs that apply to you (the
     "Company Payments"), shall be reduced to an amount that is one dollar less
     than the amount that would trigger an excise tax under Section 4999 of the
     Code, as determined in good faith by the Company's nationally recognized
     independent auditors, PROVIDED, HOWEVER, that the reduction shall occur
     only if the reduced Company Payments received by you (after taking into
     account further reductions for applicable federal, state and local income,
     social security and other taxes) would be greater than the unreduced
     Company Payments to be received by you minus (i) the excise tax payable
     with respect to such Company Payments under Section 4999 of the Code; and
     (ii) all applicable federal, state and local income, social security and
     other taxes on such Company Payments. You and the Company agree to
     cooperate in good faith with each other in connection with any
     administrative or judicial proceedings concerning the existence or amount
     of golden parachute penalties with respect to payments or benefits that you
     receive.

          (d) "CAUSE". As used herein, "Cause" shall be defined as (i) your
     conviction for, or plea of nolo contendere, to a felony or a crime
     involving moral turpitude, (ii) your commission of a material act of
     personal dishonesty or a breach of fiduciary duty involving personal profit
     in connection with your employment by the Company, (iii) your commission of
     an act which the Board of Directors shall reasonably have found to have
     involved willful misconduct or gross negligence on your part in the conduct
     of your duties under this Agreement, (iv) your habitual absenteeism, (v)
     your material breach of any material provision of this Agreement continuing
     for thirty days after your receipt of written notice thereof from the
     Company, or (vi) the willful and continued failure by you

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     to perform substantially your duties with the Company (other than any such
     failure resulting from your incapacity due to physical or mental illness).

          (e) "CHANGE OF CONTROL". As used herein, a "Change of Control" shall
     occur or be deemed to have occurred only upon any one or more of the
     following events:

               (i) a merger or consolidation of the Company other than a merger
     or consolidation which would result in the voting securities of the Company
     outstanding immediately prior thereto continuing to represent (either by
     remaining outstanding or by being converted into voting securities of the
     surviving entity or the parent of such corporation) at least fifty percent
     (50%) of the total voting power represented by the voting securities of the
     Company or such surviving entity or parent of such corporation outstanding
     immediately after such merger or consolidation;

               (ii) the sale or disposition by the Company of all or
     substantially all of the Company' s assets; or

               (iii) any one person, entity or group, who is not a shareholder
     at time of execution of this Agreement, acquires ownership of capital stock
     of the Company that, together with the capital stock of the Company already
     held by such person, entity or group, constitutes more than 50% of the
     total fair market value or total voting power of the capital stock of the
     Company; provided, however, if any one person, entity or group is
     considered to own more than 50% of the total fair market value or total
     voting power of the capital stock of the Company, the acquisition of
     additional capital stock by the same person, entity or group shall not be
     deemed to be a Change of Control, and further provided that the foregoing
     shall not be deemed a Change of Control if the average stock price paid for
     each share of stock held by the person, entity or group is less than
     $8.00/share.

          (f) "Good Reason" shall be defined as, in the absence of a cure by the
     Company within 30 days after written notice by you to the Board, a (i) a
     change in title of Chief Scientific Officer and Vice President, Research,
     (ii) a material diminution of responsibilities, duties or powers, (iii) a
     reduction in Base Salary, Target Bonus, vacation or other benefits, except
     that benefits need only be substantially equivalent, or (iv) a requirement
     that you relocate your principal place of employment to (or that you travel
     more than 50 days in any calendar year to the Company's principal place of
     business in) a location more than 50 miles from its current location in
     Cambridge, Massachusetts, PROVIDED THAT you must provide the Company with
     at least thirty (30) days advance written notice of your intent to
     terminate your employment hereunder and an opportunity to cure.

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     5. NONCOMPETITION, NONDISCLOSURE AND INVENTIONS OBLIGATIONS. Your Employee
Noncompetition, Nondisclosure and Inventions Agreement dated 5 April 1994 as
amended on July 20, 2006 shall continue in full force and effect in accordance
with its terms.

