Document:

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                                                                   Exhibit 10.15

                                 LEASE AGREEMENT

     THIS AGREEMENT, made the 11th day of September, 2006, by and between
NIAGARA FRONTIER TRANSPORTATION AUTHORITY, 181 Ellicott Street Buffalo, New York
14203, hereinafter referred to as "NFTA" or as "Landlord", and NanoDynamics,
Inc., 901 Fuhrmann Boulevard, Buffalo, New York 14203, hereinafter referred to
as "Tenant."

                                   WITNESSETH:

     1. PREMISES:

     NFTA hereby leases to Tenant and Tenant hereby hires and takes from NFTA
the following described premises:

     8,035 square feet of office, cafeteria, lavatory and locker room space
     (4,100 office, 3,935 cafeteria/lavatory/locker room) on the first floor of
     Port Terminal A, 901 Fuhrmann Boulevard.

     2. USE:

     The premises and any part thereof shall be used solely, wholly, and
exclusively for the following purposes:

     Office, cafeteria, lavatory, and locker room space.

     3. TERM:

     The term of this lease shall commence on December 1, 2006 and shall
continue on a month-to-month basis until terminated by either party with 90 days
notice. If the rights of Buffalo Lakefront Development to acquire the building
expire or terminate for any reason, NFTA agrees to amend this lease to provide
that the term of the lease shall expire on November 30, 2009.

     4. RENT:

     The rent shall be payable at the offices of NFTA in equal monthly
installments the first and last of which shall be tendered herewith as a deposit
pending approval and authorization of

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this agreement by the NFTA Board of Commissioners and the second and subsequent
installments (excepting the final installment which shall have been pre-paid as
above provided) shall be payable respectively on the first day of the second
month and each subsequent month during the term hereof in advance without
notice.

     The rental reserved shall be in the following amounts:

     Office space: Rent, on a month-to-month basis, will be $5.00 per square
                   foot per annum, for the 4,100 square feet of office space.

     Other Space:  Rent, on a month-to-month basis, will be $1.75 per square
                   foot per annum, for the 3,935 square feet of
                   cafeteria/lavatory/locker room space.

     The rent provided for in this lease shall be fixed until November 30, 2009
subject to the rights of either party under Section 3 of this lease to terminate
this lease prior to such date.

     In the event that the NFTA Board of Commissioners fails to approve this
lease, the sum tendered as a deposit shall be refunded to Tenant without
interest and this writing shall be canceled and annulled and neither party shall
have any claim whatsoever against the other by reason hereof.

     5. COVENANTS AND AGREEMENTS:

     This lease shall be subject, in addition to the foregoing, to all of the
covenants and agreements set forth in the "Appendix of Standard Covenants and
Agreements for Niagara Frontier Transportation Authority Leases" a copy of which
is hereto annexed and by this reference incorporated herein and to the following
special provisions, if any:

     Substitute Section 1.g. Utilities: Tenant agrees to pay a proportionate
                                        share of the utilities on a per square
                                        foot basis." Tenant will pay a
                                        proportionate share of snowplowing
                                        costs.

     AND it is mutually understood and agreed that all of the provisions hereof
shall be binding upon the parties hereto and their respective representatives,
assigns and/or successors in interest.

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     IN WITNESS WHEREOF the parties have respectively caused these presents to
be signed and sealed the day and year first above written.

(SEAL)                                  NIAGARA FRONTIER TRANSPORTATION
                                        AUTHORITY

                                        BY: /s/ Lawrence M. Meckler
                                            ------------------------------------
                                            Lawrence M. Meckler
                                            Executive Director

(SEAL)                                  NANODYNAMICS, INC.

                                        BY: /s/ Richard L. Berger
                                            ------------------------------------
                                            Richard L. Berger
                                            President

                                       3

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STATE OF NEW YORK                )
                                 ) SS:
COUNTY OF ERIE                   )

     On this 31st day of August, 2006, before me, the undersigned, a Notary
Public in and for said State, personally appeared Richard L. Berger, personally
known to me or proved to me on the basis of satisfactory evidence to be the
individual(s) whose name(s) is (are) subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument.

                                        /s/ Diane J. McMahon
                                        ----------------------------------------
                                        Notary Public

STATE OF NEW YORK                )
                                 ) SS:
COUNTY OF ERIE                   )

     On this 11th day of September, 2006, before me, the undersigned, a Notary
Public in and for said State, personally appeared Lawrence M. Meckler,
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their
capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument.

                                        /s/ Peter J. Burke
                                        ----------------------------------------
                                        Notary Public

                                       4

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                                    APPENDIX
                                       OF
                        STANDARD COVENANTS AND AGREEMENTS
                                       FOR
                NIAGARA FRONTIER TRANSPORTATION AUTHORITY LEASES

     1. The party named as Tenant in any lease agreement between such Tenant and
the Niagara Frontier Transportation Authority which by its terms incorporates
this Appendix therein does, by execution of such lease agreement, COVENANT AND
AGREE as follows:

          (a)  Payment:

               To pay the Rent at the times and in the manner as in said lease
          agreement provided.

          (b)  Non-Assignment:

               Not to assign or sublet the Premises or any part thereof for the
          whole or any part of the term without the prior written consent of
          NFTA, which consent shall not be unreasonably withheld.

          (c)  Inspection:

               To allow NFTA, or its agent, to enter the Premises at all
          reasonable times of the day by appointment and to inspect the same to
          insure compliance herewith.

          (d)  Hazardous Materials:

               (1)  The Tenant shall promptly respond to and clean up any
                    release or threatened release of any Hazardous Material into
                    the drainage systems, soils, groundwater, waters, or
                    atmosphere caused by the Tenant, in a safe manner, in
                    accordance with applicable federal, State, and local
                    statutes, ordinances, and regulations, and as

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                    authorized or approved by all federal, State, or local
                    agencies having authority to regulate the permitting,
                    handling, and cleanup of Hazardous Materials.

               (2)  Any Hazardous Materials shall be handled, stored,
                    transported, and disposed of in accordance with all
                    applicable federal, State, and local statutes, ordinances,
                    and regulations. The term "Hazardous Materials" shall mean
                    any substance, chemical, or waste which at any time shall be
                    deemed as hazardous, toxic, or dangerous under applicable
                    federal, State, or local laws or regulations that govern (i)
                    the existence, cleanup, or remedy of contamination on
                    property; (ii) the protection of the environment from
                    spilled, deposited or otherwise emplaced contamination;
                    (iii) control of hazardous wastes; or (iv) the use,
                    generation, transport, treatment, removal or recovery of
                    hazardous substances, including building materials.

