Document:

Prepared by MerrillDirect

EXHIBIT 10.29

Put and Call Agreement

Put and
Call Agreement among Mechanical Technology Incorporated, a New York corporation
("MTI"), First Albany Companies Inc., a New York corporation
("FAC"), and KeyBank National Association, a national banking
association ("Key"), dated as of December 27, 2000.

	MTI Put Option

	At any time prior to
     the close of business (6:00 p.m. EST) on April 27, 2001 (the
     "Expiration Date") (and subject to Section 2 below), MTI shall
     have the right to put to FAC, and FAC shall have the obligation to
     purchase from MTI, up to 6,300,000 of the Pledged Plug Power Shares (as
     hereinafter defined), at a purchase price of $4.00 per share, subject to
     paragraph (b) below. This Agreement may be extended by written agreement
     of the parties beyond the Expiration Date on a monthly basis through
     January 3, 2002. "Pledged Plug Power Shares" means the shares of
     Common Stock of Plug Power Inc. ("Plug Power") pledged by MTI to
     Key pursuant to the Stock Pledge Agreement dated as of March 29, 2000 (as
     amended) between MTI and Key. 
	Notwithstanding the
     foregoing, the maximum number of Pledged Plug Power Shares which FAC shall
     be obligated to purchase pursuant to paragraph (a) above is that number of
     shares whose aggregate purchase price is equal to the aggregate principal
     amount of the loans then outstanding (but in no event more than
     $25,200,000) under the Amended and Restated Credit Agreement dated as of
     March 29, 2000 (as amended), between MTI and Key (the "Credit
     Agreement"). 
	In order to exercise
     the put option, MTI must deliver a written notice of exercise to FAC prior
     to the Expiration Date, as extended from time to time ("Notice of
     Exercise"), provided, however, if a Put Exercise Event
     (as defined in the MTI Credit Agreement) has occurred, the Notice of Exercise
     may be given by Key. 
	The number of
     Pledged Plug Power Shares subject to the MTI put option provided for
     herein, and the purchase price per share, shall be adjusted upon the
     occurrence of any stock dividend, stock split, reverse stock split, subdivision,
     combination, reclassification or other similar action with respect to the
     outstanding shares of Common Stock of Plug Power.

2. FAC
Call Option

	Upon receiving MTI's
     or Key's Notice of Exercise referred to in Section 1(c) above, FAC shall
     have the right in lieu of performing under the MTI put option to call from
     Key, and Key shall have the obligation to sell to FAC, all of Key's right,
     title and interest in and under the Credit Agreement as the same may be
     amended, supplemented, waived or otherwise modified from time to time and
     as of the date of FAC's call thereof from Key, together with all of Key's
     rights in loans made under the Credit Agreement to MTI as well as all
     collateral, security agreements or financing statements related to such
     loans and the Credit Agreement (collectively, the "MTI Loan"),
     at a price equal to the principal amount of loans outstanding thereunder
     (but in no event more than $25,200,000) plus unpaid fees and interest. 
	In order to exercise
     the FAC call option, FAC must deliver a written Notice of Exercise to MTI
     and Key by the close of business on the fourth business day after
     receiving MTI's or Key's notice of exercise referred to in Section 1(c)
     above. 
	Between the date
     hereof and the date of the Closing referred to in Section 3 hereof,
     without FAC's prior written consent: (i) MTI and Key agree not to enter
     into any written amendment, supplement or other modification of the Credit
     Agreement or to permit the outstanding principal amount of loans
     thereunder to exceed $25,200,000, (ii) Key agrees not to grant any written
     waiver or consent in favor of MTI under the Credit Agreement, (iii) Key
     agrees not to subordinate its rights under the Credit Agreement or to
     release any collateral thereunder, (iv) Key agrees not to exercise any rights
     under the Credit Agreement or the MTI Loan arising out of or based upon
     the Market Value of the Pledged Plug Power Shares (other than (A) as
     provided in clause (v) of the definition of "Liquidity Event" in
     Section 1.1 of the Credit Agreement and (B) in respect of any Pledged Plug
     Power Shares in excess of 6,300,000). 
	If MTI and Key agree
     with FAC's prior written consent as provided in clause (i) of the
     preceding paragraph to permit the principal amount of loans outstanding
     under the Credit Agreement to exceed $25,200,000, then MTI, Key and FAC
     will contemporaneously amend the FAC call option to permit Key to retain
     the principal amount of Loans in excess of $25,200,000 and Key's rights
     under the Credit Agreement in respect of such excess amount of loans.

