Document:

Exhibit 10.1 - Employment Agreement between Millennium Cell and H. David Ramm

                                                                        Exhibit
    10.1

     

     

    EMPLOYMENT
      AGREEMENT dated as of June 22, 2006 (the “Employment
      Agreement”),
      by
      and between MILLENNIUM CELL INC., a Delaware corporation (“Millennium
      Cell”),
      and
      H. DAVID RAMM, an individual residing at 35 West Terrace Drive, Houston, Texas
      77007-7040 (“Executive”).

    

    In
      consideration of the extension of Executive’s employment as Chief Executive
      Officer of Millennium Cell and in replacement of that certain employment
      agreement between Millennium Cell and Executive dated as of August 12, 2005
      (the
“Previous
      Agreement”),
      and
      the mutual covenants set forth herein, and for other good and valuable
      consideration, the receipt and sufficiency of which is hereby acknowledged,
      the
      parties hereto, intending to be legally bound, hereby agree as
      follows:

    

    1. Term.
      Millennium Cell hereby agrees to continue to employ Executive, and Executive
      hereby accepts such continued employment, under and subject to all of the terms,
      conditions and provisions hereof, for a term commencing on January 1, 2006,
      and
      ending on the close of business on December 31, 2006 (the “Employment
      Term”).
      At
      the end of the Employment Term, this Employment Agreement shall renew
      automatically for additional one-month periods unless either party delivers
      to
      the other party 30 days’ prior written notice of such party’s election that the
      Employment Term not be so renewed. If this Employment Agreement is extended
      in
      accordance with the preceding sentence, the “Employment Term” shall be extended
      until the end of the applicable extension period. The parties agree and
      acknowledge that the Previous Agreement shall be null and void and of no further
      force and effect as of the date hereof.

    

    2. Duties.
      During
      the Employment Term, Executive will be employed as Millennium Cell’s Chief
      Executive Officer. Executive shall be responsible for all duties customarily
      associated with his title, and be responsible for the general management of
      the
      business and operations of Millennium Cell. Executive shall report directly
      to
      the Chairman of the Board of Directors of Millennium Cell (or any individual
      director designated by such Chairman). Executive shall be allowed to devote
      time
      to other activities and employment; provided,
      that
      Executive shall devote a sufficient amount of time to Millennium Cell so as
      to
      be able to perform his duties under the above-mentioned title and shall make
      himself available after regular business hours (by telephone, e-mail and
      facsimile machine) and shall travel if and as necessary in order to conduct
      Millennium Cell’s business and fully discharge Executive’s responsibilities
      under this Employment Agreement.

    

    3. Compensation;
      Fringe Benefits.
      As full
      consideration for the services provided by Executive hereunder, Executive shall
      be paid $12,500 per month, payable monthly on the first business day of each
      month during the Employment Term, and granted fifty thousand (50,000)
      restricted shares of common stock, par value $.001 per share, of Millennium
      Cell, which restricted shares shall be subject to the vesting schedule,
      forfeiture events and other terms, conditions and restrictions set forth in
      this
      Employment Agreement, in that certain Restricted Stock Grant Agreement dated
      as
      of the date hereof (the “Grant
      Agreement”)
      issued
      by Millennium Cell to Executive and in that certain Amended and Restated
      Millennium Cell Inc. 2000 Stock Option Plan, amended effective December 1,
      2001
      (the “Plan”).

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    4. Termination.
      This
      Employment Agreement may be terminated by any party at any time for any reason.
      In the event of any termination of this Employment Agreement, Executive agrees,
      acknowledges and understands that he shall not be eligible for any severance
      payments except as set forth in the Grant Agreement.

    

    5. No
      Solicitation of Employees.
      During
      the Employment Term, and for a period of one year after the expiration or
      earlier termination of this Employment Agreement, other than in the course
      of
      Executive’s performance of his duties on behalf of Millennium Cell, Executive
      shall not for any reason, directly or indirectly, through another person or
      entity (i) induce or attempt to induce any officer, director, employee,
      contractor, consultant or advisor (collectively, “Personnel”)
      of
      Millennium Cell or any of its Affiliates (as defined below) to end or terminate
      its relationship with Millennium Cell or such Affiliates, or in any way
      interfere with the relationship between Millennium Cell or any such Affiliates,
      on the one hand, and any of their Personnel, on the other hand, (ii) knowingly
      hire or assist a third party seeking to have any member of the Personnel of
      Millennium Cell or its Affiliates until six months after such individual’s
      relationship with Millennium Cell and/or any Affiliate of Millennium Cell has
      been terminated or (iii) induce or attempt to induce any client, customer,
      supplier, vendor, licensee or other business relation of Millennium Cell or
      any
      of its Affiliates to cease doing business with Millennium Cell or its
      Affiliates, or in any way interfere with the relationship between any such
      client, customer, supplier, vendor, licensee or business relation, on the one
      hand, and Millennium Cell or any its Affiliates, on the other hand.