     6. DISCLOSURE TO FUTURE EMPLOYERS. You will provide, and the Company, in
its discretion, may similarly provide, a copy of the covenants contained in The
Employee Noncompetition, Nondisclosure and Inventions Agreement to any business
or enterprise which you may, directly or indirectly, own, manage, operate,
finance, join, control or in which you may participate in the ownership,
management, operation, financing, or control, or with which you may be connected
as an officer, director, employee, partner, principal, agent, representative,
consultant or otherwise.

     7. REPRESENTATIONS. You hereby represent and warrant to the Company that
you understand this Agreement, that you enter into this Agreement voluntarily
and that your employment under this Agreement will not conflict with any legal
duty owed by you to any other party.

     8. GENERAL.

          (a) NOTICES. All notices, requests, consents and other communications
     hereunder which are required to be provided, or which the sender elects to
     provide, in writing, will be addressed to the receiving party's address set
     forth above or to such other address as a party may designate by notice
     hereunder, and will be either (i) delivered by hand, (ii) sent by overnight
     courier, or (iii) sent by registered or certified mail, return receipt
     requested, postage prepaid. All notices, requests, consents and other
     communications hereunder will be deemed to have been given either (i) if by
     hand, at the time of the delivery thereof to the receiving party at the
     address of such party set forth above, (ii) if sent by overnight courier,
     on the next business day following the day such notice is delivered to the
     courier service, or (iii) if sent by registered or certified mail, on the
     fifth business day following the day such mailing is made.

          (b) ENTIRE AGREEMENT. This Agreement, together with any Stock Option
     Agreements executed by you and the Company (either prior to or in
     conjunction with this Agreement), the Employee Noncompetition,
     Nondisclosure and Inventions Agreement and the other agreements
     specifically referred to herein, embodies the entire agreement and
     understanding between the parties hereto with respect to the subject matter
     hereof and supersedes all prior oral or written agreements and
     understandings relating to the subject matter hereof. No statement,
     representation, warranty, covenant or agreement of any kind not expressly
     set forth in this Agreement will affect, or be used to interpret, change or
     restrict, the express terms and provisions of this Agreement.

          (c) MODIFICATIONS AND AMENDMENTS. The terms and provisions of this
     Agreement may be modified or amended only by written agreement executed by
     the parties hereto.

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          (d) WAIVERS AND CONSENTS. The terms and provisions of this Agreement
     may be waived, or consent for the departure therefrom granted, only by
     written document executed by the party entitled to the benefits of such
     terms or provisions. No such waiver or consent will be deemed to be or will
     constitute a waiver or consent with respect to any other terms or
     provisions of this Agreement, whether or not similar. Each such waiver or
     consent will be effective only in the specific instance and for the purpose
     for which it was given, and will not constitute a continuing waiver or
     consent.

          (e) ASSIGNMENT. The Company may assign its rights and obligations
     hereunder to any person or entity that succeeds to all or substantially all
     of the Company's business or that aspect of the Company's business in which
     you are principally involved or to any Company Affiliate. You may not
     assign your rights and obligations under this Agreement without the prior
     written consent of the Company and any such attempted assignment by you
     without the prior written consent of the Company will be void.

          (f) GOVERNING LAW. This Agreement and the rights and obligations of
     the parties hereunder will be construed in accordance with and governed by
     the law of placeStateMassachusetts, without giving effect to the conflict
     of law principles thereof.

          (g) JURISDICTION, VENUE AND SERVICE OF PROCESS. Any legal action or
     proceeding with respect to this Agreement will be brought in the courts of
     placeStateMassachusetts or of the placecountry-regionUnited States of
     America for the District of Massachusetts. By execution and delivery of
     this Agreement, each of the parties hereto accepts for itself and in
     respect of its property, generally and unconditionally, the exclusive
     jurisdiction of the aforesaid courts.

          (h) SEVERABILITY. The parties intend this Agreement to be enforced as
     written. However, if any portion or provision of this Agreement is to any
     extent declared illegal or unenforceable by a duly authorized court having
     jurisdiction, then the remainder of this Agreement, or the application of
     such portion or provision in circumstances other than those as to which it
     is so declared illegal or unenforceable, will not be affected thereby, and
     each portion and provision of this Agreement will be valid and enforceable
     to the fullest extent permitted by law.

