Document:

AMENDMENT  OF  THE  PLAN  FOR  EGTRRA

       AMENDMENT NUMBER ONE TO COMPETITIVE TECHNOLOGIES, INC. 401 (K) PLAN

     BY  THIS  AGREEMENT,  Competitive  Technologies,  Inc. 401 (k) Plan (herein
referred  to  as  the  Plan)  is  hereby  amended  as  follows:

                                   ARTICLE I
                                   PREAMBLE

1.1     Adoption and effective date of amendment.  This amendment of the Plan is
adopted  to  reflect  certain  provisions  of the Economic Growth and Tax Relief
Reconciliation  Act  of 2001 (EGTRRA).  This amendment is intended as good faith
compliance  with the requirements of EGTRRA and is to be construed in accordance
with  EGTRRA  and guidance issued thereunder. Except as otherwise provided, this
amendment  shall  be  effective  as  of  the  first  day  of the first Plan Year
beginning  after  December  31,  2001.

1.2     Supersession of inconsistent provisions.  This amendment shall supersede
the  provisions of the Plan to the extent those provisions are inconsistent with
the  provisions  of  this  amendment.

                                    ARTICLE II
                        LIMITATIONS ON CONTRIBUTIONS

2.1     Effective  date.  This Article shall be effective for "limitation years"
beginning  after  December  31,  2001.

2.2     Maximum  annual  addition.  Except to the extent permitted under Article
IX  of this amendment and Code Section 414(v), the "annual addition" that may be
contributed  or  allocated  to  a  Participant's  account under the Plan for any
"limitation  year"  shall  not  exceed  the  lesser  of:

     (a)      $40,000,  as  adjusted  for  increases in the cost-of-living under
Code  Section  415(d),  or

     (b)     one-hundred  percent (100%) of the Participant's "415 Compensation"
for  the  "limitation  year."

     The  "415  Compensation"  limit  referred  to in (b) shall not apply to any
contribution  for  medical  benefits  after  separation from service (within the
meaning  of  Code Section 401 (h) or Code Section 419A(f)(2)) which is otherwise
treated  as  an  "annual  addition."

                                 ARTICLE III
                         INCREASE IN COMPENSATION LIMIT

     The  annual  Compensation  of  each  Participant  taken  into  account  in
determining  allocations  for  any  Plan Year beginning after December 31, 2001,
shall  not  exceed  $200,000,  as  adjusted  for  cost-of-living  increases  in
accordance  with  Code  Section  401  (a)(17)(B).

                               ARTICLE IV
                     MODIFICATION OF TOP-HEAVY RULES

4.1     Effective  date.  This  Article  shall apply for purposes of determining
whether  the  Plan  is  a

                                        1

<PAGE>

top-heavy plan under Code Section 416(g) for Plan Years beginning after December
31, 2001, and whether the Plan satisfies the minimum benefits requirements of
Code Section 416(c) for such years.  This Article amends Article IX of the Plan.

4.2  Determination  of  top-heavy  status.

     (a)     Key  employee.  Key  employee means any Employee or former Employee
(including  any  deceased  Employee)  who  at any time during the Plan Year that
includes  the  determination  date  was  an officer of the Employer having  "415
Compensation"  greater  than  $130,000 (as adjusted under Code Section 416(i)(1)
for  Plan  Years  beginning  after  December 31, 2002), a 5-percent owner of the
Employer, or a 1-percent owner of the Employer having "415 Compensation" of more
than  $150,000.  The  determination  of  who  is  a key employee will be made in
accordance  with Code Section 416(i)(1) and the applicable regulations and other
guidance  of  general  applicability  issued  thereunder.

     (b)     Determination  of  present  values  and  amounts.  This section (b)
shall  apply  for purposes of determining the present values of accrued benefits
and  the  amounts of account balances of Employees as of the determination date.

(1)     Distributions during year ending on the determination date.  The present
values of accrued benefits and the amounts of account balances of an Employee as
of  the  determination  date  shall  be increased by the distributions made with
respect  to  the  Employee  under the Plan and any plan aggregated with the Plan
under  Code  Section  416(g)(2)  during  the  1-year  period  ending  on  the
determination  date.  The  preceding  sentence shall also apply to distributions
under  a  terminated  plan  which,  had  it not been terminated, would have been
aggregated  with  the  Plan under Code Section 416(g)(2)(A)(i). In the case of a
distribution  made  for  a  reason other than separation from service, death, or
disability,  this provision shall be applied by substituting "5-year period" for
"1-year  period."

(2)     Employees  not  performing  services  during  year  ending  on  the
determination  date.  The  accrued  benefits  and accounts of any individual who
has  not  performed services for the Employer during the 1-year period ending on
the  determination  date  shall  not  be  taken  into  account.

4.3     Minimum  benefits.  Employer  matching contributions shall be taken into
account for purposes of satisfying the minimum contribution requirements of Code
Section  416(c)  (2)  and  the  Plan.  The  preceding  sentence shall apply with
respect  to  matching contributions under the Plan or, if the Plan provides that
the  minimum  contribution  requirement shall be met in another plan, such other
plan.  Employer  matching  contributions  that  are  used to satisfy the minimum
contribution  requirements  shall  be  treated  as  matching  contributions  for
purposes  of  the  actual contribution percentage test and other requirements of
Code  Section  401  (m).

                                   ARTICLE V
                     DIRECT ROLLOVERS OF PLAN DISTRIBUTIONS

5.1      Effective  date.  This  Article shall apply to distributions made after
December  31,  2001.

5.2     Modification of definition of eligible retirement plan.  For purposes of
the  direct  rollover  provisions  in Section 7.12 p.60 of the Plan, an eligible
retirement  plan  shall  also mean an annuity contract described in Code Section
403  (b)  and  an  eligible  plan  under  Code         Section  457(b)  which is
maintained  by  a  state,  political  subdivision  of  a state, or any agency or

                                        2

<PAGE>

instrumentality  of a state or political subdivision of a state and which agrees
to  separately  account  for  amounts transferred into such plan from this Plan.
The  definition  of  eligible  retirement plan shall also apply in the case of a
distribution  to  a surviving spouse, or to a spouse or former spouse who is the
alternate  payee  under  a qualified domestic relation order, as defined in Code
Section  414(p).

5.3     Modification  of definition of eligible rollover distribution to exclude
hardship  distributions.  For  purposes  of  the  direct  rollover provisions in
Section  7.12  p.60  of  the Plan, any amount that  is distributed on account of
hardship  shall not be an eligible rollover distribution and the distributee may
not  elect  to  have  any  portion  of  such  a distribution paid directly to an
eligible  retirement  plan.

                                  ARTICLE VI
                           ROLLOVERS FROM OTHER PLANS

     The  Administrator,  operationally  and  on  a nondiscriminatory basis, may
limit  the  source  of rollover contributions that may be accepted by this Plan.

                                  ARTICLE VII
                 ROLLOVERS DISREGARDED IN INVOLUNTARY CASH-OUTS

7.1     Applicability  and  effective  date.  This  Article  applies to rollover
contributions  and involuntary cash-outs, and shall be effective with respect to
distributions made on and after January 1, 2002 with respect to Participants who
separate  from  service  on  or  after  January  1,  2002.

