Document:

[FORM
      OF WARRANT]

    

    NEITHER
      THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
      HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
      SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
      AND APPLICABLE STATE SECURITIES LAWS 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. THESE SECURITIES AND THE SECURITIES ISSUABLE
      UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA
      FIDE
      MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

    

    HYDROGEN
      CORPORATION

     

    WARRANT
      

     

    
      	
              Warrant
                No. XXXX

            	
              Original
                Issue Date: August 22, 2008

            

    

     

    HYDROGEN
      CORPORATION, a Nevada corporation (the “Company”),
      hereby certifies that, for value received, [NAME OF LENDER] or its permitted
      registered assigns (the “Holder”),
      is
      entitled to purchase from the Company up to a total of 400,000 shares of common
      stock, $0.001 par value (the “Common
      Stock”),
      of
      the Company (each such share, a “Warrant
      Share”
and
      all
      such shares, the “Warrant
      Shares”)
      at an
      exercise price per share equal to the Exercise Price (as defined herein), at
      such time and in such amount as more fully described herein, and subject to
      the
      following terms and conditions: 

    

    This
      Warrant is issued pursuant to that certain Loan and Security Agreement, dated
      August 22, 2008, by and among the Company, HydroGen L.L.C., Federated Kaufmann
      Fund, a portfolio of Federated Equity Fund, as Agent for Federated Kaufmann
      Fund
      and Samsung C&T Corporation (the “Loan
      and Security Agreement”).
      The
      Warrants and Warrant Shares shall be referred to herein collectively as the
      “Securities.”

     

    1.
       Definitions.
      In
      addition to the terms defined elsewhere in this Warrant, capitalized terms
      that
      are not otherwise defined herein have the meanings given to such terms in the
      Security and Loan Agreement. 

      

    2.  List
      of Warrant Holders.
      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 (which shall include the initial Holder or, as
      the
      case may be, any registered assignee to which this Warrant is permissibly
      assigned hereunder 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.
       List
      of Transfers.
      

    

    (a) This
      Warrant is subject to the restrictions noted in the legend set forth on the
      first page of this Warrant.

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    (b) The
      Company shall register any such transfer of all or any portion of this Warrant
      in the Warrant Register, upon (i) surrender of this Warrant, with the Form
      of
      Assignment attached hereto duly completed and signed, to the Company at its
      address specified in Section 13 hereof and (ii) if a registration statement
      is
      not effective, (x) delivery, at the request of the Company, of an opinion of
      counsel reasonably satisfactory to the Company, to the effect that the transfer
      of such portion of this Warrant may be made pursuant to an available exemption
      from the registration requirements of the Securities Act and all applicable
      state securities or blue sky laws and (y) delivery by the transferee of a
      written statement to the Company certifying that the transferee is an
“accredited investor” as defined in Rule 501(a) under the Securities Act and
      making the representations and certifications set forth below in Section 3(c),
      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 in respect
      of
      the New Warrant that the Holder has in respect of this Warrant. Notwithstanding
      the foregoing, to the extent a Holder desires to transfer this Warrant to a
      non-affiliate after the effectiveness of any registration statement filed by
      the
      Company to register for offer and sale the Warrant Shares, then such transferee
      shall not be entitled to the registration rights associated with the underlying
      Warrant Shares but shall be entitled to all other rights as a Holder hereunder,
      including the right to exercise this Warrant on a “cashless” exercise basis
      pursuant to Section 10(b) hereof.

    

    (c) Any
      transferee of the Warrant shall represent and warrant to the Company the
      following:

    

    (i)
      Investment
      Intent.
      Such
      transferee understands that the Securities are “restricted securities” and have
      not been registered under the Securities Act or any applicable state securities
      law and is acquiring the Securities and, upon exercise of the Warrant will
      acquire the Warrant Shares issuable upon exercise thereof, as principal for
      its
      own account for investment purposes only and not with a view to or for
      distributing or reselling such Securities or any part thereof, without
      prejudice, however, to such transferee's right, subject to the provisions of
      this Agreement, at all times to sell or otherwise dispose of all or any part
      of
      such Securities pursuant to an effective registration statement under the
      Securities Act or under an exemption from such registration and in compliance
      with applicable federal and state securities laws. Subject to the immediately
      preceding sentence, nothing contained herein shall be deemed a representation
      or
      warranty by such transferee to hold the Securities for any period of time.
      Such
      transferee is acquiring the Securities hereunder in the ordinary course of
      its
      business. Such transferee does not have any agreement, plan or understanding,
      directly or indirectly, with any Person to distribute any of the
      Securities. 