          (i) HEADINGS AND CAPTIONS. The headings and captions of the various
     subdivisions of this Agreement are for convenience of reference only and
     will in no way modify or affect the meaning or construction of any of the
     terms or provisions hereof.

          (j) ACKNOWLEDGMENTS. You hereby acknowledge and recognize that the
     enforcement of any of the provisions in this Agreement and the
     Noncompetition, Nondisclosure and Inventions Agreement may potentially
     interfere with your ability to pursue a proper livelihood. You represent
     that you are knowledgeable about the business of the Company. You recognize
     and agree that the enforcement of the Noncompetition, Nondisclosure and
     Inventions Agreement is necessary to ensure the preservation, protection
     and continuity of the business, trade secrets and goodwill of the Company.
     You agree that, due to the proprietary nature of the Company's business,
     the restrictions set forth in the

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     Noncompetition, Nondisclosure and Inventions Agreement are reasonable as to
     time and scope.

          (k) TAXES. All payments required to be made by the Company to you
     under this Agreement shall be subject to the withholding of such amounts
     for taxes and other payroll deductions as the Company may reasonably
     determine it should withhold pursuant to any applicable law or regulation.
     To the extent applicable, it is intended that this Agreement comply with
     the provisions of Section 409A of the Code, and this Agreement shall be
     construed and applied in a manner consistent with this intent. In the event
     that any severance payments or benefits hereunder are determined by the
     Company to be in the nature of nonqualified deferred compensation payments,
     you and the Company hereby agree to take such actions as may be mutually
     agreed to ensure that such payments or benefits comply with the applicable
     provisions of Section 409A of the Code and the official guidance issued
     thereunder. Notwithstanding the foregoing, the Company does not guarantee
     the tax treatment or tax consequences associated with any payment or
     benefit arising under this Agreement.

          (l) COUNTERPARTS. This Agreement may be executed in two or more
     counterparts, and by different parties hereto on separate counterparts,
     each of which will be deemed an original, but all of which together will
     constitute one and the same instrument.

     If the foregoing accurately sets forth our agreement, please so indicate by
signing and returning to us the enclosed copy of this Agreement.

                                                    Very truly yours,

                                                    Metabolix, Inc.

                                                   By: /s/ JAMES J. BARBER
                                                      ---------------------
                                                      Name: James J. Barber
                                                      Title: President & CEO

ACCEPTED AND APPROVED:

OLIVER PEOPLES                      7/20/06
--------------------------          --------------
Print Name: Oliver Peoples          DateExhibit
10.7

 

ESCROW AGREEMENT
(PUBLIC OFFERING)

 

AGREEMENT made
this
                                            
day of
                                                                                                 
by and among Lightspace Corporation (the “Issuer”) and the Underwriter whose
names and addresses appear on the Information Sheet (as defined herein)
attached to this Agreement and Continental Stock Transfer & Trust Company,
17 Battery Place, 8the Floor, New York, New York 10004. (The “Escrow Agent”).

 

W I T N E
S S E T H:

 

WHEREAS, the
Issuer has filed with the Securities and Exchange Commission (the “Commission”)
a Registration Statement (the “Registration Statement”) covering a proposed
public offering of its securities as described on the Information Sheet;

 

WHEREAS, the
Underwriter proposes to offer the Securities, as agent for the Issuer, for sale
to the public on a “best efforts, all or none” basis with respect to the
Minimum Securities Amount and Minimum Dollar Amount and at the price per share
or other unit all as set forth, on the Information Sheet;

 

WHEREAS the
Issuer and the Underwriter propose to establish an Escrow Account (the “Escrow
Account”), to which subscription monies which are received by the Escrow Agent
from the Underwriter in connection with such public offering are to be
credited, and the Escrow Agent is willing to establish the Escrow Account and
the terms are subject to the conditions hereinafter set forth; and

 

WHEREAS, the
Escrow Agent has an agreement with JP Morgan Chase to establish a special Bank
Account (the “Bank Account”) into which the subscription monies, which are
received by the Escrow Agent from the Underwriter and credited to the Escrow
Account, are to be deposited;

 

NOW, THEREFORE in consideration
of the premises and mutual covenants herein contained, the parties hereto
hereby agree as follows:

 

1. Information
Sheet. Each capitalized term not otherwise defined in
this Agreement shall have the meaning set forth for such term on the
information sheet which is attached to this Agreement and is incorporated by
reference herein and made a part hereof (the “Information Sheet”).

