Document:

THIS  WARRANT  AND THE SHARES OF COMMON  STOCK  ISSUABLE  UPON
        EXERCISE OF THIS  WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE
        SECURITIES  ACT OF 1933, AS AMENDED,  OR ANY STATE  SECURITIES
        LAWS. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE
        OF THIS WARRANT MAY NOT BE SOLD,  OFFERED FOR SALE, PLEDGED OR
        HYPOTHECATED  IN  THE  ABSENCE  OF AN  EFFECTIVE  REGISTRATION
        STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY APPLICABLE
        STATE  SECURITIES  LAWS OR AN OPINION  OF  COUNSEL  REASONABLY
        SATISFACTORY TO AMERICAN  TECHNOLOGIES  GROUP,  INC. THAT SUCH
        REGISTRATION IS NOT REQUIRED.

     Right to Purchase up to 859,534,884 Shares of Common Stock of American
     -----------------------------------------------------------------------
                            Technologies Group, Inc.
                            ------------------------
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. L-1                                     Issue Date:  As of September 7, 2005

      AMERICAN  TECHNOLOGIES GROUP, INC., a corporation organized under the laws
of the  State of  Nevada  (the  "Company"),  hereby  certifies  that,  for value
received,  LAURUS  MASTER FUND,  LTD., or assigns (the  "Holder"),  is entitled,
subject to the terms set forth  below,  to purchase  from the Company  (from and
after the Issue Date of this Warrant and at any time or from time to time before
5:00 p.m., New York time,  through the close of business  September 6, 2012 (the
"Expiration  Date"), up to 859,534,884  fully paid and  nonassessable  shares of
Common  Stock (as  hereinafter  defined),  $0.01 par  value  per  share,  at the
Exercise  Price per share (as defined  below).  The number and character of such
shares  of Common  Stock  and the  Exercise  Price  per  share  are  subject  to
adjustment as provided herein.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

      (a) "Company" means American  Technologies  Group,  Inc. and any person or
entity which shall succeed, or assume the obligations of, American  Technologies
Group, Inc. hereunder.

      (b) "Common Stock" means (i) the Company's  Common Stock, par value $0.001
per  share;  and (ii) any other  securities  into  which or for which any of the
securities  described in the preceding  clause (i) may be converted or exchanged
pursuant to a plan of recapitalization,  reorganization,  merger, sale of assets
or otherwise.

      (c) "Exercise Price" means a price of $0.0033.

      (d) "Other Securities" means any stock (other than Common Stock) and other
securities of the Company or any other person (corporate or otherwise) which the
holder of the Warrant at any time shall be  entitled  to receive,  or shall have
received,  on the exercise of the  Warrant,  in lieu of or in addition to Common
Stock,  or which at any time  shall be  issuable  or shall  have been  issued in
exchange for or in replacement of Common Stock or Other  Securities  pursuant to
Section 4 or otherwise.

<PAGE>

      (e) "Security Agreement" means that certain Security Agreement dated as of
the date hereof  among the Holder,  the  Company and the  Eligible  Subsidiaries
named and as defined therein, as amended, restated, supplemented and/or modified
from time to time.

      1. Exercise of Warrant.

      1.1  Number  of Shares  Issuable  upon  Exercise.  From and after the date
hereof through and including the  Expiration  Date, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, by delivery of an
original  or fax copy of an  exercise  notice  in the form  attached  hereto  as
Exhibit  A (the  "Exercise  Notice"),  shares of  Common  Stock of the  Company,
subject to adjustment pursuant to Section 4.

      1.2 Fair Market Value. For purposes  hereof,  the "Fair Market Value" of a
share of Common Stock as of a particular date (the  "Determination  Date") shall
mean:

      (a) If the Company's Common Stock is traded on the American Stock Exchange
or another national  exchange or is quoted on the National or SmallCap Market of
The Nasdaq Stock Market, Inc.  ("Nasdaq"),  then the closing or last sale price,
respectively,  reported for the last  business  day  immediately  preceding  the
Determination Date.

      (b) If the  Company's  Common  Stock is not traded on the  American  Stock
Exchange or another national exchange or on the Nasdaq but is traded on the NASD
Over the Counter Bulletin Board, then the mean of the average of the closing bid
and asked prices  reported for the last business day  immediately  preceding the
Determination Date.

      (c) Except as provided in clause (d) below, if the Company's  Common Stock
is not  publicly  traded,  then as the  Holder and the  Company  agree or in the
absence of agreement by arbitration in accordance  with the rules then in effect
of the American Arbitration Association, before a single arbitrator to be chosen
from a panel of persons  qualified  by  education  and  training  to pass on the
matter to be decided.

      (d) If the Determination Date is the date of a liquidation, dissolution or
winding up, or any event deemed to be a  liquidation,  dissolution or winding up
pursuant to the Company's  charter,  then all amounts to be payable per share to
holders  of the  Common  Stock  pursuant  to the  charter  in the  event of such
liquidation, dissolution or winding up, plus all other amounts to be payable per
share in respect of the Common Stock in liquidation under the charter,  assuming
for the  purposes of this clause (d) that all of the shares of Common Stock then
issuable upon exercise of the Warrant are outstanding at the Determination Date.

                                       2
<PAGE>

      1.3 Company Acknowledgment.  The Company will, at the time of the exercise
of this Warrant,  upon the request of the holder hereof  acknowledge  in writing
its  continuing  obligation  to afford to such  holder  any rights to which such
holder shall continue to be entitled after such exercise in accordance  with the
provisions of this  Warrant.  If the holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford
to such holder any such rights.