               (3)  The Tenant shall not store, use, or dispose of on the
                    Premises, any Hazardous Materials which are explosive, toxic
                    or otherwise hazardous unless the Tenant has first received
                    the written authorization of the NFTA and the Tenant
                    complies with any conditions as the NFTA may impose,
                    including the submission to the NFTA of all Material Safety
                    Data Sheets (MSDS) for the chemicals stored on the Premises.

               (4)  Correction of Hazardous Condition. If the NFTA reasonably
                    determines that a condition on the Premises, caused by the
                    Tenant,

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                    is hazardous or potentially hazardous to persons or
                    property, it may, either in writing or orally, direct the
                    Tenant to correct the condition, and the Tenant shall at its
                    own cost and expense immediately comply with such directive.

          (e)  Compliance:

               To comply with all applicable federal, state, county, local and
          NFTA laws, rules, regulations and ordinances in connection with the
          use and occupancy of the Premises, and to obey all lawful requirements
          of the New York Fire Insurance Rating Organization or any similar body
          with reference thereto and the use thereof. In the event that the
          insurance premium rate upon the building shall be increased by reason
          of any act of omission or commission on the part of Tenant or by
          reason of the occupancy of the Premises, Tenant agrees to pay the
          amount of any such increase. Tenant further agrees to save NFTA
          harmless from any expense, loss or damage by reason of the violation
          of any of such laws, rules, regulations, ordinances and requirements
          or by reason of any damage that might be sustained by reason of
          Tenant's negligence.

          (f)  Return:

               To return the Premises broom clean at the expiration or earlier
          termination of such lease agreement and in the same condition as when
          taken, reasonable wear and depreciation excepted.

          (g)  Utilities:

               To pay the costs for all utilities consumed and for sewer service
          when and as the same are metered to the Premises.

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          (h)  Signs:

               To obtain prior written approval for the display of any signs at
          the Premises.

          (i)  Liability Insurance:

               To maintain during the term of such lease agreement a policy(ies)
          acceptable to the NFTA of general liability insurance $1,000,000 per
          occurrence/$2,000,000 aggregate, workers' compensation in compliance
          with New York State laws with an acceptable insurer(s) and naming NFTA
          as an additional insured, such coverage to be evidenced by
          certificate(s) thereof delivered to NFTA.

          (j)  Indemnity:

               To the extent not otherwise, covered by Landlord furnished
          insurance, Tenant shall pay and discharge, and shall protect, defend,
          Tenant indemnify and hold the NFTA harmless and its members, agents
          and employees from and against all causes of action claims, damages,
          liabilities, losses, costs, expenses (including reasonable attorneys'
          fees, expenses and litigation costs), or judgments or fines of any
          nature arising or alleged to arise from or in connection with the
          following events occurring within the Premises and/or resulting from
          acts of Tenant, its employees or agents (except to the extent caused
          by NFTA's negligence): (1) any accident, injury to, or the death of,
          any person; (2) damage to or destruction or property, in connection
          with Tenant's use or occupancy of the Leased Premises or the storage
          of any property at the Leased Premises, whether the same be asserted
          by third parties, Tenant's agents, Concessionaires, employees,
          invitees or

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          licensees; (3) the introduction, disposal, escape, seepage, leakage,
          spillage, discharge, emission, release, or threatened release of any
          Hazardous Materials as defined in 1(d)(2) above, from, or affecting
          the Leased Premises or any other property; (4) any personal injury
          (including wrongful death) or property damage (real or personal)
          arising out of or related to such Hazardous Materials; (5) any lawsuit
          brought or threatened, settlement reached, or government order
          relating to such Hazardous Materials; or (6) any violation of laws,
          orders, regulations, requirements, or demands of government
          authorities, which are based upon or in any way related to such
          Hazardous Materials including, without limitation, the costs and
          expenses or any remedial action, attorney and consultant fees,
          investigation and laboratory fees, court costs and litigation
          expenses.

               The obligation of Tenant under this Section shall survive the
          expiration or earlier termination of this Lease. All such obligations
          are expressly made for the benefit of, and shall be enforceable by,
          the NFTA without necessity of declaring this Lease to be in default
          and the NFTA may initially proceed directly against Tenant under this
          Section without first resorting to any other rights of indemnification
          it may have. All payments required to be paid pursuant to this Section
          shall be made directly to, or as otherwise requested by, the NFTA,
          upon written demand by the NFTA. All such written demands shall
          specify the amounts payable and the facts upon which the right to
          indemnification is based. Tenant shall not be required to make any
          payment pursuant to this Section until such time as the NFTA shall be
          obligated to make payment in respect of the liability indemnified
          against hereunder or a final judgment of a court or other

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          competent tribunal shall have been entered that the NFTA is obligated
          to make payment in respect of the liability indemnified against
          hereunder.

          (k)  Maintenance and Repairs:

               To take good care of the Premises, and at its own cost and
          expense, to make all repairs (except structural repairs) unless due to
          the negligence, willful act, or omission of NFTA.

          (l)  Non-Discrimination:

               Tenant for itself, its personal representatives, successors in
          interest and assigns, as a part of the consideration hereof, hereby
          covenants and agrees as follows:

               (1)  No person, on the ground of race, color, religion, sex, age,
                    national origin, marital status or handicap, shall be
                    excluded from participation in, denied the benefits of, or
                    be otherwise subjected to discrimination in the use or
                    operation of Tenant's services or facilities;

               (2)  In the construction of any improvements on, over or under
                    the Premises and in the furnishing of services thereat, no
                    person, on the grounds of race, color, religion, sex, age,
                    national origin and marital status or handicap, shall be
                    excluded from participation in, denied the benefits of, or
                    otherwise be subjected to discrimination;

               (3)  Tenant shall use the Premises in compliance with all other
                    requirements imposed by or pursuant to Title 49, Code of
                    Federal Regulations, Department of Transportation, Subtitle
                    A, Office of

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                    the Secretary, Part 21, Non-Discrimination in Federally
                    Assisted Programs in the Department of Transportation,
                    effectuation of Title VI of the Civil Right Act of 1964, and
                    as said regulations may be amended.