3. Closing of Sale of Shares or Purchase of Loan

	The closing of the
     sale of shares pursuant to the exercise of the put option or of the
     purchase of the MTI Loan pursuant to the exercise of the call option shall
     take place at the offices of FAC, located at 30 South Pearl Street,
     Albany, NY 12207, on the fifth business day following FAC's receipt of
     MTI's or Key's Notice of Exercise referred to in Section 1(c) above (the
     "Closing"). Business day means any day that is not a Saturday, a
     Sunday or other day on which commercial banks in New York, New York are
     required or authorized by law to be closed. 
	At the Closing of
     the sale of the shares pursuant to the exercise of the put option, subject
     to the provisions of this Agreement, MTI (or Key, if the Notice of
     Exercise is given by Key, pursuant to Section 1(c) above), shall deliver
     to FAC certificates representing the Pledged Plug Power Shares to be
     purchased by FAC hereunder, duly endorsed in blank or accompanied by stock
     powers in blank in a form reasonably acceptable to FAC (and subject to
     such escrow arrangements as FAC shall advise may be necessary pending any
     required Hart-Scott-Rodino Act filing), and FAC shall pay to MTI (or to
     Key if the Notice of Exercise is given by Key pursuant to Section 1(c)
     above), by wire transfer of immediately available funds to an account
     designated by MTI (or by Key, if the Notice of Exercise is given by Key
     pursuant to Section 1(c) above) at least two business days before the
     Closing, $4.00 for each Pledged Plug Power Share purchased by FAC.

	At the Closing of
     the purchase of the MTI Loan pursuant to the exercise of the call option,
     Key and FAC shall enter into an assignment agreement in customary form by
     which Key shall assign to FAC all of its right, title and interest in and
     under the Credit Agreement together with all of Key's rights in the MTI
     Loan (subject to adjustment as provided in Section 2(d) above in the event
     that the principal amount of loans exceeds $25,200,000). MTI shall be a
     party to such assignment agreement for the purpose of consenting to the
     assignment and also to the extent necessary to preserve such rights of Key
     against MTI as may have arisen prior to the Closing and have not been
     discharged at or before the Closing. FAC shall pay to Key, by wire transfer
     of immediately available funds to an account designated by Key at least
     two business days before the Closing, the principal amount of the MTI Loan
     (but in no event more than $25,200,000) plus unpaid fees and interest. 

4. Put
Option Fee

As consideration for FAC entering into this Agreement,
MTI shall pay to FAC, on the date hereof, an option fee of $945,000, by wire
transfer of immediately available funds to an account designated by FAC. If
this Agreement is extended, MTI shall pay to FAC on the date of extension an
option fee, as determined between MTI and FAC, by wire transfer of immediately
available funds to an account designated by FAC.

	Representations and
     Warranties of MTI

MTI represents and warrants to FAC that MTI is the
record and beneficial owner of the Pledged Plug Power Shares, the Pledged Plug
Power Shares are validly issued, fully paid and nonassessable, and upon the
sale and transfer of the Pledged Plug Power Shares to FAC, FAC will acquire
good and valid title to the Pledged Plug Power Shares, free and clear of any
liens or encumbrances, provided, however, that the Pledged Plug Power Shares
may be subject to restrictions on transfer under state and/or federal
securities laws.

6. Representations
and Warranties of FAC FAC represents and warrants to MTI and Key as
follows:

	Organization and
     Standing; Certificate and Bylaws. FAC is a corporation
     duly organized and validly existing under, and by virtue of, the laws of
     the State of New York and is in good standing under such laws. FAC has the
     requisite corporate power and authority to own and operate its properties
     and assets, and to carry on its business as presently conducted. 
	Corporate Power.
     FAC has all requisite corporate power and authority to execute and deliver
     this Agreement, to purchase the Pledged Plug Power Shares or the MTI Loan,
     and to carry out and perform its obligations under the terms of this
     Agreement. 
	Authorization.
     FAC has taken all corporate action necessary for the authorization,
     execution and delivery of this Agreement and the performance by FAC of its
     obligations hereunder, including the purchase of the Pledged Plug Power
     Shares or the MTI Loan. This Agreement constitutes the valid and binding
     obligation of FAC, enforceable in accordance with its terms.

