Document:

WARRANT
      EXERCISE AGREEMENT

    

    This
      Warrant Exercise Agreement (“Agreement”)
      is
      entered into and effective as of __________, 2007, by and between Neah Power
      Systems, Inc., a Nevada corporation (“Company”),
      and
      the person whose name is set forth on the signature block below (“Investor”).
      Investor and Company are sometimes collectively referred to herein as the
“Parties.” 

    

    RECITALS

    

    1.  In
      connection with a May 11, 2007 public offering of the Company’s securities
      through Empire Financial Group, Inc., the Company issued to Investor a Stock
      Purchase Warrant (“Warrant”)
      to
      purchase a number of shares of Common Stock, par value $0.001 per share, of
      the
      Company, equal to 75% of the total number of shares of common stock purchased
      by
      Investor in the offering, as shown on the signature block below (the
      "Warrant
      Shares"),
      at
      the following exercise prices:

    

    A. Warrant
      A
      to purchase 25% warrant coverage of the Company's common stock purchased by
      Investor in the offering at an exercise price of $1.10 per share.

    

    B. Warrant
      B
      to purchase 25% warrant coverage of the Company's common stock purchased by
      Investor in the offering at an exercise price of $1.60 per share.

    

    C. Warrant
      C
      to purchase 25% warrant coverage of the Company’s common stock purchased by
      Investor in the offering at an exercise price of $2.00 per share.

    

    2. Investor
      desires to exercise the Warrant to purchase all of the Warrant Shares A, B
      and
      C, all at an exercise price of $0.20
      per
      Warrant Share (“New
      Exercise Price”).

    

    3. Company
      desires to permit such exercise in accordance with the terms of this
      Agreement.

    

    AGREEMENT

    

    NOW,
      THEREFORE,
      in
      consideration of the mutual covenants, agreements and conditions herein stated,
      together with other good and valuable consideration, the receipt and sufficiency
      of which are hereby acknowledged, the Parties hereby agree as follows:

    

    1. Exercise
      of Warrant.
      Investor hereby elects to purchase all of the Warrant Shares pursuant to the
      terms of the Warrant, and tenders herewith full payment of the New Exercise
      Price for all of the Warrant Shares. The original Warrant is attached hereto
      as
Exhibit A.

    

    2. Payment.
      Payment
      shall take the form of (check applicable box): 

    

    o
      wire
      transfer

     

    o
cashier's
      check

      

    3. Certificate.
      Please
      issue a certificate or certificates representing said Warrant Shares in the
      name
      of Investor, as specified on the signature block below. The Warrant Shares
      shall
      be delivered to the address set forth on the signature block below, which
      Investor represents is its current address and place of business, citizenship
      or
      residence.

    

    4. Prohibited
      Transactions.
      Investor warrants and represents that neither Investor nor any of its affiliates
      has engaged in any short sale transaction within the last 10 trading days,
      and
      does not hold any open short position in the common stock of Company. Investor
      agrees that it will not use any of the Warrant Shares to cover any short
      position, and that it will not, and will cause its Affiliates not to, engage
      in
      any short sales of or hedging transactions with respect to the common stock
      of
      Company for a period of at least 90 days following the date hereof.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    5. General.
      The
      Recitals are hereby incorporated by reference and, therefore, shall be part
      of
      the Agreement of the Parties. In addition to any other representations and
      warranties contained herein, the Parties hereby represent, warrant and agree
      that they have the full right, power, legal capacity and authority to enter
      into
      and fully perform this Agreement. This Agreement may be executed by the Parties
      in separate counterparts, each of which, when so executed, shall, together,
      constitute and be one and the same instrument. Each of the Parties acknowledges
      that no other party nor any agent or attorney of any other party has made any
      promise, representation or warranty whatsoever, express or implied, written
      or
      oral, not contained herein, to induce it to execute this Agreement, and each
      of
      the Parties acknowledges that it has not executed this Agreement in reliance
      on
      any promise, representation or warranty not expressly contained herein. This
      Agreement constitutes and contains the entire agreement and understanding
      concerning the subject matter hereof between the Parties and supersedes and
      replaces all prior negotiations and proposed agreements, written or oral. This
      Agreement shall be governed by and construed pursuant to the laws of the State
      of Nevada.