     2.   Such Tenant and the NFTA further COVENANT AND AGREE as follows:

          (a) Improvements:

               Alterations, additions, other leasehold improvements, except
          trade fixtures installed by Tenant, shall be subject to the. prior
          written approval of NFTA and shall be and become the property of NFTA
          at the expiration of such lease agreement, and shall remain on and be
          surrendered with the Premises as part thereof upon the expiration or
          earlier termination of such lease agreement.

          (b) Relocation:

               NFTA reserves the right to relocate the Premises in whole or in
          part, temporarily or permanently, as it may deem necessary, convenient
          or desirable. In the event that any such permanent relocation area is
          unacceptable to Tenant, Tenant shall have the right to terminate such
          lease agreement upon sixty (60) day prior written notice to NFTA. All
          expenses incurred by Tenant in connection with any such relocation
          shall be paid by NFTA. Any such relocation shall be made upon
          reasonable notice to Tenant, and shall be to a site equally
          appropriate to the continued conduct of Tenant's business operations.

          (c)  Housekeeping:

               Tenant shall not permit the accumulation of rubbish, debris,
          trash, waste materials or anything detrimental to health or offensive
          in appearance, or likely to

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          cause injury or to create a fire or environmental hazard, and shall
          promptly and appropriately dispose of same off NFTA property.

          (d)  Damage and Liability Disclaimer:

               NFTA shall not be liable for any damage to person or property
          sustained by Tenant or others, due to the Premises or any part thereof
          or any appurtenances thereto coming into disrepair, or due to the
          happening of any accident in or about the Premises, or due to any act
          or neglect of anyone else in or about the building of which Premises
          may be a part, including without limitation damage caused by water,
          steam, sewerage, gas, bursting or leaking pipes or plumbing, or
          electrical causes, or the negligence of contractors, employees, agents
          or licensees of NFTA, unless the damage is proven to be caused by
          negligence, willful act, or omission of NFTA.

          (e)  Damage or Destruction:

               Tenant shall take good care of the Premises and shall return the
          same at the expiration or earlier termination of such lease agreement
          in as good order as received ordinary wear and depreciation excepted,
          unless the Premises should be destroyed by lightning or other natural
          causes, or fire proven not to be caused by the negligence or fault of
          Tenant or Tenant's agents, servants, employees or licensees. If any
          destruction proven to be without fault of Tenant occurs during the
          term of such lease agreement, the following shall apply:

               (1)  If the Premises are partially damaged by fire or other
                    casualty without fault of Tenant, but not rendered wholly
                    untenantable, as determined solely by NFTA, the same shall
                    be repaired with due

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                    diligence by NFTA at NFTA's sole cost and expense, and
                    Tenant's rent shall be abated in proportion to the
                    untenantable portion for the period from the occurrence of
                    the damage to the completion of the repairs.

               (2)  If the Premises are completely destroyed by fire or other
                    casualty, or so damaged that they shall remain untenantable
                    for more than ninety (90) days, as determined solely by
                    NFTA, NFTA shall be under no obligation to repair or
                    reconstruct the same and the rent payable shall be
                    proportionately paid to the time of such damage or
                    destruction. NFTA shall notify Tenant within thirty (30)
                    days of the occurrence of such casualty whether repair or
                    reconstruction of the Premises shall be accomplished. If
                    NFTA elects to repair or reconstruct, it shall commence and
                    prosecute such repair or reconstruction with due diligence.
                    Should NFTA elect not to repair or reconstruct, such lease
                    agreement shall terminate upon the date of such
                    notification; provided however, in such eventuality NFTA
                    agrees to use its best efforts to provide substitute space
                    for Tenant at a suitable NFTA property. In the event
                    substitute space is provided and accepted by Tenant, all
                    terms and conditions of such lease agreement shall apply
                    thereto.

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          (f)  Access:

               Subject to NFTA Rules and Regulations, Tenant, its agents,
          servants, patrons, suppliers of material and invitees shall have
          reasonable ingress to and egress from the Premises.

          (g)  Cancellation by Tenant:

               Such lease agreement shall be subject to cancellation by Tenant
          upon the happening of any one or more of the following events:

               (1)  The lawful assumption by the United States of America, or
                    any authorized agency thereof, of the operation, building of
                    which premises is a part or of the surrounding land areas or
                    any substantial part or parts thereof in such a manner as to
                    substantially restrict Tenant from operating therefrom for a
                    period of ninety (90) days.

               (2)  Issuance by any court of competent jurisdiction of any
                    injunction which in any way prevents or restrains the use of
                    the said building or surrounding lands and which remains in
                    force for a period in excess of ninety (90) days.

               (3)  The default by NFTA in the performance of any covenant or
                    agreement herein required to be performed by NFTA, and the
                    failure of NFTA to remedy such default for a period of
                    thirty (30) days after receipt by NFTA of written notice to
                    remedy same.

               (4)  The damage or destruction of all or a substantial part of
                    the Premises or damage or destruction of all or a part of
                    the said

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                    building which is necessary to the operation of Tenant's
                    business, except to the extent and in the event such damage
                    or destruction results from acts or negligence of Tenant.

          (h)  Removal and Restoration:

               Upon the expiration or earlier termination of this lease for
          whatever reason, Tenant, at its sole expense, shall remove all signs,
          personal property, equipment, fixtures and materials which Tenant is
          permitted to remove hereunder and Tenant shall restore the Premises to
          the condition that existed immediately prior to the commencement of
          such lease agreement, reasonable wear and depreciation excepted. If
          Tenant shall fail to do so within thirty (30) days, NFTA may effect
          such removal or restoration at Tenant's expense and Tenant agrees to
          pay NFTA such expense promptly including reasonable attorney's fees
          incurred thereby upon receipt of proper invoice therefor.

          (i)  Cancellation by NFTA:

               In addition to all other termination rights herein or in such
          lease agreement contained, such lease agreement shall be subject to
          cancellation by NFTA should any one or more of the following events or
          defaults occur:

               (1)  If Tenant should breach or fail to perform any of the terms,
                    covenants or conditions herein contained or fail to keep in
                    force any of the required insurance policies.