7. Representations
and Warranties of Key

Key
represents and warrants to FAC (a) that it is a national banking association
duly organized under the laws of the United States of America, (b) that it has
the requisite power and authority to execute and deliver this Agreement and to carry
out and perform its obligations hereunder, (c) that it has taken all action
necessary for the authorization, execution and delivery of this Agreement and
the performance by Key of its obligations hereunder and (d) that it has made no
prior assignment of any of its right, title and interest in and to the Credit
Agreement or the MTI Loan. This Agreement constitutes the valid and binding
obligation of Key, enforceable in accordance with its terms.

8. Miscellaneous

	Governing Law.
     This Agreement shall be governed in all respects by the internal laws of
     the State of New York. 
	Notices, Etc.
     All notices and other communications required or permitted hereunder shall
     be in writing and shall be mailed by registered or certified mail, postage
     prepaid, or otherwise delivered by hand or by messenger to each party
     hereto at its address set forth under its signature hereto or such other
     address such party may specify to the other parties hereto. Each such
     notice or other communication shall for all purposes of this Agreement be
     treated as effective or having been given when delivered if delivered
     personally, or, if sent by mail, at its receipt. 
	Entire Agreement.
     This Agreement constitutes the entire agreement of the parties with
     respect to the subject matter hereof, and may not be amended or modified
     except by an instrument in writing signed by each of the parties hereto. 
	Assignment.
     This Agreement may not be assigned by any party without the express
     written consent of all other parties, except that Key may assign its
     rights hereunder to any of its permitted assigns under the Credit
     Agreement.

	Acknowledgement of
     Key's Rights as Primary Beneficiary.

FAC acknowledges that it is entering into this
Agreement for the purpose of providing credit support for MTI's obligations
under the Credit Agreement and that Key is relying on this Agreement in
granting certain concessions to MTI under the Credit Agreement. The obligation
of FAC to purchase the Pledged Plug Power Shares pursuant to Section 1 hereof
may be enforced by Key against FAC by any remedy available at law or in equity,
irrespective of the value, genuineness, validity, regularity or enforceability
of the obligations of MTI under the Credit Agreement or any other agreement or
instrument referred to therein, and, to the fullest extent permitted by
applicable law, irrespective of any other circumstance whatsoever that might
constitute a legal or equitable discharge or defense of a surety or guarantor.
In order further to protect Key's rights hereunder, it is hereby agreed that
notwithstanding the occurrence of the Expiration Date or expiration of any
renewal term hereof, as between FAC and Key, this Agreement will not expire
until the date 15 days after the Expiration Date or expiration of such renewal
term if a Put Exercise Event is in existence on the Expiration Date or such
later expiration date.

IN WITNESS WHEREOF, the parties have executed this
Agreement on the day and year first set forth above. 

FIRST ALBANY COMPANIES, INC.

a New York corporation

 

By:s/George M. McNamee

Name: George M. McNamee

Title: Chairman and Co-Chief Executive Officer

Address: 30 South Pearl Street

Albany, New York 12207

 

 

MECHANICAL TECHNOLOGY INCORPORATED

a New York corporation

 

By:s/Cynthia A. Scheuer

Name: Cynthia A. Scheuer

Title: Vice President

Address: 30 South Pearl Street 

Albany, New York 12207

 

 

KEYBANK NATIONAL ASSOCIATION, 

a national banking association

 

By:s/William B. Palmer

Name: William B. Palmer

Title: Vice President

Address: 66 South Pearl Street

Albany, NY 12207Prepared by MerrillDirect

EXHIBIT 10.30

BRIDGE PROMISSORY NOTE

 

$5,000,000.00December 27, 2000

New York,
New York

 

 1. Promise
to Pay Principal. FOR VALUE RECEIVED,
MECHANICAL TECHNOLOGY INCORPORATED, a corporation organized under the laws of
the state of New York (the "Payor"), hereby unconditionally promises
to pay to the order of FIRST ALBANY COMPANIES INC., a corporation organized
under the laws of the State of New York (the "Payee"), the
principal sum of FIVE MILLION DOLLARS ($5,000,000.00), or such lesser amount as
shall equal the unpaid principal amount of this Note, on January 3, 2002.