      1.4 Trustee for Warrant Holders. In the event that a bank or trust company
shall have been appointed as trustee for the holders of this Warrant pursuant to
Subsection  3.2, such bank or trust company shall have all the powers and duties
of a warrant agent (as hereinafter  described) and shall accept, in its own name
for the  account of the  Company  or such  successor  person as may be  entitled
thereto, all amounts otherwise payable to the Company or such successor,  as the
case may be, on exercise of this Warrant pursuant to this Section 1.

      2. Procedure for Exercise.

      2.1 Delivery of Stock Certificates,  Etc. on Exercise.  The Company agrees
that the shares of Common Stock purchased upon exercise of this Warrant shall be
deemed to be issued to the Holder as the record  owner of such  shares as of the
close of business on the date on which this Warrant shall have been  surrendered
and payment made for such shares in accordance herewith.  As soon as practicable
after the exercise of this  Warrant in full or in part,  and in any event within
three (3) business days  thereafter,  the Company at its expense  (including the
payment by it of any applicable issue taxes) will cause to be issued in the name
of and  delivered to the Holder,  or as such Holder (upon payment by such Holder
of any  applicable  transfer  taxes) may direct in  compliance  with  applicable
securities  laws,  a  certificate  or  certificates  for the  number of duly and
validly issued,  fully paid and  nonassessable  shares of Common Stock (or Other
Securities)  to which such Holder shall be entitled on such  exercise,  plus, in
lieu of any fractional  share to which such holder would  otherwise be entitled,
cash equal to such fraction multiplied by the then Fair Market Value of one full
share, together with any other stock or other securities and property (including
cash,  where  applicable)  to which such Holder is entitled  upon such  exercise
pursuant to Section 1 or otherwise.

      2.2 Exercise.

            (a)  Payment  may be made  (i)  either  in cash or by  certified  or
      official  bank  check  payable  to the order of the  Company  equal to the
      applicable  aggregate  Exercise Price, (ii) by delivery of Common Stock of
      the Company having a Fair Market Value equal to the Exercise Price,  (iii)
      by delivery of this Warrant, or shares of Common Stock and/or Common Stock
      receivable  upon exercise of this Warrant in  accordance  with the formula
      set forth in subsection (b) below,  or (iv) by a combination of any of the
      foregoing  methods,  for the  number of Common  Shares  specified  in such
      Exercise  Notice (as such exercise number shall be adjusted to reflect any
      adjustment  in the total number of shares of Common Stock  issuable to the
      Holder per the terms of this  Warrant) and the Holder  shall  thereupon be
      entitled  to  receive  the  number  of duly  authorized,  validly  issued,
      fully-paid and non-assessable shares of Common Stock (or Other Securities)
      determined as provided herein.

                                       3
<PAGE>

            (b)  Notwithstanding  any provisions herein to the contrary,  if the
      Fair  Market  Value of one  share of  Common  Stock  is  greater  than the
      Exercise Price (at the date of calculation as set forth below), in lieu of
      exercising  this Warrant for cash,  the Holder may elect to receive shares
      equal to the value (as  determined  below) of this Warrant (or the portion
      thereof  being  exercised)  by surrender of this Warrant at the  principal
      office of the Company together with the properly  endorsed Exercise Notice
      in which event the Company shall issue to the Holder a number of shares of
      Common Stock computed using the following formula:

      X=          Y(A-B)
                  ------
                    A

      Where X =   the  number  of  shares  of  Common  Stock to be issued to the
                  Holder

      Y =         the number of shares of Common  Stock  purchasable  under this
                  Warrant  or,  if only a  portion  of  this  Warrant  is  being
                  exercised, the portion of this Warrant being exercised (at the
                  date of such calculation)

      A =         the Fair  Market  Value of one share of the  Company's  Common
                  Stock (at the date of such calculation)

      B =         the Exercise  Price per share (as adjusted to the date of such
                  calculation)

      3. Effect of Reorganization, Etc.; Adjustment of Exercise Price.

            3.1 Reorganization,  Consolidation, Merger, Etc. In case at any time
      or from time to time, the Company shall (a) effect a  reorganization,  (b)
      consolidate  with or merge into any other  person,  or (c) 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,  as a condition  to the  consummation  of such a
      transaction,  proper and adequate  provision  shall be made by the Company
      whereby 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 Common Stock (or Other Securities)  issuable
      on such exercise prior to such  consummation  or such effective  date, the
      stock and other  securities  and property  (including  cash) to which such
      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 4.

            3.2  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,  concurrently with any distributions made to holders
      of its Common Stock, shall at its expense deliver or cause to be delivered
      to the Holder the stock and other securities and property (including cash,
      where applicable) receivable by the Holder pursuant to Section 3.1, or, if
      the Holder  shall so  instruct  the  Company,  to a bank or trust  company
      specified by the Holder and having its principal  office in New York,  New
      York as trustee for the Holder (the "Trustee").

                                       4
<PAGE>

            3.3 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 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 as provided in
      Section 4. In the event this  Warrant  does not continue in full force and
      effect  after  the  consummation  of the  transactions  described  in this
      Section 3, then the Company's  securities  and property  (including  cash,
      where applicable) receivable by the Holder will be delivered to the Holder
      or the Trustee as contemplated by Section 3.2.