               (2)  If Tenant should fail to abide by all applicable laws,
                    ordinances, rules and regulations of the United States,
                    State of New York, County of Erie and NFTA.

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               (3)  If Tenant should abandon and discontinue the operation of
                    its business for a continuous period of fifteen (15) days
                    except when such abandonment and cessation are due to fire,
                    earthquake, governmental action, employee strikes, or other
                    causes beyond Tenant's reasonable control.

               (4)  If Tenant should default in or fail to make payments at the
                    times and in the amounts required under such lease
                    agreement.

     Upon the happening of any of the events or defaults recited hereinabove,
NFTA shall give written notice to Tenant to correct or cure such default,
failure or breach. If, within thirty (30) days from the date of such notice,
Tenant has not corrected such condition or conditions, or taken positive steps
to correct same in a manner satisfactory to NFTA, then, and in such event, NFTA
shall have the right at once and without further notice to Tenant to declare
such lease agreement terminated and to enter upon and take all possession of the
Premises; provided however, that the thirty (30) day period specified herein
shall not apply to termination or cancellation declared for failure of Tenant to
make money payments hereunder, for which, termination or cancellation may be
declared by NFTA upon ten (10) days written notice, and unless such payment is
made during such ten (10) day period, such lease agreement shall become at the
option of NFTA terminated and canceled.

     In addition, NFTA may in like manner declare, such lease agreement
terminated and canceled upon giving (5) days notice thereof, in the event that
Tenant files a voluntary petition in bankruptcy, or if a receiver is appointed
for the property or affairs of Tenant and such receivership is not vacated
within thirty (30) days after the appointment of such receiver, or

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should the right of Tenant to operate the business activities authorized
hereunder be lost by operation of law.

          (j)  Forfeiture and Waiver of Default:

               The failure of either party to enforce any default or right to
          termination of such lease agreement shall not constitute a waiver of
          the right to enforce the same with respect to any other violation. If
          such lease agreement should at any time become void or forfeited, no
          demand shall be necessary to recover possession of the Premises, and
          NFTA shall be entitled to receive the rent, whether the same became
          due before or after forfeiture, and such receipt of rent shall not be
          deemed or considered a confirmation or renewal of such lease
          agreement. In the event of forfeiture of Tenant's interest in such
          lease agreement, NFTA shall make reasonable efforts to release the
          Premises, and Tenant shall be responsible for the payment of all rent
          not recovered by NFTA during the remaining term of such lease
          agreement.

          (k)  Forcible Detention:

               In the event that Tenant should continue to occupy the Premises
          after the expiration or earlier termination hereof, with or against
          the consent of NFTA, such tenancy shall be at sufferance only, but in
          all other respects in accordance with the terms herein and in such
          lease agreement contained.

          (l)  Surrender:

               Upon the expiration or earlier termination of such lease
          agreement, Tenant's rights to use the Premises, facilities, rights,
          licenses, services or privileges

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          herein agreed upon shall cease and Tenant shall upon such expiration
          or termination surrender the same forthwith.

          (m)  Liens:

               Tenant shall, within thirty (30) days of the filing thereof,
          cause the removal of any mechanics', laborers' or materialmen's lien,
          filed on account of labor or material furnished to Tenant, or claimed
          to have been furnished to Tenant in connection with work of any
          character performed or claimed to have been performed on the Premises,
          by or at the direction or sufferance of Tenant.

          (n)  Non-brokerage:

               Tenant represents and warrants to NFTA that the Premises were not
          brought to the attention of Tenant by any broker and that all
          negotiations were had by Tenant directly with NFTA.

          (o)  Right to Show:

               Tenant shall permit NFTA or its agents to enter the Premises at
          all reasonable hours by appointment for the purpose of showing same to
          persons wishing to purchase or lease the same.

          (p)  Paragraph Headings:

          Paragraph headings contained herein are for convenience in referring
     to portions or particular provisions hereof and are not intended to define
     extend or limit the scope of any provision hereof.

                                       18<PAGE>

                                                                   Exhibit 10.16

                                 LEASE AGREEMENT

     THIS LEASE AGREEMENT dated as of the 1st day of July, 2006 by and between
IsleChem, LLC (hereinafter called "Landlord") and NanoDynamics Inc.,
(hereinafter called "Tenant").

     FIRST: (a) Premises. The Landlord has leased, rented, let and demised and
by these presents does lease, rent, let and demise unto the Tenant and Tenant
does hereby take and hire, upon and subject to the conditions hereinafter set
forth, a portion of the premises located at 2801 Long Rd., Grand Island, NY
14072 (Laboratories 203A, 205, 207 and 209 and Office 231, as more particularly
described on the floor plan outline annexed hereto as Exhibit "A") (the
"Premises"). The entire site owned by Landlord located at 2801 Long Rd., Grand
Island, New York of which the Premises are a part, including all improvements
thereon, shall be called the "Property"

     (b) Term. The term of this Lease shall commence on July 1, 2006, and shall
expire on June 30, 2007, at 12 o'clock midnight, unless the term is sooner
terminated as provided herein (the "Term").

     SECOND: Rent, Additional Rent. The Tenant agrees to pay the Landlord, at
Landlord's office in the Property or at such other address as may be designated
by Landlord, the rent ("Rent") in U.S. legal tender of $8,625.00 per month,
payable on the first day of each and every calendar month during the Term. A
late charge in the amount of five percent (5%) will be due and owing on the Rent
and any "Additional Rent" (as such term is hereinafter defined) not paid by the
15th day of the calendar month in which due.

<PAGE>

     Simultaneously with the execution of this Lease, Tenant shall maintain a
deposit with Landlord in the amount of $8,625.00 as a security deposit (the
"Security Deposit"). The Security Deposit (which shall not bear interest to
Tenant) shall be considered as security for the payment and performance of the
obligations, covenant, conditions and agreements of Tenant contained herein. The
Security Deposit shall not constitute an advance payment of any amounts owed by
Tenant under this Lease, or a measure of damages to which Landlord shall be
entitled upon a breach of this Lease. Landlord may, without prejudice to any
other remedy, use the Security Deposit to the extent necessary to remedy any
default in the payment of Rent or Additional Rent or to satisfy any other
obligation of Tenant hereunder, and Tenant shall promptly, on demand, restore
the Security Deposit to its original amount.