2. Interest.
The Payor hereby unconditionally promises to pay to the Payee interest on the
unpaid principal amount of this Note for the period from and including the date
of this Note to but excluding the date this Note is paid in full at the Prime
Rate (as such term is defined below) as in effect from time to time.
Notwithstanding the foregoing, the Payor hereby promises to pay to the Payee
interest on any principal or interest payable by the Payor under this Note that
shall not be paid in full when due, for the period from and including the due
date of such payment to but excluding the date the same is paid in full, at a
rate per annum equal to the lesser of (a) the Prime Rate plus 2% and (b) the highest interest rate
then permitted by law (the "Post-Default Rate"). Accrued interest
shall be due and payable (a) on January 3, 2002 and (b) upon the payment
or prepayment of any principal of this Note (but only on the principal amount
so paid or prepaid); provided
that any interest accruing at the Post-Default Rate shall also be payable from
time to time upon demand. Interest shall be compounded quarterly on each March
31, June 30, September 30 and December 31 (commencing with the first such date after
the date of this Note). Interest payable under this Note shall be computed on
the basis of a year of 365 days for the actual number of days elapsed
(including the first day but excluding the last day) occurring in the period
for which payable.

 3. Amounts
Owing. The Payee shall maintain records of the amounts owing under this
Note, and such records shall, absent manifest error, be conclusive evidence of
such amounts. Prior to any sale, assignment or transfer of this Note, each
payment of principal theretofore made under this Note, together with each
reduction in the principal amount of this Note effected under Paragraph 15 of
this Note, shall be endorsed by the Payee on Annex A hereto (or any
continuation of said Annex).

4. Manner
of Payment. All payments of principal and interest to be made by the Payor
under this Note shall be made in Dollars, in immediately available funds, by
wire transfer to an account at a commercial bank located in New York, New York
(which account shall be identified in a notice to the Payor), not later than
6:00 p.m. New York time on the date on which such payment shall become due
(each such payment made after such time on such due date to be deemed to have
been made on the next succeeding Business Day). Except as otherwise expressly
provided in Paragraph 15 of this Note, all amounts payable under this Note
shall be paid free and clear of, and without reduction by reason of, any
deduction, set-off or counterclaim. The Payor shall, at the time of making each
payment under this Note, specify to the Payee the amounts payable by the Payor
under this Note to which such payment is to be applied, in which case such
payment shall be so applied (and in the event that the Payor fails to so
specify, such payment shall be applied in such manner as is determined to be
appropriate by the Payee).

5. Payments
on Business Days. If the due date of any payment under this Note would
otherwise fall on a day that is not a Business Day, such due date shall be
extended to the next succeeding Business Day, and interest shall be payable on
any principal so extended for the period of such extension.

6. Prepayments.
At any time or from time to time, the Payor shall have the right to prepay all
or any portion of the principal amount owing under this Note, provided that each prepayment shall be in
a principal amount of not less than $100,000.

7. Right
of Set-Off. The Payor agrees that, in addition to (and without limitation
of) any right of set-off or counterclaim the Payee may otherwise have, the
Payee shall be entitled, at its option, to offset amounts owing by the Payee to
the Payor, in Dollars or in any other currency (regardless of whether such
amounts are then due to the Payor), against any amount payable by the Payor to
the Payee under this Note that is not paid when due; provided that nothing contained herein shall require the
Payee to exercise any such right.

8. Representations
and Warranties. The Payor hereby represents and warrants to the Payee as
follows:

(a) No Breach. None of the execution and
delivery of this Note, the making of the extension of credit evidenced hereby,
the consummation of the transactions herein contemplated and compliance with
the terms and provisions hereof will conflict with or result in a breach of, or
require any consent under, any applicable law or regulation, or any order,
writ, injunction or decree of any court or governmental authority or agency, or
any agreement or instrument to which the Payor is a party or by which the Payor
is bound or to which the Payor is subject, or constitute a default under, or
result in the creation of any lien under, any such agreement or instrument.