    

    (ii)
      Purchaser
      Status.
      At the
      time such transferee was offered the Securities, it was, and at the date hereof
      it is, and on each date on which it exercises the Warrants it will be, an
“accredited investor” as defined in Rule 501(a) under the Securities Act. Such
      transferee is not a registered broker-dealer under Section 15 of the Exchange
      Act.

     

    (iii)
      General
      Solicitation.
      Such
      transferee is not purchasing the Securities as a result of any advertisement,
      article, notice or other communication regarding the Securities published in
      any
      newspaper, magazine or similar media or broadcast over television or radio
      or
      presented at any seminar or any other general solicitation or general
      advertisement.

    

    4.
       Exercise,
      Price and Duration of Warrants.
      

     

    (a)
       This
      Warrant shall be exercisable by the registered Holder in the amounts and at
      the
      times as stated below: 

    

    (i)
      At
      any time and from time to time on or after the Closing Date and through and
      including the Expiration Date, the registered Holder of this Warrant may
      exercise this Warrant by purchasing up to 200,000 Warrant Shares at the Exercise
      Price.

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    (ii)
      At
      any time and from time to time on or after the date on which the amount in
      the
      Borrower’s Account is released to the Borrowers pursuant to Section 2.1 of the
      Loan and Security Agreement (such date a “Vesting Date” and together with the
      Closing Date, the “Vesting Dates”) and through and including the Expiration
      Date, the registered Holder of this Warrant may exercise this Warrant by
      purchasing up to 200,000 Warrant Shares at the Exercise Price. 

    

    (b)
       As
      used
      in this Agreement, the following terms shall have their respective
      meaning:

    

    (i)
      “Exercise Price” shall mean the per share price equal to the volume weighted
      average sale price (regular way) for each trade for
      the
      period starting on the 25th trading day prior to the respective Vesting Date
      and
      ending on the 10th trading day prior to such Vesting
      Date.

    

    (ii)
      “Expiration Date” shall mean August 22, 2013.

    

    (c)
       Subject
      to Section 11 hereof, at 5:00 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 and this Warrant shall be terminated and no longer outstanding.
      

    

    (d) The
      Holder may exercise this Warrant by delivering to the Company (i) an exercise
      notice, in the form attached hereto (the “Exercise
      Notice”),
      completed and duly signed, together with the aggregate Exercise Price for the
      number of Warrant Shares to be issued pursuant to such exercise, 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 as
      to
      which this Warrant is being exercised, and the date such items are delivered
      to
      the Company (as determined in accordance with the notice provisions hereof)
      is
      an “Exercise
      Date.”
The
      delivery by (or on behalf of) the Holder of the Exercise Notice and the
      applicable Exercise Price shall be accompanied by a statement by the Holder
      certifying to the Company the representations and warranties contained in
      Section 3(c) hereof. The Holder shall not be required to deliver the original
      Warrant in order to effect an exercise hereunder. Execution and delivery of
      the
      Exercise 

    

    Notice
      shall have the same effect as cancellation of the original Warrant and issuance
      of a New Warrant evidencing the right to purchase the remaining number of
      Warrant Shares.

     

     5.
       Delivery
      of Warrant Shares.
      

     

    (a)
       Upon
      exercise of this Warrant, the Company shall promptly (but in no event later
      than
      three Trading Days after the Exercise Date) issue or cause to be issued and
      cause to be delivered to or upon the written order of the Holder and in such
      name or names as the Holder may designate (provided that, if a registration
      statement is not effective and the Holder directs the Company to deliver a
      certificate for the Warrant Shares in a name other than that of the Holder
      or an
      Affiliate of the Holder, it shall deliver to the Company on the Exercise Date
      an
      opinion of counsel reasonably satisfactory to the Company to the effect that
      the
      issuance of such Warrant Shares in such other name may be made pursuant to
      an
      available exemption from the registration requirements of the Securities Act
      and
      all applicable state securities or blue sky laws), a certificate for the Warrant
      Shares issuable upon such exercise, free of restrictive legends unless a
      registration statement covering the resale of the Warrant Shares and naming
      the
      Holder as a selling stockholder thereunder is not then effective or the Warrant
      Shares are not freely transferable pursuant to Rule 144 under the Securities
      Act. The Holder, or any Person permissibly so designated by the Holder to
      receive Warrant Shares, shall be deemed to have become the holder of record
      of
      such Warrant Shares as of the Exercise Date. 

