Document:

EXECUTION VERSION

                          REGISTRATION RIGHTS AGREEMENT

      This Registration Rights Agreement (this "Agreement") is made and entered
into as of November ___, 2005, by and between National Investment Managers Inc.,
a Florida corporation (the "Company"), American Benefit Resources, Inc., a
Connecticut corporation ("ABR") and Arthur J. Steinberg ("Steinberg"), as
Manager of IBF Fund Liquidating LLC, a Delaware limited liability company
("IBF") (each of ABR and IBF sometimes referred to herein as an "Investor" and,
collectively, as the "Investors").

      This Agreement is made pursuant to the Asset Purchase Agreement, dated as
of November 1, 2005 (the "Asset Purchase Agreement"), by and between the Company
and ABR.

      The Company and each Investor hereby agree as follows:

      1. Definitions. Capitalized terms used and not otherwise defined herein
that are defined in the Asset Purchase Agreement, shall have the meanings given
such terms in the Asset Purchase Agreement. As used in this Agreement, the
following terms shall have the following meanings:

            "Asset Purchase Agreement" shall have the meaning provided above.

            "Commission" means the Securities and Exchange Commission.

            "Common Stock" means shares of the Company's common stock, par value
$0.001 per share.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and any successor statute.

            "Filing Date" means a date no later than ninety (90) days following
the date hereof, subject to extension in accordance with Section 2(b) hereof.

            "Holders" means the Investors to the extent any of them hold
Registrable Securities.

            "Indemnified Party" shall have the meaning set forth in Section
5(c).

            "Indemnifying Party" shall have the meaning set forth in Section
5(c).

            "Proceeding" means an action, claim, suit, investigation or
proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

            "Prospectus" means the prospectus included in the Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by the Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

<PAGE>

            "Registrable Securities" means the shares of Common Stock issued to
ABR under the terms of the Asset Purchase Agreement.

            "Registration Statement" means each registration statement required
to be filed hereunder, including the Prospectus, amendments and supplements to
such registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement.

            "Rule 144" means Rule 144 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Rule 415" means Rule 415 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Rule 424" means Rule 424 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Securities Act" means the Securities Act of 1933, as amended, and
any successor statute.

            "Trading Market" means any of the NASD OTCBB, NASDAQ SmallCap
Market, the Nasdaq National Market, the American Stock Exchange or the New York
Stock Exchange.

      2. Registration.

      (a)   If, at any time prior to the Filing Date, the Company shall
            determine to prepare and file with the Commission a registration
            statement relating to an offering for its own account or the account
            of others under the Securities Act of any of its equity securities,
            other than on Form S-4 or Form S-8 (each as promulgated under the
            Securities Act) or their then-equivalents relating to equity
            securities to be issued solely in connection with any acquisition of
            any entity or business or equity securities issuable in connection
            with stock option or other employee benefit plans, then the Company
            shall send to each Holder written notice of such determination and,
            if within ten (10) business days after receipt of such notice, any
            such Holder shall so request in writing, the Company shall include
            in such registration statement, as a "piggyback" registration, all
            or any part of such Registrable Securities such Holder requests to
            be registered, subject to (i) any restrictions as may be imposed by
            Laurus Master Fund, Ltd. or its affiliates or assignees
            (collectively, "Laurus") pursuant to that certain Registration

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<PAGE>

            Rights Agreement, dated as of March 9, 2005 (the "March 9
            Agreement"), as thereafter amended or supplemented (provided that
            such amendment or supplement is not more restrictive than the March
            9 Agreement in permitting other parties to participate in Laurus'
            registration statement as selling stockholders), between the Company
            and Laurus Master Fund, Ltd. (the "Laurus Agreement"), and (ii)
            customary underwriter cutbacks applicable to holders of registration
            rights and subject to obtaining any required the consent of any
            selling stockholder(s) to such inclusion under such registration
            statement.

      (b)   To the extent that the Registrable Securities have not been included
            as a "piggyback" registration in a registration statement filed by
            the Company under Section 2(a) above by the Filing Date, then the
            Company shall use its commercially reasonable best efforts to
            prepare and, on or prior to the Filing Date, file with the
            Commission, a Registration Statement covering such Registrable
            Securities for an offering to be made on a continuous basis pursuant
            to Rule 415. The Registration Statement shall be on Form SB-2
            (except if the Company is not then eligible to register for resale
            the Registrable Securities on Form SB-2, in which case such
            registration shall be on another appropriate form in accordance
            herewith). The Company shall use its commercially reasonable best
            efforts to cause such Registration Statement to be declared
            effective under the Securities Act as promptly as practicable after
            the filing thereof. The Company shall use its commercially
            reasonable best efforts to keep such Registration Statement
            continuously effective under the Securities Act until the date which
            is the earlier date of when (i) all Registrable Securities have been
            sold or (ii) all Registrable Securities may be sold immediately
            without registration under the Securities Act and without volume
            restrictions pursuant to Rule 144(k), as determined by the counsel
            to the Company pursuant to a written opinion letter to such effect,
            addressed and acceptable to the Company's transfer agent and the
            affected Holders (the "Effectiveness Period").