(b) Action; Execution and Delivery; Enforceability.
The Payor has all necessary power and authority to execute, deliver and perform
its obligations under this Note, and this Note has been duly and validly
executed and delivered by the Payor and constitutes its legal, valid and
binding obligation, enforceable against the Payor in accordance with its terms.

(c) Approvals. No authorizations, approvals or
consents of, and no filings or registrations with, any governmental or
regulatory authority or agency are necessary for the execution, delivery or
performance by the Payor of this Note or for the validity or enforceability
hereof.

9. Certain
Expenses. The Payor agrees to pay or reimburse the Payee for paying:
(a) all costs and expenses of the Payee (including, without limitation,
reasonable counsels' fees) in connection with any enforcement or collection
proceedings hereunder; and (b) all transfer, stamp, documentary or other
similar taxes, assessments or charges levied by any governmental or revenue
authority in respect of this Note or any other document referred to herein.

10. Default;
Remedies; Expenses. If one or more of the following events (herein called
"Events of Default")
shall occur and be continuing:

(a) the Payor shall default in the payment of any
Obligations when the same shall become due (whether at stated maturity or
otherwise); or

(b) the Payor shall default in the payment when due of
any principal of or interest on any of its other Indebtedness; or any event
specified in any note, agreement, indenture or other document evidencing or
relating to any such Indebtedness shall occur if the effect of such event is to
cause, or (with the giving of any notice or the lapse of time or both) to
permit the holder or holders of such Indebtedness (or a trustee or agent on
behalf of such holder or holders) to cause, such Indebtedness to become due, or
to be prepaid in full (whether by redemption, purchase, offer to purchase or
otherwise), prior to its stated maturity; or

(c) any representation, warranty or certification made
or deemed made herein or in the Pledge Agreement by the Payor shall prove to
have been false or misleading as of the time made or furnished in any material
respect; or

(d) the Payor shall (i) apply for or consent to
the appointment of, or the taking of possession by, a receiver, custodian,
trustee, examiner or liquidator of itself or of all or a substantial part of
its property, (ii) make a general assignment for the benefit of its
creditors, (iii) commence a voluntary case under the Bankruptcy Code,
(iv) file a petition seeking to take advantage of any other law relating
to bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement
or winding-up, or composition or readjustment of debts, (v) fail to
controvert in a timely and appropriate manner, or acquiesce in writing to, any
petition filed against it in an involuntary case under the Bankruptcy Code or
(vi) take any corporate action for the purpose of effecting any of the
foregoing; or

(e) a proceeding or case shall be commenced, without
the application or consent of the Payor, in any court of competent
jurisdiction, seeking (i) its reorganization, liquidation, dissolution, arrangement
or winding-up, or the composition or readjustment of its debts, (ii) the
appointment of a receiver, custodian, trustee, examiner, liquidator or the like
of the Payor or of all or any substantial part of its property or
(iii) similar relief in respect of the Payor under any law relating to
bankruptcy, insolvency, reorganization, winding-up, or composition or
adjustment of debts, and such proceeding or case shall continue undismissed, or
an order, judgment or decree approving or ordering any of the foregoing shall
be entered and continue unstayed and in effect, for a period of 45 or more
days; or an order for relief against the Payor shall be entered in an
involuntary case under the Bankruptcy Code; or

(f) the liens created by the Pledge Agreement shall at
any time not constitute a valid and perfected lien on the collateral intended
to be covered thereby in favor of the Payee, free and clear of all other liens,
or the Pledge Agreement shall for whatever reason be terminated or cease to be
in full force and effect, or the enforceability thereof shall be contested by
the Payor;

THEREUPON: (1) in the case of an Event
of Default other than one referred to in clause (d) or (e) of this
Paragraph 10, the Payee may, by notice to the Payor, declare the principal
amount then outstanding of, and the accrued interest on, this Note and all
other amounts payable by the Payor hereunder and under the Pledge Agreement to
be forthwith due and payable, whereupon such amounts shall be immediately due
and payable without presentment, demand, protest or other formalities of any
kind, all of which are hereby expressly waived by the Payor; and (2) in
the case of the occurrence of an Event of Default referred to in
clause (d) or (e) of this Paragraph 10, the principal amount then
outstanding of, and the accrued interest on, this Note and all other amounts
payable by the Payor hereunder and under the Pledge Agreement shall
automatically become immediately due and payable without presentment, demand,
protest or other formalities of any kind, all of which are hereby expressly
waived by the Payor.