    

    IN
      WITNESS WHEREOF,
      the
      Parties have executed this Agreement as of the date first set forth above.
      

    

    INVESTOR:

    
      

      
        	
                Investor Name:
                  

              	 

      

       

      
        	
                By:

              	 
	 	 
                
	
                Its:
                  

              	 

      

       

       

      
        	
                Address:
                  

              	 
	 	 
	 	 

      

       

       

      
        	
                Number of Warrant Shares:
                  

              	 
	 	 
	
                Total New Exercise Price: $

              	 

      

       

      
        	
                COMPANY:

              
	 
	
                NEAH
                  POWER SYSTEMS, INC.

              
	 	 
	
                By:

              	 
	 	 
	
                Its:
                  

              	 

      

    

     

    
      
         

        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    WARRANT

     

    
      
        
        

      

      
        3THIRD
      AMENDMENT
      TO SUBSCRIPTION AGREEMENT

     

    This
      Third Amendment to Subscription Agreement (this “Amendment”)
      is
      made and entered into as of the 26th
      day of
      November, 2007 by and between Trulite, Inc., a Delaware corporation
      (“Trulite”)
      and
      Standard Renewable Energy Group, LLC (“SREG
      LLC”).

     

    RECITALS

     

    A. Trulite
      and SREG LLC entered into (i) that certain Subscription Agreement dated April
      5,
      2007 and (ii) that certain amendment to Subscription Agreement dated April
      24,
      2007 (as amended, the “Subscription
      Agreement”),
      and
      that certain Second Amendment to Subscription Agreement dated June 29, 2007
      and
      desire to further amend the Subscription Agreement as set forth
      herein.

     

    B. Capitalized
      terms used but not otherwise defined in this Amendment shall have the meanings
      assigned to such terms in the Subscription Agreement.

     

    NOW,
      THEREFORE, for and consideration of the mutual promises and covenants contained
      herein, the receipt and sufficiency of which is hereby acknowledged, Trulite
      and
      SREG LLC agree as follows:

     

    1. Section
      1
      of the Subscription Agreement is hereby amended to read in its entirety as
      follows:

     

    “1. Trulite
      shall issue to SREG LLC a number of shares of Common Stock determined by the
      quotient of (x) the aggregate principal balance of and accrued but unpaid
      interest on the Notes as of the close of business on the day immediately
      preceding the Effective Date divided by (y) the agreed price per share of Common
      Stock of $0.50 (collectively, the “Shares”).
      

     

    2. Exhibit
      A
      to the
      Subscription Agreement is hereby amended in its entirety to read as Exhibit
      A
      attached
      to this Amendment, and all references to Notes in the Subscription Agreement
      shall be deemed to be references to the promissory notes listed on Exhibit
      A
      attached
      to this Amendment. Additionally, Trulite and SREG LLC acknowledge that the
      aggregate principal balance of the Notes is $960,000.

     

    3. By
      executing this Amendment, Trulite affirms the representations and warranties
      set
      forth in Section 3 of the Subscription Agreement.

     

    4. By
      executing this Amendment, SREG LLC affirms the representations and warranties
      set forth in Section 4 of the LLC Agreement.

     

    5. Except
      as
      amended hereby, the Subscription Agreement shall remain unchanged.

     

    Executed
      as of the date first set forth above.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              TRULITE,
                INC.

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 

    

     

    
      	 	
              STANDARD
                RENEWABLE ENERGY GROUP, LLC

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    
      	
              Date
                of Note

            	 	
              Payee

            	 	
              Aggregate
                

              Principal Amount

            	 
	
              September
                21, 2006

            	 	 	
              Standard
                Renewable Energy Group, LLC

            	 	
              $

            	
              250,000

            	 
	
              October
                26, 2006

            	 	 	
              Standard
                Renewable Energy Group, LLC

            	 	
              $

            	
              250,000

            	 
	
              November
                28, 2006

            	 	 	
              Standard
                Renewable Energy Group, LLC

            	 	
              $

            	
              100,000

            	 
	
              February
                6, 2007

            	 	 	
              Standard
                Renewable Energy Group, LLC

            	 	
              $

            	
              360,000

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