 

2.  Establishment of the Bank
Account.

 

2.1 The Escrow Agent
shall establish a non-interest bank account at the branch of JP Morgan Chase
selected by the Escrow Agent, and bearing the designation set forth on the
Information Sheet (heretofore defined as the “Bank Account”). The purpose of
the Bank Account is for (a) the deposit of all subscription monies (checks, or
wire transfers) which are received by the Underwriter from prospective
purchasers of the Securities and are delivered by the Underwriter to the Escrow
Agent, (b) the holding of amounts of subscription monies which are collected
through the banking system, and (c) the disbursement of collected funds, all as
described herein.

 

2.2 On or before the date
of the initial deposit in the Bank Account pursuant to this Agreement, the
Underwriter shall notify the Escrow Agent in writing of the Effective Date of
the Registration Statement (the “Effective Date”), and the Escrow Agent shall
not be required to accept any amounts for credit to the Escrow Account or for
deposit in the Bank Account prior to its receipt of such notification.

 

2.3 The Offering Period, which shall be deemed to commence on the
Effective Date, shall consist of the number of calendar days or business days
set forth on the Information Sheet. The Offering Period shall be extended by an
Extension Period only if the Escrow Agent shall have received written notice
thereof at least five (5) business days prior to the expiration of the Offering
Period. The Extension Period, which shall be deemed to commence on the next
calendar day following the expiration of the Offering Period, shall consist of
the number of calendar days or business days set forth on the Information Sheet.
The last day of the Offering Period, or the last day of the Extension Period
(if the Escrow Agent has received written notice thereof as hereinabove
provided), is referred to herein as the “Termination Date”. Except as provided
in Section 4.3 hereof, after the Termination Date the Underwriter shall not
deposit, and the Escrow Agent shall not accept, any additional amounts
representing payments by prospective purchasers.

 

1

 

3.  Deposits to the Bank
Account.

 

3.1           The Underwriter shall promptly, but
in no event later than noon on the business day immediately following the day
such monies are received by the Underwriter, deliver to the Escrow Agent all
monies which it receives from prospective purchasers of the Securities, which
monies shall be in the form of checks or wire transfers, provided however that “Cashiers”
checks and “Money Orders” must be in amounts greater than $10,000; Cashiers
checks or Money Orders in amounts less than $10,000 shall be rejected by the
Escrow Agent.  Upon the Escrow Agent’s
receipt of such monies, they shall be credited to the Escrow Account. All
checks delivered to the Escrow Agent shall be made payable to “CST&T                                                  
Escrow Account.”  Any check payable other
than to the Escrow Agent as required hereby shall be returned to the
prospective purchaser, or if the Escrow Agent has insufficient information to
do so, then to the Underwriter (together with any Subscription Information, as
defined below or other documents delivered therewith) by noon of the next
business day following receipt of such check by the Escrow Agent, and such
check shall be deemed not to have been delivered to the Escrow Agent pursuant
to the terms of this Agreement.

 

3.2           Promptly after receiving subscription
monies as described in Section 3.1, the Escrow Agent shall deposit the same
into the Bank Account.  Amounts of monies
so deposited are hereinafter referred to as “Escrow
Amounts”.  The Escrow Agent
shall cause JP Morgan Chase to process all Escrow Amounts for collection
through the banking system. 
Simultaneously with each deposit to the Escrow Account, the Underwriter
(or the Issuer, if such deposit is made by the Issuer) shall inform the Escrow
Agent in writing of the name, address, and the tax identification number of the
purchaser, the amount of Securities subscribed for by such purchase, and the
aggregate dollar amount of such subscription (collectively, the “Subscription Information”).

 

3.3           The Escrow Agent shall not be
required to accept for credit to the Escrow Account or for deposit into the
Bank Account checks which are not accompanied by the appropriate Subscription
Information, which at minimum shall include the name address, tax
identification number and the number of shares/units.  Wire transfers representing payments by
prospective purchasers shall not be deemed deposited in the Escrow Account
until the Escrow Agent has received in writing the Subscription Information
required with respect to such payments.