      3. Registration Procedures. With respect to the registration of the
Registrable Securities under the Securities Act, the Company will:

      (a)   Prepare, and use its commercially reasonable best efforts to file
            with the Commission no later than the Filing Date, the Registration
            Statement with respect to the Registrable Securities, respond as
            promptly as practicable to any comments received from the
            Commission, and use its reasonable commercial best efforts to cause
            the Registration Statement to become and remain effective for the
            Effectiveness Period with respect thereto, and provide to each
            Investor copies of all filings and Commission letters of comment
            relating thereto;

      (b)   prepare and file with the Commission such amendments and supplements
            to the Registration Statement and the Prospectus used in connection
            therewith as may be necessary to comply with the provisions of the
            Securities Act with respect to the disposition of all Registrable

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<PAGE>

            Securities covered by the Registration Statement and to keep such
            Registration Statement effective until the expiration of the
            Effectiveness Period;

      (c)   furnish to each Investor such number of copies of the Registration
            Statement and the Prospectus included therein (including each
            preliminary Prospectus) as such Investor reasonably may request to
            facilitate the public sale or disposition of the Registrable
            Securities covered by the Registration Statement;

      (d)   use its commercially reasonable best efforts to register or qualify
            each Investor's Registrable Securities covered by the Registration
            Statement under the securities or "blue sky" laws of such
            jurisdictions within the United States as such Investor may
            reasonably request, provided, however, that the Company shall not
            for any such purpose be required to qualify generally to transact
            business as a foreign corporation in any jurisdiction where it is
            not so qualified or to consent to general service of process in any
            such jurisdiction;

      (e)   list the Registrable Securities covered by the Registration
            Statement with any securities exchange on which the Common Stock of
            the Company is then listed; and

      (f)   promptly notify each Investor at any time when a Prospectus relating
            thereto is required to be delivered under the Securities Act, of the
            happening of any event of which the Company has knowledge as a
            result of which the Prospectus contained in such Registration
            Statement, as then in effect, includes an untrue statement of a
            material fact or omits to state a material fact required to be
            stated therein or necessary to make the statements therein not
            misleading in light of the circumstances then existing.

      4. Registration Expenses. All expenses relating to the Company's
compliance with Sections 2 and 3 hereof, including, without limitation, all
registration and filing fees, printing expenses, fees and disbursements of
counsel and independent public accountants for the Company, fees and expenses
(including reasonable counsel fees) incurred in connection with complying with
state securities or "blue sky" laws, fees of the NASD, transfer taxes and fees
of transfer agents and registrars are called "Registration Expenses". All
selling commissions applicable to the sale of Registrable Securities are called
"Selling Expenses." The Company shall only be responsible for Registration
Expenses.

      5. Indemnification.

      (a)   In the event of a registration of any Registrable Securities under
            the Securities Act pursuant to this Agreement, the Company will
            indemnify and hold harmless each Investor, and its officers,
            directors and each other person, if any, who controls each Investor
            within the meaning of the Securities Act, against any losses,
            claims, damages or liabilities, joint or several, to which such
            Investor, or such persons may become subject under the Securities
            Act or otherwise, insofar as such losses, claims, damages or

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<PAGE>

            liabilities (or actions in respect thereof) arise out of or are
            based upon any untrue statement or alleged untrue statement of any
            material fact contained in any Registration Statement under which
            such Registrable Securities were registered under the Securities Act
            pursuant to this Agreement, any preliminary Prospectus or final
            Prospectus contained therein, or any amendment or supplement
            thereof, or arise out of or are based upon the omission or alleged
            omission to state therein a material fact required to be stated
            therein or necessary to make the statements therein not misleading,
            and will reimburse each Investor and each such person for any
            reasonable legal or other expenses incurred by them in connection
            with investigating or defending any such loss, claim, damage,
            liability or action; provided, however, that the Company will not be
            liable in any such case if and to the extent that any such loss,
            claim, damage or liability arises out of or is based upon an untrue
            statement or alleged untrue statement or omission or alleged
            omission so made in conformity with information furnished in writing
            by or on behalf of each Investor or any such person in writing
            specifically for use in any such document.

