Document:

Exhibit
10.7

FORM
OF WARRANT

NEITHER
THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES
LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY. 

MILLENNIUM
CELL INC.

WARRANT

Warrant
No. __                        

Date
of Issuance: ______ __, 200_

Millennium
Cell Inc., a Delaware corporation (the “Company”),
hereby certifies that, for value received, The Dow Chemical Company or its
registered assigns (the “Holder”),
is entitled to purchase from the Company up to a total of [INSERT
THE PRODUCT OF (I) NUMBER OF SHARES OF COMMON STOCK INTO WHICH THE SHARES OF
SERIES B PURCHASED SIMULTANEOUSLY WITH ISSUANCE OF THE WARRANT ARE THEN
CONVERTIBLE AND (II) .25]
shares of common stock, $0.001 par value per share (the “Common
Stock”),
of the Company (each such share, a “Warrant
Share”
and all such
shares, the “Warrant
Shares”)
at an exercise price (the
“Exercise
Price”)
per Warrant Share equal to
$[INSERT
THE PRODUCT OF (I) 1.2 AND (II) THE
VWAP OF THE COMMON STOCK FOR THE 30-TRADING DAY PERIOD IMMEDIATELY PRECEDING THE
DATE OF ISSUANCE],
at any time and from time to time from and after the six (6) month anniversary
of the Date of Issuance
(the “Target
Date”)
and through and including the five (5) year anniversary of the Date of Issuance
(the “Expiration
Date”),
and subject to the following terms and conditions: 

 

1.  Definitions.
In addition to the terms defined elsewhere in this Warrant, capitalized terms
that are not otherwise defined herein shall have the meanings given to such
terms in the Stock Purchase Agreement dated on or about ______ __, 2005, between
the Company and the original Holder (the “Purchase
Agreement”).

 

2.  Registration
of Warrant.
The Company shall register this Warrant, upon
records to be maintained by the Company for that purpose (the “Warrant
Register”),
in the name of the record Holder hereof from time to time. The Company may treat
the registered Holder as the absolute
owner hereof for the purpose of any exercise hereof or any
distribution to
the Holder, and for all other purposes, absent actual notice to the
contrary.

 

3.  Registration
of Transfers.
The Company shall register the transfer of any portion of this Warrant in the
Warrant Register, upon surrender of this Warrant accompanied by a written
instrument of transfer duly executed by the Holder or by the duly appointed
legal representative or attorney thereof, to the Company at its address
specified herein. Upon any such registration or transfer, a new warrant to
purchase Common Stock, in substantially the form of this Warrant (any such new
warrant, a “New Warrant”),
evidencing the portion of this Warrant so transferred shall be issued to the
transferee and a New Warrant evidencing the remaining portion of this Warrant
not so transferred, if any, shall be issued to the transferring Holder. The
acceptance of the New Warrant by the transferee thereof shall be deemed the
acceptance by such transferee of all of the rights and obligations of a holder
of a Warrant.

 

4.  Exercise
and Duration.
Subject to the provisions of Section
6,
this Warrant
shall be exercisable by the registered Holder at any time and from
time
to time on or after the Target Date to and including the Expiration Date (the
“Exercise
Period”).
At 11:59 p.m., New York City time on the Expiration Date, the portion of this
Warrant available for exercise and not exercised prior thereto shall be and
become void without the necessity of any further action by the Company and of no
value.

 

5.  Required
Exercise.
At any time during the Exercise Period, as long as the Common Stock is publicly
traded on a Trading Market the Company may elect, by written notice to Holder,
to require the Holder to exercise all or any portion of the Warrant, if, for the
thirty (30)-trading day period immediately preceding the date of such election
the Common Stock (i) has an average daily trading volume which exceeds the
product of (x) the average daily trading volume for Common Stock during calendar
years 2003 and 2004 multiplied by (y) fifteen (15), and (ii) has a VWAP which is
at least four (4) times greater than the Exercise Price; provided,
however,
that upon such election by the Company, the Holder will have the right to
immediately sell or otherwise transfer this Warrant to a third party who will
then be required to exercise this Warrant in accordance with the Company’s
election under this Section
5;
provided
further,
however,
that if, within ten (10) Business Days after the Company’s election,
(i) the Holder has not exercised this Warrant, or (ii) the Holder has
not sold or otherwise transferred this Warrant to a third party, or if sold or
otherwise transferred, such third party has not exercised this Warrant, then
this Warrant shall immediately terminate and be of no force and effect without
any action on the part of the Company, the Holder or such third
party.