 

3.4 The Escrow Agent
shall not be required to accept in the Escrow Account any amounts representing
payments by prospective purchasers, whether by check or wire, except during the
Escrow Agent’s regular business hours.

 

3.5 Only those Escrow
Amounts, which have been deposited in the Bank Account and which have cleared
the banking system and have been collected by the Escrow Agent, are herein
referred to as the “Fund”.

 

3.6 If the proposed
offering is terminated before the Termination Date, the Escrow Agent shall
refund any portion of the Fund prior to disbursement of the Fund in accordance
with Article 4 hereof upon instructions in writing signed by both the Issuer
and the Underwriter.

 

4.  Disbursement from the Bank
Account.

 

4.1 Subject to Section
4.3 below, if by the close of regular banking hours on the Termination Date the
Escrow Agent determines that the amount in the
Fund is less than the Minimum Dollar Amount or the Minimum Securities Amount, as indicated by
the Subscription information submitted to the Escrow Agent, then in either such
case, the Escrow Agent shall promptly refund to each prospective purchaser the
amount of payment received from such purchaser which is then held in the Fund
or which thereafter clears the banking system, without interest thereon or
deduction therefrom, by drawing checks on the Bank Account for the amounts of
such payments and transmitting them to the purchasers. In such event, the
Escrow Agent shall promptly notify the Issuer and the Underwriter of its
distribution of the Fund.

 

4.2 Subject to Section
4.3 below, if at any time up to the close of regular banking hours on the
Termination Date, the Escrow Agent determines that the amount in the Fund is at
least equal to the Minimum Dollar Amount and represents the sale of not less
than the Minimum Securities Amount, the Escrow Agent shall promptly notify the
Issuer and the Underwriter of such fact in writing. The Escrow Agent shall
promptly disburse the Fund, by drawing checks on the Bank Account in accordance
with instructions in writing signed by both the Issuer and the
Underwriter as to the disbursement of the Fund, promptly after it receives such
instructions.

 

2

 

4.3  (This provision applies only if a Collection
Period has been provided for by the appropriate indication on the Information
Sheet.]  If the Escrow Agent or the
Underwriter has on hand at the close of business on the Termination Date any
uncollected amounts which when added to the Fund would raise the amount in the
Fund to the Minimum Dollar Amount, and result in the Fund representing the sale
of the Minimum Securities Amount, the Collection Period (consisting of the
number of business days set forth on the Information Sheet)
                                                                
shall be utilized to allow such uncollected amounts to clear the banking
system. During the Collection Period, the Underwriter (and the Issuer) shall
not deposit and the Escrow Agent shall not accept, any additional amounts;
provided, however, that such amounts as were received by the Underwriter (or
the Issuer) by the close of business on the Termination Date may be deposited
with the Escrow Agent by noon of the next business                                                                     
day following the Termination Date. If, at the close of business on the last
day of the Collection Period, an amount sufficient to raise the amount in the
Fund to the Minimum Dollar Amount and which would result in the Fund
representing the sale of the Minimum Securities Amount shall not have cleared
the banking system, the Escrow Agent shall promptly notify the Issuer and the
Underwriter in writing of such fact and shall promptly return all amounts then
in the Fund, and any amounts which thereafter clear the banking system to the
prospective purchasers as provided in Section 4.2 hereof.

 

4.4 Upon disbursement of the Fund pursuant to the terms of this Article 4, the
Escrow Agent shall be relieved of all further obligations and
released from all liability under this Agreement. It is expressly agreed and
understood that in no event shall the aggregate amount of payments made by the
Escrow Agent exceed the amount of the Fund.

 

5. Rights, Duties and
Responsibilities of Escrow Agent.  It
is understood and agreed that the duties of the Escrow Agent are purely
ministerial in nature, and that:

 

5.1 The Escrow Agent
shall notify the Underwriter, on a daily basis, of the Escrow Amounts which
have been deposited in the Bank Account and of the amounts, constituting the
Fund, which have cleared the banking system and have been collected by the
Escrow Agent.

 

5.2 The Escrow Agent
shall not be responsible for or be required to enforce any of the terms or
conditions of the underwriting agreement or any other agreement between the
Underwriter and the Issuer nor shall the Escrow Agent be responsible for the
performance by the Underwriter or the Issuer of their respective obligations
under this Agreement.