      (b)   In the event of a registration of the Registrable Securities under
            the Securities Act pursuant to this Agreement, irrespective of any
            limitation on indemnification contained in the Asset Purchase
            Agreement, each Investor will indemnify and hold harmless the
            Company, and its officers, directors and each other person, if any,
            who controls the Company within the meaning of the Securities Act,
            against all losses, claims, damages or liabilities, joint or
            several, to which the Company or such persons may become subject
            under the Securities Act or otherwise, insofar as such losses,
            claims, damages or liabilities (or actions in respect thereof) arise
            out of or are based upon any untrue statement or alleged untrue
            statement of any material fact which was furnished in writing by
            such Investor to the Company expressly for use in (and such
            information is contained in) the Registration Statement under which
            such Registrable Securities were registered under the Securities Act
            pursuant to this Agreement, any preliminary Prospectus or final
            Prospectus contained therein, or any amendment or supplement
            thereof, or arise out of or are based upon the omission or alleged
            omission to state in such furnished information a material fact
            required to be stated therein or necessary to make the statements
            therein not misleading, and will reimburse the Company and each such
            person for any reasonable legal or other expenses incurred by them
            in connection with investigating or defending any such loss, claim,
            damage, liability or action; provided, however, that an Investor
            will be liable in any such case if and only to the extent that any
            such loss, claim, damage or liability arises out of or is based upon
            an untrue statement or alleged untrue statement or omission or
            alleged omission so made in conformity with information furnished in
            writing to the Company by or on behalf of such Investor specifically
            for use in any such document. Notwithstanding the provisions of this
            paragraph, an Investor shall not be required to indemnify any person
            or entity in excess of the amount of the aggregate net proceeds
            received by such Investor in respect of Registrable Securities in
            connection with any such registration under the Securities Act.

      (c)   Promptly after receipt by a party entitled to claim indemnification
            hereunder (an "Indemnified Party") of notice of the commencement of
            any action, such Indemnified Party shall, if a claim for
            indemnification in respect thereof is to be made against a party
            hereto obligated to indemnify such Indemnified Party (an

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<PAGE>

            "Indemnifying Party"), notify the Indemnifying Party in writing
            thereof, but the omission so to notify the Indemnifying Party shall
            not relieve it from any liability which it may have to such
            Indemnified Party other than under this Section 5(c) and shall only
            relieve it from any liability which it may have to such Indemnified
            Party under this Section 5(c) if and to the extent the Indemnifying
            Party is prejudiced by such omission. In case any such action shall
            be brought against any Indemnified Party and it shall notify the
            Indemnifying Party of the commencement thereof, the Indemnifying
            Party shall be entitled to participate in and, to the extent it
            shall wish, to assume and undertake the defense thereof with counsel
            reasonably satisfactory to such Indemnified Party, and, after notice
            from the Indemnifying Party to such Indemnified Party of its
            election so to assume and undertake the defense thereof, the
            Indemnifying Party shall not be liable to such Indemnified Party
            under this Section 5(c) for any legal expenses subsequently incurred
            by such Indemnified Party in connection with the defense thereof; if
            the Indemnified Party retains its own counsel, then the Indemnified
            Party shall pay all fees, costs and expenses of such counsel,
            provided, however, that, if the defendants in any such action
            include both the Indemnified Party and the Indemnifying Party and
            the Indemnified Party shall have reasonably concluded that there may
            be reasonable defenses available to it which are different from or
            additional to those available to the Indemnifying Party or if the
            interests of the Indemnified Party reasonably may be deemed to
            conflict with the interests of the Indemnifying Party, the
            Indemnified Party shall have the right to select one separate
            counsel and to assume such legal defenses and otherwise to
            participate in the defense of such action, with the reasonable
            expenses and fees of such separate counsel and other expenses
            related to such participation to be reimbursed by the Indemnifying
            Party as incurred.

      (d)   In order to provide for just and equitable contribution in the event
            of joint liability under the Securities Act in any case in which
            either (i) an Investor, or any officer, director or controlling
            person of such Investor, makes a claim for indemnification pursuant
            to this Section 5 but it is judicially determined (by the entry of a
            final judgment or decree by a court of competent jurisdiction and
            the expiration of time to appeal or the denial of the last right of
            appeal) that such indemnification may not be enforced in such case
            notwithstanding the fact that this Section 5 provides for
            indemnification in such case, or (ii) contribution under the
            Securities Act may be required on the part of an Investor or such
            officer, director or controlling person of such Investor in
            circumstances for which indemnification is provided under this
            Section 5; then, and in each such case, the Company and such
            Investor will contribute to the aggregate losses, claims, damages or
            liabilities to which they may be subject (after contribution from
            others) in such proportion so that such Investor is responsible only
            for the portion represented by the percentage that the public
            offering price of its securities offered by the Registration
            Statement bears to the public offering price of all securities
            offered by such Registration Statement, provided, however, that, in
            any such case, (A) such Investor will not be required to contribute
            any amount in excess of the public offering price of all such

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<PAGE>

            securities offered by it pursuant to such Registration Statement;
            and (B) no person or entity guilty of fraudulent misrepresentation
            (within the meaning of Section 11(f) of the Act) will be entitled to
            contribution from any person or entity who was not guilty of such
            fraudulent misrepresentation.