 

6.  Delivery
of Warrant Shares.

 

(a)  Upon
delivery of: (i) the Notice of Exercise attached hereto as Exhibit
A
to the Company at its address for notice
set forth in Section
14,
(ii) this Warrant, and (iii) the Exercise Price multiplied
by the number of Warrant Shares that the Holder intends to purchase hereunder
(the “Aggregate
Exercise Price”),
the
Company shall promptly (but in no event later than ten (10) Business Days
after
the Date of Exercise (as defined herein)) issue and deliver to the Holder, a
certificate for the Warrant Shares issuable upon such exercise bearing only the
restrictive legends required by the Purchase Agreement. The Company
shall,
upon request of the Holder and subsequent to the date on which a
registration statement covering the resale of the Warrant Shares has been
declared
effective by the Securities and Exchange Commission, use its
reasonable
commercial efforts to deliver Warrant Shares hereunder electronically through
the Depository Trust Corporation or another established clearing corporation
performing
similar functions, if available, provided, that, the Company may,
but will
not be required to change its transfer agent if its current transfer
agent
cannot deliver Warrant Shares electronically through the Depository Trust
Corporation.

 

A
“Date
of Exercise”
means the date on which the Holder shall have delivered to the Company (i) the
Notice of Exercise,
appropriately completed and duly
signed, (ii) this Warrant and (iii) the Aggregate Exercise Price.

 

(b)  If
by the tenth (10th)
Business Day after a Date of Exercise the Company fails to deliver the required
number of Warrant Shares in the manner required pursuant to Section
6(a),
then the Holder will have the right to rescind such exercise.

 

(c)  The
Company's obligations to issue and deliver Warrant Shares in accordance with the
terms hereof are absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any Person or any
action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach
by the Holder or any other Person of any obligation to the Company or
any
violation or alleged violation of law by the Holder or any other
Person.
Nothing herein shall limit a Holder's right to pursue any other
remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with
respect to the Company's failure to timely deliver certificates representing
shares
of Common Stock upon exercise of the Warrant as required pursuant to
the
terms hereof.

 

7.  Charges,
Taxes and Expenses.
Issuance and delivery of certificates for
shares of Common Stock upon exercise of this Warrant shall be made
without
charge to the Holder for any issue or transfer tax, withholding tax, transfer
agent
fee or other incidental tax or expense in respect of the issuance of
such
certificates, all of which taxes and expenses shall be paid by the
Company.

 

8.  Replacement
of Warrant.
If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue
or cause to be issued in exchange and substitution for and upon cancellation
hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only
upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction and customary and
reasonable indemnity, if requested. Applicants for a New Warrant under such
circumstances shall also comply with such other reasonable regulations and
procedures and pay such other reasonable third-party costs as the Company may
prescribe.

 

9.  Reservation
of Warrant Shares.
The Company covenants that it will at all
times reserve and keep available out of the aggregate of its authorized
but
unissued and otherwise unreserved Common Stock, solely for the purpose of
enabling it to issue Warrant Shares upon exercise of this Warrant as herein
provided, the number of Warrant Shares which are then issuable and deliverable
upon
the exercise of this Warrant in its entirety; and
if at any time the number of authorized but unissued shares of Common Stock
would be insufficient to effect the exercise of the entire Warrant, the Company
shall take such corporate action prior to taking any action that would result in
any such insufficiency as may, in the opinion of its counsel, be necessary to
increase its authorized but unissued shares of Common Stock to such number of
shares as shall be sufficient for such purpose. 