 

5.3 The Escrow Agent
shall not be required to accept from the Underwriter (or the Issuer) any
Subscription Information pertaining to prospective purchasers unless such
Subscription Information is accompanied by checks, or wire transfers meeting
the requirements of Section 3.1, nor shall the Escrow Agent be required to keep
records of any information with respect to payments deposited by the
Underwriter (or the Issuer) except as to the amount of such payments; however,
the Escrow Agent shall notify the Underwriter within a reasonable time of any
discrepancy between the amount set forth in any Subscription Information and
the amount delivered to the Escrow Agent therewith. Such amount need not be
accepted for deposit in the Escrow Account until such discrepancy has been resolved.

 

5.4 The Escrow Agent
shall be under no duty or responsibility to enforce collection of any check
delivered to it hereunder. The Escrow Agent, within a reasonable time, shall
return to the Underwriter any check received which is dishonored, together with
the Subscription Information, if any, which accompanied such check.

 

5.5 The Escrow Agent shall be entitled to rely upon the accuracy, act in
reliance upon the contents, and assume the
genuineness of any notice, instruction, certificate, signature,
instrument or other document which is given to the Escrow Agent pursuant to
this Agreement without the necessity of the Escrow Agent verifying the truth or
accuracy thereof. The Escrow Agent shall not be obligated to make any inquiry
as to the authority, capacity, existence or identity of any person purporting
to give any such notice or instructions or to execute any such certificate,
instrument or other document.

 

5.6 If the Escrow Agent
is uncertain as to its duties or rights hereunder or shall receive instructions
with respect to the Bank Account, the Escrow Amounts or the Fund which, in its
sole determination, are in conflict either with other, instructions received by
it or with any provision of this Agreement, it shall be entitled to hold the
Escrow Amounts, the Fund, or a portion thereof, in the Bank Account pending the
resolution of such uncertainty to the Escrow Agent’s sole satisfaction, by
final judgment of a court or courts of competent jurisdiction or
otherwise;  or the Escrow Agent, at its
sole option, may deposit the Fund (and any other Escrow Amounts that thereafter
become part of the Fund) with the Clerk of a court of competent jurisdiction in
a proceeding to which all parties in interest are joined. Upon the deposit by
the Escrow

 

3

 

Agent of the Fund with
the Clerk of any court, the Escrow Agent shall be relieved of all further
obligations and released from all liability hereunder.

 

5.7 The Escrow Agent
shall not be liable for any action taken or omitted hereunder, or for the
misconduct of any employee, agent or attorney appointed by it, except in the
case of willful misconduct or gross negligence. The Escrow Agent shall be
entitled to consult with counsel of its own choosing and shall not be Liable
for any action taken, suffered or omitted by it in accordance with the advice
of such counsel.

 

5.8 The Escrow Agent
shall have no responsibility at any time to ascertain whether or not any
security interest exists in the Escrow Amounts, the Fund or any part thereof or
to file any statement under the Uniform Commercial Code with respect to the
Fund or any part thereof.

 

6. Amendment;
Resignation.  This Agreement may be
altered or amended only with the written consent of the Issuer, the Underwriter
and the Escrow Agent. The Escrow Agent may resign for any reason upon three (3)
business days’ written notice to the Issuer and the
Underwriter. Should the Escrow Agent resign as herein provided, it shall not be required to accept any deposit, make any
disbursement or otherwise dispose of the
Escrow Amounts or the Fund, but its only duty shall be to hold the Escrow
Amounts until they clear the banking system and the Fund for a period of not
more than five (5) business days following the effective date of such resignation,
at which time (a) if a successor escrow agent shall have been appointed and
written notice thereof (including the name and address of such successor escrow
agent) shall have been given to the resigning Escrow Agent by the Issuer, the
Underwriter and such successor escrow agent, then the resigning Escrow Agent
shall pay over to the successor escrow agent the Fund, less any portion thereof
previously paid out in accordance with this Agreement; or (b) if the resigning
Escrow Agent shall not have received written notice signed by the Issuer, the
Underwriter and a successor escrow agent, then the resigning Escrow Agent shall
promptly refund the amount in the Fund to each prospective purchaser without
interest thereon or deduction therefrom, and the resigning Escrow Agent shall
promptly notify the Issuer and the Underwriter in writing of its liquidation
and distribution of the Fund; whereupon, in either case, the Escrow Agent shall
be relieved of all further obligations and released from all liability under
this Agreement. Without limiting the provisions of Section 9 hereof, the
resigning Escrow Agent shall be entitled to be reimbursed by the Issuer and the
Underwriter for any expenses incurred in connection with its resignation,
transfer of the Fund to a successor escrow agent or distribution of the Fund
pursuant to this Section 6.