     The Security Deposit will be returned to the Tenant at the end of the Term
provided the Tenant surrenders the Premises in good condition and has not
otherwise incurred any other obligation to the Landlord hereunder which remains
unsatisfied or unresolved at such time.

     Tenant hereby covenants and agrees to pay promptly the amounts computed
pursuant to this paragraph and otherwise herein as Additional Rent as and when
the same shall become due and payable, without demand therefor and without any
setoff or deduction whatsoever.

     All costs, expenses and other payments which Tenant assumes or agrees to
pay to Landlord or otherwise, other than Rent, shall be Additional Rent and, in
the event of nonpayment thereof, Landlord shall have all the rights and remedies
herein provided for in the case of nonpayment of Rent.

     The list of the laboratory services to be provided by Landlord to Tenant as
part of this Lease are described in Exhibit "B", annexed hereto.

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     THIRD: (a) Option to Renew. Provided that no Event of Default has occurred
and is then continuing, and further provided that this Lease has not then been
terminated, Tenant shall have the right to extend this Lease for one additional
period of one (1) year following the Term. Any extension shall be confirmed in
writing by and between the parties and shall be made upon the same terms and
conditions set forth in this Lease, except for this paragraph relating to the
extension of the Term and the amount of Rent during each of the extension terms
which shall be determined pursuant to paragraph (b) below. During the extension
term, the word "Term" in this Lease shall mean that extension term. Tenant must
give written notice to Landlord of its desire to extend this Lease on or before
ninety (90) days before the expiration of the Term of this Lease and, if timely
notice is not given by Tenant, the right to extend shall be null and void and of
no further force or effect.

     (b) Rent During Option. The Rent to be imposed during any extension term
shall be negotiated between Landlord and Tenant prior to Tenant's giving the
required written notice of its desire to extend this Lease as outlined above.

     FOURTH: Tenant further covenants and agrees as follows:

     (a) Use. Not to use the Premises or any part thereof for any purpose other
than as a research laboratory and office. Tenant will not make or permit to be
made any use of the Promises or any part thereof which would violate any of the
covenants, agreements, terms, provisions and conditions of this Lease or any
mortgage on the Premises or Property or which may be dangerous to life, limb or
property or which may invalidate or increase the premium cost of any policy of
insurance carried on the Premises and Property. Tenant agrees to observe and

                                       3

<PAGE>

comply with all applicable laws, ordinances, rules and regulations of any
government authority having jurisdiction both in the conduct of its business and
the occupancy of the Premises.

     (b) No Sublet/Assignment. Not to let, sell, underlet or assign over the
Promises or any pall thereof, for the whole or any part of the Term, without the
written consent of Landlord, which consent shall not be unreasonably withheld.

     (c) Pay Rent. To punctually pay the Rent and any Additional Rent as the
actual due.

     (d) Maintenance/Utilities. To take good care of the Premises, not to permit
any waste to the Premises. Landlord shall be responsible for all ordinary
maintenance and repairs and any structural repairs including, but not limited
to, the exterior walls and the roof, all HVAC systems and exterior parking
areas, if any. Tenant, however, shall be responsible for all maintenance and
repairs, whether routine or extraordinary, to the Premises which are caused by
its negligence and/or its intentional acts. Tenant covenants and agrees to keep
the Premises in a clean and orderly condition, both inside and outside, and to
keep the sidewalks and parking areas, curbs, corridors, stairwells and
passageways adjoining the same of part of the Premises flee from rubbish and
unlawful obstructions.

     (e) (1) Indemnification. To hold harmless and indemnify the Landlord from
any damage, cost, expense or injury occurring on and through the use of the
Premises by the Tenant.

     (2) Insurance. Tenant shall obtain and keep in force Commercial General
Liability Policy of Insurance protecting Tenant and Landlord against claims for
bodily personal injury and property damage based upon or arising out of the
ownership, use, occupancy or maintenance of the Demised Premises and all areas
appurtenant thereto. Accordingly, Tenant agrees to keep in force

                                       4

<PAGE>

and pay the cost to keep the Premises insured during the Term, with financially
sound and responsible insurance companies authorized to do business in New York
comprehensive general public liability, death, and property damage insurance for
events occurring upon, in or about the Premises and the Property, to afford
protection to the limits reasonably requested by Landlord but not less than One
Million Dollars ($ 1,000,000).

     The insurance required above shall name Tenant as named insured and
Landlord as additional named insured, and any mortgagee, as its interests may
appear. Either a copy of all policies or certificates of insurance evidencing
the coverage provided by the policies shall be delivered to Landlord and Tenant.
Any mortgagee shall receive either a copy of the actual policy or certificate of
insurance for the special coverage form. Additionally, each party shall be
provided with a 30-day notice of cancellation. If Tenant fails to maintain any
insurance required by this paragraph, Landlord may obtain such insurance and any
reasonable amount paid by Landlord therefor shall be payable upon demand as
Additional Rent.

     (f) Surrender. To return the Premises broom-clean at the expiration of the
Term to the Landlord and in the same condition as when taken, reasonable wear
and tear thereof excepted therefrom. The provisions of this paragraph shall
survive any termination of the Lease.

     FIFTH: Improvements. The parties further agree that any improvements made
by the Tenant shall only be made with the prior written consent of the Landlord,
which consent shall not be unreasonably withheld, at the sole cost of the
Tenant, in a good and workmanlike manner in compliance with all applicable
building codes and ordinances. Any improvements made shall not change the
general character of the Premises, reduce the fair market value of the Premises
below its value immediately before such improvements, or impair the usefulness
of the Premises.

                                       5

<PAGE>

Any improvements undertaken by Tenant shall be effected with due diligence.
Landlord shall have the right to approve any contractor hired by Tenant to
undertake such improvements and such contractor shall provide Landlord with
satisfactory proof of liability and workers compensation coverage. Upon the
termination of this Lease by lapse of time or otherwise, said improvements shall
become the sole property of the Landlord without compensation being paid
therefor, unless otherwise agreed in writing by the parties.

     It is further agreed by the Tenant that the Tenant, at its own expense,
shall obtain any and all use, building or other federal, state or local licenses
and permits required for the aforesaid construction of improvements.

     SIXTH: Event of Default. Any one or more of the following events shall
constitute an Event of Default:

     (a) failure by Tenant to pay any Rent or Additional Rent when and as the
same shall become due and payable.