7.2     Rollovers  disregarded  in  determining  value  of  account  balance for
involuntary distributions.  For purposes of Section 6.4(a) p.46 of the Plan, the
value  of  a  Participant's  nonforfeitable  account balance shall be determined
without  regard  to  that portion of the account balance that is attributable to
rollover  contributions  (and  earnings allocable thereto) within the meaning of
Code  Sections  402(c),  403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16).
If  the  value  of  the  Participant's  nonforfeitable  account  balance  as  so
determined  is  $5,000  or  less,  the  Plan  shall  immediately  distribute the
Participant's  entire  nonforfeitable  account  balance.

                                ARTICLE VIII
                           REPEAL OF MULTIPLE USE TEST

      The  multiple  use  test  described  in Treasury  Regulation Section 1.401
(m)-2  and  Section  4.7(a)(2)  p.32  of the Plan shall not apply for Plan Years
beginning  after  December  31,  2001.

                                ARTICLE IX
                         CATCH-UP CONTRIBUTIONS

9.1     Effective date.  This Article shall apply to catch-up contributions made
on  and  after  August  1,  2002.

9.2     Applicability.  All Employees who are eligible to make salary reductions
under  this Plan and who have attained age 50 before the close of the Plan  Year
shall  be  eligible to make  catch-up  contributions  in  accordance  with,  and
subject  to  the  limitations  of,    Code  Section  414(v).  Such  catch-up
contributions  shall not be taken into account for purposes of the provisions of
the  Plan implementing the required limitations of Code Sections 402(g) and 415.
The  Plan  shall not be treated as falling to satisfy the provisions of the Plan
implementing  the  requirements  of  Code  Section  401  (k)(3)  ,  401(k)(11),
401(k)(12),  410(b),  or  416,  as  applicable,

                                       3

<PAGE>

by  reason  of  the  making  of  such  catch-up  contributions.

                                 ARTICLE X
                SUSPENSION PERIOD FOLLOWING HARDSHIP DISTRIBUTION

     A  Participant  who,  after  December  31, 2001, receives a distribution of
elective  deferrals  on  account  of  hardship,  shall be prohibited from making
elective  deferrals and Employee contributions under this and all other plans of
the Employer for six (6) months after receipt of the distribution. A Participant
who,  in  calendar  year  2001, receives a distribution of elective deferrals on
account  of  hardship  shall  be  prohibited  from making elective deferrals and
Employee  contributions  under  this and all other plans of the Employer for six
(6) months after receipt of the distribution or until January 1, 2002, if later.

                                   ARTICLE XI
                   DISTRIBUTION UPON SEVERANCE FROM EMPLOYMENT

11.1.     Effective  date.  This Article shall apply for distributions occurring
on  and  after  January  1,  2002  regardless  of when severance from employment
occurred.

11.2.     New  distributable  event.  A Participant's Elective Contributions and
earnings  attributable to these contributions shall be distributed on account of
the Participant's severance from employment.  However, such a distribution shall
be  subject  to  the other provisions of the Plan regarding distributions, other
than  provisions  that require a separation from service before such amounts may
be  distributed.

                                     4

<PAGE>

     IN  WITNESS  WHEREOF,  this  Amendment  has  been  executed  this  23rd day
of  December,  2002.

                                   Competitive Technologies, Inc.

     By:   \s\ xxxxxxxxxxx
           -----------------
           EMPLOYER

           \s\ xxxxxxxxxxx
           ---------------
           TRUSTEE

           \s\ Jeanne Wendschuh
           --------------------
           TRUSTEE

<PAGE>

                MINIMUM  DISTRIBUTION  REQUIREMENTS

                      AMENDMENT  TO  THE

          COMPETITIVE  TECHNOLOGIES,  INC.  401  (K)  PLAN

                       ARTICLE I GENERAL RULES

1.1      Effective Date.Unless a later effective date is specified in Section
         ---------------
6.1 of this Amendment, the provisions of this Amendment will apply for purposes
of determining required minimum distributions for calendar years beginning with
the 2002 calendar year.

1.2      Coordination with Minimum Distribution Requirements Previously in
         -----------------------------------------------------------------
Effect.If the  effective date of this Amendment is earlier than calendar years
beginning with the 2003  calendar year, required minimum distributions for 2002
under this Amendment will be  determined as follows.  If the total amount of
2002 required minimum distributions under the   Plan made to the distributee
prior to the effective date of this Amendment equals or exceeds the required
minimum distributions determined under this Amendment, then no additional
distributions will be required to be made for 2002 on or after such date to the
distributee. If the total amount of 2002 required minimum distributions under
the Plan made to the distributee prior to the effective date of this Amendment
is less than the amount determined under this Amendment, then required minimum
distributions for 2002 on and after such date will be determined so that the
total amount of required minimum distributions for 2002 made to the distributee
will be the amount determined under this Amendment.

1.3      Precedence.The requirements of this Amendment will take precedence over
         -----------
any  inconsistent  provisions  of  the  Plan.

1.4     Requirements of Treasury Regulations Incorporated.All distributions
        --------------------------------------------------
required under this Amendment will be determined and made in accordance with the
Treasury regulations under Section 401 (a)(9) of the Internal Revenue Code.

1.5     TEFRA Section 242(b)(2) Elections.Notwithstanding the other provisions
        ----------------------------------
of this Amendment, distributions may be made under a designation made before
January 1, 1984, in accordance with Section 242{b)(2) of the Tax Equity and
Fiscal Responsibility Act (TEFRA) and the provisions of the Plan that relate to
Section 242(b)(2) of TEFRA.

                                 ARTICLE II
                         TIME AND MANNER OF DISTRIBUTION

2.1     Required Beginning  Date.The  Participant's  entire  interest  will  be
        ------------------------
distributed,  or  begin  to be distributed, to the Participant no later than the
Participant's  required  beginning  date.

2.2     Death of Participant Before Distributions Begin.If the Participant dies
        ------------------------------------------------
before distributions begin, the Participant's entire interest will be
distributed, or begin to be distributed, no later than as follows:

(a)  If the Participant's surviving spouse is the Participant's sole designated
beneficiary, then, except as provided in Article VI, distributions to the
surviving spouse will begin by December 31 of the calendar year immediately
following the calendar year in which the Participant died, or by

<PAGE>

December  31  of  the calendar year in which the Participant would have attained
age  70%,  if  later.

(b)  If the Participant's surviving spouse is not the Participant's sole
designated beneficiary, then, except as provided in Article VI, distributions to
the designated beneficiary will begin by December 31 of the calendar year
immediately following the calendar year in which the Participant died.

(c)  If there is no designated beneficiary as of September 30 of the year
following the year of the Participant's death, the Participant's entire interest
will be distributed by December 31 of the calendar year containing the fifth
anniversary of the Participant's death.