    

    6. Confidential
      Information.
      Executive recognizes and acknowledges that Millennium Cell and its Affiliates’
trade secrets and confidential or Proprietary Information (as defined below),
      including such trade secrets or information as may exist from time to time,
      and
      information as to the identity of customers of Millennium Cell and its
      Affiliates, and other similar items (collectively, “Confidential
      Information”),
      are
      valuable, special and unique assets of Millennium Cell’s business, the access to
      and knowledge of which are essential to the performance of the duties of
      Executive hereunder. Executive will not, in whole or in part, disclose, at
      any
      time, either during or subsequent to his employment with Millennium Cell, such
      Confidential Information to any person, firm, corporation, limited liability
      company, partnership, association or any other entity for any reason or purpose
      whatsoever, except as required in connection with Executive’s duties to
      Millennium Cell and except to Millennium Cell’s Personnel and similar
      representatives who are aware of the confidential nature thereof and are bound
      by a duty of confidentiality with respect thereto, nor shall Executive make
      use
      of any such Confidential Information for his own purposes or for the benefit
      of
      any person, firm, corporation limited liability company, partnership,
      association or other entity (except Millennium Cell) under any circumstances;
      provided,
      however,
      that
      Executive may disclose (i) information in the public domain not as a result
      of a
      breach of this Employment Agreement, (ii) information lawfully received from
      a
      third party who had the right to disclose such information and was not violating
      an obligation to Millennium Cell in connection therewith and (iii) information,
      other than Proprietary Information, learned through Executive’s own independent
      skill, knowledge, know-how and experience to whatever extent and in whatever
      way
      Executive wishes, in each case consistent with Executive’s obligations under
      this Employment Agreement. In the event that Executive is requested or required
      (by oral questions, deposition, interrogatories, requests for information or
      documents, subpoena, civil 

     

     

    
      
        
        

      

      
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    investigative
      demand or other process) to disclose all or any part of any Confidential
      Information, Executive shall use reasonable efforts to provide Millennium Cell
      with prompt notice of such request or requirement so that Millennium Cell may
      seek an appropriate protective order or waive compliance with the provisions
      of
      this Employment Agreement, as well as notice of the terms and circumstances
      surrounding such request or requirement. In any such case, Executive shall
      discuss with Millennium Cell the advisability of pursuing any such order or
      other legal action or available steps to resist or narrow such request or
      requirement. If, failing the entry of a protective order or the receipt of
      a
      waiver hereunder, Executive is legally compelled to disclose Confidential
      Information, Executive may disclose that portion of the Confidential Information
      which Executive is legally compelled to disclose. In any event, Executive shall
      use reasonable efforts to cooperate with Millennium Cell’s efforts to obtain and
      shall not oppose action by Millennium Cell to obtain, an appropriate protective
      order or other reliable assurance that confidential treatment will be accorded
      the disclosure of such information.

    

    7. Ownership
      of Proprietary Information.
      Executive acknowledges and agrees that all information that has been created,
      discovered or developed by Millennium Cell, its subsidiaries, affiliates,
      licensors, licensees, successors or assigns (collectively, the “Affiliates”)
      (including, without limitation, information relating to the development of
      Millennium Cell’s business created, discovered, developed or made known to
      Millennium Cell or the Affiliates by the Executive during the Employment Term
      and information relating to Millennium Cell’s customers, suppliers, consultants
      and licensees) and/or in which property rights have been assigned or otherwise
      conveyed to Millennium Cell or its Affiliates, shall be the sole property of
      Millennium Cell or its Affiliates, as applicable, and Millennium Cell or its
      applicable Affiliate, as the case may be, shall be the sole owner of all
      patents, patent rights, licenses and other proprietary rights in connection
      therewith, including, but not limited to, the right to file applications for
      statutory protection. All of the aforementioned information is hereinafter
      called “Proprietary
      Information”.
      By way
      of illustration, but not limitation, Proprietary Information includes trade
      secrets, processes, discoveries, structures, inventions, designs, ideas, works
      of authorship, copyrightable works, trademarks, copyrights, formulas, data,
      know-how, show-how, improvements, inventions, product concepts, techniques,
      information or statistics contained in, or relating to, marketing plans,
      strategies, forecasts, blueprints, sketches, records, notes, devices, drawings,
      customer lists, patent applications, continuation applications,
      continuation-in-part applications, file wrapper continuation applications and
      divisional applications and information about Millennium Cell’s or its
      Affiliates’ Personnel and/or advisors (including, without limitation, the
      compensation, responsibility and performance of such Personnel).

