Document:

Form of Warrant dated November 15, 2006

 Exhibit 10.5 
 NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES 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. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES. 
 VERI-TEK INTERNATIONAL, CORP. 
 WARRANT 
  

			
	Warrant No. [    ]	  	Original Issue Date: November 15, 2006

 Veri-Tek International, Corp., a Michigan corporation (the “Company”), hereby
certifies that, as partial compensation for placement agent services, [            ] or its registered assigns (the “Holder”), is entitled to purchase from the Company up
to a total of [            ] shares of Common Stock (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”), at any time and from
time to time from and after the Original Issue Date and through and including November 15, 2011 (the “Expiration Date”), and subject to the following terms and conditions: 
 1. Definitions. As used in this Warrant, the following terms shall have the respective definitions set forth in this Section 1. 
 “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under
common control with a Person, as such terms are used in and construed under Rule 144. 
 “Business Day” means any day except
Saturday, Sunday and any day which is a federal legal holiday in the United States or a day on which banking institutions in the State of New York or State of Michigan are authorized or required by law or other governmental action to close.

 “Common Stock” means the common stock of the Company, no par value per share, and any securities into which such common
stock may hereafter be reclassified. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Exercise Price” means $4.62, subject to adjustment in accordance with Section 10. 
 “Fundamental Transaction” means any of the following: (1) the Company effects any merger or consolidation of the Company with or
into another Person, (2) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (3) 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 (4) 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. 
 “New York
Courts” means the state and federal courts sitting in the City of New York, Borough of Manhattan. 
 “Original Issue
Date” means the Original Issue Date first set forth on the first page of this Warrant. 
 “Person” means an
individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 “Rule 144” means Rule 144 promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission having substantially the same effect as such Rule. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Subsidiary” means any “significant subsidiary” as defined in Rule 1-02(w) of the Regulation S-X promulgated by the Securities
and Exchange Commission under the Exchange Act. 
 “Trading Day” means (i) a day on which the Common Stock is
traded on a Trading Market (other than the OTC Bulletin Board), or (ii) if the Common Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a day on which the Common Stock is traded in the over-the-counter market, as
reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by the Pink Sheets, LLC (or any similar organization or
agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day. 

 
  

 -2- 

 “Trading Market” means whichever of the New York Stock Exchange, the American Stock
Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question. 
 “Warrant Shares” means the shares of Common Stock issuable upon exercise of this Warrant. 
 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 deem and treat the registered Holder of this Warrant 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, with the Form of Assignment attached hereto duly completed and signed, 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. Transfer Restrictions. If, at the time of the
surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue
sky laws, the Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance
and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable state securities or blue sky laws, (ii) that the Holder or
transferee of this Warrant, as the case may be, execute and deliver to the Company an investment letter in the form attached hereto and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under
the Securities Act or a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act. 
 5. Exercise and
Duration of Warrants. This Warrant shall be exercisable by the registered Holder at any time and from time to time on or after the Original Issue Date through and including the Expiration Date. At 6:30 p.m., New York City time on the Expiration
Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value. The Company may not call or redeem any portion of this Warrant without the prior written consent of the affected Holder. 
  

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 6. Delivery of Warrant Shares. 
 (a) To effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless the aggregate Warrant Shares represented
by this Warrant is being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to the Company (with the attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the Exercise Price
multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly (but in no event later than three Trading 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. 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 best 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 Exercise Notice (with the Warrant Exercise Log attached to it), appropriately completed and duly signed and (ii) if such Holder is not utilizing the cashless
exercise provisions set forth in this Warrant, payment of the Exercise Price for the number of Warrant Shares so indicated by the Holder to be purchased. 
 (b) If by the third Trading 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) If by the third Trading 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), and if after such third Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to
deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (1) pay in cash to the Holder the amount by which (x) the
Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue by (B) the closing bid price of the Common Stock on the Date of Exercise and (2) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number
of Warrant Shares for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. The Holder
shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In. 
 (d) 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 
  

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 violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise
limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. 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 Warrant Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 (e) The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws. 
 7. Charges, Taxes and Expenses. Issuance and delivery of Warrant Shares
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; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name
other than that of the Holder. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof. 
 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 (which shall not include a surety bond), 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. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 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 entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other than the Holder (taking into account the adjustments and restrictions of Section 10). The Company
covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable.

 10. 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 10. 
  

 -5- 

 (a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding,
(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, (ii) subdivides outstanding shares of Common Stock into a larger number of shares, or
(iii) combines outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied 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. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective
date of such subdivision or combination. 
 (b) Fundamental Transactions. If, at any time while this Warrant is outstanding there is 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 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. 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 (b) and insuring that the Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction
analogous to a Fundamental Transaction. 
 (c) Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price
pursuant to this Section 10 the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the
adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment. 
 (d)
Calculations. All calculations under this Section 10 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an
issue or sale of Common Stock. 
  

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 (e) Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this
Section 10, the Company at its expense will promptly compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted
number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon
written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s Transfer Agent. 
 (f) Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including without limitation any granting of rights or
warrants to subscribe for or purchase any capital stock of the Company or any Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or
(iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction (but only to the extent
such disclosure would not result in the dissemination of material, non-public information to the Holder) at least 10 calendar days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to
participate in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in order to insure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so as to participate
in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. 
 11. Payment of Exercise Price. The Holder may pay the Exercise Price in one of the following manners: 
 (a) Cash Exercise. The Holder may deliver immediately available funds; or 
 (b) Cashless Exercise. The Holder may notify the Company in an Exercise Notice of its election to utilize cashless exercise, in which event the
Company shall issue to the Holder the number of Warrant Shares determined as follows: 
 X = Y [(A-B)/A] 
 where: 
 X = the number of Warrant Shares to
be issued to the Holder. 
 Y = the number of Warrant Shares with respect to which this Warrant is being exercised. 
 A = the average of the closing prices for the five Trading Days immediately prior to (but not including) the Date of Exercise. 
 B = the Exercise Price. 
  