(d)  If the Participant's surviving spouse is the Participant's sole designated
beneficiary and the surviving spouse dies after the Participant but before
distributions to the surviving spouse begin, this Section 2.2, other than
Section 2.2(a), will apply as if the surviving spouse were the Participant.

For purposes of this Section 2.2 and Article IV, unless Section 2.2(d) applies,
distributions are considered to begin on the Participant's required beginning
date. If Section 2.2(d) applies, distributions are considered to begin on the
date distributions are required to begin to the surviving spouse under Section
2.2(a). If distributions under an annuity purchased from an insurance company
irrevocably commence to the Participant before the Participant's required
beginning date (or to the Participant's surviving spouse before the date
distributions are required to begin to the surviving spouse under Section
2.2(a)), the date distributions are considered to begin is the date
distributions actually commence.

2.3      Forms of Distribution.Unless the Participant's interest is distributed
         ----------------------
in the form of an annuity purchased from an insurance company or in a single sum
on or before the required beginning date, as of the first distribution calendar
year distributions will be made in accordance with Articles 3 and 4 of this
Amendment.  If the Participant's interest is distributed in the form of an
annuity purchased from an insurance company, distributions thereunder will be
made in accordance with the requirements of Section 401 (a)(9) of the Code and
the Treasury regulations.

                               ARTICLE III
           REQUIRED MINIMUM DISTRIBUTIONS DURING PARTICIPANTS LIFETIME

3.1      Amount of Required Minimum Distribution For Each Distribution Calendar
         ----------------------------------------------------------------------
Year.During the Participant's lifetime, the minimum amount that will be
distributed for each distribution calendar year is the lesser of:

(a) the quotient obtained by dividing the Participant's account balance by the
distribution period in the Uniform Lifetime Table set forth in Section 1.401
(a)(9)-9 of the Treasury regulations, using the Participant's age as of the
Participant's birthday in the distribution calendar year; or

(b) if the Participant's sole designated beneficiary for the distribution
calendar year is the Participant's spouse, the quotient obtained by dividing the
Participant's account balance by the number in the Joint and Last Survivor Table
set forth in Section 1.401 (a)(9)-9 of the Treasury regulations, using the
Participant's and spouse's attained ages as of the Participant's and spouse's
birthdays in the distribution calendar year.

<PAGE>

3,2     Lifetime Required Minimum Distributions Continue Throuqh Year of
        ----------------------------------------------------------------
Participant's Death.Required minimum distributions will be determined under this
Article 3 beginning with the first distribution calendar year and up to and
including the distribution calendar year that includes the Participant's date of
death.

                                ARTICLE IV
            REQUIRED MINIMUM DISTRIBUTIONS AFTER PARTICIPANT'S DEATH

4.1     Death  On  or  After  Date  Distributions  Beqin.
        -------------------------------------------------

(a)  Participant Survived bv Desiqnated Beneficiarv.If the Participant dies on
     -----------------------------------------------
or after the date distributions begin and there is a designated beneficiary, the
minimum amount that will be distributed for each distribution calendar year
after the year of the Participant's death is the quotient obtained by dividing
the Participant's account balance by the longer of the remaining  life
expectancy of the Participant or the remaining life expectancy of the
Participant's designated beneficiary, determined as follows:

(1)  The  Participant's remaining life expectancy is calculated using the age of
the  Participant  in the year of death, reduced by one for each subsequent year.

(2) If the Participant's surviving spouse is the Participant's sole designated
beneficiary, the remaining life expectancy of the surviving spouse is calculated
for each distribution calendar year after the year of the Participant's death
using the surviving spouse's age as of the spouse's birthday in that year. For
distribution calendar years after the year of the surviving spouse's death, the
remaining life expectancy of the surviving spouse is calculated using the age of
the surviving spouse as of the spouse's birthday in the calendar year of the
spouse's death,  reduced by one for each subsequent calendar year.

(3) If the Participant's surviving spouse is not the Participant's sole
designated beneficiary, the designated beneficiary's remaining life expectancy
is calculated using the age of the beneficiary in the year following the year of
the Participant's death, reduced by one for each subsequent year.

(b) No Designated Beneficiary.  If the Participant dies on or after the date
    --------------------------
distributions begin  and there is no designated beneficiary as of September 30
of the year after the year of the Participant's death, the minimum amount that
will be distributed for each distribution calendar year after the year of the
Participant's death is the quotient obtained by dividing the Participant's
account balance by the Participant's remaining life expectancy calculated using
the age of the Participant in the year of death, reduced by one for each
subsequent year.

4.2     Death  Before  Date  Distributions  Beqin.
        ------------------------------------------

(a) Participant Survived bv Desiqnated Beneficiarv.Except as provided in Article
    -----------------------------------------------
VI, if the Participant dies before the date distributions begin and there is a
designated beneficiary, the minimum amount that will be distributed for each
distribution calendar year after the year of the Participant's death is the
quotient obtained by dividing the Participant's account balance by the remaining
life expectancy of the Participant's designated beneficiary, determined as
provided in Section 4.1.

(b)  No  Desiqnated  Beneficiarv.If  the  Participant  dies  before  the  date
     ----------------------------
distributions begin and there is no designated beneficiary as of September 30 of
the  year  following  the  year  of  the

<PAGE>

Participant's death, distribution of the Participant's entire interest will be
completed by December 31 of the calendar year containing the fifth anniversary
of the Participant's death.

(c) Death of Surviving Souse Before Distributions to Surviving Souse Are
    --------------------------------------------------------------------
Required to Begin.    If the Participant dies before the date distributions
begin, the Participant's surviving spouse is the Participant's sole designated
beneficiary, and the surviving spouse dies before distributions are required to
begin to the surviving spouse under Section 2.2(a), this Section 4.2 will apply
as if the surviving spouse were the Participant.

                              ARTICLE V DEFINITIONS

5.1     Desiqnated beneficiarv.  The individual who is designated as the
        -----------------------
Beneficiary under the Plan and is the designated beneficiary under SectibriA01
(a)(9) of the Internal Revenue Code and Section 1.401 (a)(9)-1, Q&A-4, of the
Treasury regulations.

5.2     Distribution calendar year.  A calendar year for which a minimum
        ---------------------------
distribution is required.  For distributions beginning before the Participant's
death, the first distribution calendar year is the calendar year immediately
preceding the calendar year which contains the Participant's required beginning
date. For distributions beginning after the Participant's death, the first
distribution calendar year is the calendar year in which distributions are
required to begin under Section 2.2. The required minimum distribution for the
Participant's first distribution calendar year will be made on or before the
Participant's required beginning date. The required minimum distribution for
other distribution calendar years, including the required minimum distribution
for the distribution calendar year in which the Participant's required beginning
date occurs, will be made on or before December 31 of that distribution calendar
year.

5.3      Life expectancy.  Life expectancy as computed by use of the Single Life
         ----------------
Table  in  Section  1.401  (a)(9)-9  of  the  Treasury  regulations.