     (b) failure by the Tenant to perform or comply with any of the terms,
covenants or conditions of this Lease other than the failure to pay Rent or
Additional Rent within fifteen (15) days after written notice thereof from
Landlord to Tenant.

     (c) Tenant shall file a voluntary petition in bankruptcy, make an
assignment for the benefit of creditors or shall be adjudicated bankrupt or
insolvent, or shall file any petition or answer seeking any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar
relief under the present or any future federal bankruptcy act or any other
present or future applicable federal, state or other statute or law.

                                       6

<PAGE>

     (d) if, within thirty (30) days after the commencement of any proceeding
against Tenant, seeking similar relief under the present or any future federal
bankruptcy act or future applicable federal, state or other statute or law, such
proceeding shall not have been dismissed.

     If an Event of Default occurs and is not cured within any applicable grace
period, Landlord may give written notice to Tenant specifying the Event of
Default and stating that this Lease and the Term shall expire and terminate on
the date specified in the notice, which date shall be at least ten (10) days
after the date of the notice. Upon the date specified in the notice, this Lease
and the Term, and all the tights of Tenant under this Lease, shall terminate and
Tenant shall pay to Landlord all Rent and Additional Rent payable up to the time
of termination of this Lease and shall also pay to Landlord damages and
reimburse Landlord for its costs and disbursements including but not limited to
its attorney fees and disbursements.

     If an Event of Default occurs and is not cured within the applicable grace
period, Landlord may:

     (i) immediately or at any time thereafter re-enter the Premises, or any
part thereof, by summary proceeding or by any suitable action or proceeding at
law, or by force or otherwise, without being liable to indictment, prosecution
or damage therefor; or

     (ii) repossess the same, and remove any persons or property therefrom,
using such force as may be necessary, without being in any manner guilty of
trespass, eviction or forcible entry or retainer, and without relinquishing
Landlord's right to Rent, Additional Rent and any other right given Landlord by
this Lease or by operation of law.

                                        7

<PAGE>

     If an Event of Default occurs and is not cured within the applicable grace
period, Landlord may, at Landlord's option, enter into the Premises, remove
Tenant's signs and other evidence of tenancy, and take and hold possession
thereof as provided in this Article SIXTH without such entry and possession
releasing Tenant, in whole or in part, from Tenant's obligation to pay Rent and
Additional Rent for the full Term and any renewal term elected by Tenant prior
to the Event of Default. Upon and after entry into possession, Landlord will
make a good faith attempt to relet the Premises or any part thereof to any
person, firm or corporation other than Tenant for such rent, for such time and
upon such terms as Landlord shall determine to be reasonable. In any such case,
Landlord may make repairs, alterations and additions in or to the Premises, and
redecorate the same to the extent deemed by Landlord necessary or desirable to
restore the Premises to its original condition, and pay the reasonable cost
thereof, together with reasonable expenses for the re-letting including but not
limited to its attorney fees and disbursements. All such costs, including
Landlord's attorneys' fees and disbursements, shall be deemed Additional Rent.
If the consideration collected by Landlord upon any re-letting is not sufficient
to pay the full Rent and Additional Rent, Tenant shall pay to Landlord the
amount of each quarterly deficiency upon demand.

     In the event of any termination of this Lease pursuant to this Article
SIXTH, Tenant will, at the election of Landlord, either:

     (x) pay to Landlord as damages a sum which is equal to the full amount of
the Rent and Additional Rent which would have been payable by Tenant had this
Lease not terminated, which amounts will be payable by Tenant to Landlord upon
the due dates specified herein until the expiration of the Term or any renewal
term elected by Tenant prior to the Event of Default; or

                                       8

<PAGE>

     (y) remove all liens or encumbrances, if any, to which the Premises or the
Property have been subject by or through Tenant and pay Landlord the present
value, computed using an interest rate of eight and one-half percent (8 1/2%) of
the full amount of the Rent and Additional Rent which would have been payable by
Tenant until the expiration of the Term or any renewal term elected by Tenant
prior to the Event of Default.

     Suit or suits for the recovery of damages, or any installments thereof, may
be brought by Landlord from time to time at its election and nothing in this
Lease shall require Landlord to postpone suit until the Term or any renewal
term would have expired. Nothing in this Article SIXTH shall limit or preclude
the recovery by Landlord from Tenant of any sums or damages which, in addition
to the damages particularly provided above, Landlord may lawfully be entitled to
by reason of the occurrence of any Event of Default including but not limited to
its attorney fees and disbursements. The remedies specified in this Article
SIXTH are cumulative and shall be in addition to every right or remedy now or
thereafter existing at law or in equity or by statute or otherwise, and the
exercise by Landlord of any one or more of the rights or remedies provided for
in this Article or now or hereafter existing at law or in equity or by statute
or otherwise shall not preclude the simultaneous or later exercise by Landlord
of any or all other rights or remedies provided for in this Lease or now or
hereafter existing at law or in equity or by statute or otherwise. No failure by
Landlord to insist upon the strict performance of any term, covenant or
condition of this Lease or to exercise any right or remedy and no acceptance of
full or partial Rent or Additional Rent during the continuance of any breach
shall constitute a waiver of any such breach or of any such term, covenant or
condition.

     SEVENTH: (a) Subordination to Mortgages. The Landlord warrants that it is
the owner of said leasehold set forth herein and that it further agrees to keep
current all mortgages

                                       9

<PAGE>

and liens covering the Premises. This Lease shall be second and subordinate to
any mortgages secured by the Premises, whether now or in the future.

     (b) Estoppel Certificates. Tenant agrees, at any time and from time to time
upon five (5) days prior notice by Landlord, to execute, acknowledge and deliver
to Landlord a statement in writing certifying that this Lease is unmodified and
in full force and effect (or, if there have been modifications, that the same is
in full force and effect as modified and stating the modifications), the Rent
commencement date, and the dates to which the Rent and Additional Rent, if any,
has been paid in advance and stating whether or not, to the best knowledge of
the signer of such certificate, Landlord is in default in performance of any
covenant, agreement or condition contained in this Lease and, if so, specifying
each default of which the signer may have knowledge, it being intended that any
such statement delivered pursuant to this paragraph may be relied upon by any
prospective purchaser of Landlord's interest in this Lease.