 

10.  Character
of Warrant Shares.
The Company covenants that all Warrant
Shares, upon issuance and the payment of the applicable Exercise Price in
accordance with the terms hereof, shall be duly and validly authorized, issued
and fully paid and nonassessable.

 

11.  Certain
Adjustments.
The Exercise Price and number of Warrant Shares issuable upon exercise of this
Warrant are subject to adjustment from time to time as set forth in this
Section
11.

 

(a)  Stock
Dividends and Splits.
If the Company, at any time while this Warrant is outstanding, either (i) pays a
stock dividend on its Common Stock or otherwise makes a distribution on any
class of capital stock that is payable in shares of Common Stock or (ii)
subdivides outstanding shares of Common Stock into a larger number of shares,
then in each such case (A) the Exercise Price shall be proportionately decreased
by multiplying the Exercise Price in effect immediately before such event by a
fraction of which the numerator shall be the number of shares of Common Stock
outstanding immediately before such event and of which the denominator shall be
the number of shares of Common Stock outstanding immediately after such event
and (B) the number of Warrant Shares issuable upon exercise of this Warrant
shall be proportionately increased by multiplying the number of Warrant Shares
issuable upon exercise of this Warrant immediately before such event by a
fraction of which the numerator shall be the number of shares of Common Stock
outstanding immediately after such event and of which the denominator shall be
the number of shares of Common Stock outstanding immediately before such event.

 

(b)  Combinations.
If the Company, at any time while this Warrant is outstanding, combines
outstanding shares of Common Stock into a smaller number of shares, then in such
case (A) the Exercise Price shall be proportionately increased by multiplying
the Exercise Price in effect immediately before such event by a fraction of
which the numerator shall be the number of shares of Common Stock outstanding
immediately before such event and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event and (B) the
number of Warrant Shares issuable upon exercise of this Warrant shall be
proportionately decreased by multiplying the number of Warrant Shares issuable
upon exercise of this Warrant immediately before such event by a fraction of
which the numerator shall be the number of shares of Common Stock outstanding
immediately after such event and of which the denominator shall be the number of
shares of Common Stock outstanding immediately before such event. 

 

(c)  Fundamental
Transactions.
If, at any time while this Warrant is outstanding: (i) the Company effects any
merger or consolidation of the Company with or into another Person, (ii) the
Company effects any sale of all or substantially all of its assets in one or a
series of related transactions, (iii) any tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which
holders of Common Stock are permitted to tender or exchange their shares for
other securities, cash or property, or (iv) the Company effects any

 

reclassification
of the Common Stock or any compulsory share exchange pursuant to which the
Common Stock is effectively converted into or exchanged for other securities,
cash or property (in any such case, a “Fundamental
Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of
this Warrant, the same amount and kind of securities, cash or property as it
would have been entitled to receive upon the occurrence of such Fundamental
Transaction if it had been, immediately prior to such Fundamental Transaction,
the holder of the number of Warrant Shares then issuable upon exercise in full
of this Warrant (the “Alternate
Consideration”).
For purposes of any such exercise, the determination of the Exercise Price shall
be appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the
Exercise Price among the Alternate Consideration in a reasonable manner
reflecting the relative value of any different components of the Alternate
Consideration. If holders of Common Stock are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any exercise of this Warrant following such Fundamental
Transaction. At the Holder’s option and request, any successor to the Company or
surviving entity in such Fundamental Transaction shall, either (i) issue to the
Holder a new warrant substantially in the form of this Warrant and consistent
with the foregoing provisions and evidencing the Holder's right to purchase the
Alternate Consideration for the aggregate Exercise Price upon exercise thereof,
or (ii) purchase the Warrant from the Holder for a purchase price, payable in
cash within ten (10) trading days after such request (or, if later, on the
effective date of the Fundamental Transaction), equal to the Black Scholes value
of the remaining unexercised portion of this Warrant on the date of the
Fundamental Transaction as well as assumptions reasonably mutually acceptable to
the Company and the Holder, provided that for purposes of such calculation, the
market price of the Common Stock shall be the closing bid price of the Common
Stock on the trading day immediately preceding the public announcement of the
Fundamental Transaction and the volatility factor shall be determined by
reference to the 12 month average industry volatility measures. The terms of any
agreement pursuant to which a Fundamental Transaction is effected shall include
terms requiring any such successor or surviving entity to comply with the
provisions of this paragraph
(c)
and insuring that this Warrant (or any such replacement security) will be
similarly adjusted upon any subsequent transaction analogous to a Fundamental
Transaction.