      6.    Miscellaneous.

      (a)   Remedies. In the event of a breach by the Company or by a Holder, of
            any of their respective obligations under this Agreement, each
            Holder or the Company, as the case may be, in addition to being
            entitled to exercise all rights granted by law and under this
            Agreement, including recovery of damages, will be entitled to
            specific performance of its rights under this Agreement.

      (b)   Compliance. Each Holder covenants and agrees that it will comply
            with the prospectus delivery requirements of the Securities Act as
            applicable to it in connection with sales of Registrable Securities
            pursuant to the Registration Statement.

      (c)   Discontinued Disposition. Each Holder agrees by its acquisition of
            such Registrable Securities that, upon receipt of a notice from the
            Company of the occurrence of a Discontinuation Event (as defined
            below), such Holder will forthwith discontinue disposition of such
            Registrable Securities under the applicable Registration Statement
            until such Holder's receipt of the copies of the supplemented
            Prospectus and/or amended Registration Statement or until it is
            advised in writing (the "Advice") by the Company that the use of the
            applicable Prospectus may be resumed, and, in either case, has
            received copies of any additional or supplemental filings that are
            incorporated or deemed to be incorporated by reference in such
            Prospectus or Registration Statement. The Company may provide
            appropriate stop orders to enforce the provisions of this paragraph.
            For purposes of this Section, a "Discontinuation Event" shall mean
            (i) when the Commission notifies the Company whether there will be a
            "review" of such Registration Statement and whenever the Commission
            comments in writing on such Registration Statement (the Company
            shall provide true and complete copies thereof and all written
            responses thereto to each of the Holders); (ii) any request by the
            Commission or any other Federal or state governmental authority for
            amendments or supplements to such Registration Statement or
            Prospectus or for additional information; (iii) the issuance by the
            Commission of any stop order suspending the effectiveness of such
            Registration Statement covering any or all of the Registrable
            Securities or the initiation of any Proceedings for that purpose;
            (iv) the receipt by the Company of any notification with respect to
            the suspension of the qualification or exemption from qualification
            of any of the Registrable Securities for sale in any jurisdiction,
            or the initiation or threatening of any Proceeding for such purpose;
            and/or (v) the occurrence of any event or passage of time that makes
            the financial statements included in such Registration Statement
            ineligible for inclusion therein or any statement made in such
            Registration Statement or Prospectus or any document incorporated or
            deemed to be incorporated therein by reference untrue in any

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<PAGE>

            material respect or that requires any revisions to such Registration
            Statement, Prospectus or other documents so that, in the case of
            such Registration Statement or Prospectus, as the case may be, it
            will not contain any untrue statement of a material fact or omit to
            state any material fact required to be stated therein or necessary
            to make the statements therein, in light of the circumstances under
            which they were made, not misleading.

      (d)   Amendments and Waivers. The provisions of this Agreement, including
            the provisions of this sentence, may not be amended, modified or
            supplemented, and waivers or consents to departures from the
            provisions hereof may not be given, unless the same shall be in
            writing and signed by the Company and the Holders.

      (e)   Notices. Any notice or request hereunder may be given to the Company
            or the Investors at their respective addresses set forth underneath
            their respective signatures below or as may hereafter be specified
            in a notice designated as a change of address under this Section.
            Any notice or request hereunder shall be given by registered or
            certified mail, return receipt requested, hand delivery, overnight
            mail, Federal Express or other national overnight next day carrier
            or telecopy (confirmed by mail). Notices and requests shall be
            deemed to have been given when received by the recipient.

      (f)   Successors and Assigns. This Agreement shall inure to the benefit of
            and be binding upon the successors and permitted assigns of each of
            the parties and shall inure to the benefit of each Investor. The
            Company may not assign its rights or obligations hereunder without
            the prior written consent of each Investor. Neither Investor may
            assign its rights hereunder other than to the other Investor,
            provided that any such assignment shall not release the assignor
            from its obligations hereunder.

      (g)   Execution and Counterparts. This Agreement may be executed in any
            number of counterparts, each of which when so executed shall be
            deemed to be an original and, all of which taken together shall
            constitute one and the same Agreement. In the event that any
            signature is delivered by facsimile transmission, such signature
            shall create a valid binding obligation of the party executing (or
            on whose behalf such signature is executed) the same with the same
            force and effect as if such facsimile signature were the original
            thereof.