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 For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the
Warrant Shares issued in a cashless exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued.

 12. Limitations on Exercise. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be
acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise (or other issuance), the total number of shares of Common Stock then
beneficially owned by such Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 9.99% of the
total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder. This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other
consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 10 of this Warrant. This restriction may not be waived. Notwithstanding anything to the contrary contained in this Warrant,
(a) no term of this Section may be waived by any party, nor amended such that the threshold percentage of ownership would be directly or indirectly increased, (b) this restriction runs with the Warrant and may not be modified or waived by
any subsequent holder hereof and (c) any attempted waiver, modification or amendment of this Section will be void ab nitio. 
 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 closing price of one Warrant Share as reported by the applicable Trading Market on 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 prior to 6:30 p.m. (New York City
time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section on a day that is not a Trading Day or later than 6:30
p.m. (New York City time) on any Trading Day, (iii) the Trading 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 50120 Pontiac Trail, Wixom, Michigan 48393, Attn: President, or to facsimile no.: (248) 560-2000 (or such other address as the Company shall indicate in
writing in accordance with this Section), 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. 
  

 -8- 

 15. Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon 10 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. The foregoing sentence shall be subject to the
restrictions on waivers and amendments set forth in Section 12 of this Warrant. 
 (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 New York, without regard to the principles of conflicts of law thereof. Each party agrees
that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant and the transactions herein contemplated (“Proceedings”) (whether brought against a party hereto or its respective Affiliates,
employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding
has been commenced in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such 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 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. If either party shall commence a Proceeding to enforce any provisions of this Warrant, then the prevailing party in such Proceeding shall be reimbursed by
the other party for its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding. 
  

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 (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. 
 (e) Prior to exercise of this Warrant, the Holder hereof shall not, by reason of being a Holder, be entitled to any rights of a stockholder with respect to the Warrant Shares. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, 
 SIGNATURE PAGE FOLLOWS] 
  

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

			
	VERI-TEK INTERNATIONAL, CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 -11- 

 EXERCISE NOTICE 
 VERI-TEK INTERNATIONAL, CORP. 
 WARRANT DATED NOVEMBER 15, 2006 
 The undersigned Holder hereby irrevocably elects to purchase
                     shares of Common Stock pursuant to the above referenced Warrant. Capitalized terms used herein and not otherwise defined
have the respective meanings set forth in the Warrant. 
  

	(1)	The undersigned Holder hereby exercises its right to purchase
                     Warrant Shares pursuant to the Warrant. 

  

	(2)	The Holder intends that payment of the Exercise Price shall be made as (check one): 

  

			
	            	 	“Cash Exercise” under Section 11
		
	            	 	“Cashless Exercise” under Section 11

  

	(3)	If the holder has elected a Cash Exercise, the holder shall pay the sum of
$                     to the Company in accordance with the terms of the Warrant. 

  

	(4)	Pursuant to this Exercise Notice, the Company shall deliver to the holder
                     Warrant Shares in accordance with the terms of the Warrant. 

  

	(5)	By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not
beneficially own in excess of the number of shares of Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 12 of this Warrant to which this notice relates.

  

					
	Dated:                     ,     	 	Name of Holder:
			
		 	(Print)	 	  

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

  

 -12- 

 Warrant Shares Exercise Log 
  

							
	 Date
	 	 Number of Warrant
Shares Available to be Exercised
	 	 Number of Warrant Shares
Exercised
	 	 Number of Warrant Shares
Remaining to be
Exercised

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  

 -13- 

 VERI-TEK INTERNATIONAL, CORP. 
 WARRANT DATED NOVEMBER 15, 2006 
 WARRANT NO. [    ] 
 FORM OF ASSIGNMENT 
 [To be completed and
signed only upon transfer of Warrant] 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                        
the right represented by the above-captioned Warrant to purchase                      shares of Common Stock to which such Warrant relates and
appoints                      attorney to transfer said right on the books of the Company with full power of substitution in the premises.

 Dated:
                    ,      
  

	
	  

	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	
	  

	Address of Transferee
	
	  

	  
  

  

	
	 In the presence of:

	
	  

  

 -14- 

 VERI-TEK INTERNATIONAL, CORP. 
 WARRANT ORIGINALLY ISSUED NOVEMBER 15, 2006 
 WARRANT NO. [ ] 
 FORM OF INVESTMENT LETTER 
 [Omitted]

  

 -15- 

 SCHEDULE 
  

			
	Name	 	 Shares Issuable upon Exercise of
 Warrants

		
	Roth Capital Partners, LLC	 	154,000
	 Jack Silver
	 	38,500

  

 3Executive Employment Agreement

    Exhibit
      10.11

     

    
      EXECUTIVE
        EMPLOYMENT AGREEMENT

       

      This
        Executive Employment Agreement (“Agreement”) is made effective as of
        November 10, 2006 (“Effective Date”), by and between PureDepth, Inc., a
        Delaware corporation (“Company”), and Fred Angelopoulos (“Executive”) to
        establish the terms and conditions of employment. 

       

      The
        parties agree as follows:

       

      1. Employment.
        Company
        hereby employs Executive, and Executive hereby accepts such employment, upon
        the
        terms and conditions set forth herein. 

       

      2. Duties.

       

      2.1 Position.
        Executive is hereby employed on a full-time basis as Chief Executive Officer
        and
        shall report directly to the Board of Directors of the Company (“Board of
        Directors” or “Board”), and shall have the duties and responsibilities
        reasonably and in good faith assigned by the Board, including all duties
        attendant to the position of Chief Executive Officer. 