 

12.
Payment
of Exercise Price.
The Holder shall pay the Exercise Price by check or a wire transfer of
immediately available funds.

 

13.
No Fractional Shares.
No fractional shares of Warrant Shares will be issued in connection with any
exercise of this Warrant. In lieu of any fractional
shares which would, otherwise be issuable, the Company shall pay
cash equal
to the product of such fraction multiplied by the
VWAP of the Common Stock for the thirty (30)-trading day period immediately
preceding the Date of Exercise.

 

14.
Notices.
Any and all notices or other communications or deliveries hereunder
(including without limitation any Exercise Notice) shall be in
writing
and shall be deemed given and effective on the earliest of (i) the date of
transmission,
if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section
14
prior to 6:30 p.m. (New York City time) on a Business Day, (ii) the next
Business Day after the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile
number specified in this Section
14
on a day that is not a Business Day or later
than 6:30 p.m. (New York City time) on any Business Day, (iii) the
Business
Day following the date of mailing, if sent by nationally recognized overnight
courier
service, or (iv) upon actual receipt by the party to whom such notice
is required
to be given. The addresses for such communications shall be: (i) if
to
the Company, to Millennium Cell Inc., 1 Industrial Way West, Eatontown, New
Jersey,
07724, Facsimile No.: (732) 542-4010, Attn: Chief Financial Officer,
or
(ii) if to the Holder, to the address or facsimile number appearing on the
Warrant Register or such other address or facsimile number as the Holder may
provide to the Company in accordance with this Section
14.

 

15.Warrant
Agent.
The Company shall serve as warrant agent under this Warrant. Upon thirty (30)
days' notice to the Holder, the Company may appoint a new warrant agent. Any
corporation into which the Company or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the Company or any new
warrant agent shall be a party or any corporation to which the Company or any
new warrant agent transfers substantially all of its corporate trust or
shareholders services business shall be a successor warrant agent under this
Warrant without any further act. Any such successor warrant agent shall promptly
cause notice of its succession as warrant agent to be mailed
(by first class mail, postage prepaid) to the Holder at the Holder's
last
address as shown on the Warrant Register.

 

16.
Miscellaneous.

 

(a)  This
Warrant shall be binding on and inure to the benefit of the parties hereto and
their respective successors and assigns. Subject to the preceding sentence,
nothing in this Warrant shall be construed to give to any Person other than the
Company and the Holder any legal or equitable right, remedy or cause of action
under this Warrant. This Warrant may be amended only in writing signed by the
Company and the Holder and their successors and assigns.

 

(b)  All
questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be governed by and construed and enforced in accordance
with the internal laws of the State of Delaware, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal
proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Warrant (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders,
employees or agents) shall be commenced in the state and federal courts sitting
in Delaware . Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the Delaware for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein (including with respect to
the enforcement of this Warrant), and hereby irrevocably waives, and agrees not
to
assert in any suit, action or proceeding, any claim that it is not
personally
subject to the jurisdiction of any such court, that such suit, action or
proceeding is improper. Each party hereto hereby irrevocably waives personal
service
of process and consents to process being served in any such suit,
action
or proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in
effect for notices to it under this Warrant and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. Each party hereto (including its affiliates,
agents, officers, directors and employees) hereby irrevocably waives, to the
fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising out of or relating to this Warrant or the
transactions contemplated hereby. 

 

(c)  The
headings herein are for convenience only, do not constitute
a part of this Warrant and shall not be deemed to limit or affect
any
of the provisions hereof.