      (h)   Governing Law. All questions concerning the construction, validity,
            enforcement and interpretation of this Agreement 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 Proceedings
            concerning the interpretations, enforcement and defense of the
            transactions contemplated by this Agreement shall be commenced
            exclusively in the state and federal courts sitting in the City of
            New York, County of New York. Each party hereto hereby irrevocably
            submits to the exclusive jurisdiction of the state and federal
            courts sitting in the City of New York, County of New York for the
            adjudication of any dispute hereunder or in connection herewith or
            with any transaction contemplated hereby or discussed herein, and

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<PAGE>

            hereby irrevocably waives, and agrees not to assert in any
            Proceeding, any claim that it is not personally subject to the
            jurisdiction of any such court, that such Proceeding is improper.
            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 Agreement 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 Agreement or the transactions contemplated hereby. If either
            party shall commence a Proceeding to enforce any provisions of this
            Agreement, the Asset Purchase Agreement or any related agreement,
            then the prevailing party in such Proceeding shall be reimbursed by
            the other party for its reasonable attorneys fees and other costs
            and expenses incurred with the investigation, preparation and
            prosecution of such Proceeding.

      (i)   Cumulative Remedies. The remedies provided herein are cumulative and
            not exclusive of any remedies provided by law.

      (j)   Severability. If any term, provision, covenant or restriction of
            this Agreement is held by a court of competent jurisdiction to be
            invalid, illegal, void or unenforceable, the remainder of the terms,
            provisions, covenants and restrictions set forth herein shall remain
            in full force and effect and shall in no way be affected, impaired
            or invalidated, and the parties hereto shall use their reasonable
            efforts to find and employ an alternative means to achieve the same
            or substantially the same result as that contemplated by such term,
            provision, covenant or restriction. It is hereby stipulated and
            declared to be the intention of the parties that they would have
            executed the remaining terms, provisions, covenants and restrictions
            without including any of such that may be hereafter declared
            invalid, illegal, void or unenforceable.

      (k)   Headings. The headings in this Agreement are for convenience of
            reference only and shall not limit or otherwise affect the meaning
            hereof.

                              [SIGNATURE PAGE FOLLOWS]

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<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

AMERICAN BENEFIT RESOURCES, INC.        NATIONAL INVESTMENT MANAGERS INC.

By:                                     By:
         -----------------------------          ------------------------------
Name:                                   Name:
         -----------------------------          ------------------------------
Title:                                  Title:
         -----------------------------          ------------------------------

Address for Notices:                    Address for Notices:
c/o Kaye Scholer LLP
425 Park Avenue                         830 Third Avenue
New York, NY 10022                      New York, NY  10022
Attention: Emanuel S. Cherney, Esq.     Attention:  President
Facsimile:   (212) 836-7152             Facsimile:  (212) 581-7010

IBF FUND LIQUIDATING LLC

By:
         -----------------------------
Name:
         -----------------------------
Title:
         -----------------------------

Address for Notices:
c/o Kaye Scholer LLP
425 Park Avenue
New York, NY 10022
Attention: Arthur J. Steinberg,
Manager
Facsimile: (212) 836-8564

                                       10THE
      SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THESE SECURITIES HAVE BEEN
      ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE
      DISTRIBUTION THEREOF. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR
      TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT
      AS TO
      THESE SECURITIES OR (2) THERE IS AN OPINION OF COUNSEL, SATISFACTORY TO THE
      CORPORATION, THAT AN EXEMPTION THEREFROM IS AVAILABLE (PROVIDED THAT NO SUCH
      OPINION OF COUNSEL SHALL BE REQUIRED FOR SALES PURSUANT TO RULE 144 UNDER THE
      ACT).

     

     

    XETHANOL
      CORPORATION WARRANT

    to
      Purchase Common Stock

     

    THIS
      WARRANT IS TO CERTIFY THAT, ____________ (the “Purchaser”),
      is
      entitled to purchase from Xethanol Corporation, a Delaware corporation
      (the”Company”),
      _____
shares
      of
      the Company’s Common Stock, par value $.001 per share (the “Common Stock”), at
      the Exercise Price.

     

    SECTION
      1.
      Certain Definitions.

     

    As
      used
      in this Warrant, unless the context otherwise requires:

     

    “Charter”
      shall
      mean the Certificate of Incorporation of the Company, as in effect from time
      to
      time.

     

    “Exercise
      Price”
      shall
      mean $ ______ per share, as adjusted from time to time pursuant to Section
      3
      hereof.

     

    “Securities
      Act”
      shall
      mean the Securities Act of 1933, as amended.

     

    “Warrant”
      shall
      mean this Warrant and all additional or new warrants issued upon division or
      combination of, or in substitution for, this Warrant. All such additional or
      new
      warrants shall at all times be identical as to terms and conditions and date,
      except as to the number of shares of Warrant Stock for which they may be
      exercised.

     

    “Warrantholder”
      shall
      mean the Purchaser, as the initial holder of this Warrant, and its nominees,
      successors or assigns, including any subsequent holder of this Warrant to whom
      it has been legally transferred.