     

    (b)
       If
      by the
      close of the third Trading Day after delivery of an Exercise Notice, the Company
      fails to deliver to the Holder a certificate representing the required number
      of
      Warrant Shares in the manner required pursuant to Section 5(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, within three Trading Days after the Holder’s request and in
      the Holder’s sole discretion, either (1) pay in cash to the Holder an amount
      equal to the Holder’s total purchase price (including brokerage commissions, if
      any) for the shares of Common Stock so purchased (the “Buy-In
      Price”),
      at
      which point the Company’s obligation to deliver such certificate (and to issue
      such Warrant Shares) shall terminate or (2) promptly honor its obligation to
      deliver to the Holder a certificate or certificates representing such Warrant
      Shares and pay cash to the Holder in an amount equal to the excess (if any)
      of
      the Buy-In Price over the product of (A) such number of Warrant Shares, times
      (B) the closing bid price of a share of Common Stock on the date of the event
      giving rise to the Company’s obligation to deliver such certificate.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    (c)
       To
      the
      extent permitted by law, the Company’s obligations to issue and deliver Warrant
      Shares in accordance with the terms hereof are absolute and unconditional,
      irrespective of any action or inaction by the Holder to enforce the same, any
      waiver or consent with respect to any provision hereof, the recovery of any
      judgment against any Person or any action to enforce the same, or any setoff,
      counterclaim, recoupment, limitation or termination, or any breach or alleged
      breach by the Holder or any other Person of any obligation to the Company or
      any
      violation or alleged violation of law by the Holder or any other Person, 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
      shares of Common Stock upon exercise of the Warrant as required pursuant to
      the
      terms hereof. 

    

    6.
       Charges,
      Taxes and Expenses.
      Issuance and delivery of certificates for shares of Common Stock upon exercise
      of this Warrant shall be made without charge to the Holder for any issue or
      transfer tax, withholding tax, transfer agent fee or other incidental tax or
      expense in respect of the issuance of such certificates, all of which taxes
      and
      expenses shall be paid by the Company; 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.
      

     

    7.
       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.

    

    8.
       Reservation
      of Warrant Shares.
      The
      Company covenants that it will initially 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, [one hundred twenty percent (120%)] of the
      number of Warrant Shares which are initially 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. The Company further
      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
      9).
      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. 

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    9.
       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
      9.
      

     

    (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 its
      outstanding shares of Common Stock into a larger number of shares, or (iii)
      combines its 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)
       Pro
      Rata Distributions.
      If the
      Company, at any time while this Warrant is outstanding, distributes to all
      holders of Common Stock (i) evidences of its indebtedness, (ii) any security
      (other than a distribution of Common Stock covered by the preceding paragraph),
      (iii) rights or warrants to subscribe for or purchase any security, or (iv)
      any
      other asset (in each case, “Distributed
      Property”),
      then,
      upon any exercise of this Warrant that occurs after the record date fixed for
      determination of stockholders entitled to receive such distribution, the Holder
      shall be entitled to receive, in addition to the Warrant Shares otherwise
      issuable upon such exercise (if applicable), the Distributed Property that
      such
      Holder would have been entitled to receive in respect of such number of Warrant
      Shares had the Holder been the record holder of such Warrant Shares immediately
      prior to such record date.

    

    (c) Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding (i) the Company effects any merger
      or
      consolidation of the Company with or into another Person, in which the Company
      is not the survivor, (ii) the Company effects any sale of all or substantially
      all of its assets in one or a series of related transactions, (iii) any tender
      offer or exchange offer (whether by the Company or another Person) is completed
      pursuant to which holders of Common Stock are permitted to tender or exchange
      their shares for other securities, cash or property, or (iv) the Company effects
      any reclassification of the Common Stock or any compulsory share exchange
      pursuant to which the Common Stock is effectively converted into or exchanged
      for other securities, cash or property (each, 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”).