       

      2.2 Best
        Efforts.
        Executive shall expend Executive’s best efforts on behalf of Company, and shall
        abide by all policies and decisions made by Company, as well as all applicable
        federal, state and local laws, regulations and ordinances. Executive shall
        act
        in the best interests of Company at all times. Except for vacation and illness
        periods, Executive shall devote the necessary time and effort to the performance
        of Executive’s assigned duties for Company. Executive may, without seeking or
        obtaining approval by the Board (so long as the following do not materially
        interfere with the performance of the Executive’s duties hereunder), (i) make
        and manage personal business investments of his choice and (ii) serve in
        any
        capacity with any civic, educational, religious or charitable organization.
        

       

      3. Nature
        of Employment.
        The
        nature of Executive’s employment with Company under this Agreement shall be on
        an “at-will” basis. As used herein, “Term of Employment” shall commence on the
        Effective Date and shall end upon any termination of Executive’s employment with
        Company. 

       

      4. Compensation.

       

      4.1 Base
        Salary.
        As
        compensation for Executive’s performance of Executive’s duties as set forth
        herein, Company shall pay to Executive a base salary of $250,000 per year
        (“Base
        Salary”), payable in accordance with the normal payroll practices of Company,
        less all legally required or authorized payroll deductions and tax withholdings.
        Base Salary shall be reviewed annually, and may be adjusted, at the Board’s
        discretion, in light of the Executive’s performance and the Company’s financial
        performance and other economic conditions and relevant factors. 

       

      4.2 Bonus.
        Executive shall be eligible to participate in any applicable bonus plan that
        the
        Company, at is sole discretion, may provide to Executive. The Company expects
        for fiscal year 2007 to make available a bonus arrangement that establishes
        objective and subjective performance criteria and that establishes a maximum
        annual bonus potential equal to fifty percent (50%) of Executive’s Base Salary.
        For fiscal year 2007, in the event Executive completes a deal with IGT,
        Executive shall receive the bonus he would have received under the existing
        bonus plan (“IGT Bonus”). Any IGT Bonus paid shall reduce dollar for dollar any
        other bonus payable for fiscal year 2007.

       

      
        
          
          

        

        
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      4.3 New
        Options.
        Subject
        to approval of the Board, after the Effective Date the Company may in its
        discretion grant Executive stock options to purchase shares of the Company’s
        common stock at an exercise price equal to the fair market value of that
        stock
        on the date of the grant under a stock option plan that is adopted by the
        Board
        and approved by the Company’s stockholders (“New Options”). 

       

      4.4 Old
        Options.
        Executive and Company acknowledge that Executive holds stock options to purchase
        shares of the Company’s common stock that were granted prior to the Effective
        Date (“Old Options”). 

       

      (a) Fixed
        Exercise Schedule.
        Executive and Company agree that, notwithstanding any existing agreement
        to the
        contrary, the Old Options shall be mandatorily exercised solely in accordance
        with the fixed schedule indicated on Exhibit A
        hereto.
        Exercise outside this schedule shall not be permitted. Executive and Company
        agree to cooperate to amend Executive’s Old Option agreements to so provide.

       

      (b) Methods
        of Exercise.
        Company
        may in its discretion make available to Executive certain methods by which
        the
        Old Options may be exercised. Such methods shall include a cashless exercise
        procedure (“Cashless Exercise”), under which Executive shall be required to
        deliver a properly executed notice together with irrevocable instructions
        to a
        broker in a form acceptable to the Company providing for the assignment to
        the
        Company of the proceeds of a sale or loan with respect to some or all of
        the
        shares of common stock acquired upon exercise of the Old Options, to the
        extent
        such procedure is available to Executive given market conditions. During
        Executive’s employment with Company, Company shall make available a net exercise
        methodology (“Net Exercise”), under which Company will, upon exercise of any of
        the Old Options, provide to Executive a single payment, in either cash or
        shares
        of common stock of the Company or a combination thereof, equal to the value
        of
        the shares of Company common stock being exercised, reduced by the aggregate
        exercise price of such shares and all applicable tax withholdings and other
        lawful deductions. The extent to which Net Exercise is available is in the
        Board’s sole discretion and will be made available for between ten percent (10%)
        and fifty percent (50%) of Executive’s options exercised in a given calendar
        year. 

       

      (c) Limitations
        on Subsequent Sale.
        Subject
        to all applicable securities and other laws, rules, and regulations, and
        the
        Company’s insider trading policies, Executive shall sell no more than the number
        of shares of Company common stock indicated on Exhibit
        B
        acquired
        upon exercise of the Old Options per calendar year.

       

      (d) Share
        Numbers.
        As used
        in this Agreement, all references to numbers of shares of Company common
        stock
        shall be adjusted to account for stock splits, reverse stock splits and similar
        transactions. 

       

      5. Customary
        Fringe Benefits.
        Executive shall be eligible for all customary and usual fringe benefits
        generally available to full-time employees of Company, subject to the terms
        and
        conditions of Company’s policies and benefit plan documents. Company reserves
        the right to change or eliminate the fringe benefits on a prospective basis,
        at
        any time, effective upon notice to Executive. 

       

      
        
          
          

        

        
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      6. Business
        Expenses.
        Executive shall be reimbursed for all reasonable, out-of-pocket business
        expenses incurred in the performance of Executive’s duties on behalf of Company.
        To obtain reimbursement, expenses must be submitted promptly with appropriate
        supporting documentation in accordance with Company’s policies. All such
        expenses shall be reimbursed within the same fiscal year in which they were
        incurred or within two and one-half (21⁄2) months after the end of such
        year. 