     

    “Warrant
      Stock”
      shall
      mean the shares of the Company’s Common Stock purchasable by the holder of this
      Warrant upon the exercise of such Warrant.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    SECTION
      2.
      Exercise of Warrant.

     

    (a) At
      any
      time after the date hereof but prior to ____________ (the “Expiration Date”),
      the Purchaser may at any time and from time to time exercise this Warrant,
      in
      whole or in part.

     

    (b) (i) The
      Warrantholder shall exercise this Warrant by means of delivering to the Company
      at its office identified in Section 14 hereof (i) a written notice of exercise,
      including the number of shares of Warrant Stock to be delivered pursuant to
      such
      exercise, (ii) this Warrant and (iii) payment equal to the Exercise Price in
      accordance with Section 3(b)(ii). In the event that any exercise shall not
      be
      for all shares of Warrant Stock purchasable hereunder, a new Warrant registered
      in the name of the Warrantholder, of like tenor to this Warrant and for the
      remaining shares of Warrant Stock purchasable hereunder, shall be delivered
      to
      the Warrantholder within ten (10) days of any such exercise. Such notice of
      exercise shall be in the Subscription Form set out at the end of this
      Warrant.

     

    (ii) The
      Warrant holder shall pay the Exercise Price to the Company either by cash,
      certified check or wire transfer.

     

    (c) Upon
      exercise of this Warrant and delivery of the Subscription Form with proper
      payment relating thereto, the Company shall cause to be executed and delivered
      to the Warrantholder a certificate or certificates representing the aggregate
      number of fully-paid and nonassessable shares of Warrant Stock issuable upon
      such exercise.

     

    (d) The
      stock
      certificate or certificates for Warrant Stock to be delivered in accordance
      with
      this Section 2 shall be in such denominations as may be specified in said notice
      of exercise and shall be registered in the name of the Warrantholder or such
      other name or names as shall be designated in said notice. Such certificate
      or
      certificates shall be deemed to have been issued and the Warrantholder or any
      other person so designated to be named therein shall be deemed to have become
      the holder of record of such shares, including to the extent permitted by law
      the right to vote such shares or to consent or to receive notice as
      stockholders, as of the time said notice is delivered to the Company as
      aforesaid.

     

    (e) The
      Company shall pay all expenses payable in connection with the preparation,
      issue
      and delivery of stock certificates under this Section 2.

     

    (f) All
      shares of Warrant Stock issuable upon the exercise of this Warrant in accordance
      with the terms hereof shall be validly issued, fully paid and nonassessable,
      and
      free from all liens and other encumbrances thereon, other than liens or other
      encumbrances created by the Warrantholder.

     

    (g) In
      no
      event shall any fractional share of Warrant Stock of the Company be issued
      upon
      any exercise of this Warrant. If, upon any exercise of this Warrant, the
      Warrantholder would, except as provided in this paragraph, be entitled to
      receive a fractional share of Warrant Stock, then the Company shall either
      (a)
      deliver in cash to such holder an amount equal to such fractional interest,
      or
      (b) issue a full share in lieu of such fractional share.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.
      Adjustment of Exercise Price and Warrant Stock.

     

    (a) If,
      at
      any time prior to the Expiration Date, the number of outstanding shares of
      Common Stock is (i) increased by a stock dividend payable in shares of Warrant
      Stock or by a subdivision or split-up of shares of Common Stock, or (ii)
      decreased by a combination of shares of Common Stock, then, following the record
      date fixed for the determination of holders of Common Stock entitled to receive
      the benefits of such stock dividend, subdivision, split-up, or combination,
      the
      Exercise Price shall be adjusted to a new amount equal to the product of (A)
      the
      Exercise Price in effect on such record date, and (B) the quotient obtained
      by
      dividing (x) the number of shares of Warrant Stock into which this Warrant
      would
      be exercisable on such record date (without giving effect to the event referred
      to in the foregoing clause (i) or (ii)), by (y) the number of shares of Warrant
      Stock which would be outstanding immediately after the event referred to in
      the
      foregoing clause (i) or (ii), if this Warrant had been exercised immediately
      prior to such record date.

     

    (b) Upon
      each
      adjustment of the Exercise Price as provided in Section 3(a), the Warrantholder
      shall thereafter be entitled to subscribe for and purchase, at the Exercise
      Price resulting from such adjustment, the number of shares of Warrant Stock
      equal to the product of (i) the number of shares of Warrant Stock into which
      this Warrant would be exercisable prior to such adjustment and (ii) the quotient
      obtained by dividing (A) the Exercise Price existing prior to such adjustment
      by
      (B) the new Exercise Price resulting from such adjustment.

     

    SECTION
      4.
      Division and Combination.