    

    8. Disclosure
      and Ownership of Inventions.
      (a)
      During the Employment Term, Executive agrees that he will promptly disclose
      to
      Millennium Cell, or any persons designated by Millennium Cell, any and all
      improvements, inventions, designs, ideas, works of authorship, copyrightable
      works, discoveries, trademarks, copyrights, trade secrets, formulas, processes,
      structures, product concepts, marketing plans, strategies, customer lists,
      techniques, blueprints, sketches, records, notes, devices, drawings, know-how,
      data, whether or not patentable, patent applications, continuation applications,
      continuation-in-part applications, file wrapper continuation applications and
      divisional applications (collectively hereinafter referred to as the
“Inventions”),
      made
      or conceived or reduced to practice or learned by Executive, either alone or
      jointly with others, during the Employment Term. 

     

    
 

    
      
        
        

      

      
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    (b) Executive
      agrees that all Inventions shall be the sole property of Millennium Cell to
      the
      maximum extent permitted by applicable law and to the extent permitted by law
      shall be “works made for hire” as that term is defined in the United States
      Copyright Act (17 USCA, Section 101). To the extent that any Inventions are
      not
      deemed “works made for hire”, Executive hereby agrees to assign such Invention
      to Millennium Cell. Millennium Cell shall be the sole owner of all patents,
      copyrights, trademarks, trade secret rights and other intellectual property
      or
      other rights in connection therewith. Executive hereby agrees to assign to
      Millennium Cell all right, title and interest Executive may have or acquire
      in
      all Inventions. Executive further agrees to assist Millennium Cell in every
      proper way (but at Millennium Cell’s expense) to obtain and from time to time
      enforce patents, copyrights, trademarks or other rights on said Inventions
      in
      any and all countries, and to that end Executive will execute all documents
      necessary:

     

    (i) to
      apply
      for, obtain and vest in the name of Millennium Cell alone (unless Millennium
      Cell otherwise directs) letters patent, copyrights, trademarks or other
      analogous protection in any country throughout the world and when so obtained
      or
      vested to renew and restore the same; and

     

    (ii) to
      defend
      any opposition proceedings in respect of such applications and any opposition
      proceedings or petitions or applications for revocation of such letters patent,
      copyright, trademark or other analogous protection.

    

    (c) Executive’s
      obligation to assist Millennium Cell in obtaining and enforcing patents,
      copyrights and trademarks for the Inventions in any and all countries shall
      continue beyond the Employment Term, but Millennium Cell agrees to compensate
      Executive at a reasonable rate after the expiration of the Employment Term
      for
      time actually spent by Executive at Millennium Cell’s request in connection with
      such assistance.

    

    9. Injunction.
      Executive agrees that his failure to perform the obligations provided by
      Sections 5, 6, 7 or 8 of this Employment Agreement will result in material
      irreparable injury to Millennium Cell for which there is no adequate remedy
      at
      law and that it will not be possible to measure damages for such injuries
      precisely. Accordingly, Executive agrees that if he breaches, or proposes to
      breach, any portion of Sections 5, 6, 7 or 8 of this Employment Agreement,
      Millennium Cell shall be entitled, in addition to all other remedies that it
      may
      have and without the posting of a bond or other security, to a temporary
      restraining order and/or an injunction, specific performance or other
      appropriate equitable relief to restrain any such breach without showing or
      proving any actual damage to Millennium Cell.

    

    10. Acknowledgment;
      Enforceability.
      Executive has reviewed this Employment Agreement in its entirety, has had an
      opportunity to obtain the advice of counsel prior to executing this Employment
      Agreement and fully understands all provisions of this Employment Agreement.
      Executive hereby acknowledges that the type and periods of restriction imposed
      in the provisions of this Employment Agreement are fair and reasonable and
      are
      reasonably required for the protection of Millennium Cell’s Proprietary
      Information, Confidential Information and the goodwill associated with
      Millennium Cell’s business. 

     

     

    
      
        
        

      

      
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    Executive
      hereby further acknowledges that the provisions of this Employment Agreement
      shall be enforced to the fullest extent permissible under the laws and public
      policies applied in each jurisdiction in which enforcement is sought.
      Accordingly, if any portion or provision of this Employment Agreement is to
      any
      extent declared illegal, invalid or unenforceable by a court of competent
      jurisdiction, then this Employment Agreement shall be deemed amended to modify
      or delete therefrom the portion thus declared illegal, invalid or unenforceable,
      and the remainder of this Employment Agreement, or the application of such
      portion or provision in circumstances other than those as to which it is so
      declared illegal, invalid or unenforceable, will not be affected thereby, and
      each portion and provision of this Employment Agreement shall be valid and
      enforceable to the fullest extent permitted by law. In the event that any
      provision of this Employment Agreement is determined by any court of competent
      jurisdiction to be unenforceable by reason of excessive scope, geographic area,
      or temporal or functional coverage, such provision will be deemed to extend
      only
      over the maximum scope, geographic area or temporal and functional coverage
      as
      to which it may be enforceable, and the court shall revise the restriction
      contained herein to cover such maximum scope, geographic area and temporal
      and
      functional coverage. Any provision of this Employment Agreement which is
      prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
      be ineffective to the extent of such prohibition or unenforceability without
      invalidating the remaining provisions hereof, and any such prohibition or
      unenforceability in any jurisdiction shall not invalidate or render
      unenforceable such provision in any other jurisdiction.