       

      7. Termination
        of Employment.
        Subject
        to the terms and conditions of this Section 7, either Company or Executive
        may terminate Executive’s employment with Company at any time, with or without
        Cause (as hereinafter defined), during the Term of Employment. Any termination
        of Executive’s employment during the Term of Employment shall be communicated by
        written notice of termination from the terminating party to the other party
        (“Notice of Termination”). The Notice of Termination shall indicate the specific
        provision(s) of this Agreement relied upon in effecting the termination and
        a
        written statement of the reason(s) for the termination. In the case of a
        Notice
        of Termination provided by Executive to Company, such Notice of Termination
        shall not be effective for a period of fifteen (15) business days after receipt
        of such Notice of Termination by Company. In the case of a Notice of Termination
        provided by Company to Executive, such Notice of Termination shall be effective
        on the date designated by the Company in the Notice of Termination. In the
        event
        Executive’s employment is terminated by either party, for any reason, during the
        Term of Employment, Company shall pay the prorated Base Salary earned as
        of the
        date of Executive’s termination of employment and the accrued but unused
        vacation as of the date of Executive’s termination of employment to Executive
        upon Executive’s termination of employment. Except as otherwise provided in this
        Section 7, Company shall have no further obligation to make or provide to
        Executive, and Executive shall have no further right to receive or obtain
        from
        Company, any payments or benefits in respect of the termination of Executive’s
        employment with Company during the Term of Employment. 

       

      7.1 Severance
        Package Upon Involuntary Termination without Cause or Voluntary Termination
        for
        Good Reason.
        In the
        event that, during the Term of Employment, either Company causes to occur
        an
        involuntary termination without Cause (as hereinafter defined) of Executive’s
        employment with Company or Executive voluntarily terminates Executive’s
        employment with Company for Good Reason (as hereinafter defined), and such
        termination qualifies as a “Separation from Service” under Section 409A (as
        hereinafter defined), Executive shall be entitled to a “Severance Package” that
        consists of the following: (a) substantially equal payments, made over a
        period of nine months following the date of Executive’s termination of
        employment, on the basis of Executive's annual rate of Base Salary in effect
        immediately prior to Executive’s termination of employment (or, if greater, the
        annual rate of $250,000) and payable in accordance with the Company’s
        established payroll schedule, (b) Company’s direct-to-insurer payment or
        reimbursement of amounts documented on receipts of any group health premiums
        that Executive would otherwise have been required to pay for a period of
        twenty-four (24) months following the date of Executive’s termination of
        employment (subject to Executive’s eligibility for, and proper and timely
        election of insured continued group health benefits under a combination of
        the
        Consolidated Omnibus Budget and Reconciliation Act (“COBRA”) and/or California
        COBRA); and (c) the immediate vesting of any New Options to the extent that
        Executive would have vested in such New Options if Executive had remained
        an
        active employee of the Company until the one-year anniversary of the date
        of his
        termination of employment; provided,
        however,
        that
        all of the following conditions are first satisfied: (i) Executive
        reaffirms Executive’s commitment to comply with all surviving provisions of this
        Agreement, including Section 9 and Section 10 of this Agreement; and
        (ii) Executive executes a Separation Agreement that includes a general
        release in favor of Company and its parent, and all subsidiary and related
        entities, and their officers, directors, shareholders, employees and agents
        to
        the fullest extent permitted by law, drafted by and in a form reasonably
        satisfactory to Company, and does not revoke the general release within any
        legally required revocation period, if applicable. All legally required and
        authorized deductions and tax withholdings shall be made from the severance
        payments, including for wage garnishments, if applicable, to the extent required
        or permitted by law. Effective immediately upon termination of employment,
        Executive shall no longer be eligible to contribute to or to be an active
        participant in any retirement or benefit plan covering employees of Company.
        All
        other Company obligations to Executive shall be automatically terminated
        and
        completely extinguished. 

       

      
        
          
          

        

        
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      7.2 Section
        409A Compliance.
        The
        parties intend for this Agreement either to satisfy the requirements of Section
        409A or to be exempt from the application of Section 409A, and this Agreement
        shall be construed and interpreted accordingly. If this Agreement either
        fails
        to satisfy the requirements of Section 409A or is not exempt from the
        application of Section 409A, then the parties hereby agree to amend or to
        clarify this Agreement in a timely manner so that this Agreement either
        satisfies the requirements of Section 409A or is exempt from the application
        of
        Section 409A. 

       

      (a) Notwithstanding
        any provision in this Agreement to the contrary, in the event that Executive
        is
        a “specified employee” (as defined in Section 409A), any severance payment,
        severance benefits or other amounts payable under this Agreement that would
        be
        subject to the special rule regarding payments to “specified employees” under
        Section 409A(a)(2)(B) of the Code (together, “Specified Employee Payments”)
        shall not be paid before the expiration of a period of six months following
        the
        date of Executive’s termination of employment (or the date of Executive’s death,
        if earlier). The Specified Employee Payments to which Executive would otherwise
        have been entitled during the six-month period following the date of Executive’s
        termination of employment shall be accumulated and paid as soon as
        administratively practicable following the first date payable without incurring
        a penalty tax under Section 409A. 

       

      (b) To
        ensure
        satisfaction the requirements of Section 409A(b)(3) of the Code, assets shall
        not be set aside, reserved in a trust or other arrangement, or otherwise
        restricted for purposes of the payment of amounts payable under this Agreement.
        

       

      (c) Company
        hereby informs Executive that the federal, state, local, and/or foreign tax
        consequences (including without limitation those tax consequences implicated
        by
        Section 409A) of this Agreement are complex and subject to change.
        Executive acknowledges and understands that Executive should consult with
        his or
        her own personal tax or financial advisor in connection with this Agreement
        and
        its tax consequences. Executive understands and agrees that Company has no
        obligation and no responsibility to provide Executive with any tax or other
        legal advice in connection with this Agreement and its tax consequences.
        Executive agrees that Executive shall bear sole and exclusive responsibility
        for
        any and all adverse federal, state, local, and/or foreign tax consequences
        (including without limitation any and all tax liability under Section 409A)
        of this Agreement, and fully indemnifies and holds Company harmless therefor.
        