     

    This
      Warrant may be divided or combined with other Warrants upon presentation at
      the
      aforesaid office of the Company, together with a written notice specifying
      the
      names and denominations in which new Warrants are to be issued, signed by the
      Warrantholder or its agent or attorney. The Company shall pay all expenses
      in
      connection with the preparation, issue and delivery of Warrants under this
      Section 4. The Company agrees to maintain at its aforesaid office books for
      the
      registration of the Warrants.

     

    SECTION
      5.
      Reclassification, Etc.

     

    In
      case
      of any reclassification or change of the outstanding Warrant Stock of the
      Company (other than as a result of a subdivision, combination or stock
      dividend), or in case of any consolidation of the Company with, or merger of
      the
      Company into, another corporation or other business organization (other than
      a
      consolidation or merger in which the Company is the continuing corporation
      and
      which does not result in any reclassification or change of the outstanding
      Warrant Stock of the Company) at any time prior to the Expiration Date, then,
      as
      a condition of such reclassification, reorganization, change, consolidation
      or
      merger, lawful provision shall be made, and duly executed documents evidencing
      the same from the Company or its successor shall be delivered to the
      Warrantholder, so that the Warrantholder shall have the right prior to the
      Expiration Date to purchase, at a total price not to exceed that payable upon
      the exercise of this Warrant, the kind and amount of shares of stock and other
      securities and property receivable upon such reclassification, reorganization,
      change, consolidation or merger by a holder of the number of shares of Warrant
      Stock of the Company which might have been purchased by the Warrantholder
      immediately prior to such reclassification, reorganization, change,
      consolidation or merger, and in any such case appropriate provisions shall
      be
      made with respect to the rights and interest of the Warrantholder to the end
      that the provisions hereof (including provisions for the adjustment of the
      Exercise Price and of the number of shares purchasable upon exercise of this
      Warrant) shall thereafter be applicable in relation to any shares of stock
      and
      other securities and property thereafter deliverable upon exercise
      hereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    SECTION
      6.
      Reservation and Authorization of Capital Stock.

     

    The
      Company shall, at all times on and after the date hereof, reserve and keep
      available for issuance such number of its authorized but unissued shares of
      Common Stock as will be sufficient to permit the exercise in full of all
      outstanding Warrants.

     

    SECTION
      7.
      Rights of Stockholders.

     

    Nothing
      contained herein be construed to confer upon the holder of this Warrant, as
      such, any of the rights of a stockholder of the Company or any right to vote
      for
      the election of directors or upon any matter submitted to stockholders at any
      meeting thereof, or to give or withhold consent to any corporate action (whether
      upon any recapitalization, issuance of stock, reclassification of stock, change
      of par value or change of stock to no par value, consolidation, merger,
      conveyance, or otherwise) or to receive notice of meetings, or to receive
      dividends or subscription rights or otherwise until the Warrant shall have
      been
      exercised and the certificates representing the Warrant Stock shall have been
      issued, as provided herein.

     

    SECTION
      8.
      Stock and Warrant Books.

     

    The
      Company will not at any time, except upon dissolution, liquidation or winding
      up, close its stock books or warrant books so as to result in preventing or
      delaying the exercise of any Warrant.

     

    SECTION
      9.
      Limitation of Liability.

     

    No
      provisions hereof, in the absence of affirmative action by the Warrantholder
      to
      purchase Warrant Stock hereunder, shall give rise to any liability of the
      Warrantholder to pay the Exercise Price or as a stockholder of the Company
      (whether such liability is asserted by the Company or creditors of the
      Company).

     

    SECTION
      10. Transfer

     

    This
      Warrant may be transferred only upon the written consent of the Company, which
      approval shall not be unreasonably withheld or delayed. Any Warrants issued
      upon
      the transfer of this Warrant shall be numbered and shall be registered in a
      Warrant Register as they are issued. The Company shall be entitled to treat
      the
      registered holder of any Warrant on the Warrant Register as the owner in fact
      thereof for all purposes and shall not be bound to recognize any equitable
      or
      other claim to, or interest in, such Warrant on the part of any other person,
      and shall not be liable for any registration of transfer of Warrants that are
      registered or to be registered in the name of a fiduciary or the nominee of
      a
      fiduciary unless made with the actual knowledge that a fiduciary or nominee
      is
      committing a breach of trust in requesting such registration or transfer, or
      with the knowledge of such facts that its participation therein amounts to
      bad
      faith. This Warrant shall be transferable only on the books of the Company
      upon
      delivery thereof duly endorsed by the Holder or by his duly authorized attorney
      or representative, or accompanied by proper evidence of succession, assignment,
      or authority to transfer. In all cases of transfer by an attorney, executor,
      administrator, guardian, or other legal representative, duly authenticated
      evidence of his or its authority shall be produced. Upon any registration of
      transfer, the Company shall deliver a new Warrant or Warrants to the person
      entitled thereto. This Warrant may be exchanged, at the option of the Holder
      thereof, for another Warrant, or other Warrants of different denominations,
      of
      like tenor and representing in the aggregate a like amount, upon surrender
      to
      the Company or its duly authorized agent. Notwithstanding the foregoing, the
      Company shall have no obligation to cause Warrants to be transferred on its
      books to any person if, in the opinion of counsel to the Company, such transfer
      does not comply with the provisions of the Securities Act and the rules and
      regulations thereunder.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    SECTION
      11. Investment Representations; Restrictions on Warrant
      Stock.