    

    11. Notices.
      Any
      notice required to be given or delivered to Millennium Cell under the terms
      of
      this Employment Agreement shall be in writing and addressed to Millennium Cell
      at 1 Industrial Way West, Eatontown, New Jersey [Missing Graphic
      Reference]07724,
      Fax: 732-542-4010, Attention: Chairman of the Board, or to such other address
      as
      shall be provided in writing to Executive. Any notice required to be given
      or
      delivered to Executive shall be in writing and addressed to the most recent
      address of Executive, as set forth in the books and records of Millennium Cell.
      All notices shall be deemed effective upon personal delivery against receipt
      therefor; one day after being sent by Federal Express or similar overnight
      delivery; or three days after being mailed registered or certified mail, postage
      prepaid, and properly addressed to the party to be notified.

    

    12. Entire
      Agreement.
      This
      Agreement and the Grant Agreement contain the entire understanding between
      the
      parties concerning the subject matter contained in herein and therein. There
      are
      no representations, agreements, arrangements or understandings, oral or written,
      between the parties hereto, relating to the subject matter of this Employment
      Agreement, that are not fully expressed herein or therein.

    

    13. Governing
      Law.
      This
      Employment Agreement shall be governed by, and construed in accordance with,
      the
      laws of the State of New York (without regard to such State’s conflict of laws
      doctrines).

    

    14. Amendments
      and Waivers.
      The
      parties hereto may, by written agreement signed by the parties, modify any
      of
      the covenants or agreements or modify the time for the performance of any of
      the
      obligations contained in this Employment Agreement or in any document delivered
      pursuant to this Employment Agreement. Any party hereto may waive, by written
      instrument signed by such party, compliance by the other party, with any of
      the
      other party’s obligations contained in this Employment Agreement. 

     

     

    
      
        
        

      

      
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    15. No
      Waiver of Rights.
      No
      failure or delay on the part of any party in the exercise of any power or right
      hereunder shall operate as a waiver thereof, nor shall any single or partial
      exercise of any such power or right preclude other or further exercise thereof
      or of any other right or power. The waiver by any party or parties hereto of
      a
      breach of any provision of this Employment Agreement shall not operate or be
      construed as a waiver of any other or subsequent breach hereunder. All rights
      and remedies existing under this Employment Agreement are cumulative and are
      not
      exclusive of any rights or remedies otherwise available.

    

    16. Submission
      to Jurisdiction.
      Any and
      all suits, legal actions or proceedings against any party hereto arising out
      of
      this Employment Agreement shall be brought in any United States federal court
      sitting in the State of York or any other court of appropriate jurisdiction
      sitting in the State of New York, as the party bringing such suit may elect
      in
      its sole discretion, and each party hereby submits to and accepts the exclusive
      jurisdiction of such courts for the purpose of such suit, legal action or
      proceeding, each party hereto waives personal service of any summons, complaint
      or other process and agrees that service thereof may be made by certified or
      registered mail. Each party hereto hereby irrevocably waives any objection
      which
      it may now hereafter have to the laying of venue of such suit, legal action
      or
      proceeding in any such court and hereby further waives any claim that any such
      suit, legal action or proceeding brought in any such court has been brought
      in
      an inconvenient forum.

    

    17. Counterparts.
      This
      Employment Agreement may be executed in one or more counterparts, each of which
      shall be deemed to be an original, but both of which together shall constitute
      one and the same instrument.

    

    18. Construction.
      Whenever used in this Employment Agreement, the singular number will include
      the
      plural, and the plural number will include the singular, and the masculine
      or
      neuter gender shall include the masculine, feminine or neuter gender. The
      headings of the Sections of this Employment Agreement have been inserted for
      purposes of convenience and shall not be used for interpretive
      purposes.

    

    19. Successors.
      The
      rights and obligations of Millennium Cell under this Employment Agreement shall
      be transferable to any successor thereto. The rights and obligations of
      Executive under this Employment Agreement may only be assigned with the prior
      written consent of Millennium Cell.

    

 

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the parties hereto have executed and delivered this Employment
      Agreement as of the day and year first set forth above.

    

    

    

    

     

    H.
      David
      Ramm 

    /s/H.
      David Ramm

     

    

    

    MILLENNIUM
      CELL INC.