      4.  Extraordinary  Events  Regarding  Common Stock.  In the event that the
Company shall (a) issue  additional  shares of the Common Stock as a dividend or
other  distribution on outstanding Common Stock or any preferred stock issued by
the Company,  (b)  subdivide  its  outstanding  shares of Common  Stock,  or (c)
combine  its  outstanding  shares of the Common  Stock into a smaller  number of
shares of the Common Stock,  then, in each such event, the Exercise Price shall,
simultaneously  with the happening of such event, be adjusted by multiplying the
then Exercise Price by a fraction, the numerator of which shall be the number of
shares of  Common  Stock  outstanding  immediately  prior to such  event and the
denominator  of which shall be the number of shares of Common Stock  outstanding
immediately  after such event,  and the product so obtained shall  thereafter be
the Exercise Price then in effect. The Exercise Price, as so adjusted,  shall be
readjusted  in the same manner upon the  happening  of any  successive  event or
events  described herein in this Section 4. The number of shares of Common Stock
that the Holder shall thereafter,  on the exercise hereof as provided in Section
1,  be  entitled  to  receive  shall  be  adjusted  to a  number  determined  by
multiplying  the number of shares of Common Stock that would  otherwise (but for
the  provisions of this Section 4) be issuable on such exercise by a fraction of
which (a) the numerator is the Exercise Price that would  otherwise (but for the
provisions  of this  Section 4) be in  effect,  and (b) the  denominator  is the
Exercise  Price in effect on the date of such exercise  (taking into account the
provisions of this Section 4).

      5.  Certificate  as to  Adjustments.  In each  case of any  adjustment  or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of this  Warrant,  the Company at its expense will  promptly  cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with the terms of this  Warrant  and prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the facts upon which such  adjustment  or  readjustment  is based,  including  a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold,  (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding,  and (c) the Exercise Price
and the number of shares of Common  Stock to be received  upon  exercise of this
Warrant,  in effect  immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant.  The Company will  forthwith
mail a copy of each such  certificate to the Holder and any Warrant agent of the
Company (appointed pursuant to Section 11 hereof).

                                       5
<PAGE>

      6.  Reservation  of Stock,  Etc.,  Issuable on  Exercise  of Warrant.  The
Company will at all times  reserve and keep  available,  solely for issuance and
delivery  on the  exercise  of this  Warrant,  shares of Common  Stock (or Other
Securities) from time to time issuable on the exercise of this Warrant.

      7. Assignment;  Exchange of Warrant. Subject to compliance with applicable
securities  laws,  this  Warrant,  and  the  rights  evidenced  hereby,  may  be
transferred  by any  registered  holder hereof (a  "Transferor")  in whole or in
part.  On the  surrender  for exchange of this  Warrant,  with the  Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the   "Transferor
Endorsement  Form") and together with evidence  reasonably  satisfactory  to the
Company  demonstrating  compliance with applicable  securities laws, which shall
include,  without  limitation,  the  provision  of  a  legal  opinion  from  the
Transferor's  counsel (at the  Company's  expense)  that such transfer is exempt
from the registration requirements of applicable securities laws, the Company at
its expense  (but with  payment by the  Transferor  of any  applicable  transfer
taxes) will issue and deliver to or on the order of the Transferor thereof a new
Warrant of like tenor,  in the name of the Transferor  and/or the  transferee(s)
specified in such Transferor Endorsement Form (each a "Transferee"),  calling in
the  aggregate  on the face or faces  thereof for the number of shares of Common
Stock  called  for on the face or faces of the  Warrant  so  surrendered  by the
Transferor.

      8. Replacement of Warrant. On receipt of evidence reasonably  satisfactory
to the Company of the loss,  theft,  destruction  or  mutilation of this Warrant
and, in the case of any such loss,  theft or  destruction  of this  Warrant,  on
delivery of an indemnity agreement or security  reasonably  satisfactory in form
and amount to the Company or, in the case of any such  mutilation,  on surrender
and  cancellation  of this Warrant,  the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9. Registration  Rights. The Holder has been granted certain  registration
rights by the Company. These registration rights are set forth in a Registration
Rights  Agreement  entered  into by the Company and Holder  dated as of the date
hereof,  as the same may be amended,  modified and/or  supplemented from time to
time.

      10. Maximum  Exercise.  Notwithstanding  anything  contained herein to the
contrary,  the  Holder  shall  not be  entitled  to  exercise  this  Warrant  in
connection  with that number of shares of Common  Stock  which would  exceed the
difference  between  (i) 4.99% of the  issued and  outstanding  shares of Common
Stock and (ii) the number of shares of Common  Stock  beneficially  owned by the
Holder  For the  purposes  of the  immediately  preceding  sentence,  beneficial
ownership  shall be determined in accordance  with Section 13(d) of the Exchange
Act, as amended,  and Regulation  13d-3  thereunder.  The conversion  limitation
described in this Section 10 shall automatically  become null and void following
notice to the Company upon the occurrence and during the continuance of an Event
of Default under and as defined in the Security Agreement, or upon 75 days prior
notice to the Company.

                                       6
<PAGE>

      11. Warrant  Agent.  The Company may, by written notice to the each Holder
of the  Warrant,  appoint an agent for the purpose of issuing  Common  Stock (or
Other  Securities)  on the  exercise  of this  Warrant  pursuant  to  Section 1,
exchanging  this  Warrant  pursuant  to Section 7, and  replacing  this  Warrant
pursuant  to  Section  8,  or any of the  foregoing,  and  thereafter  any  such
issuance,  exchange or  replacement,  as the case may be,  shall be made at such
office by such agent.

      12. Transfer on the Company's Books.  Until this Warrant is transferred on
the books of the Company,  the Company may treat the registered Holder hereof as
the absolute  owner hereof for all purposes,  notwithstanding  any notice to the
contrary.

      13. Notices, Etc. All notices and other communications from the Company to
the Holder shall be mailed by first class registered or certified mail,  postage
prepaid, at such address as may have been furnished to the Company in writing by
such Holder or, until any such Holder furnishes to the Company an address,  then
to, and at the address of, the last  Holder who has so  furnished  an address to
the Company.