5.4     Participant's  account  balance.  The  account  balance  as  of the last
        --------------------------------
valuation  date  in  the
calendar year immediately preceding the distribution calendar year (valuation
calendar year) increased by the amount of any contributions made and allocated
or forfeitures allocated to the account balance as of dates in the valuation
calendar year after the valuation date and decreased by distributions made in
the valuation calendar year after the valuation date. The account balance for
the valuation calendar year includes any amounts rolled over or transferred to
the Plan either in the valuation calendar year or in the distribution calendar
year if distributed or transferred in the valuation calendar year.

5.5     Required  beqinninq  date.  The  date  specified  in  the  Plan  when
        --------------------------
distributions under Section 401 (a)(9) of the Internal Revenue Code are required
to  begin.

<PAGE>

     IN  WITNESS  WHEREOF,  this  Amendment  has been executed this 11th day .of
November,  2003.

Competitive  Technologies,  Inc.

By /s/ John B. Nano
    EMPLOYER

By:  /s/ Jeanne Wendschuh
    TRUSTEE

<PAGE>

                    COMPETITIVE  TECHNOLOGIES;  INC.

               MEETING OF THE BOARD OF DIRECTORS December 5, 2003

RESOLUTION  TO  AMEND  THE  COMPETITIVE  TECHNOLOGIES,  INC.  401(K)  PLAN

That the Competitive Technologies, Inc. 401 (k) Plan be and hereby is amended by
revising  Section  4.1(c)  and  4.4(b)(3)  thereof to read as follows, with such
amendments  to  be  effective  as  of  January  1,2003:

4.1  (c)     On  behalf  of  each  Participant  who  is eligible to share in the
Qualified Non-Elective Contribution for the Plan Year, a discretionary Qualified
Non-Elective  Contribution  equal  to  a  uniform  percentage  of  each eligible
individual's  Compensation,  the exact percentage, if any, to be determined each
year  by the Employer. Any Employer Qualified Non-Elective Contribution shall be
deemed  an  Employer  Elective  Contribution.

4.4(b)(3)     With respect to the Employer Qualified Non-Elective Contribution
made pursuant to Section 4.1(c), to each Participant's Elective Account when
used to satisfy the "Actual Deferral Percentage" tests or Participant's Account
in accordance with Section 4.1(c).

Only Participants who have completed a Year of Service dUll11g the Plan Year and
are actively employed on the last day of the Plan Year shall be eligible to
share in the Qualified Non-Elective Contribution for the year.

<PAGE>

                    COMPETITIVE  TECHNOLOGIES,  INC.

                MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS

                            JUNE  9,  2005

     A  meeting  of  the  Board  of  Directors  (the  "Board")of  Competitive
Technologies,  Inc.,  a Delaware corporation (the "Company"),was held on June 9,
2005  at  the Newport Marriott Hotel in Newport, Rhode Island. The meeting began
at  8:00  a.m.  Eastern  Time.  Present at the meeting were all of the directors
including  Richard  E.  Carver,  George W. Dunbar, Jr., Dr. Donald J. Freed, Dr.
Maria-Luisa  Maccecchini,  John  B.  Nano,  Charles J. Philippin in, and John M.
Sabin.  Also  present  were  Michael  D.  Davidson,  Vice  President  and  Chief
Financial  Officer,  Paul  A. Levitsky, Vice President and General COlU1sel, and
Allan  J.  Reich  of  Seyfarth  Shaw  LLP,  outside  counsel  to  the  Company.

Mr.  Carver  chaired  the  meeting  and  Mr.  Reich  acted  as  secretary.

<PAGE>

     The next item on the agenda was the Compensation and Stock Option
Committee's (the "Compensation Committee")proposed amendments to the Company's
401(k) Plan, which had been provided to members of the Board prior to the
meeting. The Board reviewed and engaged in discussion of the proposed
amendments. Upon motion duly made and seconded, the Board unanimously approved
and adopted the following resolutions:

     RESOLVED,  that the Company's 401(k) Plan be amended in Article III section
3.2  paragraph  one  to  read  as  set  forth  below,  with such Amendment to be
effective  as  of  January  1,  2005.

3.2     EFFECTIVE  DATE  OF  TERMINATION

An Eligible Employee shall become a Participant effective as of the first day of
the Plan Year month coinciding with or next following the date such Employee met
the  eligibility  requirements  of Section 3.1, provided said Employee was still
employed  as  of  such  date (or if not employed on such date, as of the date of
rehire  if  a  10- Year Break in Service has not occurred or, if later, the date
that  the  Employee  would  have otherwise entered the Plan had the Employee not
terminated  employment).

     FURTHER  RESOLVED,  that  the Company's 40l(k) Plan be amended in Article N
section  4.2(j)(2)  to  read  as  set  forth  below,  with  such Amendment to be
effective  as  of  January  1,  2005.

4.2     PARTICIPANT'S  SALARY  REDUCTION  ELECTION

(j)(2)  A  Participant  may  modify  a  prior  election during the Plan Year and
concurrently  make  a  new  election  by  filing  a  written  notice  with  the
Administrator  within  a  reasonable  time  before the pay period for which such
modification  is  to  be effective.  However, modifications to a salary deferral
election shall only be permitted monthly, during election periods established by
the  Administrator  prior  to  the  first  day  of  each  Plan  Year
month.  Any  modification  shall not have retroactive effect and shall remain in
force  until  revoked.

<PAGE>

Upon  motion  duly  made and seconded, the Board also unanimously approved other
proposed  amendments  set  forth  in  the memorandum dated May 31, 2005 firm the
Trustees  of  401 (k) Plan to the Compensation Committee, Board of Directors and
Mr.  Nano,  a  copy  of  which  was previously provided to members of the Board.

Thereupon,  the  Board discussed and agreed upon the appointment of Dr. Freed as
President  and  Chief  Executive Officer, on an interim basis, upon the event of
Mr.  Nano's  termination

There being no further business the meeting was adjourned at approximately
12:30 p.m. Eastern Time

/s/ Allan J. Reich                       /s/ Richard E. Carver
Allan J. Reich                           Richard E. Carver
Secretary of the Meeting                 Chairman of the Boardzealous_8ka-ex1010.htm

    EXHIBIT
      10.10

     

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

     

    COMMON
      STOCK PURCHASE WARRANT

     

    ZEALOUS
      TRADING GROUP, INC.

     

    
      	Warrant
              Shares: 5,000,000	
              Initial
                Exercise Date: October 5, 2007

            

    

                                                                                                    

    THIS
      COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value
      received, Porter Partners, LP, California limited partnership (the
“Holder”), is entitled, upon the terms and subject to the limitations on
      exercise and the conditions hereinafter set forth, at any time on or after
      the
      date hereof October 5, 2007 (the “Initial Exercise Date”) and on or prior
      to the close of business on the five year anniversary of the Initial Exercise
      Date (the “Termination Date”) but not thereafter, to subscribe for and
      purchase from Zealous Trading Group, Inc., a Nevada corporation (the
“Company”), 5,000,000 shares (the “Warrant Shares”) of common
      stock, par value $.001 per share, of the Company (the “Common
      Stock”).  The purchase price of one share of Common Stock under
      this Warrant shall be equal to the Exercise Price, as defined in Section
      2(b).