11. Definitions.
As used herein, the following terms shall have the following respective
meanings:

"Bankruptcy Code" shall mean the Federal Bankruptcy
Code of 1978, as amended from time to time.

"Business Day" shall mean any day on which
commercial banks are not authorized or required to close in New York, New York.

"Dollars" and "$" shall mean lawful money of the
United States of America.

"Federal Funds Effective Rate" shall mean, for any period,
a fluctuating interest rate equal for each day during such period to the
weighted average of the rates on overnight Federal Funds transactions with
members of the Federal Reserve System arranged by Federal Funds brokers, as
published for such day (or, if such day is not a Business Day, for the next
preceding Business Day) by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day which is a Business Day, the average of
the quotations for such day on such transactions received by KeyBank, from
three Federal Funds brokers of recognized standing selected by KeyBank.

"Indebtedness" shall mean, for any Person: (a)
obligations created, issued or incurred by such Person for borrowed money
(whether by loan, the issuance and sale of debt securities or the sale of
property to another Person subject to an understanding or agreement, contingent
or otherwise, to repurchase such property from such Person); (b) obligations of
such Person to pay the deferred purchase or acquisition price of property or
services, other than trade accounts payable (other than for borrowed money)
arising, and accrued expenses incurred, in the ordinary course of business; (c)
Indebtedness of others secured by a lien on the property of such Person,
whether or not the respective indebtedness so secured has been assumed by such
Person; (d) obligations of such Person in respect of letters of credit or
similar instruments issued or accepted by banks and other financial
institutions for account of such Person; (e) capital lease obligations of such
Person; and (f) Indebtedness of others guaranteed by such Person.

"KeyBank" shall mean KeyBank National Association, a
national banking association, and its successors.

"Obligations" shall mean all amounts owing under
this Note (whether for principal, interest or any other amount) and all amounts
owing to the Payee under the Pledge Agreement.

"Person" shall mean any individual, corporation,
company, voluntary association, partnership, limited liability company, joint
venture, trust, unincorporated organization or government (or any agency,
instrumentality or political subdivision thereof).

"Pledge Agreement" shall mean the Bridge Pledge
Agreement dated as of the date of this Note between the Payor and the Payee, as
the same shall be amended, modified and supplemented and in effect from time to
time.

"Prime Rate" shall mean, for any period, a
fluctuating interest rate per annum as shall be in effect from time to time
which rate per annum shall at all times be equal to the greater of (i) the rate
of interest established by KeyBank in Cleveland, Ohio, from time to time, as
its prime rate, whether or not publicly announced, which interest rate may or
may not be the lowest rate charged by it for commercial loans or other extensions
of credit, and (ii) the Federal Funds Effective Rate in effect from time to
time plus 1/2 of 1% per annum.

12. Waiver.

No
failure on the part of the Payee to exercise and no delay in exercising, and no
course of dealing with respect to, any right, power or privilege under this
Note shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power or privilege under this Note preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.
The remedies provided herein are cumulative and not exclusive of any remedies
provided by law.

13. Notices.

All
notices and other communications in respect of this Note (including, without
limitation, any modifications of, or requests, waivers or consents under, this
Note) shall be given or made in writing (including, without limitation, by
telecopy) to the Payor or the Payee, as applicable, at the "Address for
Notices" specified below its name on the signature pages hereof or, as to
either the Payor or the Payee, at such other address as shall be designated by
such party in a notice to the other party. Except as otherwise provided in this
Note, all such communications shall be deemed to have been duly given when
transmitted by telecopier or personally delivered or, in the case of a mailed
notice, upon receipt, in each case given or addressed as aforesaid.

14. Amendments;
Successors; Assignments. This Note may not be amended except by an
instrument in writing signed by each of the Payor and the Payee. This Note
shall be binding upon and inure to the benefit of the Payor and the Payee and
their respective successors and permitted assigns. The Payor shall not assign
any of its rights or obligations under this Note without the prior consent of
the Payee. The Payee may at any time and from time to time, without the consent
of the Payor, assign all or any portion of its rights under this Note to one or
more persons or entities, and, upon the Payee giving notice of such assignment
to the Payor specifying the interest hereunder being assigned and the person or
entity to which such interest is being assigned, each reference herein to the
Payee shall (solely in respect of the interest so assigned) constitute a
reference to such assignee (as if such assignee were named herein) rather than
the Payee. The Payee shall be entitled to have this Note subdivided, by
exchange of this Note for promissory notes of lesser denominations or
otherwise, to the extent necessary to reflect any such assignment.