       

      7.3 Ineligibility
        For Severance.
        Executive shall not be entitled to any Severance Package under this Agreement
        if
        at any time during the Term of Employment, either (a) Executive voluntarily
        resigns or otherwise terminates employment with Company for any reason other
        than Good Reason, or (b) Company involuntarily terminates Executive’s
        employment for any reason other than without Cause. Effective immediately
        upon
        termination of employment, Executive shall no longer be eligible to contribute
        to or to be an active participant in any retirement or benefit plan covering
        employees of Company. All other Company obligations to Executive shall be
        automatically terminated and completely extinguished. 

       

      
        
          
          

        

        
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      7.4 Taxes
        and Withholdings.
        The
        Company may withhold from any amounts payable under this Agreement, including
        any benefits or severance payment, such federal, state or local taxes as
        may be
        required to be withheld pursuant to applicable law or regulations, which
        amounts
        shall be deemed to have been paid to Executive. 

       

      7.5 Definitions.

       

      (a) “Cause”
        shall mean the occurrence during the Term of Employment of any of the following:
        (i) Executive’s indictment for, formal admission to (including a plea of
        guilty or nolo
        contendere
        to), or
        conviction of either a felony or a crime of moral turpitude,
        (ii) Executive’s dishonesty, breach of trust, breach of fiduciary duty,
        unethical business conduct, or commission of any crime involving Company,
        (iii) gross negligence or willful misconduct by Executive in the
        performance of Executive’s duties to the Company; (iv) willful or knowing
        unauthorized dissemination by Executive of Confidential Company Information
        (as
        hereinafter defined); (v) failure by Executive to perform Executive’s
        duties which are reasonably and in good faith requested in writing and by
        the
        Board of Directors and which are not cured (to the extent curable) by Executive
        within thirty (30) days following receipt by Executive of such written request;
        or (vi) material breach of this Agreement by Executive which is not cured
        (to the extent curable) by Executive within thirty (30) days following written
        notice by the Board of Directors to the Executive describing such alleged
        breach. 

       

      (b) “Good
        Reason” shall mean the occurrence during the Term of Employment of any of the
        following: (i) a material breach of this Agreement by Company which is not
        cured by Company within thirty (30) days following Company’s receipt of written
        notice by Executive to Company describing such alleged breach;
        (ii) Executive’s Base Salary is materially reduced by Company (other than a
        reduction affecting the Company’s management employees generally); (iii) a
        material reduction in Executive’s title, duties and/or responsibilities, or the
        assignment to Executive of any duties materially inconsistent with Executive’s
        position as Chief Executive Officer; or (iv) a requirement by Company that
        Executive, without Executive’s consent, relocate to a facility or a location
        outside of a fifty (50) mile radius from Executive’s facility or location
        immediately prior to such relocation. 

       

      (c) “Section
        409A” shall mean Section 409A of the Internal Revenue Code of 1986, as amended
        (the “Code”), and all applicable guidance promulgated thereunder. 

       

      7.6 Effect
        of a Change in Control.
        In the
        event of, and subject to the consummation of, a Change in Control (as defined,
        or as such analogous term is defined, in the relevant Company stock option
        or
        equity incentive plan or agreement, or as is reasonably and in good faith
        defined by the Board), Company shall cause to occur the immediate vesting
        of any
        New Options granted to Executive.  

       

      7.7 Nonduplication
        of Benefits.
        Notwithstanding any provision in this Agreement or in any other Company benefit
        plan or compensatory arrangement to the contrary, but at all times subject
        to
        Section 7.2, (a) any payments due under Section 7.1 shall be made not
        more than once, if at all, (b) no payments made under this Agreement shall
        be
        considered for purposes of any benefit plan or compensatory arrangement of
        Company, and (c) under no circumstances shall Executive be entitled to severance
        benefits from Company other than as contemplated under this Agreement, unless
        such other severance benefits offset and reduce the benefits due under this
        Agreement on a dollar-for-dollar basis, but not below zero. 

       

      
        
          
          

        

        
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      8. No
        Competition and No Conflict of Interest.
        Except
        as otherwise provided in Section 2.2 of this Agreement, during the Term of
        Employment, Executive must not engage in any work, paid or unpaid, that creates
        an actual conflict of interest with the essential business-related interests
        of
        the Company where such conflict would materially and substantially disrupt
        operations. Such work shall include, but is not limited to, directly or
        indirectly competing with the Company Business in any way, or acting as an
        officer, director, employee, consultant, stockholder, volunteer, lender,
        or
        agent of any business enterprise of the same nature as, or which is in direct
        competition with, the Company Business or any business in which Company becomes
        engaged during the Term of Employment, as may be determined by the Board
        of
        Directors. In
        addition, Executive agrees not to refer any customer or potential customer
        of
        Company to competitors of Company, without obtaining Company’s prior written
        consent, during the Term of Employment. Notwithstanding the foregoing,
        Executive’s investment in, or ownership of, less than five percent (5%) of the
        capital stock of any business entity that competes with or could reasonably
        be
        expected to compete with the Company Business and whose securities are traded
        on
        any national securities exchange or registered pursuant to Section 12(g)
        of the
        Securities Exchange Act of 1934, shall not be treated as a breach of this
        Section 8. For purposes of this Agreement, the term “Company Business”
shall mean any business in which the Company is engaged as of the date hereof
        in
        the [State of California]. 