     

    (d)
       Number
      of Warrant Shares.
      Simultaneously with any adjustment to the Exercise Price pursuant to paragraph
      (a) of this Section 9, 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. 

     

     (e)
       Calculations.
      All
      calculations under this Section
      9
      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. 

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    (f)
       Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section
      9,
      the
      Company at its expense will, at the written request of the Holder, promptly
      compute such adjustment, in good faith, 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. 

     

    (g)
       Notice
      of Corporate Events.
      If,
      while this Warrant is outstanding, 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, except if such notice and the contents thereof shall
      be
      deemed to constitute material non-public information, the Company shall deliver
      to the Holder a notice describing the material terms and conditions of such
      transaction at least ten (10) Trading 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 reasonable steps to give the Holder the practical opportunity to
      exercise this Warrant prior to such time; 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.

     

    10.
       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.
      If an
      Exercise Notice is delivered at a time when a registration statement permitting
      the Holder to resell the Warrant Shares is required to be effective and is
      not
      then effective or the prospectus forming a part thereof is not then available
      to
      the Holder for the resale of the Warrant Shares, then 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 of a share of Common Stock for the five Trading
      Days immediately prior to (but not including) the Exercise Date. 

     

    B
      = the
      Exercise Price. 

     

    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. 

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    11.
       No
      Fractional Shares.
      No
      fractional 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 Exercise Date. 

     

    12.
        Registration
      Rights and SEC Reporting Obligations of Company.
      

    

    (a)
      Piggy
      Back Registration Rights. If
      the
      Investor exercises any portion of the Warrant, and thereafter the Company
      proposes to file a registration statement under the Securities Act with respect
      to an offering for its own account of any class of its equity securities (other
      than a registration statement on Form S-8 (or any

    successor
      form) or any other registration statement relating solely to employee benefit
      plans or filed in connection with an exchange offer, then the Company shall
      in
      each case give written notice of such proposed filing to the Holder as soon
      as
      practicable (but no later than 20 business days) before the anticipated filing
      date, and such notice shall offer each Holder the opportunity to register such
      number of shares of Warrant Shares as such Holder may request. Each Holder
      desiring to have Warrant Shares included in such registration statement shall
      so
      advise the Company in writing within 10 business days after the date on which
      the Company’s notice is so given, setting forth the number of shares of Warrant
      Shares for which registration is requested. If the Company's offering is to
      be
      an underwritten offering, the Company shall use its reasonable best efforts
      to
      cause the managing underwriter or underwriters to permit the Holders of the
      Warrant Shares requested to be included in the registration for such offering
      to
      include such Warrant Shares in such offering on the same terms and conditions
      as
      any similar securities of the Company included therein. 

    

    (b)
      SEC
      Reporting Obligation.
      The
      Company agrees to make publicly available adequate public information necessary
      for the Holder to transfer the Warrant Shares pursuant to Rule 144 promulgated
      under the Securities Act (“Rule
      144”)
      by
      providing the following: 

    

    
      	 	
              (i)

            	
              For
                so long at the Company is subject to the reporting requirements of
                Section
                13 or 15(d) of the Securities Exchange Act of 1934, as amended, (the
                “Exchange
                Act”),
                the Company shall timely file (inclusive of any extensions) all required
                reports under Section 13 or 15(d) of the Exchange Act, as applicable,
                (other than Form 8-K reports). 

            

    

    
      	 	
              (ii)

            	
              If
                the Company is not subject to the reporting requirements of Section
                13 or
                15(d) of the Exchange Act, the Company shall make publicly available
                that
                information specified in Rule 144 necessary for the Holder to transfer
                the
                Warrant Shares pursuant to Rule 144.

            

    

     

    13.
       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 5:00 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 5:00 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
      notices or communications shall be: (i) if to the Company, to HydroGen
      Corporation, 10 East 40th
      Street,
      Room 3405, New York, New York 10016, Attn: Chief Executive Officer or to
      facsimile number (212) 672-0393 (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 as the Company shall indicate in writing in accordance with this
      Section). 

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    14.
       Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’
notice to the Holder, the Company may appoint a new warrant agent. Any
      corporation into which the Company or any new warrant agent may be merged or
      any
      corporation resulting from any consolidation to which the Company or any new
      warrant agent shall be a party or any corporation to which the Company or any
      new warrant agent transfers substantially all of its corporate trust or
      shareholders services business shall be a successor warrant agent under this
      Warrant without any further act. Any such successor warrant agent shall promptly
      cause notice of its succession as warrant agent to be mailed (by first class
      mail, postage prepaid) to the Holder at the Holder’s last address as shown on
      the Warrant Register. 