    

    

    By:
      /s/G.
      Chris Andersen     

    Name:
      G.
      Chris Andersen

    Title:
      Chairman of the Board

     

     

    
      
        
        

      

      
        7Exhibit 10.2 - Restricted Stock Agreement between Millennium Cell and H. David
      Ramm

                                                                Exhibit
    10.2

     

     

    RESTRICTED
      STOCK GRANT AGREEMENT (this “Agreement”)
      dated
      as of June 22, 2006 (the “Effective
      Date”),
      by
      and between MILLENNIUM CELL INC., a Delaware corporation (the “Company”),
      and
      H. DAVID RAMM, an individual residing at 35 West Terrace Drive, Houston, Texas
      77007-7040 (“Grantee”).

    

    WHEREAS,
      Grantee and the Company are parties to that certain Employment Agreement dated
      as of the date hereof (the “Employment
      Agreement”);
      

    

    WHEREAS,
      the Company recognizes the contributions that Grantee will make to the Company’s
      development in his role as Chief Executive Officer of the Company;
      and

    

    WHEREAS,
      in order to reward Grantee for his efforts, on May 2, 2006 the Compensation
      Committee of the Company’s Board of Directors approved the Company’s grant to
      Grantee of fifty thousand (50,000) restricted shares (the “Restricted
      Shares”)
      of the
      common stock, par value $.001 per share, of the Company (the “Common
      Stock”),
      subject to the terms, conditions and restrictions set forth in this Agreement,
      the Employment Agreement and that certain Amended and Restated Millennium Cell
      Inc. 2000 Stock Option Plan (the “Plan”).

    

    NOW,
      THEREFORE, in consideration of the above premises and the mutual covenants
      set
      forth herein, and for other good and valuable consideration, the receipt and
      sufficiency of which is hereby acknowledged, the parties hereto, intending
      to be
      legally bound, hereby agree as follows:

    

    1. Grant
      of Restricted Shares.
      Pursuant to the Plan and subject to the terms, conditions and restrictions
      set
      forth in this Agreement and in the Employment Agreement, upon execution of
      this
      Agreement, the Company shall grant to Grantee the Restricted Shares.

    

    2. Grantee
      Bound by Plan.
      The
      Plan is incorporated herein by reference and made a part hereof. The Plan shall
      govern all aspects of this Agreement except as otherwise specifically stated
      herein. Grantee hereby acknowledges receipt of a copy of the Plan and agrees
      to
      be bound by all the terms and provisions thereof. Capitalized terms used but
      not
      defined herein shall have the meanings ascribed to them in the Plan. The Plan
      should be carefully examined before any decision is made to accept the
      Restricted Shares.

    

    3. Vesting
      Schedule.
      Subject
      to the Plan, the Restricted Shares awarded to Grantee shall vest in twelve
      consecutive equal monthly installments commencing on January 31, 2006, or,
      if
      earlier, upon the termination of Grantee’s employment with the Company for any
      reason (including, but not limited to, for death or disability) other than
      a
      termination by the Company for Cause or Grantee’s resignation of employment. For
      purposes of this Agreement, Grantee may be terminated for cause if Grantee:
      (i)
      is convicted of, or pleads guilty or nolo contendere, to a felony or (ii)
      engages in willful gross neglect or willful gross misconduct in carrying out
      his
      duties under the Employment Agreement, resulting, in either case, in material
      economic harm to the Company.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4. Restrictions
      on Transfer.
      Grantee
      agrees that, in addition to any restrictions on transfer that may be imposed
      under applicable state and federal securities laws and in the Plan, the
      Restricted Shares shall be subject to the following restrictions on
      transfer:

    

    (a) Grantee
      shall not, without the prior written consent of the Company, offer, transfer,
      sell, pledge, assign, hypothecate or otherwise encumber or dispose of any
      unvested Restricted Shares.

    

    (b) Any
      attempted assignment, transfer, pledge, hypothecation or other disposition
      of
      the Restricted Shares contrary to the provisions hereof, and the levy of any
      execution, attachment or similar process upon the Restricted Shares, shall
      be
      null and void and without any force or effect.

    

    5. Cancellation
      of Restricted Shares.
      In
      addition to the terms and conditions set forth in the Plan, upon a termination
      of the Employment Agreement by the Company for Cause or the resignation of
      employment by Grantee, any unvested Restricted Shares shall automatically be
      cancelled without any further action on behalf of the Company or
      Grantee.

    

    6. Dividends.
      If and
      when the Company shall declare any dividend or distribution on the Common Stock,
      Grantee shall be entitled to receive all cash, securities, proceeds or assets
      of
      any kind in connection with such dividend or distribution with respect to his
      vested and unvested Restricted Shares, if any.

    

    7. Stock
      Certificates.

    

    (a) Custody
      of Certificates.
      The
      Company shall hold the certificate(s) evidencing the Restricted Shares in its
      custody until they have vested, and as a condition to the granting of the
      Restricted Shares, Grantee shall deliver a stock power, substantially in the
      form attached hereto as Exhibit
      A-1,
      endorsed in blank, relating to the Restricted Shares.