       

      9. Confidentiality.
        During
        the Term of Employment, Executive has been and shall continue to be given
        access
        to a wide variety of information about the Company, its affiliates and other
        related businesses that the Company considers “Confidential Company
        Information.” As a condition of continued employment, Executive agrees to abide
        by Company’s business policies and directives on confidentiality and
        nondisclosure of “Confidential Company Information.” “Confidential Company
        Information” shall mean all information applicable to the business of the
        Company which confers or may confer a competitive advantage upon the Company
        over one who does not possess the information; and has commercial value in
        the
        business of the Company or any other business in which the Company engages
        or is
        preparing to engage during Executive’s employment with Company. “Confidential
        Company Information” includes, but is not limited to, information regarding the
        Company’s business plans and strategies; contracts and proposals; licenses,
        artwork, designs, drawings and specifications for development and redevelopment
        projects; clients and customers and prospective clients and customers; suppliers
        and other business partners and Company’s business arrangements and strategies
        with respect to them; current and future marketing or advertising campaigns;
        software programs; codes, formulae or techniques; rent rolls; financial
        information; personnel information; and all ideas, plans, processes or
        information related to the current, future and proposed projects or other
        business of the Company that has not been disclosed to the public by an
        authorized representative of the Company, acting within the scope of his
        or her
        authority, whether or not such information would be enforceable as a trade
        secret of the Company or enjoined or restrained by a court or arbitrator
        as
        constituting unfair competition. “Confidential Company information” also
        includes confidential information of any third party who may disclose such
        information to the Company or Executive in the course of the Company’s business.

       

      9.1 Nondisclosure.
        Executive acknowledges that Confidential Company Information constitutes
        valuable, special and unique assets of the Company’s business and that the
        unauthorized disclosure of such information to competitors of the Company,
        or to
        the general public, shall be highly detrimental to the Company. Executive
        therefore agrees to hold Confidential Company Information in strictest
        confidence. Executive agrees not to disclose or allow to be disclosed to
        any
        individual or entity, other than those individuals or entities authorized
        by the
        Company, any Confidential Company Information that Executive has or may acquire
        during Executive’s employment by Company (whether or not developed or compiled
        by Executive and whether or not Executive has been authorized to have access
        to
        such Confidential Company Information). 

       

      
        
          
          

        

        
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      9.2 Continuing
        Obligation.
        Executive agrees that the agreement not to disclose Confidential Company
        Information shall be effective during Executive’s employment and continue even
        after Executive is no longer employed by Company. Any obligation not to disclose
        any portion of any Confidential Company Information shall continue indefinitely
        unless Executive can demonstrate that such information (a) has become
        public knowledge through no fault of Executive; or (b) has been developed
        independently without any reference to any information obtained during
        Executive‘s employment with Company; or (c) must be disclosed in response
        to a valid order by a court or government agency or is otherwise required
        by
        law. 

       

      9.3 Return
        of Company Property.
        On
        termination of employment with Company for whatever reason, or at the request
        of
        the Company before termination, Executive agrees to promptly deliver to Company
        all records, files, computer disks, memoranda, documents, lists and other
        information regarding or containing any Confidential Company Information,
        including all copies, reproductions, summaries or excerpts thereof, then
        in
        Executive’s possession or control, whether prepared by Executive or others.
        Executive also agrees to promptly return, on termination or the Company’s
        request, any and all Company property issued to Executive, including but
        not
        limited to computers, cellular phones, keys and credits cards. Executive
        further
        agrees that should Executive discover any Company property or Confidential
        Company Information in Executive’s possession after the return of such property
        has been requested, Executive agrees to return it promptly to Company without
        retaining copies, summaries or excerpts of any kind. 

       

      9.4 No
        Violation of Rights of Third Parties.
        Executive warrants that the performance of all the terms of this Agreement
        does
        not and shall not breach any agreement to keep in confidence proprietary
        information, knowledge or data acquired by Executive prior to Executive’s
        employment with Company. Executive agrees not to disclose to Company, or
        induce
        Company to use, any confidential or proprietary information or material
        belonging to any previous employers or others. Executive warrants that Executive
        is not a party to any other agreement that shall interfere with Executive’s full
        compliance with this Agreement. Executive further agrees not to enter into
        any
        agreement, whether written or oral, in conflict with the provisions of this
        Agreement while such provisions remain effective. 

       

      10. Interference
        with Business Relations. 

       

      10.1 Interference
        with Customers, Suppliers and Other Business Partners.
        Executive acknowledges that Company’s customer base and sales strategies for
        such customers, its suppliers and purchasing strategies for such suppliers,
        and
        its other business arrangements have been developed through substantial effort
        and expense, and its nonpublic business information regarding these customers,
        suppliers and other business partners is confidential and constitutes trade
        secrets. In addition, because of Executive’s position, Executive understands
        that Company shall be particularly vulnerable to significant harm from
        Executive’s use such information for purposes other than to further Company’s
        business interests. Accordingly, Executive agrees that during Executive’s
        employment with Company, and for a period of twelve (12) months thereafter,
        Executive shall not, either directly or indirectly, separately or in association
        with others, interfere with, impair, disrupt or damage Company’s relationship
        with any of the customers, suppliers or other business partners of Company
        with
        whom Executive has had contact, or conducted business, by contacting them
        for
        the purpose of inducing or encouraging any of them to divert or take away
        business from Company. 

       

      
        
          
          

        

        
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      10.2 Interference
        with Company’s Employees.
        Executive acknowledges that the services provided by Company’s employees are
        unique and special, and that Company’s employees possess trade secrets and
        Confidential Company Information that is protected against misappropriation
        and
        unauthorized use. As such, Executive agrees that during, and for a period
        of
        twelve (12) months after, Executive’s employment with Company, Executive shall
        not, either directly or indirectly, separately or in association with others,
        interfere with, impair, disrupt or damage Company’s business by contacting any
        Company employees for the purpose of inducing or encouraging them to discontinue
        their employment with Company. 