 

7. Representations and
Warranties of the Escrow Agent.  The
Escrow Agent represents and warrants to the Issuer and the Underwriter that (i)
the Escrow Agent is a “bank” within the meaning of Section 3(a)(6) of the
Securities Act of 1934 (the “Exchange Act”) and (ii) the material facts and
conditions relied upon by the Securities and Exchange Commission in concluding
that the Escrow Agent may receive customer funds pursuant to Rule 15c2-4 under
the Exchange Act in the no-action letter dated May 9, 1989, previously provided
to the Issuer and the Underwriter remain true and correct as of the date hereof
and shall remain true and correct during the Offering Period and any Extension
Period.

 

8. Representations and
Warranties of the Issuer and the Underwriter.  The Issuer and the Underwriter hereby jointly
and severally represent and warrant to the Escrow Agent that:

 

8.1 No party other than
the parties hereto and the prospective purchasers have, or shall have, any
lien, claim or security interest in the Escrow Amounts or the Fund or any part
thereof.

 

8.2 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 Amounts or the Fund or any part thereof.

 

8.3 The Subscription
information submitted with each deposit shall, at the time of submission and at
the time of disbursement of the Fund, be deemed a representation and warranty
that such deposit represents a bona fide payment by the purchaser described
therein for the amount of securities in such described as Subscription
Information.

 

8.4 All of the
information contained in the
Information Sheet is, as of the date hereof, and will be, at the time of any
disbursement of the Fund, true and correct.

 

8.5 Reasonable controls
have been established and required due diligence performed to comply with “Know
Your Customer” regulations, USA Patriot Act, Office of the Foreign Asset
Control (OFAC) regulations and the Bank Secrecy Act.

 

4

 

9. Fees and Expenses.  The Escrow Agent shall be entitled to the
Escrow Agent Fees set forth on the Information Sheet, payable as and when stated
therein. In addition, the Issuer and the Underwriter jointly and severally
agree to reimburse the Escrow Agent for any reasonable expenses incurred in
connection with this Agreement, including, but not limited to, reasonable
counsel fees. Upon receipt of the Minimum Dollar Amount, the Escrow Agent shall
have a lien upon the Fund to the extent of its fees for services as Escrow
Agent.

 

10. Indemnification
and Contribution.

 

10.1 The Issuer and the
Underwriter (collectively referred to as the “Indemnitors”) jointly and
severally agree to indemnify the Escrow Agent and its officers,
directors, employees, agents and shareholders (collectively referred to as the “
Indemnitees”) against, and hold them harmless of and from, any and all loss,
liability, cost, damage and expense, including without limitation, reasonable
counsel fees, which the Indemnitees may suffer or incur by reason of any
action, claim or proceeding brought against the Indemnitees arising out of or
relating in any way to this Agreement or any transaction to which this
Agreement relates, unless such action, claim or proceeding is the result of the
willful misconduct or gross negligence of the Indemnitees.

 

10.2 If the
indemnification provided for in Section 10.1 is applicable, but for any reason
is held to be unavailable, the Indemnitors shall contribute such amounts as are
just and equitable to pay, or to reimburse the Indemnitees for, the aggregate
of any and all losses, liabilities, costs, damages and expenses, including
counsel fees, actually incurred by the Indemnitees as a result of or in
connection with, and any amount paid in settlement of, any action, claim or
proceeding arising out of or relating in any way to any actions or omissions of
the Indemnitors.

 

10.3 The
provisions of this Article 10 shall survive any termination of this Agreement,
whether by disbursement of the Fund, resignation of the Escrow Agent or
otherwise.