     

    Section
      2.    
Exercise.

     

    a)   Exercise
      of Warrant.  Exercise of the purchase rights represented by this
      Warrant may be made, in whole or in part, at any time or times on or after
      the
      Initial Exercise Date and on or before the Termination Date by delivery to
      the
      Company of a duly executed facsimile copy of the Notice of Exercise Form
      annexed  hereto (or such other office or agency of the Company as it
      may designate by notice in writing to the registered Holder at the address
      of
      such Holder appearing on the books of the Company); and, within 3 Business
      Days
      (as defined below) of the date said Notice of Exercise is delivered to the
      Company and the Company shall have received payment of the aggregate Exercise
      Price of the shares thereby purchased by wire transfer or cashier’s check drawn
      on a United States bank.  Partial exercises of this Warrant resulting
      in purchases of a portion of the total number of Warrant Shares available
      hereunder shall have the effect of lowering the outstanding number of Warrant
      Shares purchasable hereunder in an amount equal to the applicable number of
      Warrant Shares purchased.  The Company shall maintain records showing
      the number of Warrant Shares purchased and the date of such
      purchases.  For the purposes of this Warrant “Business Day”
means any day, except Saturday, Sunday or any holiday observed by the
      New York
      Stock Exchange.  Notwithstanding any provision to the contrary in this
      Warrant, this Warrant may not be exercised until an amendment to the Articles
      of
      Incorporation of the Company increasing the authorized shares of the Company’s
      Common Stock to 1,500,000,000 shares is approved by a majority of the Company’s
      shareholders (the “Authorized Share Amendment”) and is filed with the Secretary
      of State of the State of Nevada and becomes effective (the “Amendment Effective
      Date”). The Maker agrees to use its reasonable commercial efforts to file a
      Schedule 14 C with the Securities Exchange Commission with respect to the
      Authorized Share Amendment by no later than February 15, 2008.

     

    
      
        
        

      

      
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    b)    Exercise
      Price.  The exercise price per share of the Common Stock under
      this Warrant shall be $0.025, subject to being adjusted down if
      the exercise price is less in the current offering (the “Exercise
      Price”).

     

    c)    Cashless
      Exercise.  In lieu of exercising this Warrant by payment of cash,
      this Warrant may also be exercised at such time by means of a “cashless
      exercise” in which the Holder shall be entitled to receive a certificate for the
      number of Warrant Shares equal to the quotient obtained by dividing [(A-B)
      (X)]
      by (A), where:

     

    (A)
      =
      VWAP (as defined below) on the Business Day immediately preceding the date
      of
      such election;

     

    (B)
      =  the Exercise Price of this Warrant, as adjusted; and

     

    (X)
      = the
      number of Warrant Shares issuable upon exercise of this Warrant in accordance
      with the terms of this Warrant by means of a cash exercise rather than a
      cashless exercise.

     

    For
      purposes of this Warrant, “VWAP” means, for any date, the price determined by
      the first of the following clauses that applies: (a) if the Common Stock is
      then
      listed or quoted on a Trading Market (as defined below), the daily volume
      weighted average price of the Common Stock for the ten (10) trading days prior
      to such date (or the nearest preceding date) on the Trading Market on which
      the
      Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
      on a
      Trading Day from 9:30 a.m. New York City time to 4:02 p.m. New York City time);
      (b)  if the OTC Bulletin Board is not a Trading Market, the volume
      weighted average price of the Common Stock for the ten (10) trading days prior
      to such date (or the nearest preceding date) on the OTC Bulletin Board; (c)
      if
      the Common Stock is not then listed or quoted on the OTC Bulletin Board and
      if
      prices for the Common Stock are then reported in the “Pink Sheets” published by
      Pink Sheets, LLC (or a similar organization or agency succeeding to its
      functions of reporting prices), the average bid price per share of the Common
      Stock so reported for the twenty (20) trading days prior to such date; or (d)
      in
      all other cases, the fair market value of a share of Common Stock as determined
      by an independent appraiser selected in good faith by the Purchaser and
      reasonably acceptable to the Company, the fees and expenses of which shall
      be
      paid by the Company. For purposes of this Warrant, “Trading Market” means the
      following markets or exchanges on which the Common Stock is listed or quoted
      for
      trading on the date in question: the American Stock Exchange, the Nasdaq Capital
      Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
      York
      Stock Exchange or the OTC Bulletin Board.

     

    
      
        
        

      

      
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    d)    Mechanics
      of Exercise.

     

    i.    Authorization
      of Warrant Shares.  The Company covenants that all Warrant Shares
      that may be issued upon the exercise of the purchase rights represented by
      this
      Warrant will after the Amendment Effective Date, upon exercise of the purchase
      rights represented by this Warrant, be duly authorized, validly issued, fully
      paid and nonassessable and free from all taxes, liens and charges created by
      the
      Company in respect of the issue thereof (other than taxes in respect of any
      transfer occurring contemporaneously with such issue).

     

    ii.    Delivery
      of Certificates Upon Exercise.  Certificates for shares purchased
      hereunder shall be transmitted by the Company to the Holder by physical delivery
      to the address specified by the Holder in the Notice of Exercise within 10
      Business Days from the delivery to the Company of the Notice of Exercise Form,
      surrender of this Warrant (if required) and payment of the aggregate Exercise
      Price as set forth above (“Warrant Share Delivery
      Date”).   This Warrant shall be deemed to have been exercised
      on the date the Exercise Price is received by the Company.  The
      Warrant Shares shall be deemed to have been issued, and the Holder or any other
      person so designated to be named therein shall be deemed to have become a holder
      of record of such shares for all purposes, as of the date the Warrant has been
      exercised by payment to the Company of the Exercise Price (or by cashless
      exercise) and all taxes required to be paid by the Holder, if any, pursuant
      to
      Section 2(d)(vi) prior to the issuance of such shares, have been
      paid.

     

    iii.    Delivery
      of New Warrants Upon Exercise.  If this Warrant shall have been
      exercised in part, the Company shall, at the request of a Holder and upon
      surrender of this Warrant certificate, at the time of delivery of the
      certificate or certificates representing Warrant Shares, deliver to the Holder
      a
      new Warrant evidencing the rights of the Holder to purchase the unpurchased
      Warrant Shares called for by this Warrant, which new Warrant shall in all other
      respects be identical with this Warrant.

     

    iv.    No
      Fractional Shares or Scrip.  No fractional shares or scrip
      representing fractional shares shall be issued upon the exercise of this
      Warrant.  As to any fraction of a share which Holder would otherwise
      be entitled to purchase upon such exercise, the Company shall at its election,
      either pay a cash adjustment in respect of such final fraction in an amount
      equal to such fraction multiplied by the Exercise Price or round up to the
      next
      whole share.