    

    (b) Stock
      Legends.
      The
      share certificates evidencing the Restricted Shares, both prior to and after
      the
      vesting thereof, shall have endorsed upon them in bold-faced type the following
      legends (in addition to any legend(s) required under applicable state or federal
      securities laws):

    

    THIS
      CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS
      AND CONDITIONS (INCLUDING FORFEITURE PROVISIONS AND RESTRICTIONS AGAINST
      TRANSFER) CONTAINED IN THE MILLENNIUM CELL INC. 2000 STOCK OPTION PLAN AND
      A
      RESTRICTED STOCK AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER
      AND
      MILLENNIUM CELL INC. RELEASE FROM SUCH TERMS AND CONDITIONS SHALL BE OBTAINED
      ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE PLAN AND AGREEMENT, A COPY OF
      EACH
      OF WHICH IS ON FILE IN THE OFFICE OF THE SECRETARY OF MILLENNIUM CELL
      INC.

    

     

    
      
        
        

      

      
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    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS
      UPON TRANSFER AND CANCELLATION AS SET FORTH IN A RESTRICTED STOCK GRANT
      AGREEMENT DATED AS OF MAY [18], 2006, BETWEEN MILLENIUM CELL INC. (THE
“CORPORATION”), AND THE SHAREHOLDER, A COPY OF WHICH IS ON FILE WITH THE
      SECRETARY OF THE CORPORATION. 

    

    8. Representations
      and Warranties.
      Grantee
      represents to the Company that:

    

     

    (a)  Grantee
      has relied solely upon the information, if any, requested of the Company and
      upon his own due diligence in making the decision to acquire the Restricted
      Shares. To the extent necessary, Grantee has retained, at his own expense,
      and
      relied upon the advice of, appropriate professionals regarding the investment,
      tax and legal merits and consequences of the purchase of the Restricted
      Shares. Grantee
      covenants that the Restricted Shares were not offered or transferred to Grantee
      by means of any form of general solicitation or general advertising, and in
      connection therewith, Grantee did not: (I) receive or review any advertisement,
      article, notice or other communication published in a newspaper or magazine
      or
      similar media or broadcast over television or radio whether closed circuit
      or
      generally available or (II) attend any seminar meeting or industry investor
      conference whose attendees were invited by any general solicitation or general
      advertising

     

    (b)  Grantee
      acknowledges receipt of a copy of the Plan and represents that it is familiar
      with the terms and provisions thereof, and hereby accepts this Restricted Stock
      Grant subject to all of the terms and provisions thereof except as otherwise
      specifically stated in this Agreement. Grantee has reviewed the Plan and this
      Agreement in their entirety, has had an opportunity to obtain the advice of
      counsel prior to executing this Agreement and fully understands all provisions
      of the Plan and this Agreement. Grantee hereby agrees to accept as binding,
      conclusive and final all decisions or interpretations of the Board or Committee
      (both as defined in the Plan) upon any questions arising under the Plan; and
      

     

    (c)  Grantee
      acknowledges agree that, as a condition to each vesting of the Restricted
      Shares, the representations and warranties of this Section 8 shall be true
      and
      correct as of such vesting date as if they had been made on such date with
      respect to the vested Restricted Shares.

     

    (d)  Grantee
      acknowledges that the Restricted Shares may only be transferred or otherwise
      disposed of pursuant to (i) a registration statement on Form S-8 upon delivery
      of a resale prospectus to the recipient of the Restricted Shares, as long as
      Grantee is an affiliate of the Company, (ii) an effective registration statement
      under the Securities Act of 1933 (the “Act”)
      or
      (iii) pursuant to an exemption from registration under the Act.

    

    (e)  Grantee
      acknowledges that the transfer of the Restricted Shares is restricted by the
      terms of this Agreement and the Plan, and Grantee must therefore hold the
      Restricted Shares indefinitely unless a subsequent disposition of the Restricted
      Shares is permitted under the terms of this Agreement.

     

    
 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (f)  Grantee
      acknowledges that, given the restrictions on transfer acknowledged above, he
      is
      able to bear the economic risk of holding the Restricted Shares for an
      indefinite period of time and can afford a complete loss of the value of the
      Restricted Shares.

    

    (g)  Grantee
      agrees and acknowledges that the Company may, if it so desires and subject
      to
      Section 3, permit the transfer of the Restricted Shares out of Grantee’s name
      only when Grantee’s request for transfer is accompanied by an opinion of counsel
      reasonably satisfactory to the Company and its counsel that neither the sale
      nor
      the proposed transfer results in a violation of the Act or any state securities
      or “blue sky” laws (collectively, “Securities
      Laws”).
      Grantee agrees to hold the Company and its directors, officers, agents and
      controlling persons and their respective heirs, representatives, successors
      and
      assigns harmless and to indemnify them from and against all liabilities, costs
      and expenses incurred by them as a result of any misrepresentation made by
      Grantee contained herein or any sale or distribution by Grantee in violation
      of
      the Securities Laws.