       

      10.3 Negative
        Information.
        During
        the Term of Employment and thereafter, Executive shall not disclose confidential
        or negative non-public information regarding, or take any action materially
        detrimental to the reputation of Company or its directors, officers, employees,
        investors, shareholders or advisors and any affiliates of any of the foregoing
        (collectively, the “Company Affiliates”); provided, however, that nothing
        contained in this Section 10.3 shall affect any legal obligation of Executive
        to
        respond to mandatory governmental inquiries concerning the Company Affiliates
        or
        to act in accordance with, or to establish, his rights under this Agreement.
        Company likewise agrees that it shall not disclose negative non-public
        information regarding, or take any action materially detrimental to the
        reputation of, Executive; provided, however, that nothing contained in this
        Section 10.3 shall affect any legal obligation of the Company Affiliates
        to
        respond to mandatory governmental inquiries concerning Executive or to act
        in
        accordance with, or to establish, the rights of the Company Affiliates under
        this Agreement. 

       

      11. Injunctive
        Relief.
        Executive acknowledges that Executive’s breach of the covenants contained in
        Sections 8 through 10 of this Agreement inclusive (collectively
“Covenants”) would cause irreparable injury and continuing harm to Company for
        which there shall be no adequate remedy at law, and agrees that in the event
        of
        any such breach, Company seek temporary, preliminary and permanent injunctive
        relief to the fullest extent allowed by the California Arbitration Act, without
        the necessity of proving actual damages or posting any bond or other
        security. 

       

      12. Agreement
        to Arbitrate.
        Executive and Company agree to resolve any and all disputes between them
        arising
        out of or in any way related to this Agreement, the employment relationship
        and
        any disputes upon termination of employment by binding arbitration as the
        sole
        and exclusive remedy of the parties, to the fullest extent permitted by law.
        The
        disputes subject to this agreement include, but are not limited to, breach
        of
        contract, tort, discrimination, harassment, wrongful termination, demotion,
        discipline, failure to accommodate, family and medical leave, compensation
        or
        benefits claims, constitutional claims; and any claims for violation of any
        local, state or federal law, statute, regulation or ordinance or common law.
        For
        the purpose of this agreement to arbitrate, references to “Company” include all
        parent, subsidiary or related entities and their employees, supervisors,
        officers, directors, agents, pension or benefit plans, pension or benefit
        plan
        sponsors, fiduciaries, administrators, affiliates and all successors and
        assigns
        of any of them, and this agreement shall apply to them to the extent Executive’s
        claims arise out of or relate to their actions on behalf of Company.
        This
        agreement to arbitrate does not include any claims that by law may not be
        subject to mandatory arbitration.

       

      12.1 Consideration.
        The
        mutual promise by Company and Executive to arbitrate any and all disputes
        between them (except for those referenced above) rather than litigate them
        before the courts or other bodies, provides the consideration for this agreement
        to arbitrate.

       

      
        
          
          

        

        
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      12.2 Initiation
        of Arbitration.
        Either
        party may exercise the right to arbitrate by providing the other party with
        written notice of any and all claims forming the basis of such right in
        sufficient detail to inform the other party of the substance of such claims.
        In
        no event shall the request for arbitration be made after the date when
        institution of legal or equitable proceedings based on such claims would
        be
        barred by the applicable statute of limitations.

       

      12.3 Arbitration
        Procedure.
        The
        arbitration shall be conducted in San Mateo County,
        California
        in accordance with the national rules for arbitration of employment disputes
        of
        the American Arbitration Association at www.adr.org.
        in
        effect at the time the claim is made. The arbitration shall be conducted
        by a
        single neutral arbitrator agreed upon by the parties. If the parties cannot
        agree on an arbitrator, the arbitrator shall be selected in accordance with
        AAA
        rules. Notwithstanding any choice of law provision, this agreement to arbitrate
        shall be subject to the Federal Arbitration Act (9 U.S.C. Sections 1-16)
        and, to
        the extent not inconsistent, the California Arbitration Act, California Code
        of
        Civil Procedure section 1281, et seq. The parties are entitled to
        representation by an attorney or other representative of their choosing.
        The
        arbitrator shall have the power to enter any award that could be entered
        by a
        judge of the trial court of the State of California, and only such power,
        and
        shall follow the law. The parties agree to abide by and perform any award
        rendered by the arbitrator. The arbitrator shall issue the award in writing
        and
        therein state the essential findings and conclusions on which the award is
        based. Judgment on the award may be entered in any court having jurisdiction
        thereof. 

       

      12.4 Costs
        of Arbitration.
        Company
        shall bear the costs of the arbitration filing and hearing fees and the cost
        of
        the arbitrator.

       

      13. General
        Provisions.

       

      13.1 Successors
        and Assigns.
        The
        rights and obligations of Company under this Agreement shall inure to the
        benefit of and shall be binding upon the successors and assigns of Company.
        The
        Company shall require any successor (whether direct or indirect, by purchase,
        merger, consolidation or otherwise) or assignee to all or substantially all
        of
        the business and/or assets of the Company to assume expressly and agree to
        perform this Agreement in the same manner and to the same extent that the
        Company would be required to perform it if no such succession or assignment
        had
        taken place. Executive shall not be entitled to assign any of Executive’s rights
        or obligations under this Agreement without Company’s written
        consent.

       

      13.2 Legal
        Protection Clause.
        The
        Company shall defend, indemnify and hold harmless the Executive from and
        against
        any claim or legal action taken against Executive as a direct consequence
        of the
        discharge of Executive’s duties or obedience to directions of the Company, in
        accordance with California Labor Code 2802. Such protection, if applicable,
        includes the cost of legal defense and judgment, if any, against
        Executive.

       

      13.3 Nonexclusivity
        of Rights.
        Except
        as expressly provided in this Agreement, Executive is not prevented from
        continuing or future participation in any Company benefit, bonus, incentive
        or
        other plans, programs, policies or practices provided by Company subject
        to the
        terms and conditions of such plans, programs, or practices. 