     EIGHTH: No Waiver. Failure of the Landlord to enforce any provision of this
Agreement shall not be deemed a waiver.

     NINTH: Invalidity of Particular Provisions. In the event that any provision
of this Lease be deemed unenforceable, all other provisions shall remain in full
force and effect.

     TENTH: Landlord's Right to Enter Promises. Tenant agrees to permit the
Landlord and any authorized representatives of the Landlord to enter the
Premises at all reasonable times during usual and reasonable business hours and
upon prior oral or written request to Tenant or at any time in case of emergency
to inspect the same or to exhibit the Premises to a prospective purchaser,
mortgagee or assignee of any mortgage on the Premises and to others during the
Term and, if the Landlord shall desire, but without implying any obligation on
Landlord to do so, to

                                       10

<PAGE>

make any repairs deemed necessary by the Landlord and to perform any work in the
Premises deemed necessary by the Landlord to comply with any laws, ordinances,
orders, regulations or requirements of any insurer.

     If Tenant shall not have renewed or extended this Lease prior to the full
final ninety (90) days of the Term, or any extension term, Landlord and its
authorized agents and representatives, shall have the right to advertise the
Premises for lease. During such period, Landlord and its authorized agents and
representatives shall have the right to enter the Premises during normal
business hours and upon prior oral or written request to Tenant for the showing
of the Promises to prospective tenants.

     ELEVENTH: Damage or Destruction. If any portion of the Premises shall be
damaged or destroyed in whole or in part, Landlord shall restore, repair,
replace or rebuild the same, and there shall be an abatement or reduction in
Rent, Additional Rent or other charges payable under this Lease, for the time
period that the Tenant is unable to occupy the Premises for the reasonable
conduct of its business. Such restoration, repairs, replacements, rebuilding or
alterations shall be commenced promptly and prosecuted with reasonable
diligence. This Lease shall not terminate but remain in fall force and effect.
Notwithstanding anything herein contained to the contrary, upon the occurrence
of such damage or destruction, all real property insurance proceeds (except for
the proceeds of Tenant's business interruption insurance and any insurance which
is obtained by Tenant on Tenant's furniture, fixtures and equipment) shall be
paid over to Landlord or, if required under the terms of any mortgage, to such
mortgagee.

     In the performance of the reconstruction of the Premises as provided in
this Article, due allowance shall be made for Force Majeure, as described in
Article THIRTEENTH of this Lease.

                                       11

<PAGE>

     In the event of a substantial destruction or the occurrence of substantial
damage to the Premises which effectively prohibits the Tenant from reasonably
conducting business on the Premises, then upon at least sixth' (60) days notice
to the other and provided such notice is given not later than sixty (60) days
from the date of such damage or destruction, either Landlord or Tenant may
terminate this Lease and all Rent and Additional Rent shall be paid to the
Landlord as of the date of such damage.

     TWELFTH: Eminent Domain. If the Premises or any part of the Property shall
be taken by public or quasi-public authority under any power of eminent domain
or condemnation, this Lease, at the option of the Landlord, shall forthwith
terminate and the Tenant shall have no claim or interest in or to any award of
damages for such taking.

     THIRTEENTH: Force Majeure. Except as otherwise provided in this Lease and
except as to the payment of Rent or Additional Rent or other monies due under
this Lease, neither party shall be responsible for delays or inability to
perform its obligations hereunder for causes beyond the control of such party,
including by reason of act of God, strikes, lockouts, labor troubles, inability
to procure materials (including energy), power, casualty, inclement weather,
restrictive governmental law, orders or regulations, riots, insurrection, war,
insurance claims settlements or other reason of a like nature not the fault of
the daily delayed in performing work or doing acts required under the terms of
this Lease.

     FOURTEENTH: Landlord's Right to Cure. Tenant covenants and agrees that, if
Tenant shall at any time fail to make any payment or perform any other act on
its part to be made or performed under this Lease, the Landlord may, but shall
not be obligated to, and without waiving or releasing Tenant from any obligation
of Tenant under this Lease, make

                                       12

<PAGE>

such payment or perform such other act to the extent the Landlord may deem
desirable, and in connection therewith to pay expenses including, but not
limited to, attorneys fees and disbursements. All sums so paid by the Landlord
and all expenses in connection therewith, together with interest thereon from
the date of such payment at the maximum rate per annum allowed by law, shall be
Additional Rent hereunder and be payable to the Landlord upon demand.

     FIFTEENTH: Condition of Premises. Provided Tenant shall have had a
reasonable time during which to inspect the Premises prior to commencement of
the Term, Tenant's taking possession of the Premises shall be conclusive
evidence as against Tenant that the Premises were in good order and satisfactory
condition when Tenant took possession.

     SIXTEENTH: Mechanic's Lien. Tenant shall not suffer or permit any
mechanic's or other lien to be filed against the Premises, the Property or
against Tenant's leasehold interest herein by reason of work, labor, services or
materials supplied or claimed to have been supplied to Tenant or anyone holding
the Premises or any part thereof through or under Tenant. Nothing in this Lease
shall be deemed or construed as constituting the consent or request of Landlord,
expressed or implied, to any contractor, subcontractor, laborer or materialman
for the performance of any labor or the furnishing of any materials for any
specific improvement, alteration or repair of the Premises, nor as giving Tenant
any right, power or authority to contract for or permit the rendering of any
services or the furnishing of any materials that would give rise to the filing
of any mechanic's liens against the Premises or the Property.

     If any mechanic's liens shall at any time be filed against the Premises or
the Property as a result of work at the Premises or the Property contracted for
by Tenant or Tenant's

                                       13

<PAGE>

representatives, contractors, employees or agents, Tenant shall cause the same
to be discharged of record within thirty (30) days after the date of filing. If
Tenant fails to discharge any mechanic's liens within that period, Landlord may
but shall not be obligated to, procure its discharge by paying the amount
claimed to be due, by deposit in court, by bonding, or, if Landlord so elects,
by compelling the prosecution of any action for the foreclosure of the
mechanic's liens by the lienor and paying the amount of the judgment, if any, in
favor of the lienor with interest, costs and allowances. Any amount paid by
Landlord for any of the aforesaid purposes and all attorneys fees and
disbursements in defending any such action or in procuring the discharge of such
liens, with all necessary disbursements in connection therewith, shall be
Additional Rent payable on demand.