     

    
      
        
        

      

      
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    v.    Charges,
      Taxes and Expenses.  Issuance of certificates for Warrant Shares
      shall be made without charge to the Holder for any issue or transfer tax or
      other incidental expense in respect of the issuance of such certificate, all
      of
      which taxes and expenses shall be paid by the Company, and such certificates
      shall be issued in the name of the Holder or in such name or names as may be
      directed by the Holder; provided, however, that in the event
      certificates for Warrant Shares are to be issued in a name other than the name
      of the Holder, this Warrant when surrendered for exercise shall be accompanied
      by the Assignment Form attached hereto duly executed by the Holder; and the
      Company may require, as a condition thereto, the payment of a sum sufficient
      to
      reimburse it for any transfer tax incidental thereto.

     

    vi.    Closing
      of Books.  The Company will not close its stockholder books or
      records in any manner that prevents the timely exercise of this Warrant,
      pursuant to the terms hereof.

     

    Section
      3.    
CertainAdjustments.

     

    a)    Stock
      Dividends and Splits. If the Company, at any time while this Warrant is
      outstanding: (A) pays a stock dividend or otherwise makes a distribution or
      distributions on shares of its Common Stock or any other equity or equity
      equivalent securities payable in shares of Common Stock (which, for avoidance
      of
      doubt, shall not include any shares of Common Stock issued by the Company upon
      exercise of this Warrant), (B) subdivides outstanding shares of Common Stock
      into a larger number of shares, (C) combines (including by way of reverse stock
      split) outstanding shares of Common Stock into a smaller number of shares,
      or
      (D) issues by reclassification of shares of the Common Stock any shares of
      capital stock of the Company, then in each case the Exercise Price shall be
      multiplied by a fraction of which the numerator shall be the number of shares
      of
      Common Stock (excluding treasury shares, if any) outstanding immediately before
      such event and of which the denominator shall be the number of shares of Common
      Stock outstanding immediately after such event and the number of shares issuable
      upon exercise of this Warrant shall be proportionately adjusted.  Any
      adjustment made pursuant to this Section 3(a) shall become effective immediately
      after the record date for the determination of stockholders entitled to receive
      such dividend or distribution and shall become effective immediately after
      the
      effective date in the case of a subdivision, combination or
      re-classification.

     

    b)    Adjustment
      for Reorganization, Consolidation, Merger.

     

    (i)    General.  In
      case at any time or from time to time, the Company shall (i) effect a
      reorganization, (ii) consolidate with or merge into any other person, or (iii)
      transfer all or substantially all of its properties or assets to any other
      person under any plan or arrangement contemplating the dissolution of the
      Company, then, in each such case, the Holder, on the exercise hereof, as
      provided in Section 1, at any time after the consummation of such
      reorganization, consolidation or merger or the effective date of such
      dissolution, as the case may be, shall receive, in lieu of the Warrant Shares
      issuable on such exercise prior to such consummation or such effective date,
      the
      stock and other securities and property (including cash) to which Holder would
      have been entitled upon such consummation or in connection with such
      dissolution, as the case may be, if such holder had so exercised this Warrant
      immediately prior thereto, all subject to further adjustment thereafter as
      provided in Section 3(a) hereof.

     

    
      
        
        

      

      
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    (ii)    Dissolution.  In
      the event of any dissolution of the Company following the transfer of all or
      substantially all of its properties or assets, the Company, prior to such
      dissolution, shall at its expense deliver or cause to be delivered the stock
      and
      other securities and property (including cash, where applicable) receivable
      by
      the holders of this Warrant after the effective date of such dissolution
      pursuant to this Section 3 to a bank or trust company, as trustee for the holder
      or holders of this Warrant.

     

    (iii)    Continuation
      of
      Terms.  Upon any reorganization, consolidation, merger or transfer
      (and any dissolution following any transfer) referred to in this Section 3,
      this
      Warrant shall continue in full force and effect and the terms hereof shall
      be
      applicable to the shares of stock and other securities and property receivable
      on the exercise of this Warrant after the consummation of such reorganization,
      consolidation or merger or the effective date of dissolution following any
      such
      transfer, as the case may be, and shall be binding upon the issuer of any such
      stock or other securities, including, in the case of any such transfer, the
      person acquiring all or substantially all of the properties or assets of the
      Company, whether or not such person shall have expressly assumed the terms
      of
      this Warrant.

     

    c)    Calculations.
      All calculations under this Section 3 shall be made to the nearest cent or
      the
      nearest 1/100th of a share, as the case may be. For purposes of this Section
      3,
      the number of shares of Common Stock deemed to be issued and outstanding as
      of a
      given date shall be the sum of the number of shares of Common Stock (excluding
      treasury shares, if any) issued and outstanding.

     

    d)    Notice
      to Holder.

     

    i.    Adjustment
      to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any
      provision of this Section 3, the Company shall promptly mail to the Holder
      a
      notice setting forth the Exercise Price after such adjustment and setting forth
      a brief statement of the facts requiring such adjustment.

     

    ii.    Notice
      to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or
      any other distribution in whatever form) on the Common Stock; (B) the Company
      shall declare a special nonrecurring cash dividend on or a redemption of the
      Common Stock; (C) the Company shall authorize the granting to all holders of
      the
      Common Stock rights or warrants to subscribe for or purchase any shares of
      capital stock of any class or of any rights; (D) the approval of any
      stockholders of the Company shall be required in connection with any
      reclassification of the Common Stock, any consolidation or merger to which
      the
      Company is a party, any sale or transfer of all or substantially all of the
      assets of the Company, of any compulsory share exchange whereby the Common
      Stock
      is converted into other securities, cash or property; (E) the Company shall
      authorize the voluntary or involuntary dissolution, liquidation or winding
      up of
      the affairs of the Company; then, in each case, the Company shall cause to
      be
      mailed to the Holder at its last address as it shall appear upon the Warrant
      Register of the Company, at least 10 calendar days prior to the applicable
      record or effective date hereinafter specified, a notice stating (x) the date
      on
      which a record is to be taken for the purpose of such dividend, distribution,
      redemption, rights or warrants, or if a record is not to be taken, the date
      as
      of which the holders of the Common Stock of record to be entitled to such
      dividend, distributions, redemption, rights or warrants are to be determined
      or
      (y) the date on which such reclassification, consolidation, merger, sale,
      transfer or share exchange is expected to become effective or close, and the
      date as of which it is expected that holders of the Common Stock of record
      shall
      be entitled to exchange their shares of the Common Stock for securities, cash
      or
      other property deliverable upon such reclassification, consolidation, merger,
      sale, transfer or share exchange; provided that the failure to mail such notice
      or any defect therein or in the mailing thereof shall not affect the validity
      of
      the corporate action required to be specified in such notice.  The
      Holder is entitled to exercise this Warrant during the 10-day period commencing
      on the date of such notice to the effective date of the event triggering such
      notice.

     

    
      
        
        

      

      
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    Section
      4.    
Transfer of Warrant.