 

(d)  In
case any one or more of the provisions of this Warrant shall be invalid or
unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in
any way be affected or impaired thereby and the parties will attempt in
good
faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall
incorporate such substitute provision in this Warrant.

 

[remainder
of page intentionally left blank, signature page follows]

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its authorized officer as of the date first indicated
above.

 

MILLENNIUM
CELL INC.

_________________________

Name: 
  

Title:

EXHIBIT
A

FORM
OF NOTICE OF EXERCISE

Millennium
Cell Inc.

1
Industrial Way West

Eatontown,
New Jersey 07724

Attention:  Chief
Financial Officer

1. The
undersigned hereby elects to purchase, pursuant to the provisions of that
certain Warrant No. __ dated as of _________ ___, 200_, issued by Millennium
Cell Inc. (the “Company”)
and held by the undersigned (the “Warrant”),
                       
shares of Common Stock, by exercise of the Warrant with respect to that number
of Warrant Shares. Capitalized terms used but not defined in this Notice of
Exercise shall have the meanings given such terms in the Warrant.

 

2. The
exercise of the Warrant is pursuant to Section 12 of the Warrant, and
payment, in cash or by check, of the aggregate Purchase Price under such Warrant
with respect to the number of Warrant Shares set forth in Section
1
of this Notice of Exercise, accompanies this Notice of Exercise.

 

3. Please
issue a certificate or certificates representing said shares of Common Stock in
the name of the undersigned or in such other name as is specified
below:

 

_______________________________________

(Name)

_______________________________________

(Address)

_______________________________________

_______________________________________

Dated:
 
       
  

[HOLDER]

Signature: 
    
   

Address:Exhibit
10.8

 

[Form
of]

 

Patent
Assignment Agreement and License

 

This
Patent Assignment Agreement (this “Agreement”),
effective as of _________ , 2005 (the “Effective
Date”)
is between The Dow Chemical Company, a Delaware corporation (“Dow”)
and Millennium Cell Inc., a Delaware corporation (“MCEL”).
Dow and MCEL also may be referred to herein individually as a “Party”
or collectively as the “Parties.”

 

Recitals

WHEREAS,
the Parties entered into that certain Stock Purchase Agreement, dated as of
February 27, 2005 (the “Stock
Purchase Agreement”),
pursuant to which, among other things, at the First Closing (as defined in the
Stock Purchase Agreement), the Parties are to enter into this
Agreement;

 

WHEREAS,
the First Closing (as defined in the Stock Purchase Agreement) has occurred and,
simultaneously therewith, the Parties are entering into this Agreement pursuant
of the Stock Purchase Agreement;

 

WHEREAS,
simultaneously with the entering into of this Agreement, Dow and MCEL have also
entered into that certain Joint Development Agreement, dated as of the date
hereof (the “Joint
Development Agreement”);

 

WHEREAS,
simultaneously with the entering into of this Agreement, Dow and MCEL have also
entered into the Cross-Licensing and Intellectual Property Agreement, dated as
of the date hereof (the “Cross-Licensing
Agreement”);

 

WHEREAS,
prior to entering into the Joint Development Agreement, Dow and MCEL have
jointly filed the Patent (as defined below) that is the subject of this Patent
Assignment Agreement;

 

WHEREAS,
Dow now desires to assign to MCEL Dow’s interest in said jointly filed Patent,
and MCEL desires to accept such assignment; and 

 

WHEREAS,
MCEL desires to grant, and Dow desires to accept, a license under said Patent,
in each case on the terms and conditions set forth herein.

 

NOW,
THEREFORE, the Parties hereto, in consideration of the mutual agreements
contained herein, the receipt and sufficiency of which are hereby acknowledged,
do hereby agree as follows:

 

Article
I - Definitions

 

1.01 “Affiliate”
means,
with respect to any person or entity (a “Person”),
any Person which, directly or indirectly, controls, is controlled by, or is
under common control with such Person, including, without limitation, any
partner, officer, director, or member of such Person; provided,
however,
that Dow is not an Affiliate of MCEL.