     SEVENTEENTH: Confidentiality. Tenant and Landlord each agree not to
disclose to any unauthorized persons or use for its own account or for the
benefit of any third party any information or material proprietary to the other
or any other tenant of the property ("Other Tenant") or designated by either of
them or any Other Tenant as confidential ("Confidential Information"), whether
or not such information is embodied in writing or other physical form or is
retained by memory, without the Confidential Information owner's written
consent, unless and to the extent that the Confidential Information is or
becomes generally known to and available for use by the public (other than as a
result of a breach of this provision or acquired from any other person bound by
a duty of confidentiality to the Landlord, Tenant or any Other Tenant).

     EIGHTEENTH: Notices. Except as otherwise provided herein, all notices and
demands required to be made by this Lease by either parry shall be in writing
and delivered either personally or sent by first class mail to the following
addresses:

                                       14

<PAGE>

     (a)  If to Tenant:

               Attn: Richard L. Berger, President
                     NanoDynamics Inc.
                     901 Fuhmann Boulevard
                     Buffalo, New York 14203

     (b)  If to Landlord:

               Charles G. Rader, Managing Member/CEO
               IsleChem, LLC
               2801 Long Rd.
               Grand Island, New York 14072

     If mailed, such notice shall be deemed duly given upon the next regular
business day following the date so mailed to the party to whom notice is
intended to be given.

     NINETEENTH: Environmental. All capitalized terms used in this Article
NINETEENTH and not heretofore defined shall have the meanings set forth below:

     "Environmental Laws" means all federal, state and local environmental, land
use, zoning, health, chemical use, safety and sanitation laws, statutes,
ordinances and codes relating to the protection of the environment and/or
governing the use, storage, treatment, generation, transportation, processing,
handling, production or disposal of Hazardous Substances and the rules,
regulations, policies, guidelines, interpretations, decisions, orders and
directives of federal, state and local governmental agencies and authorities
with respect thereto.

     "Environmental Permits" means all permits, licenses, approvals,
authorizations, consents or registrations required by an applicable
Environmental Law in connection with the ownership, use and/or operation of the
Premises for the storage, treatment, generation, transportation, processing,
handling, production or disposal of Hazardous Substances or the sale, transfer
or conveyance of the Premises.

                                       15

<PAGE>
     "Hazardous Substance" means, without limitation, any flammable explosives,
radon, radioactive materials, asbestos, urea formaldehyde foam insulation,
polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous
materials, hazardous wastes, hazardous or toxic substances or related materials,
as defined in the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended (42 U.S.C. Sections 9601, et seq.), the
Hazardous Materials Transportation Act, as amended (49 U.S.C. Sections 1801, et
seq.), the Resource Conservation and Recovery Act, as amended (42 U.S.C.
Sections 6901, et seq.), the Toxic Substances Control Act, as amended (15 U.S.C.
Sections 2601, et seq.), Articles 15 and 27 of the New York State Environmental
Conservation Law or any other applicable Environmental Law and the regulations
promulgated thereunder.

     "Release" has the same meaning as given to that term in the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended (42
U.S.C. Sections 9601, et seq.), and the regulations promulgated thereunder.

     Tenant covenants and agrees that Tenant shall be ever vigilant with respect
to the presence and use of Hazardous Substances on the Premises and any portion
of the Property in its control or possession, regardless of the temporary nature
of such control and possession, as such term may be defined under any applicable
federal, state or local law, and shall not cause or permit the Premises, or any
part thereof, or any portion of the Property to be used with any Hazardous
Substance, other than in a manner which is in full compliance with all
applicable federal, state or local laws. Tenant shall fully comply with all
applicable Environmental Laws and shall obtain and comply with all applicable
permits relating to Tenant's use of the Premises or any portion of the Property,
if required.

                                       16

<PAGE>

     Tenant covenants and agrees, at its sole cost and expense, to indemnify,
protect, defend and save harmless Landlord from and against any and all damages,
losses, liabilities, obligations, penalties, claims, litigation, demands and/or
expenses (including, without limitation, reasonable attorneys' fees and
expenses) which may be imposed upon Landlord relating to, resulting from or
arising out of Tenant's use of the Premises and any portion of the Property for
the storage, treatment, generation, transportation, processing or handling of
any Hazardous Substance as such term is defined by any applicable federal, state
or local law.

     TWENTIETH: Miscellaneous Provisions.

     (a) Captions. The captions of this Lease are for convenience and reference
and in no way define, limit or describe the scope or intent of this Lease, nor
in any way affect this Lease.

     (b) New York Law to Govern Construction and Enforcement. This Lease shall
be governed and enforced under the substantive laws of the State of New York
without regard to any conflict of laws provision.

     (c) Entire Agreement. This Lease contains the entire agreement between the
parties and may not be changed except in writing by each of the parties hereto.

     (d) Successors and Assigns. The covenants and agreements herein contained
shall bind and inure to the benefit of Landlord, its successors and assigns, and
Tenant, its successors and assigns, except as otherwise provided herein.

     (e) Authority. Tenant warrants and represents that it has full power and
authority to execute this Lease on behalf of Tenant and that this Lease, once
executed by the signatory of

                                       17

<PAGE>

Tenant, shall constitute a legal and binding obligation of Tenant and is fully
enforceable in accordance with its terms.

LANDLORD:                               TENANT:

ISLECHEM, LLC                           NANODYNAMICS INC.

By: /s/ Charles S. Archer               By: /s/ Keith A. Blakely
    ---------------------------------       ------------------------------------

                                       18

<PAGE>

                                    EXHIBIT A

                 Building Floor Plan (not in electronic format)

                                       19

<PAGE>

                                    Exhibit B

                       SERVICES PROVIDED NANODYNAMICS INC.

-    Company sign for identification

-    Base telephone service (equipment plus base service; long distance extra)

-    Internet access for legitimate business purpose

-    Maintenance of common areas and permanent fixtures

-    Housekeeping, including trash removal, janitorial and cleaning

-    Mail delivery and pick-up to mailroom

-    Operational safety (hazard reviews, routine inspections, periodic testing
     of building safety equipment)

-    Building taxes, insurance and utilities (electric; gas; water)

                                       20

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