     

    a)    Transferability.  Subject
      to compliance with any applicable securities laws, this Warrant and all rights
      hereunder (including, without limitation, any registration rights) are
      transferable, in whole or in part, upon surrender of this Warrant at the
      principal office of the Company or its designated agent, together with a written
      assignment of this Warrant substantially in the form attached hereto duly
      executed by the Holder or its agent or attorney and funds sufficient to pay
      any
      transfer taxes payable upon the making of such transfer.  Upon such
      surrender and, if required, such payment, the Company shall execute and deliver
      a new Warrant or Warrants in the name of the assignee or assignees and in the
      denomination or denominations specified in such instrument of assignment, and
      shall issue to the assignor a new Warrant evidencing the portion of this Warrant
      not so assigned, and this Warrant shall promptly be cancelled.  A
      Warrant, if properly assigned, may be exercised by a new holder for the purchase
      of Warrant Shares without having a new Warrant issued.

     

    b)    New
      Warrants. This Warrant may be divided or combined with other Warrants upon
      presentation hereof at the aforesaid office of the Company, together with a
      written notice specifying the names and denominations in which new Warrants
      are
      to be issued, signed by the Holder or its agent or attorney.  Subject
      to compliance with Section 4(a), as to any transfer which may be involved in
      such division or combination, the Company shall execute and deliver a new
      Warrant or Warrants in exchange for the Warrant or Warrants to be divided or
      combined in accordance with such notice.

     

    c)    Warrant
      Register. 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.

     

    d)    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, that (i) 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, and (ii) the Holder or
      transferee execute and deliver to the Company an investment letter in form
      and
      substance acceptable to the Company, and (iii) the transferee be an “accredited
      investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8)
      promulgated under the Securities Act or a “qualified institutional buyer” as
      defined in Rule 144A(a) promulgated under the Securities Act.

     

    
      
        
        

      

      
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    Section
      5.    
Registration Rights.

     

    a)    Piggy-Back
      Rights. If the Company shall, at any time, propose to register any of its
      securities under the Securities Act for sale to the public, whether for its
      own
      account or for the account of other security holders or both (except with
      respect to registration statements on Forms S-4 or S-8 or another form not
      available for registering the Warrant Shares for sale to the public),
      each such time it will give written notice to the Holder of its intention so
      to
      do. Upon the written request of the Holder, received by the Company within
      20
      calendar days after the giving of any such notice by the Company, to register
      any of the Warrant Shares, the Company shall cause the Warrant Shares as to
      which registration shall have been so requested to be included in the securities
      to be covered by the registration statement proposed to be filed by the Company,
      all to the extent required to permit the sale or other disposition by the Holder
      of such Warrant Shares so registered.

     

    b)    Limitations.
      In the event that any registration pursuant to Section 5(a) shall be, in whole
      or in part, an underwritten public offering, the number of Warrant Shares to
      be
      included in such an underwriting may be reduced (pro rata among all
      security-holders of the Company with contractual registration rights who are
      requesting to include shares in such underwriting based upon the maximum number
      of shares of Common Stock (on an as-converted basis) that such holders have
      the
      right to request registration of (regardless of whether registration of the
      maximum number of shares is being requested by such holders)) if and to the
      extent that the managing underwriter shall, in good faith, be of the opinion
      that such inclusion would adversely affect the marketing of the securities
      to be
      sold by the Company therein. Moreover, the Company’s obligations pursuant to
      Section 5(a) shall not apply to the first underwritten public offering of the
      Company unless and to the extent that, in the opinion of the managing
      underwriter of such underwritten public offering, the inclusion of the Warrant
      Shares in such underwriting would benefit the marketing of the securities to
      be
      sold by the Company therein. Also, notwithstanding the foregoing provisions,
      the
      Company may withdraw any registration statement referred to in Section 5(a)
      without thereby incurring any liability to the Holder.

     

    Section
      6.    Miscellaneous.

     

    c)    No
      Rights as Shareholder Until Exercise.  This Warrant does not
      entitle the Holder to any voting rights or other rights as a shareholder of
      the
      Company prior to the exercise hereof as set forth in Section
      2(d)(ii).

     

    d)    Loss,
      Theft, Destruction or Mutilation of Warrant. The Company covenants that upon
      receipt by the Company of evidence reasonably satisfactory to it of the loss,
      theft, destruction or mutilation of this Warrant or any stock certificate
      relating to the Warrant Shares, and in case of loss, theft or destruction,
      of
      indemnity or security reasonably satisfactory to it (which, in the case of
      the
      Warrant, shall not include the posting of any bond), and upon surrender and
      cancellation of such Warrant or stock certificate, if mutilated, the Company
      will make and deliver a new Warrant or stock certificate of like tenor and
      dated
      as of such cancellation, in lieu of such Warrant or stock
      certificate.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    e)    Saturdays,
      Sundays, Holidays, etc.  If the last or appointed day for the
      taking of any action or the expiration of any right required or granted herein
      shall not be a Business Day, then such action may be taken or such right may
      be
      exercised on the next succeeding Business Day.

     

    f)    Authorized
      Shares.

     

    The
      Company covenants that on the Amendment Effective Date and at all times
      thereafter for the period the Warrant is outstanding, it will reserve from
      its
      authorized and unissued Common Stock a sufficient number of shares to provide
      for the issuance of the Warrant Shares upon the exercise of any purchase rights
      under this Warrant.  The Company further covenants that its issuance
      of this Warrant shall constitute full authority to its officers who are charged
      with the duty of executing stock certificates to execute and issue the necessary
      certificates for the Warrant Shares upon the exercise of the purchase rights
      under this Warrant.  The Company will take all such reasonable action
      as may be necessary to assure that such Warrant Shares may be issued as provided
      herein without violation of any applicable law or regulation, or of any
      requirements of the Trading Market upon which the Common Stock may be
      listed.

     

    Except
      and to the extent as waived or consented to by the Holder, the Company shall
      not
      by any action, including, without limitation, amending its certificate of
      incorporation or through any reorganization, transfer of assets, consolidation,
      merger, dissolution, issue or sale of securities or any other voluntary action,
      avoid or seek to avoid the observance or performance of any of the terms of
      this
      Warrant, but will at all times in good faith assist in the carrying out of
      all
      such terms and in the taking of all such actions as may be necessary or
      appropriate to protect the rights of Holder as set forth in this Warrant against
      impairment.  Without limiting the generality of the foregoing, the
      Company will (a) not increase the par value of any Warrant Shares above the
      amount payable therefor upon such exercise immediately prior to such increase
      in
      par value, (b) take all such action as may be necessary or appropriate in order
      that the Company may validly and legally issue fully paid and nonassessable
      Warrant Shares upon the exercise of this Warrant, and (c) use commercially
      reasonable efforts to obtain all such authorizations, exemptions or consents
      from any public regulatory body having jurisdiction thereof as may be necessary
      to enable the Company to perform its obligations under this
      Warrant.

     

    Before
      taking any action that would result in an adjustment in the number of Warrant
      Shares for which this Warrant is exercisable or in the Exercise Price, the
      Company shall obtain all such authorizations or exemptions thereof, or consents
      thereto, as may be necessary from any public regulatory body or bodies having
      jurisdiction thereof.

     

    g)    Jurisdiction.
      The provisions of this Warrant and the rights of all parties mentioned herein
      shall be governed by the laws of the State of New York and interpreted and
      construed in accordance with such laws, without giving effect to the principles
      of conflicts of laws, and any court of competent jurisdiction of the State
      of
      New York located in New York County shall have exclusive jurisdiction and venue
      in any proceeding instituted hereunder and any objections to such jurisdiction
      or venue are hereby waived by the Holder and the Company.