 

1.02
“Application”
has the meaning given such term in the Cross-Licensing Agreement.

 

1.03
“Field
of Use”
has the meaning given such term in the Cross-Licensing Agreement.

 

1.04
“JDA
Intellectual Property”
has the meaning given such term in the Cross-Licensing Agreement.

 

1.05
“MFN
License”
has the meaning given such term in the Cross-Licensing Agreement.

 

1.06 “Non-Exclusive
Areas”
means, collectively, outside of the Field of Use (whether or not within the
Application) and outside of the Application (whether or not within the Field of
Use).

 

1.07 “Patent”
means US Provisional Patent Application Serial No. 60/562,132, filed jointly
between MCEL and Dow on April 14, 2004, and all other intellectual property
rights claiming priority from such provisional patent application. 

 

1.08 “Use”
means the right to use, practice, make, have made, reproduce, modify, enhance,
upgrade, create derivative works, import, export, copy and sell, offer for sale,
license and/or sublicense.

 

Article
II - Assignment 

 

In
conjunction with and simultaneously with the First Closing (as defined in the
Stock Purchase Agreement), Dow agrees to make the following
contributions:

 

2.01 Dow
hereby assigns to MCEL as a contribution the entire right, title and interest of
Dow and its Affiliates in and to the Patent, and MCEL agrees to accept the
assignment from Dow.

 

2.02 Dow
will provide MCEL duly executed assignments in recordable form for the Patent no
later than thirty (30) days from the Effective Date. 

 

 

Article
III - License 

 

	
      3.01  
	MCEL,
      on behalf of itself and its Affiliates, hereby grants to Dow a fully
      paid-up, world-wide, non-cancelable, sub-licensable, non-exclusive license
      under the Patent for any Use in the Non-Exclusive Areas.

 

	
      3.02  
	“Most
      Favored Nation” License of the Patent within Field of Use and within
      Application.
      Upon the written request of Dow, MCEL shall grant to Dow, and Dow shall
      accept from MCEL, an MFN License subject to the procedure contained in the
      Cross-Licensing Agreement with respect to JDA Intellectual
    Property.

 

	3.03	Dow’s
      Right of First Refusal in the Patent.
      In the event MCEL proposes to grant an exclusive license or exclusive
      transfer
      of the Patent to any third party licensee or transferee for any Use within
      the Field of Use and within the Application, Dow shall have a right of
      first refusal to enter into such license or transfer agreement with
      respect to the Patent on substantially similar terms as the terms in which
      MCEL proposes to license or transfer the Patent to such third party
      licensee or transferee, subject to the procedure contained in the
      Cross-Licensing Agreement.

 

Article
IV - Investment in MCEL

 

4.01 In
consideration of the undertakings of Dow pursuant to this Agreement, Dow will be
issued Preferred Shares (as defined in the Stock Purchase Agreement) and
Warrants (as defined in the Stock Purchase Agreement) of MCEL pursuant to the
terms of the Stock Purchase Agreement between Dow and MCEL. 

 

Article
V - Warranties, Indemnifications and Representations 

 

5.01
Except
as expressly stated in this Agreement, the Patent is provided to MCEL “as is”.

 

5.02 Dow’s
only duties under this Agreement are those expressly set out herein. Dow
disclaims any other oral or implied duties or obligations with respect to the
Patent. In particular and without limitation, this Agreement does not grant
MCEL
any right to receive technical assistance or impose upon Dow or its Affiliates
any duty to provide technical assistance.

 

5.03 In
no event will either Party be liable to the other Party for any consequential,
special, punitive, exemplary, indirect or incidental damages as a result of
activities under this Agreement. This Section 5.03 will apply regardless of
whether the damages were foreseeable, and irrespective of the theory or cause of
action upon which such damages might be based, including but not limited to
negligence or other tort, contract, strict liability, breach of warranty, or
otherwise.

 

 3

5.04 MCEL
will be solely responsible for and assumes all risks of its practice under the
Patent. Dow expressly disclaims any warranty and obligation with respect to the
performance or operability of any practice under the Patent. 