15. Equity
Conversion Provisions. If, at any time prior to the date on which the
outstanding principal amount of and accrued and unpaid interest on this Note is
paid in full, the Payor effects one or more Qualified Rights Offerings, or
issues additional Capital Stock in one or more Qualified Stock Offerings (each
such event, an "Equity
Event") then, with the consent of the Payor (which consent
may be withheld by the Payor in its sole discretion), the Payee may apply all
or a portion of the outstanding principal amount of and accrued and unpaid
interest on this Note toward the purchase price of Equity Rights in such
Qualified Rights Offering or toward the purchase price of Capital Stock in such
Qualified Stock Offering (as the case may be) on and subject to the following
terms:

(a) The Payee would participate in such Equity Event
on a pari passu basis with the
other participants therein and on economic terms identical to the economic
terms on which such other participants are acquiring the related Equity
Interests, except that the amount that would otherwise be payable in cash by
the Payee to acquire such Equity Interests would be paid for by the Payee by
means of a reduction in the outstanding principal amount of this Note and
accrued and unpaid interest hereon.

(b) Each such reduction shall be applied first to reduce the amount of accrued and
unpaid interest then owing on this Note and then
to reduce the then outstanding principal amount of this Note (in each case
determined as of the date on which such Equity Interests are issued in connection
with such Equity Event).

As used
in this Paragraph 15, the following terms shall have the following respective
meanings:

"Equity Interests" shall mean Equity Rights issued
in a Qualified Rights Offering and Capital Stock issued in a Qualified Stock Offering.

"Equity Rights"
shall mean any rights to acquire any Capital Stock.

"Capital Stock"
shall mean any capital stock of the Payor.

"Qualified Rights Offering" shall mean an offering
by the Payor of Equity Rights after the date hereof.

"Qualified Stock Offering" shall mean an offering by
the Payor of any Capital Stock after the date hereof, provided that such Capital Stock is
offered in a registered public offering or private placement. 

 16.
Governing Law; Submission to Jurisdiction; Venue. This Note shall be
governed by, and construed in accordance with, the law of the State of New
York. The Payor hereby submits to the nonexclusive jurisdiction of the United
States District Court for the Southern District of New York and of any New York
State court sitting in New York County for the purposes of all legal
proceedings arising out of or relating to this Note or the transactions
contemplated hereby. The Payor irrevocably waives, to the fullest extent
permitted by applicable law, any objection which he may now or hereafter have
to the laying of the venue of any such proceeding brought in such a court and
any claim that any such proceeding brought in such a court has been brought in
an inconvenient forum.

17. Waiver
of Jury Trial.

EACH OF THE PAYOR AND THE PAYEE, BY ITS ACCEPTANCE OF THE
BENEFITS OF THIS NOTE, 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 NOTE OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

[remainder of page intentionally blank]

 

 

IN WITNESS WHEREOF, the undersigned has
caused this Note to be duly executed and delivered as of the day and year first
above written.

 

MECHANICAL TECHNOLOGY INCORPORATED

 

By_s/Cynthia
A. Scheuer___________

Name:
Cynthia A. Scheuer

Title:
Vice President and Chief Financial Officer

Address
for Notices:

Mechanical
Technology Incorporated

30 South
Pearl Street

Albany,
New York 12205

Attention:
Chief Financial Officer

Telephone
No.: (518) 433-2170 

Telecopier
No.: (518) 433-2171

 

ACCEPTED
AND AGREED:

FIRST
ALBANY COMPANIES INC.

 

 

By s/George
M. McNamee

Name:
George M. McNamee

Title:
Chairman and Co-Chief Executive Officer

Address
for Notices

First
Albany Companies Inc.

30 South
Pearl Street

Albany, New
York 12205

Attention:
Chief Financial Officer

Telephone
No.: (518) 447-8059

Telecopier
No.: (518) 447-8068

ANNEX A

 

 

Amount of
Date of Notation

Payment  
Payment   Made By

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