 

11. Governing Law and
Assignment. This Agreement shall be
construed in accordance with and governed by the laws of the State of New York and shall be binding upon the parties hereto and their respective successors and assigns; provided,
however, that any assignment or transfer by any
party of its rights under this Agreement or with respect to the Escrow Amounts
or the Fund shall be void as against the Escrow Agent unless (a) written notice
thereof shall be given to the Escrow Agent; and (b) the Escrow Agent shall have
consented in writing to such assignment or transfer.

 

12. Notices.  All notices required to be given in connection
with this Agreement shall be sent by registered or certified mail, return
receipt requested, or by hand delivery with receipt acknowledged, or by the
Express Mail service offered by the United States Post Office, and addressed,
if to the Issuer or the Underwriter, at their respective addresses set forth on
the Information Sheet, and if to the Escrow Agent, at its address set forth
above, to the attention of the Trust Department.

 

13. Severability.  If any provision of this Agreement or the
application thereof to any person or circumstance shall be determined to be
invalid or unenforceable, the remaining provisions of this Agreement or the
application of such provision to persons or circumstances other than those to
which it is held invalid or unenforceable shall not be affected thereby and
shall be valid and enforceable to the fullest extent permitted by law.

 

14. Execution in
Several Counterparts.  This Agreement
may be executed in several counterparts or by separate instruments, and all of
such counterparts and instruments shall constitute one agreement, binding on
all of the parties hereto.

 

15. Entire Agreement.  This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings (written or oral) of the
parties in connection therewith.

 

5

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement as of the day and year first above
written.

 

	
  THE ISSUER

  	
   

  	
  CONTINENTAL STOCK
  TRANSFER & TRUST COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE UNDERWRITER

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
							

 

 

{08/05}

 

6

 

EXHIBIT A

 

ESCROW
AGREEMENT INFORMATION SHEET

 

	
  1.

  	
   

  	
  1.             

  	
  The Issuer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Lightspace Corporation

  
	
   

  	
   

  	
   

  	
   

  	
  Address:

  	
  529 Main Street

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Boston, Massachusetts
  02129

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Tax identification
  number: 04-3572975

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  The Underwriter

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Griffin Securities,
  Inc.

  
	
   

  	
   

  	
   

  	
   

  	
  Address:

  	
  17 State Street

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  New York, New York 10004

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  The Securities

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Description of the
  Securities to be offered:  Up to
  600,000 Units, each Unit consisting of (i) eight shares of the Issuer’s
  common stock, (ii) eight warrants to purchase one share of common stock at an
  exercise price of $1.00 per share, (iii) two warrants to purchase one share
  of common stock at an exercise price of $1.25 per share and (iv) two warrants
  to purchase one share of common stock at an exercise price of $1.63 per
  share.

  
	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Minimum Amounts and
  Conditions Required for Disbursement of the Escrow Account

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Aggregate dollar amount
  which must be collected before the Escrow Account may be disbursed to the
  Issuer:  $2,880,000, representing the
  purchase of 450,000 Units.

  
	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Plan of Distribution of
  the Securities

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Initial Offering
  Period:  30 days.

  
	
   

  	
   

  	
   

  	
  Extension Period, if
  any:  30 days, at the discretion of the
  Issuer with the consent of the Underwriter.

  
	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Title of Escrow Account

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “CST&T AAF
                                                

  
	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Escrow Agent Fees and
  Charges

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  $2,500: $1250.00
  payable at signing of the Escrow Agreement, plus $1250.00 prior to the
  Closing. $2,500: $1250.00 payable at signing of the Escrow Agreement, plus
  $1250.00 prior to the Closing.  A fee
  of $500 will be payable for document review services related to each
  amendment to the Escrow Agreement.  In
  addition, the Escrow Agent shall be paid a fee of $500.00 for each additional
  closing.  Should the Escrow Agent
  continue for more than one year, the Escrow Agent shall receive a fee of
  $500.00 per month, or any portion thereof, payable in advance or the first
  business day of the month.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Distribution charges:

  
	
   

  	
   

  	
  $10.00 per check

  
	
   

  	
   

  	
  $25.00 per wire

  
	
   

  	
   

  	
  $50.00 per check
  returned (NSF) check

  
	
   

  	
   

  	
  $50.00 lost check
  replacement fee

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