      14.  Miscellaneous.  This  Warrant  and any term  hereof  may be  changed,
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.  THIS WARRANT SHALL BE GOVERNED BY AND  CONSTRUED IN ACCORDANCE  WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT  REGARD TO  PRINCIPLES OF CONFLICTS OF
LAWS.  ANY ACTION  BROUGHT  CONCERNING  THE  TRANSACTIONS  CONTEMPLATED  BY THIS
WARRANT  SHALL BE BROUGHT ONLY IN THE STATE COURTS OF NEW YORK OR IN THE FEDERAL
COURTS LOCATED IN THE STATE OF NEW YORK; PROVIDED,  HOWEVER, THAT THE HOLDER MAY
CHOOSE TO WAIVE  THIS  PROVISION  AND BRING AN ACTION  OUTSIDE  THE STATE OF NEW
YORK. The  individuals  executing this Warrant on behalf of the Company agree to
submit  to the  jurisdiction  of such  courts  and  waive  trial  by  jury.  The
prevailing  party  shall be  entitled  to  recover  from  the  other  party  its
reasonable  attorneys'  fees and costs.  In the event that any provision of this
Warrant is invalid or unenforceable under any applicable statute or rule of law,
then  such  provision  shall be deemed  inoperative  to the  extent  that it may
conflict  therewith and shall be deemed modified to conform with such statute or
rule of law. Any such provision which may prove invalid or  unenforceable  under
any law shall not affect the validity or  enforceability  of any other provision
of this  Warrant.  The  headings in this  Warrant are for  purposes of reference
only,  and shall not limit or  otherwise  affect  any of the terms  hereof.  The
invalidity or  unenforceability  of any provision  hereof shall in no way affect
the  validity  or  enforceability  of any other  provision  hereof.  The Company
acknowledges that legal counsel  participated in the preparation of this Warrant
and, therefore, stipulates that the rule of construction that ambiguities are to
be  resolved   against  the   drafting   party  shall  not  be  applied  in  the
interpretation of this Warrant to favor any party against the other party.

                                       7
<PAGE>

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                             SIGNATURE PAGE FOLLOWS]

                                       8
<PAGE>

      IN WITNESS  WHEREOF,  the Company has executed this Warrant as of the date
first written above.

                                               AMERICAN TECHNOLOGIES GROUP, INC.

WITNESS:
                                               By:______________________________
                                               Name:____________________________
____________________________________           Title:___________________________

                                       9
<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION

                   (To Be Signed Only On Exercise Of Warrant)

TO:   American Technologies Group, Inc.
      ---------------------------------
      ---------------------------------

      Attention:  Chief Financial Officer

      The  undersigned,  pursuant to the  provisions  set forth in the  attached
Warrant (No. L-1), hereby irrevocably elects to purchase (check applicable box):

      ________ ________ shares of the Common Stock covered by such Warrant; or

      ________  the  maximum  number of shares of Common  Stock  covered by such
Warrant pursuant to the cashless exercise procedure set forth in Section 2.

      The undersigned herewith makes payment of the full Exercise Price for such
shares  at  the  price  per  share  provided  for  in  such  Warrant,  which  is
$___________. Such payment takes the form of (check applicable box or boxes):

            ________ $__________ in lawful money of the United States; and/or

            ________ the cancellation of such portion of the attached Warrant as
      is exercisable for a total of _______ shares of Common Stock (using a Fair
      Market  Value of $_______  per share for  purposes  of this  calculation);
      and/or

            ________ the  cancellation  of such number of shares of Common Stock
      as is necessary,  in accordance with the formula set forth in Section 2.2,
      to exercise  this Warrant with respect to the maximum  number of shares of
      Common Stock purchasable  pursuant to the cashless exercise  procedure set
      forth in Section 2.

      The undersigned  requests that the  certificates for such shares be issued
in the name of, and delivered to  ______________________________________________
whose address is ______________________________________________________________.

      The  undersigned  represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933,  as amended  (the  "Securities  Act") or  pursuant  to an  exemption  from
registration under the Securities Act.

Dated:________________________________ _________________________________________
                                       (Signature must conform to name of holder
                                        as specified on the face of the Warrant)
                                       Address: ________________________________
                                                ________________________________

                                       10
<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT

                   (To Be Signed Only On Transfer Of Warrant)

      For value received,  the undersigned hereby sells,  assigns, and transfers
unto the  person(s)  named  below  under  the  heading  "Transferees"  the right
represented  by the within  Warrant to  purchase  the  percentage  and number of
shares of Common  Stock of  American  Technologies  Group,  Inc.  into which the
within Warrant relates specified under the headings "Percentage Transferred" and
"Number Transferred,"  respectively,  opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of American  Technologies  Group,  Inc. with full power of  substitution  in the
premises.

                                               Percentage              Number
Transferees            Address                 Transferred           Transferred
-----------            -------                 -----------           -----------

Dated:________________________________ _________________________________________
                                       (Signature must conform to name of holder
                                        as specified on the face of the Warrant)
                                       Address: ________________________________
                                                ________________________________

                                       SIGNED IN THE PRESENCE OF:

                                       _________________________________________
                                       (Name)

ACCEPTED AND AGREED:
[TRANSFEREE]

_____________________________________
               (Name)

                                      B-1
<PAGE>THIS  OPTION AND THE SHARES OF COMMON  STOCK  ISSUABLE  UPON
          EXERCISE OF THIS OPTION HAVE NOT BEEN  REGISTERED  UNDER THE
          SECURITIES ACT OF 1933, AS AMENDED,  OR ANY STATE SECURITIES
          LAWS.  THIS  OPTION  AND  THE  COMMON  STOCK  ISSUABLE  UPON
          EXERCISE OF THIS  OPTION MAY NOT BE SOLD,  OFFERED FOR SALE,
          PLEDGED  OR  HYPOTHECATED  IN THE  ABSENCE  OF AN  EFFECTIVE
          REGISTRATION  STATEMENT AS TO THIS OPTION UNDER SAID ACT AND
          ANY  APPLICABLE  STATE  SECURITIES  LAWS  OR AN  OPINION  OF
          COUNSEL  REASONABLY  SATISFACTORY  TO AMERICAN  TECHNOLOGIES
          GROUP, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