     

    15.
       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, or their successors and assigns. 

     

    (b)
       All
      questions concerning the construction, validity, enforcement and interpretation
      of this Warrant shall be governed by and construed and enforced in accordance
      with the internal laws of the State of 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 in
      connection with the investigation, preparation and prosecution of such
      Proceeding.

    

    (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)
       Other
      than as otherwise set forth herein, prior to exercise of this Warrant, the
      Holder hereof shall not, by reason of by 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] 

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

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

     

    
      	
              HYDROGEN
                CORPORATION

            
	
               
                 

            
	
              By:

            	      

	
              Name:

            	
              John
                J. Freeh

            
	
              Title:

            	
              Chief
                Executive Officer

            

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXERCISE
      NOTICE

    

    HYDROGEN
      CORPORATION

    

    WARRANT
      DATED _________________, 2008

    

    Ladies
      and Gentlemen:

    

    (1) The
      undersigned hereby elects to purchase ______ shares of Common Stock pursuant
      to
      the above-referenced Warrant. Capitalized terms used herein and not otherwise
      defined herein have the respective meanings set forth in the Warrant.

      

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

    

    o
Cash
      Exercise under
      Section 10

    

    o
Cashless
      Exercise under Section 10

    

    (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 (as
      determined in accordance with Section 13(d) of the Securities Exchange Act
      of
      1934) permitted to be owned under Section 11 of this Warrant to which this
      notice relates. 

    

    Dated:_______________,
      _____ 

     

    Name
      of
      Holder: 

     

    
      	
              By:

            	     

    

    
      	
              Name: 

            	   

    

    
      	
              Title:

            	  

    

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

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    HYDROGEN
      CORPORATION

    WARRANT
      ORIGINALLY ISSUED August 22, 2008

    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 within Warrant to purchase                 
      shares
      of Common Stock to which the within 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:[FORM
      OF TERM LOAN NOTE]

    

    TERM
      LOAN NOTE

    

    
      	
              $1,000,000.00

            	
              New
                York, New York

            
	 	
              August
                22, 2008

            

    

    

    FOR
      VALUE
      RECEIVED, the
      undersigned, HYDROGEN,
      LLC, an
      Ohio
      limited liability company, with its principal place of business located at
      2
      Juniper Street, Versailles, Pennsylvania 15132 (“the “Borrower”),
      promises to pay to the order of [Name
      of Lender] (together
      with its successors and assigns, the “Lender”),
      on or
      before the Maturity Date, the principal sum of One Million and No/100 Dollars
      ($1,000,000.00) in accordance with the terms of this Term Loan Note (this
“Note”).
      This
      Note is issued pursuant to that certain Loan and Security Agreement, of even
      date herewith, entered into by and among the Borrower, the Guarantor, the Agent
      and the Lenders (as amended from time to time, the “Agreement”).
      Capitalized terms used herein and not defined herein shall have their respective
      meanings as set forth in the Agreement.

    

    INTEREST;
      AMORTIZATION; DUE DATE; PREPAYMENT:
      Interest on the unpaid principal balance hereof shall be computed on the basis
      of the actual number of days elapsed and a year of 360 days and shall accrue
      at
      a rate equal to Twelve Percent (12%) per annum (the “Interest
      Rate”)
      and
      shall be payable in arrears. Following and during the continuation of an Event
      of Default, interest on the unpaid principal balance shall accrue at a rate
      equal to Eighteen Percent (18%) per annum (the “Default
      Interest Rate”).

    

    Principal,
      interest and all other amounts due to Lender pursuant to this Note, the
      Agreement and other Loan Documents shall be due and payable by Borrower in
      accordance with the Agreement. 