     

    
      
        
        

      

      
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    h)    Restrictions.  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.

     

    i)    Nonwaiver
      and Expenses.  No course of dealing or any delay or failure to
      exercise any right hereunder on the part of the Holder shall operate as a waiver
      of such right or otherwise prejudice Holder’s rights, powers or remedies,
      notwithstanding the fact that all rights hereunder terminate on the Termination
      Date.  If the Company willfully and knowingly fails to comply with any
      provision of this Warrant, which results in any material damages to the Holder,
      the Company shall pay to the Holder such amounts as shall be sufficient to
      cover
      any costs and expenses including, but not limited to, reasonable attorneys’
fees, including those of appellate proceedings, incurred by the Holder in
      collecting any amounts due pursuant hereto or in otherwise enforcing any of
      its
      rights, powers or remedies hereunder.

     

    j)    Notices.  All
      notices, requests, demands and other communications required or permitted
      hereunder or by law shall be in writing and given to the parties at the
      addresses listed below (or to such other address as shall at any time be
      designated by any party in writing to the other parties):  (a) by
      certified U.S. mail, return receipt requested, postage prepaid; (b) by facsimile
      transmission (provided confirmation of the receipt thereof is obtained); (c)
      by
      recognized overnight courier service (e.g., Federal Express); or (d) by
      hand-delivery, to the Company: Zealous Trading Group, Inc.

     

    Post
      Office Box 30010 Las Vegas, Nevada Zip 89173-0010 Att: Chief Executive
      Officer, with a copy (which shall not constitute notice) to: Jones Garneau
      LLP,
      670 White Plains Road, Scarsdale, NY  10583, Att: Robert Newman, and
      to the Holder at such address as may have been furnished to the Company in
      writing by the Holder or, until any the Holder furnishes to the Company an
      address, then to, and at the address of, the last holder of this Warrant who
      has
      so furnished an address to the Company. All such notices shall be deemed
      effective (a) when actually delivered or when sent by facsimile (upon electronic
      confirmation of receipt), (b) three days after being deposited in the United
      States mail, first class, postage prepaid, or (c) one day after being delivered
      to a reputable overnight delivery service.

     

    k)    Limitation
      of Liability.  No provision hereof, in the absence of any
      affirmative action by Holder to exercise this Warrant to purchase Warrant
      Shares, and no enumeration herein of the rights or privileges of Holder, shall
      give rise to any liability of Holder for the purchase price of any Common Stock
      or as a stockholder of the Company, whether such liability is asserted by the
      Company or by creditors of the Company.

     

    l)    Remedies.  The
      Holder, in addition to being entitled to exercise all rights granted by law,
      including recovery of damages, will be entitled to specific performance of
      its
      rights under this Warrant.  The Company agrees that monetary damages
      would not be adequate compensation for any loss incurred by reason of a breach
      by it of the provisions of this Warrant and hereby agrees to waive and not
      to
      assert the defense in any action for specific performance that a remedy at
      law
      would be adequate.

     

    m)    Successors
      and Assigns.  Subject to applicable securities laws, this Warrant
      and the rights and obligations evidenced hereby shall inure to the benefit
      of
      and be binding upon the successors of the Company and the successors and
      permitted assigns of the Holder.  The provisions of this Warrant are
      intended to be for the benefit of all Holders from time to time of this Warrant
      and shall be enforceable by any such Holder or holder of Warrant
      Shares.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    n)    Amendment.  This
      Warrant may be modified or amended or the provisions hereof waived with the
      written consent of the Company and the Holder.

     

    o)    Severability.  Wherever
      possible, each provision of this Warrant shall be interpreted in such manner
      as
      to be effective and valid under applicable law, but if any provision of this
      Warrant shall be prohibited by or invalid under applicable law, such provision
      shall be ineffective to the extent of such prohibition or invalidity, without
      invalidating the remainder of such provisions or the remaining provisions of
      this Warrant.

     

    p)    Headings.  The
      headings used in this Warrant are for the convenience of reference only and
      shall not, for any purpose, be deemed a part of this Warrant.

     

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

     

     

    
      	
              
              

               

            	
              ZEALOUS
                TRADING GROUP, INC.

              a
                Nevada Corporation

               

               

              By: 
                /s/ Milton C.
                Ault                                        

              Name:
                Milton C. Ault, III

              Title:
                Chief Executive Officer

            

    

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    NOTICE
      OF EXERCISE

    

    TO:    [_______________________

     

    (1)    The
      undersigned hereby elects to purchase ________ Warrant Shares of the Company
      pursuant to the terms of the attached Warrant (only if exercised in full),
      and
      tenders herewith payment of the exercise price in full, together with all
      applicable transfer taxes, if any.

     

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

     

    [  
      ] in lawful money of the United States; or

     

    [  ]
      the cancellation of such number of Warrant Shares as is necessary, in accordance
      with the formula set forth in subsection 2(c), to exercise this Warrant with
      respect to the maximum number of Warrant Shares purchasable pursuant to the
      cashless exercise procedure set forth in subsection 2(c).

     

    (3)    Please
      issue a certificate or certificates representing said Warrant Shares in the
      name
      of the undersigned or in such other name as is specified below:

     

     _______________________________

     

    The
      Warrant Shares shall be delivered by physical delivery of a certificate
      to:

    

     _______________________________

    

     _______________________________

    

     _______________________________

     

    (4)    Accredited
      Investor.  The undersigned is an “accredited investor” as defined
      in Regulation D promulgated under the Securities Act of 1933, as
      amended.

    

    [SIGNATURE
      OF HOLDER]

    

    Name
      of
      Investing Entity:
      _______________________________________________________________________

    Signature
      of Authorized Signatory of Investing Entity:
      _________________________________________________

    Name
      of
      Authorized Signatory:
      ___________________________________________________________________

    Title
      of
      Authorized Signatory:
      ____________________________________________________________________

    Date:
      _______________________________________________________________________________________

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT
      FORM

    

    (To
      assign the foregoing warrant, execute

    this
      form
      and supply required information.

    Do
      not
      use this form to exercise the warrant.)

    

    

     

    FOR
      VALUE
      RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all
      rights evidenced thereby are hereby assigned to

     

    

    _______________________________________________
      whose address is

    

    ____________________________________________________________.

    

    ____________________________________________________________

    

     

    Dated:  ______________,
      _______

    

     

    Holder’s
      Signature:  _________________________

     

    Holder’s
      Signature:  _________________________

     

    _________________________

    

    

    

    Signature
      Guaranteed:  ___________________________________________

    

    

    NOTE:  The
      signature to this Assignment Form must correspond with the name as it appears
      on
      the face of the Warrant, without alteration or enlargement or any change
      whatsoever, and must be guaranteed by a bank or trust
      company.  Officers of corporations and those acting in a fiduciary or
      other representative capacity should file proper evidence of authority to assign
      the foregoing Warrant.

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