    Right to Purchase up to 3,102,000,000 Shares of Common Stock of American
    -------------------------------------------------------------------------
                            Technologies Group, Inc.
                            ------------------------
                   (subject to adjustment as provided herein)

                                     OPTION

No. L-1                                   Issue Date:  As of September____, 2005

      AMERICAN  TECHNOLOGIES GROUP, INC., a corporation organized under the laws
of the  State of  Nevada  (the  "Company"),  hereby  certifies  that,  for value
received,  LAURUS  MASTER FUND,  LTD., or assigns (the  "Holder"),  is entitled,
subject to the terms set forth  below,  to purchase  from the  Company  from and
after  the  Issue  Date of this  Option,  up to  3,102,000,000  fully  paid  and
nonassessable shares of Common Stock (as hereinafter defined), at the applicable
Exercise Price per share (as defined  below) as shall be determined  pursuant to
Section  1.1.  The number and  character  of such shares of Common Stock and the
applicable  Exercise  Price per share are  subject  to  adjustment  as  provided
herein.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

            (a) "Company" means American Technologies Group, Inc. and any person
      or entity which shall  succeed,  or assume the  obligations  of,  American
      Technologies Group, Inc. hereunder.

            (b) "Common Stock" means (i) the Company's  Common Stock,  par value
      $.001 per share (as the same may be modified from time to time);  and (ii)
      any  other  securities  into  which  or for  which  any of the  securities
      described  in the  preceding  clause  (i) may be  converted  or  exchanged
      pursuant to a plan of  recapitalization,  reorganization,  merger, sale of
      assets or otherwise.

            (c) "Exercise Price" means a price of $0.00001.

            (d) "Other Securities" means any stock (other than Common Stock) and
      other  securities  of  the  Company  or any  other  person  (corporate  or
      otherwise) which the holder of the Option at any time shall be entitled to
      receive, or shall have received, on the exercise of the Option, in lieu of
      or in addition to Common Stock,  or which at any time shall be issuable or
      shall have been issued in exchange for or in  replacement  of Common Stock
      or Other Securities pursuant to Section 4 or otherwise.

<PAGE>

            (e) "Security Agreement" means that certain Security Agreement dated
      as of the date  hereof  among the Holder,  the  Company  and the  Eligible
      Subsidiaries  named  and  as  defined  therein,   as  amended,   restated,
      supplemented and/or modified from time to time.

            1. Exercise of Option.

                  1.1 Number of Shares  Issuable upon  Exercise.  From and after
            the date hereof  through,  the Holder  shall be entitled to receive,
            upon  exercise of this Option in whole or in part, by delivery of an
            original  or fax copy of an  exercise  notice  in the form  attached
            hereto as Exhibit A (the  "Exercise  Notice"),  3,102,000  shares of
            Common  Stock of the  Company,  subject to  adjustment  pursuant  to
            Section 4.

                  1.2 Fair Market Value. For purposes  hereof,  the "Fair Market
            Value"  of a share of  Common  Stock as of a  particular  date  (the
            "Determination Date") shall mean:

                  (a) If the  Company's  Common  Stock is traded on the American
            Stock  Exchange  or another  national  exchange  or is quoted on the
            National  or  SmallCap  Market  of The  Nasdaq  Stock  Market,  Inc.
            ("Nasdaq"),  then the  closing  or last  sale  price,  respectively,
            reported  for  the  last  business  day  immediately  preceding  the
            Determination Date.

                  (b)  If the  Company's  Common  Stock  is  not  traded  on the
            American  Stock  Exchange  or another  national  exchange  or on the
            Nasdaq but is traded on the NASD Over the  Counter  Bulletin  Board,
            then the mean of the  average of the  closing  bid and asked  prices
            reported  for  the  last  business  day  immediately  preceding  the
            Determination Date.

                  (c) Except as provided in clause (d) below,  if the  Company's
            Common  Stock is not  publicly  traded,  then as the  Holder and the
            Company  agree or in the  absence of  agreement  by  arbitration  in
            accordance with the rules then in effect of the American Arbitration
            Association, before a single arbitrator to be chosen from a panel of
            persons qualified by education and training to pass on the matter to
            be decided.

                  (d) If the  Determination  Date is the date of a  liquidation,
            dissolution  or winding up, or any event deemed to be a liquidation,
            dissolution  or winding up pursuant to the Company's  charter,  then
            all amounts to be payable  per share to holders of the Common  Stock
            pursuant  to  the   charter  in  the  event  of  such   liquidation,
            dissolution  or winding up, plus all other amounts to be payable per
            share in  respect  of the  Common  Stock in  liquidation  under  the
            charter,  assuming  for the  purposes of this clause (d) that all of
            the shares of Common Stock then issuable upon exercise of the Option
            are outstanding at the Determination Date.

                                       2
<PAGE>

                  1.3 Company  Acknowledgment.  The Company will, at the time of
            the exercise of this Option,  upon the request of the holder  hereof
            acknowledge in writing its  continuing  obligation to afford to such
            holder any rights to which such holder shall continue to be entitled
            after  such  exercise  in  accordance  with the  provisions  of this
            Option.  If the  holder  shall fail to make any such  request,  such
            failure shall not affect the continuing obligation of the Company to
            afford to such holder any such rights.