    

    Borrower
      may prepay the unpaid principal sum hereof without premium or penalty,
provided,
      however,
      that,
      (i)
      such prepayment is no less than the amount of the remaining outstanding
      principal sum hereof, and (ii) as part of such prepayment, Borrower shall pay
      Lender all other amounts due to Lender pursuant to this Note, the Agreement
      and
      other Loan Documents, and (iii) in the event Borrower makes such prepayment
      prior to the Maturity Date, Borrower shall also pay Lender an amount equal
      to
      two and one-half percent (2.5%) multiplied by the amount of the Loan prepaid
      (the “Prepayment
      Fee”).
      The
      Prepayment Fee is intended to compensate Lender for committing and deploying
      funds for Borrower’s loan pursuant to the Agreement and for Lender’s loss of
      investment of such funds in connection with such early termination, and is
      not
      intended as a penalty. 

    

    FEES
      AND COSTS:
      All
      fees, reasonable costs and expenses set forth in the Agreement shall be paid
      by
      Borrower in accordance with the terms thereof.

    

    MAXIMUM
      RATE OF INTEREST:
      It is
      intended that the Interest Rate and the Default Interest Rate shall never exceed
      the maximum rate, if any, which may be legally charged in the State of New
      York
      for loans made to corporations (the “Maximum
      Rate”).
      If
      the provisions for interest contained in this Note would result in a rate higher
      than the Maximum Rate, the interest shall nevertheless be limited to the Maximum
      Rate and any amounts which may be paid toward interest in excess of the Maximum
      Rate shall be applied to the reduction of principal, or, at the option of
      Lender, returned to the Borrower.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    NOTICES:
      All
      notices shall be given in accordance with the Agreement at Lender’s address
      designated in the Agreement, or to such other place as Lender may from time
      to
      time direct by written notice to Borrower.

    

    APPLICATION
      OF PAYMENTS:
      All
      payments made hereunder shall be made without defense or set-off for any debt
      or
      other claim which Borrower may assert against Lender. All payments received
      hereunder shall be applied in accordance with the provisions of the
      Agreement.

    

    SECURITY:
      This
      Note is secured by the Loan Documents. The Borrower hereby acknowledges, admits
      and agrees that its obligations under this Note, the Agreement and other Loan
      Documents are full recourse obligations.

    

    DEFAULTS;
      REMEDIES:
      Upon
      the happening of an Event of Default, the Lender may declare the unpaid
      principal sum, accrued and unpaid interest and all other amounts under this
      Note
      and the Agreement immediately due and payable. In such event, and subject to
      the
      Agreement, Lender may enforce the payment of this Note either by proceeding
      against the Collateral, or against the Borrower in one or more proceedings
      separately, successively, or simultaneously and in any order or manner permitted
      by law as Lender deems desirable. Lender shall not be required to exhaust its
      security before proceeding against the Borrower. None of the rights or remedies
      of the Lender are to be deemed waived or affected by any failure or delay of
      the
      Lender to exercise its rights; and, in addition, the Lender shall have all
      of
      its rights and remedies set forth in the Agreement.

    

    The
      failure to exercise any of the rights and remedies set forth in this Note or
      the
      Agreement shall not constitute a waiver of the right to exercise the same or
      any
      other option at any subsequent time in respect of the same event or any other
      event. The acceptance by Lender of any payment which is less than payment in
      full of all amounts due and payable at the time of such payment shall not
      constitute a waiver of the right to exercise any of the foregoing rights and
      remedies at that time or at any subsequent time or nullify any prior exercise
      of
      any such rights and remedies without the express written consent of Lender,
      except as and to the extent otherwise provided by law.

    

    WAIVERS:
      The
      Borrower waives demand for payment, presentment for payment, protest, notice
      of
      nonpayment or dishonor and any and all other notices and demands
      whatsoever.

    

    TERMINOLOGY:
      Any
      reference herein to Lender shall be deemed to include and apply to every
      subsequent holder of this Note. 

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    HEADINGS:
      The
      headings in this Note are for convenience of reference only and shall not affect
      the meaning or interpretation of this Note or any provision hereof.

    

    AGREEMENT:
      Reference is made to the Agreement for provisions as to the Loan, Collateral,
      fees, charges, remedies and other matters.

    

    APPLICABLE
      LAW:
      THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH
      THE LAWS OF THE STATE OF NEW YORK, THE LAWS OF WHICH THE BORROWER HEREBY
      EXPRESSLY ELECTS TO APPLY TO THIS NOTE, WITHOUT GIVING EFFECT TO PROVISIONS
      FOR
      CHOICE OF LAW THEREUNDER. THE BORROWER AGREES THAT ANY ACTION OR PROCEEDING
      BROUGHT TO ENFORCE OR ARISING OUT OF THIS NOTE SHALL BE COMMENCED IN ACCORDANCE
      WITH THE PROVISIONS OF THE AGREEMENT.