     

    Unless
      a
      current registration statement under the Securities Act shall be in effect
      with
      respect to the Warrant Stock to be issued upon exercise of this Warrant, the
      Warrantholder, by accepting this Warrant, covenants and agrees that, at the
      time
      of exercise hereof, and at the time of any proposed transfer of Warrant Stock
      acquired upon exercise hereof, such Warrantholder will deliver to the Company
      a
      written statement that the securities acquired by the Warrantholder upon
      exercise hereof are for the account of the Warrantholder or are being held
      by
      the Warrantholder as trustee, investment manager, investment advisor or as
      any
      other fiduciary for the account of the beneficial owner or owners for investment
      and are not acquired with a view to, or for sale in connection with, any
      distribution thereof (or any portion thereof) and with no present intention
      (at
      any such time) of offering and distributing such securities (or any portion
      thereof).

     

    SECTION
      12. Loss, Destruction of Warrant Certificates.

     

    Upon
      receipt of evidence satisfactory to the Company of the loss, theft, destruction
      or mutilation of any warrant and, in the case of any such loss, theft or
      destruction, upon receipt of indemnity and/or security satisfactory to the
      Company or, in the case of any such mutilation, upon surrender and cancellation
      of such Warrant, the Company will make and deliver, in lieu of such lost,
      stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and
      representing the right to purchase the same aggregate number of shares of
      Warrant Stock.

     

    SECTION
      13. Amendments.

     

    The
      terms
      of this Warrant may be amended, and the observance of any term herein may be
      waived, but only with the written consent of the Company and the
      Warrantholder.

     

    SECTION
      14. Notices Generally.

     

    Any
      notice, request, consent, other communication or delivery pursuant to the
      provisions hereof shall be in writing and shall be sent by one of the following
      means: (i) by registered or certified first class mail, postage prepaid, return
      receipt requested; (ii) by facsimile transmission with confirmation of receipt;
      (iii) by overnight courier service; or (iv) by personal delivery, and shall
      be
      properly addressed to the Warrantholder at the last known address or facsimile
      number appearing on the books of the Company, or, except as herein otherwise
      expressly provided, to the Company at its principal executive office at Xethanol
      Corporation, 1185 Ave. of the Americas, 20th
      Floor,
      New York, NY 10039 (fax: (646) 723-4001), Attention: Mr. Christopher
      d’Arnaud-Taylor; with a copy to: Robert H. Cohen, Esq., Greenberg Traurig, LLP,
      MetLife Building, 200 Park Avenue, New York, NY 10166 (fax: (212) 801-6400),
      or
      such other address or facsimile number as shall have been furnished to the
      party
      giving or making such notice, demand or delivery.

     

    SECTION
      15. Successors and Assigns.

     

    This
      Warrant shall bind and inure to the benefit of and be enforceable by the parties
      hereto and their respective permitted successors and assigns.

     

    SECTION
      16. Governing Law.

     

    In
      all
      respects, including all matters of construction, validity and performance,
      this
      Warrant and the obligations arising hereunder shall be governed by, and
      construed and enforced in accordance with, the laws of the State of New York
      applicable to contracts made and performed in such State.

     

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be signed in its name
      by
      its duly authorized officer.

     

    
      	 	 	 
	 	XETHANOL
              CORPORATION
	 
 	 
 	 
 
	Date: 	By:  	/s/ 
	 	
              

            
	 	Title 

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    SUBSCRIPTION
      FORM

     

    (to
      be
      executed only upon exercise of Warrant)

     

    
      	
              To:

            	
              
                 Xethanol
                  Corporation                    

              

            	
               

            
	 	
               1185
                Ave. of the Americas, 20th
                Floor

            	
               

            
	 	
               New
                York, New York 10036

            	
               

            

    

     

    The
      undersigned, pursuant to the provisions set forth in the attached Warrant,
      hereby irrevocably elects to purchase ___ shares of the Warrant Stock covered
      by
      such Warrant and herewith makes payment of $______, representing the full
      purchase price for such shares at the price per share provided for in such
      Warrant.

     

     

    
      	
              Dated:

            	
              
                                     

              

            	
              Name:

            	
               

            	 
	 	
               

            	
              Signature:

            	 	
               

            
	 	
               

            	
              Address:

            	 
	 	 	 	
            
	 	 	 	 

    

     

    
      
        
        

      

      
        6

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