                  1.4  Trustee for Option  Holders.  In the event that a bank or
            trust company  shall have been  appointed as trustee for the holders
            of this  Option  pursuant  to  Subsection  3.2,  such  bank or trust
            company  shall have all the powers and duties of a Option  agent (as
            hereinafter  described)  and shall  accept,  in its own name for the
            account of the Company or such  successor  person as may be entitled
            thereto,  all  amounts  otherwise  payable  to the  Company  or such
            successor,  as the case may be, on exercise of this Option  pursuant
            to this Section 1.

      2. Procedure for Exercise.

            2.1 Delivery of Stock  Certificates,  Etc. on Exercise.  The Company
      agrees that the shares of Common  Stock  purchased  upon  exercise of this
      Option  shall be deemed to be issued to the Holder as the record  owner of
      such  shares as of the close of  business on the date on which this Option
      shall have been surrendered and payment made for such shares in accordance
      herewith. As soon as practicable after the exercise of this Option in full
      or in part,  and in any event within three (3) business  days  thereafter,
      the Company at its expense  (including the payment by it of any applicable
      issue  taxes) will cause to be issued in the name of and  delivered to the
      Holder,  or as such Holder (upon payment by such Holder of any  applicable
      transfer taxes) may direct in compliance with applicable  securities laws,
      a certificate or  certificates  for the number of duly and validly issued,
      fully paid and nonassessable  shares of Common Stock (or Other Securities)
      to which such Holder shall be entitled on such exercise,  plus, in lieu of
      any  fractional  share to which such holder  would  otherwise be entitled,
      cash equal to such  fraction  multiplied  by the then Fair Market Value of
      one full  share,  together  with any other stock or other  securities  and
      property  (including  cash,  where  applicable)  to which  such  Holder is
      entitled upon such exercise pursuant to Section 1 or otherwise.

            2.2 Exercise.

            (a)  Payment  may be made  (i)  either  in cash or by  certified  or
      official  bank  check  payable  to the order of the  Company  equal to the
      applicable  aggregate  Exercise Price, (ii) by delivery of Common Stock of
      the Company having a Fair Market Value equal to the Exercise Price,  (iii)
      by delivery of this Option,  or shares of Common Stock and/or Common Stock
      receivable upon exercise of this Option in accordance with the formula set
      forth in  subsection  (b) below,  or (iv) by a  combination  of any of the
      foregoing  methods,  for the  number of Common  Shares  specified  in such
      Exercise  Notice (as such exercise number shall be adjusted to reflect any
      adjustment  in the total number of shares of Common Stock  issuable to the
      Holder per the terms of this  Option) and the Holder  shall  thereupon  be
      entitled  to  receive  the  number  of duly  authorized,  validly  issued,
      fully-paid and non-assessable shares of Common Stock (or Other Securities)
      determined as provided herein.

                                       3
<PAGE>

            (b)  Notwithstanding  any provisions herein to the contrary,  if the
      Fair  Market  Value of one  share of  Common  Stock  is  greater  than the
      Exercise Price (at the date of calculation as set forth below), in lieu of
      exercising  this Option for cash,  the Holder may elect to receive  shares
      equal to the value (as  determined  below) of this  Option (or the portion
      thereof  being  exercised)  by surrender  of this Option at the  principal
      office of the Company together with the properly  endorsed Exercise Notice
      in which event the Company shall issue to the Holder a number of shares of
      Common Stock computed using the following formula:

      X=          Y(A-B)
                  ------
                    A

      Where X =   the  number  of  shares  of  Common  Stock to be issued to the
                  Holder

      Y =         the number of shares of Common  Stock  purchasable  under this
                  Option  or,  if  only  a  portion  of  this  Option  is  being
                  exercised,  the portion of this Option being exercised (at the
                  date of such calculation)

      A =         the Fair  Market  Value of one share of the  Company's  Common
                  Stock (at the date of such calculation)

      B =         the Exercise  Price per share (as adjusted to the date of such
                  calculation)

      3. Effect of Reorganization, Etc.; Adjustment of Exercise Price.

            3.1 Reorganization,  Consolidation, Merger, Etc. In case at any time
      or from time to time, the Company shall (a) effect a  reorganization,  (b)
      consolidate  with or merge into any other  person,  or (c) 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,  as a condition  to the  consummation  of such a
      transaction,  proper and adequate  provision  shall be made by the Company
      whereby 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 Common Stock (or Other Securities)  issuable
      on such exercise prior to such  consummation  or such effective  date, the
      stock and other  securities  and property  (including  cash) to which such
      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 Option,  immediately prior thereto, all subject to further adjustment
      thereafter as provided in Section 4.

                                       4
<PAGE>

            3.2  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,  concurrently with any distributions made to holders
      of its Common Stock, shall at its expense deliver or cause to be delivered
      to the Holder the stock and other securities and property (including cash,
      where applicable) receivable by the Holder pursuant to Section 3.1, or, if
      the Holder  shall so  instruct  the  Company,  to a bank or trust  company
      specified by the Holder and having its principal  office in New York,  New
      York as trustee for the Holder (the "Trustee").

            3.3 Continuation of Terms. Upon any  reorganization,  consolidation,
      merger or transfer (and any dissolution  following any transfer)  referred
      to in this Section 3, this Option 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 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 as provided in
      Section 4. In the event this  Option  does not  continue in full force and
      effect  after  the  consummation  of the  transactions  described  in this
      Section 3, then the Company's  securities  and property  (including  cash,
      where applicable) receivable by the Holder will be delivered to the Holder
      or the Trustee as contemplated by Section 3.2.