    

    WAIVER
      OF JURY TRIAL:
      BORROWER
      HEREBY WAIVES ANY AND ALL RIGHTS THAT IT MAY NOW OR HEREAFTER HAVE UNDER THE
      LAWS OF THE UNITED STATES OF AMERICA OR ANY STATE TO A TRIAL BY JURY OF ANY
      AND
      ALL ISSUES ARISING EITHER DIRECTLY OR INDIRECTLY IN ANY ACTION OR PROCEEDING
      BETWEEN BORROWER, LENDER OR ITS SUCCESSORS AND ASSIGNS, OUT OF OR IN ANY WAY
      CONNECTED WITH THIS NOTE, THE OTHER LOAN DOCUMENTS, THE OBLIGATIONS AND/OR
      THE
      COLLATERAL. IT IS INTENDED THAT SAID WAIVER SHALL APPLY TO ANY AND ALL DEFENSES,
      RIGHTS, AND/OR COUNTERCLAIMS IN ANY ACTION OR PROCEEDINGS BETWEEN BORROWER
      AND
      LENDER. BORROWER WAIVES ALL RIGHTS TO INTERPOSE ANY CLAIMS, DEDUCTIONS, SETOFFS
      OR COUNTERCLAIMS OF ANY KIND, NATURE OR DESCRIPTION IN ANY ACTION OR PROCEEDING
      INSTITUTED BY LENDER WITH RESPECT TO THIS NOTE, THE OTHER LOAN DOCUMENTS, THE
      OBLIGATIONS, THE COLLATERAL OR ANY MATTER ARISING THEREFROM OR RELATING THERETO,
      EXCEPT COMPULSORY COUNTERCLAIMS.

    

    CONSENT
      TO JURISDICTION:
      BORROWER HEREBY (a) IRREVOCABLY SUBMITS AND CONSENTS TO THE EXCLUSIVE
      JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN NEW YORK WITH RESPECT
      TO
      ANY ACTION OR PROCEEDING ARISING OUT OF THIS NOTE, THE OTHER LOAN DOCUMENTS,
      THE
      OBLIGATIONS AND/OR THE COLLATERAL OR ANY MATTER ARISING THEREFROM OR RELATING
      THERETO, AND (b) WAIVES ANY OBJECTION BASED ON VENUE OR FORUM NON CONVENIENS
      WITH RESPECT THERETO. IN ANY SUCH ACTION OR PROCEEDING, BORROWER WAIVES PERSONAL
      SERVICE OF THE SUMMONS AND COMPLAINT OR OTHER PROCESS AND PAPERS THEREIN AND
      AGREES THAT THE SERVICE THEREOF MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT
      REQUESTED, DIRECTED TO BORROWER AT ITS OFFICES SET FORTH HEREIN OR OTHER ADDRESS
      THEREOF OF WHICH LENDER HAS RECEIVED NOTICE AS PROVIDED IN THE
      AGREEMENT.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    ASSIGNMENT:
      Lender
      reserves the right to sell, assign, transfer, negotiate, or grant participation
      interests in all or any part of this Note, or any interest in Lender’s rights
      and benefits hereunder subject to the provisions of the Agreement.

    

    LOST
      NOTE:
      In the
      event of the loss, theft, destruction or mutilation of this Note, upon request
      of Lender and submission of evidence reasonably satisfactory to the Borrower
      of
      such loss, theft, destruction or mutilation, and, in the case of any such loss,
      theft, or destruction, upon deliver of a bond or indemnity reasonably
      satisfactory to Lender, or in the case of any such mutilation, upon surrender
      and cancellation of this Note, Lender will issue a new Note of like tenor as
      the
      lost, stolen, destroyed or mutilated Note.

    

    IN
      WITNESS WHEREOF,
      this
      Note has been duly executed and delivered by the Borrower as of the day and
      year
      first above written.

     

    
      	
              HYDROGEN,
                LLC

            
	 	 
	
              By:

            	   

	
              Name:
                

            	
              John
                J. Freeh

            
	
              Title:

            	
              Chief
                Executive Officer

            

    

    
      
         

      

      
        4

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