 

5.05  MCEL
agrees to hold harmless and indemnify Dow, its officers, directors, employees
and agents and its Affiliates’ officers, directors, employees and agents, from
and against any claims, demands, or causes of action whatsoever, including
without limitation those arising on account of any injury or death of persons or
damage to property caused by, or arising out of, or resulting from, the exercise
or practice of the Patent by MCEL. 

 

5.06
Dow
warrants and represents to MCEL as of the Effective Date that:

 

	(a)  	it
      has the full right to convey the interests in the Patent herein assigned;
      

	(b)  	it
      has no actual knowledge of any cause, claim or other matter that would
      preclude issuance of the Patent, provided, however, that Dow makes no
      warranty or representation that any such cause, claim or other matter does
      not exist; 

5.07  Except
as specifically provided herein, Dow and its Affiliates disclaim any and all
express or implied warranties (1) with respect to the Patent including, but not
limited to, any warranty that the Patent is valid or enforceable, or that
MCEL’s
practice of the Patent will not infringe patents owned by third parties; and (2)
as to the operability or fitness for any particular purpose of the intellectual
property encompassed within the Patent.

 

Article
VI - Miscellaneous

 

6.01 No
Party shall assign any rights or obligations under this Agreement without the
prior written consent of the other Party, provided, however, that Dow may assign
any and all rights and obligations under this Agreement to any of its
Affiliates. 

 

6.02 This
Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware without regard to its principles of conflicts of
laws.

 

6.03 All
notices and other communications given or made pursuant to this Agreement shall
be in writing and shall be deemed effectively given: (i) upon personal delivery
to the Party to be notified, (ii) when sent by confirmed electronic mail or
facsimile if sent during normal business hours of the recipient, and if not so
confirmed, then on the next Business Day (as defined in the Stock Purchase
Agreement), (iii) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (iii) one (1) day
after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt. All communications shall be
sent to the address or facsimile number set forth below or to such other address
or facsimile number as delivered by notice to the other in accordance with this
Section
6.03:

 

 4

If
to MCEL: 

Millennium
Cell Inc. 

1
Industrial Way West

Eatontown,
New Jersey 07724

Attention:
President

Facsimile:
732.542.4010

With
a copy to: 

 

Dickstein,
Shapiro, Morin & Oshinsky LLP

2101
L Street, N.W.

Washington,
D.C. 20031-1526

Attention:
Neil Lefkowitz

Facsimile:
202.887.0689

 

If
to Dow:

The
Dow Chemical Company

2030
Dow Center

Midland,
Michigan 48674

Attention:
Director, Emerging Energy, Dow Ventures

Facsimile:
989.638.7133

With
a copy to:

The
Dow Chemical Company

2030
Dow Center

Midland,
Michigan 48674

Attention:
Business Counsel, Dow Ventures

Facsimile:
989.636.7594

King
& Spalding LLP

1700
Pennsylvania Avenue, N.W.

Washington,
D.C. 20006

Attention:
David Gibbons

Facsimile:
202.626.3737

 

 5

6.04 Each
Party will, at any time and from time to time, after the Effective Date, upon
request of any other Party, do, execute, acknowledge and deliver, all such
further documents, assignments, agreements, and the like, as may be appropriate,
necessary or required to carry out the transactions contemplated in this
Agreement.

 

6.05 This
Agreement may be executed in two or more identical counterparts, each of which
will be valid as an original, but all of which together shall constitute one and
the same instrument.

 

6.06 This
Agreement and the other Transaction Agreements (as defined in the Stock Purchase
Agreement) constitute the full and entire understanding and agreement between
the Parties with respect to the subject matter hereof, and any other written or
oral agreement relating to the subject matter hereof existing between the
Parties are expressly canceled.

 

 

 6

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

MILLENNIUM
CELL INC.

By: _____________________________________

Name:

Title:

THE
DOW CHEMICAL COMPANY

By: _____________________________________

Name:

Title:

 7

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