      4.  Extraordinary  Events  Regarding  Common Stock.  In the event that the
Company shall (a) issue  additional  shares of the Common Stock as a dividend or
other  distribution on outstanding Common Stock or any preferred stock issued by
the Company,  (b)  subdivide  its  outstanding  shares of Common  Stock,  or (c)
combine  its  outstanding  shares of the Common  Stock into a smaller  number of
shares of the Common  Stock (each of the  preceding  clauses  (a)  through  (c),
inclusive, an "Event"), then, in each such event, the number of shares of Common
Stock that the Holder shall  thereafter,  on the exercise  hereof as provided in
Section 1, be entitled to receive  shall be adjusted to a number  determined  by
multiplying the number of shares of Common Stock that would immediately prior to
such Event be issuable  upon the  exercise of this Option by a fraction of which
(a) the numerator is the number of issued and outstanding shares of Common Stock
immediately after such Event and (b) the denominator is the number of issued and
outstanding shares of Common Stock immediately prior to such Event. The Exercise
Price, as so adjusted, shall be readjusted in the same manner upon the happening
of any successive event or events described herein in this Section 4. The number
of shares of Common  Stock that the Holder  shall  thereafter,  on the  exercise
hereof as provided  in Section 1, be entitled to receive  shall be adjusted to a
number determined by multiplying the number of shares of Common Stock that would
otherwise  (but  for the  provisions  of this  Section  4) be  issuable  on such
exercise by a fraction of which (a) the  numerator  is the  Exercise  Price that
would otherwise (but for the provisions of this Section 4) be in effect, and (b)
the  denominator  is the Exercise  Price in effect on the date of such  exercise
(taking into account the provisions of this Section 4).

      5.  Certificate  as to  Adjustments.  In each  case of any  adjustment  or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of this  Option,  the Company at its expense  will  promptly  cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with the terms of this  Option  and  prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the facts upon which such  adjustment  or  readjustment  is based,  including  a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold,  (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding,  and (c) the Exercise Price
and the number of shares of Common  Stock to be received  upon  exercise of this
Option,  in effect  immediately  prior to such adjustment or readjustment and as
adjusted or  readjusted as provided in this Option.  The Company will  forthwith
mail a copy of each such  certificate  to the Holder and any Option agent of the
Company (appointed pursuant to Section 11 hereof).

                                       5
<PAGE>

      6. Reservation of Stock, Etc., Issuable on Exercise of Option. The Company
will at all times reserve and keep  available,  solely for issuance and delivery
on the  exercise of this Option,  shares of Common  Stock (or Other  Securities)
from time to time issuable on the exercise of this Option.

      7. Assignment;  Exchange of Option.  Subject to compliance with applicable
securities  laws,  this  Option,   and  the  rights  evidenced  hereby,  may  be
transferred  by any  registered  holder hereof (a  "Transferor")  in whole or in
part.  On the  surrender  for  exchange of this  Option,  with the  Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the   "Transferor
Endorsement  Form") and together with evidence  reasonably  satisfactory  to the
Company  demonstrating  compliance with applicable  securities laws, which shall
include,  without  limitation,  the  provision  of  a  legal  opinion  from  the
Transferor's  counsel (at the  Company's  expense)  that such transfer is exempt
from the registration requirements of applicable securities laws, the Company at
its expense  (but with  payment by the  Transferor  of any  applicable  transfer
taxes) will issue and deliver to or on the order of the Transferor thereof a new
Option of like tenor,  in the name of the  Transferor  and/or the  transferee(s)
specified in such Transferor Endorsement Form (each a "Transferee"),  calling in
the  aggregate  on the face or faces  thereof for the number of shares of Common
Stock  called  for on the face or  faces of the  Option  so  surrendered  by the
Transferor.

      8. Replacement of Option. On receipt of evidence  reasonably  satisfactory
to the Company of the loss, theft, destruction or mutilation of this Option and,
in the case of any such loss,  theft or destruction of this Option,  on delivery
of an indemnity agreement or security reasonably satisfactory in form and amount
to the  Company  or,  in the  case of any  such  mutilation,  on  surrender  and
cancellation  of this  Option,  the  Company at its  expense  will  execute  and
deliver, in lieu thereof, a new Option of like tenor.

      9. Registration  Rights. The Holder has been granted certain  registration
rights by the Company. These registration rights are set forth in a Registration
Rights  Agreement  entered  into by the Company and Holder  dated as of the date
hereof,  as the same may be amended,  modified and/or  supplemented from time to
time.

      10. Maximum  Exercise.  Notwithstanding  anything  contained herein to the
contrary, the Holder shall not be entitled to exercise this Option in connection
with that number of shares of Common  Stock which  would  exceed the  difference
between (i) 4.99% of the issued and outstanding  shares of Common Stock and (ii)
the number of shares of Common  Stock  beneficially  owned by the Holder For the
purposes of the immediately  preceding sentence,  beneficial  ownership shall be
determined in accordance with Section 13(d) of the Exchange Act, as amended, and
Regulation 13d-3 thereunder. The conversion limitation described in this Section
10 shall automatically become null and void following notice to the Company upon
the  occurrence  and during the  continuance of an Event of Default under and as
defined in the Security Agreement, or upon 75 days prior notice to the Company.

                                       6
<PAGE>

      11. Option Agent. The Company may, by written notice to the each Holder of
the Option,  appoint an agent for the purpose of issuing  Common Stock (or Other
Securities)  on the  exercise of this Option  pursuant to Section 1,  exchanging
this Option pursuant to Section 7, and replacing this Option pursuant to Section
8, or any of the  foregoing,  and  thereafter  any such  issuance,  exchange  or
replacement, as the case may be, shall be made at such office by such agent.