    

    (h)  Grantee
      represents that the receipt of the Restricted Shares by Grantee will not result
      in the violation by Grantee of any law, statute, rule, regulation, order, writ,
      injunction, judgment or decree of any court or governmental authority to or
      by
      which Grantee is bound, including, without limitation, United States laws and
      other laws that may be applicable to Grantee and will not conflict with, or
      result in a material breach or violation of, any of the terms or provisions
      of,
      or constitute (with due notice or lapse of time or both) a material default
      under, any material lease, loan agreement, mortgage, security agreement, trust
      indenture or other agreement or instrument to which Grantee is a party or by
      which Grantee is bound or to which Grantee’s material properties or assets is
      subject, nor result in the creation or imposition of any lien upon any of the
      material properties or assets of Grantee.

    

    (i)  Grantee
      acknowledges and agrees that this Agreement is not a contract of employment
      and
      that nothing in this Agreement shall confer upon Grantee any right with respect
      to continuation of service to or employment by the Company, nor shall it
      interfere in any way with his right or the Company’s right to terminate his
      service to or employment by the Company at any time, with or without
      cause.

    

    (j)  Grantee
      acknowledges and agrees that the vesting of shares pursuant to this Agreement
      is
      earned only through Grantee’s continued and satisfactory employment by the
      Company or its subsidiaries or affiliates and not through the grant of the
      Restricted Shares hereunder. 

    

    (k)  Grantee
      hereby accepts this Agreement subject to all of the terms and provisions hereof.
      Grantee has reviewed this Agreement in its entirety, has had an opportunity
      to
      obtain the advice of counsel prior to executing this Agreement, and fully
      understands all provisions of this Agreement.

    

    (l)  Grantee
      acknowledges that the Company and its counsel are entitled to rely on the
      representations made above.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    9. Tax
      and Financial Consequences.
      Grantee
      has reviewed with Grantee’s own tax and financial advisors the federal, state,
      local and foreign tax consequences of this Agreement. Grantee is relying solely
      on such advisors and not on any statements or representations of the Company
      or
      any of its agents. Grantee understands that Grantee (and not the Company) shall
      be responsible for Grantee’s own tax liability that may arise as result of the
      transactions contemplated by this Agreement. Grantee understands that Section
      83
      of the Internal Revenue Code of 1986, as amended from time to time (the
“Code”),
      taxes
      as ordinary income the fair market value, as defined by the Code, of the
      Restricted Shares as of the date they become “substantially vested” within the
      meaning of Section 1.83-3(b) of the regulations promulgated pursuant to Section
      83 of the Code. Grantee understands that Grantee may elect to be taxed at the
      time the Restricted Shares are granted, rather than at the time, if any, that
      they become substantially vested, by filing an election under Section 83(b)
      of
      the Code with the Internal Revenue Service within 30 days from the date of
      grant. 

    

    GRANTEE
      ACKNOWLEDGES THAT IT IS GRANTEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO
      FILE A TIMELY ELECTION UNDER CODE SECTION 83(b), EVEN IF GRANTEE REQUESTS THE
      COMPANY, OR ITS REPRESENTATIVES, TO MAKE THIS FILING ON GRANTEE’S
      BEHALF.

    

    10. Consent
      of Spouse.
      As a
      further condition to the Company’s obligations under this Agreement, the Company
      may require the spouse of Grantee, if any, to execute and deliver to the Company
      the Consent of Spouse attached hereto as Exhibit
      A-2.
      

    

    11. Notices.
      Any
      notice required to be given or delivered to the Company under the terms of
      this
      Agreement shall be in writing and addressed to the Company at 1 Industrial
      Way
      West, Eatontown, New Jersey [Missing Graphic Reference]07724,
      Fax: 732-542-4010, Attention: Chairman of the Board, or to such other address
      as
      shall be provided in writing to Grantee. Any notice required to be given or
      delivered to Grantee shall be in writing and addressed to the most recent
      address of Grantee, as set forth in the books and records of the Company. All
      notices shall be deemed effective upon personal delivery against receipt
      therefor; one day after being sent by Federal Express or similar overnight
      delivery; or three days after being mailed registered or certified mail, postage
      prepaid, and properly addressed to the party to be notified.

    

    12. Entire
      Agreement.
      This
      Agreement, the Employment Agreement and the Plan contain the entire
      understanding between the parties concerning the subject matter contained in
      herein and therein. There are no representations, agreements, arrangements
      or
      understandings, oral or written, between the parties hereto, relating to the
      subject matter of this Agreement and the Employment Agreement, that are not
      fully expressed herein or therein.

    

    13. Counterparts.
      This
      Agreement may be signed in one or more counterparts, all of which shall be
      considered one and the same agreement.