       

      
        
          
          

        

        
          -9-

          
            

          

        

        
          
          

        

      

      13.4 Waiver.
        Either
        party’s failure to enforce any provision of this Agreement shall not in any way
        be construed as a waiver of any such provision, or prevent that party thereafter
        from enforcing each and every other provision of this Agreement. 

       

      13.5 Attorneys’
        Fees.
        In the
        event of incurred attorneys’ fees in any dispute attorneys’ fees of the
        prevailing party shall be paid by the non-prevailing party, and the arbitrator
        shall award such attorneys’ fees accordingly. 

       

      13.6 Severability.
        In the
        event any provision of this Agreement is found to be unenforceable by an
        arbitrator or court of competent jurisdiction, such provision shall be deemed
        modified to the extent necessary to allow enforceability of the provision
        as so
        limited, it being intended that the parties shall receive the benefit
        contemplated herein to the fullest extent permitted by law. If a deemed
        modification is not satisfactory in the judgment of such arbitrator or court,
        the unenforceable provision shall be deemed deleted, and the validity and
        enforceability of the remaining provisions shall not be affected thereby.
        

       

      13.7 Interpretation;
        Construction.
        The
        headings set forth in this Agreement are for convenience only and shall not
        be
        used in interpreting this Agreement. This Agreement has been drafted by legal
        counsel representing Company, but Executive has participated in the negotiation
        of its terms. Furthermore, Executive acknowledges that Executive has had
        an
        opportunity to review and revise the Agreement and have it reviewed by legal
        counsel, if desired, and, therefore, the normal rule of construction to the
        effect that any ambiguities are to be resolved against the drafting party
        shall
        not be employed in the interpretation of this Agreement. 

       

      13.8 Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of California. Each party consents to the jurisdiction and venue of
        the
        state or federal courts in San Mateo County, California, if applicable, in
        any
        action, suit, or proceeding arising out of or relating to this
        Agreement.

       

      13.9 Notices.
        Any
        notice required or permitted by this Agreement shall be in writing and shall
        be
        delivered as follows with notice deemed given as indicated: (a) by personal
        delivery when delivered personally; (b) by overnight courier upon written
        verification of receipt; (c) by telecopy or facsimile transmission upon
        acknowledgment of receipt of electronic transmission; or (d) by certified
        or registered mail, return receipt requested, upon verification of receipt.
        Notice shall be sent to the addresses set forth below, or such other address
        as
        either party may specify in writing.

       

      13.10 Survival.
        The
        following provisions shall survive Executive’s employment with Company to the
        extent reasonably necessary to fulfill the parties’ expectations in entering
        this Agreement: Sections 7 (“Termination of Employment”), 8 (“No
        Conflict of Interest”), 9 (“Confidentiality”), 10 (“Interference with
        Business Relations”) 11 (“Injunctive Relief”), 12 (“Agreement to
        Arbitrate”), 13 (“General Provisions”), and 14 (“Entire
        Agreement”). 

       

      
        
          
          

        

        
          -10-

          
            

          

        

        
          
          

        

      

      14. Entire
        Agreement.
        This
        Agreement, together with the other agreements and documents governing the
        benefits described in this Agreement, constitute the entire agreement between
        the parties relating to this subject matter hereof and supersedes all prior
        or
        simultaneous representations, discussions, negotiations, and agreements,
        whether
        written or oral, including without limitation the Executive Employment Agreement
        between Executive and PureDepth Incorporated Limited dated March 31, 2005,
        and Executive hereby waives any and all rights under such agreement in
        consideration of the mutual covenants undertaken by the parties under this
        Agreement. This Agreement may be amended or modified only with the written
        consent of the Executive and the Board. No oral waiver, amendment or
        modification shall be effective under any circumstances whatsoever.

       

      THE
        PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND
        EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED
        THIS AGREEMENT ON THE DATES SHOWN BELOW.

       

      
        	 	 	Fred
                Angelopoulos
	 	 	 
	Dated: 11/10/06	
                
                  By: 

                

              	
                /s/

                  

                

              
	 	 	Address: 
	 	 	 
	 	 	 
	 	 	PureDepth, Inc.

	 	 	 
	Dated: 11/10/06	
                By: 

              	/s/
                
                

              
	 	 	Name: Thomas L.
                Marcus
	 	 	Title: Chairman, Compensation
                Committee

      

       

       

      

      
        
          
          

        

        
          -11-

          
            

          

        

        
          
          

        

      

      

      Exhibit
        A

      

      Option
        Exercise Schedule

      

      

      
        	
                2006:

              	
                   100,000
                  Shares

              
	
                2007:

              	
                1,300,000
                  Shares

              
	
                2008:

              	
                1,560,476
                  Shares

              

      

      

      

       

      

      

      

      Note:
        In the
        event of Executive’s termination of employment other than (a) an
        involuntary termination other than for Cause, or (b) Executive’s
        resignation for Good Reason, the unexercised Old Options contemplated in
        this
        schedule shall immediately cease to be exercisable. In the event of an
        involuntary termination other than for Cause, or a resignation for Good Reason,
        the Old Options that would have been exercisable in the twelve (12) month
        period
        following the termination shall remain exercisable to the extent permitted
        pursuant to the schedule above. 

      

      

      
        
          
          

        

        
          -12-

          
            

          

        

        
          
          

        

      

      Exhibit
        B

      

      Selling
        Schedule

      

      

      
        	
                2006:

              	
                100,000
                  Shares

              
	
                2007:

              	
                600,000
                  Shares

              
	
                2008:

              	
                600,000
                  Shares

              
	
                2009:

              	
                900,000
                  Shares

              
	
                2010:

              	
                800,000
                  Shares

              

      

      
 

       

      -13-

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