      12. Transfer on the Company's  Books.  Until this Option is transferred on
the books of the Company,  the Company may treat the registered Holder hereof as
the absolute  owner hereof for all purposes,  notwithstanding  any notice to the
contrary.

      13. Notices, Etc. All notices and other communications from the Company to
the Holder shall be mailed by first class registered or certified mail,  postage
prepaid, at such address as may have been furnished to the Company in writing by
such Holder or, until any such Holder furnishes to the Company an address,  then
to, and at the address of, the last  Holder who has so  furnished  an address to
the Company.

      14. Miscellaneous. This Option and any term hereof may be changed, waived,
discharged  or terminated  only by an instrument in writing  signed by the party
against which  enforcement of such change,  waiver,  discharge or termination is
sought.  THIS OPTION SHALL BE GOVERNED BY AND CONSTRUED IN  ACCORDANCE  WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.
ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS OPTION SHALL
BE BROUGHT ONLY IN THE STATE COURTS OF NEW YORK OR IN THE FEDERAL COURTS LOCATED
IN THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY CHOOSE TO WAIVE
THIS  PROVISION  AND  BRING  AN  ACTION  OUTSIDE  THE  STATE  OF NEW  YORK.  The
individuals  executing  this Option on behalf of the Company  agree to submit to
the  jurisdiction  of such courts and waive trial by jury. The prevailing  party
shall be entitled to recover from the other party its reasonable attorneys' fees
and  costs.  In the  event  that any  provision  of this  Option is  invalid  or
unenforceable  under any applicable  statute or rule of law, then such provision
shall be deemed  inoperative  to the extent that it may conflict  therewith  and
shall be deemed  modified to conform  with such statute or rule of law. Any such
provision  which  may prove  invalid  or  unenforceable  under any law shall not
affect the validity or enforceability of any other provision of this Option. The
headings in this Option are for purposes of reference  only, and shall not limit
or otherwise affect any of the terms hereof. The invalidity or  unenforceability
of any provision hereof shall in no way affect the validity or enforceability of
any  other  provision  hereof.  The  Company  acknowledges  that  legal  counsel
participated in the preparation of this Option and,  therefore,  stipulates that
the  rule of  construction  that  ambiguities  are to be  resolved  against  the
drafting  party  shall not be applied in the  interpretation  of this  Option to
favor any party against the other party.

                                       7
<PAGE>

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                             SIGNATURE PAGE FOLLOWS]

                                       8
<PAGE>

      IN WITNESS  WHEREOF,  the Company has executed  this Option as of the date
first written above.

                                               AMERICAN TECHNOLOGIES GROUP, INC.

WITNESS:
                                               By:______________________________
                                               Name:____________________________
____________________________________           Title:___________________________

                                       9
<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION

                    (To Be Signed Only On Exercise Of Option)

TO:   American Technologies Group, Inc.
      _________________________________
      _________________________________

      Attention:  Chief Financial Officer

      The  undersigned,  pursuant to the  provisions  set forth in the  attached
Option (No.____), hereby irrevocably elects to purchase (check applicable box):

            ________ ________ shares of the Common Stock covered by such Option;
      or

            ________  the maximum  number of shares of Common  Stock  covered by
      such  Option  pursuant to the  cashless  exercise  procedure  set forth in
      Section 2.

      The undersigned herewith makes payment of the full Exercise Price for such
shares  at  the  price  per  share  provided  for  in  such  Option,   which  is
$___________. Such payment takes the form of (check applicable box or boxes):

            ________    $__________  in  lawful  money of the  United  States;
      and/or

            ________ the cancellation of such portion of the attached Option as
      is exercisable for a total of _______ shares of Common Stock (using a Fair
      Market Value of $_______ per share for purposes of this calculation);
      and/or

            ________ the cancellation of such number of shares of Common Stock
      as is necessary, in accordance with the formula set forth in Section 2.2,
      to exercise this Option with respect to the maximum number of shares of
      Common Stock purchasable pursuant to the cashless exercise procedure set
      forth in Section 2.

      The undersigned  requests that the  certificates for such shares be issued
in the name of, and delivered to  ______________________________________________
whose address is ______________________________________________________________.

      The  undersigned  represents  and Options that all offers and sales by the
undersigned of the securities  issuable upon exercise of the within Option shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933,  as amended  (the  "Securities  Act") or  pursuant  to an  exemption  from
registration under the Securities Act.

Dated:________________________________ _________________________________________
                                       (Signature must conform to name of holder
                                        as specified on the face of the Option)
                                       Address: ________________________________
                                                ________________________________

                                       10
<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT

                    (To Be Signed Only On Transfer Of Option)

      For value received,  the undersigned hereby sells,  assigns, and transfers
unto the  person(s)  named  below  under  the  heading  "Transferees"  the right
represented by the within Option to purchase the percentage and number of shares
of Common  Stock of  American  Technologies  Group,  Inc.  into which the within
Option relates specified under the headings "Percentage Transferred" and "Number
Transferred," respectively,  opposite the name(s) of such person(s) and appoints
each such  person  Attorney  to transfer  its  respective  right on the books of
American  Technologies  Group,  Inc.  with  full  power of  substitution  in the
premises.

                                            Percentage                  Number
Transferees            Address              Transferred              Transferred
----------             -------              -----------              -----------

Dated:________________________________ _________________________________________
                                       (Signature must conform to name of holder
                                        as specified on the face of the Option)
                                       Address: ________________________________
                                                ________________________________

                                       SIGNED IN THE PRESENCE OF:

                                       _________________________________________
                                                        (Name)

ACCEPTED AND AGREED:
[TRANSFEREE]

____________________________________
               (Name)

                                      B-1
<PAGE>

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