    

    14. Further
      Assurances.
      Each
      party to this Agreement agrees to perform all further acts and to execute and
      deliver all further documents as may be reasonably necessary to carry out the
      intent of this Agreement.

     

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    15. Severability.
      If any
      provision of this Agreement or any other agreement or document delivered in
      connection with this Agreement, if any, are held to be partially or completely
      invalid or unenforceable in any jurisdiction, then such unenforceable provisions
      shall be automatically replaced by a provision as similar in terms as may be
      valid and enforceable in that jurisdiction, but the invalidity or
      unenforceability of that provision shall not affect the validity or
      enforceability of any other provision of this Agreement, all of which shall
      be
      construed and enforced as if that invalid or unenforceable provision were
      omitted, nor shall the invalidity or unenforceability of that provision in
      one
      jurisdiction affect its validity or enforceability in any other
      jurisdiction.

    

    16. Construction.
      Whenever used in this Agreement, the singular number will include the plural,
      and the plural number will include the singular, and the masculine or neuter
      gender shall include the masculine, feminine or neuter gender. The headings
      of
      the Sections of this Agreement have been inserted for purposes of convenience
      and shall not be used for interpretive purposes.

    

    17. Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware, without regard to the conflicts of laws principles of such
      State. 

    

    18. Submission
      to Jurisdiction.
      Any and
      all suits, legal actions or proceedings against any party hereto arising out
      of
      this Agreement shall be brought in any United States federal court sitting
      in
      the State of New York or any other court of appropriate jurisdiction sitting
      in
      the State of New York, as the party bringing such suit may elect in its sole
      discretion, and each party hereby submits to and accepts the exclusive
      jurisdiction of such courts for the purpose of such suit, legal action or
      proceeding, each party hereto waives personal service of any summons, complaint
      or other process and agrees that service thereof may be made by certified or
      registered mail. Each party hereto hereby irrevocably waives any objection
      which
      it may now hereafter have to the laying of venue of such suit, legal action
      or
      proceeding in any such court and hereby further waives any claim that any such
      suit, legal action or proceeding brought in any such court has been brought
      in
      an inconvenient forum.

    

    19. Successors.
      The
      rights and obligations of the Company under this Agreement shall be transferable
      to any successor thereto. The rights and obligations of Grantee under this
      Agreement may only be assigned with the prior written consent of the Company.
      

    

    20. Amendment.
      This
      Agreement may only be amended by the written consent of the parties to this
      Agreement at the time of such amendment.

    

    21. No
      Waiver.
      Either
      party’s failure to enforce any of the provisions of this Agreement shall not in
      any way be construed as a waiver of any such provision, nor prevent that party
      from thereafter enforcing any other provision of this Agreement. The rights
      granted both parties hereunder are cumulative and shall not constitute a waiver
      of either party’s right to assert any other available legal remedy.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    IN
      WITNESS WHEREOF, the parties hereto have entered into this Agreement as of
      the
      date first set forth above.

    

    MILLENNIUM
      CELL INC.

    

    

    By:     
      /s/G. Chris Andersen

    Name:
      G.
      Chris Andersen

    Title:
      Chairman of the Board

    

    

    

                                     

                            /s/H.
      David Ramm

                                           
H.
      David Ramm

    

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A-1

    

    STOCK
      POWER

    

    

    ASSIGNMENT
      SEPARATE

    FROM
      CERTIFICATE

    

    

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      _____________________, fifty thousand (50,000) restricted shares of Common
      Stock
      of MILLENIUM CELL INC., standing in the undersigned’s name on the books of said
      Company, represented by the within Certificate No. ___, and hereby irrevocably
      constitutes and appoints _______________________ attorney to transfer the said
      shares on the books of the within named Company with full power of substitution
      in the premises.

    

    

    Dated:
      _____________________

     

    H.
      David
      Ramm

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    EXHIBIT
      A-2

    

    CONSENT
      OF SPOUSE

    

    

    I,
      _____________________, spouse of H. David Ramm, have read and approve the
      foregoing Restricted Stock Grant Agreement dated as of June 22, 2006 (the
“Agreement”).
      In
      consideration of the grant by Millennium Cell Inc. (the “Company”),
      to my
      spouse of the restricted shares (the “Restricted
      Shares”)
      of
      common stock, par value $.001 per share, of the Company, as set forth in the
      Agreement, I hereby appoint my spouse as my attorney-in-fact in respect to
      the
      exercise of any right under the Agreement and agree to be bound by the
      provisions of the Agreement insofar as I may have any rights in said Agreement
      or the Restricted Shares issued pursuant thereto under the community property
      laws or similar laws relating to marital property in effect in the state of
      our
      residence as of the date of the signing of the Agreement.

    

    Dated:
      ________________, 2006

    

    

    

    _______________________________

    Signature
      of Spouse

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