Document:

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

                        Right to Purchase 630,000 shares of Common Stock of
                        Brainstorm Cell Therapeutics Inc. (subject to adjustment
                        as provided herein)

                          COMMON STOCK PURCHASE WARRANT
No. 2006-002                                         Issue Date: October 3, 2006

      BRAINSTORM CELL THERAPEUTICS INC., a corporation organized under the laws
of the State of Washington (the "Company"), hereby certifies that, for value
received, DOUBLE U MASTER FUND L.P., c/o Navigator Management Ltd., Harbor
House, Waterfront Drive, P.O. Box 972, Road Town, Tortola, British Virgin
Islands, Fax: (284) 494-4771, or its assigns (the "Holder"), is entitled,
subject to the terms set forth below, to purchase from the Company at any time
after the Issue Date until 5:00 p.m., E.D.T on the third anniversary of the
Issue Date (the "Expiration Date"), up to 630,000 fully paid and nonassessable
shares of the common stock of the Company (the "Common Stock"), $0.00005 par
value per share at a per share purchase price of $0.30. The aforedescribed
purchase price per share, as adjusted from time to time as herein provided, is
referred to herein as the "Purchase Price." The number and character of such
shares of Common Stock and the Purchase Price are subject to adjustment as
provided herein. The Company may reduce the Purchase Price without the consent
of the Holder.

      The Company issued a Note, dated as of February 1, 2006, to the Holder in
the original principal amount of One Hundred Eighty-Nine Thousand Dollars
($189,000) (the "Note"). In consideration of the Holder's agreement to extend
the maturity date of the Note to December 31, 2006 and to waive any and all
interest or fees on, or default under, such Note, the Company hereby issues this
Warrant to the Holder.

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

      (a) The term "Common Stock" includes (a) the Company's Common Stock,
$0.00005 par value per share, as authorized on the date of this Warrant, and (b)
any other securities into which or for which any of the securities described in
(a) may be converted or exchanged pursuant to a plan of recapitalization,
reorganization, merger, sale of assets or otherwise.

      (b) The term "Other Securities" refers to any stock (other than Common
Stock) and other securities of the Company or any other person (corporate or
otherwise) which the holder of the Warrant at any time shall be entitled to
receive, or shall have received, on the exercise of the Warrant, in lieu of or
in addition to Common Stock, or which at any time shall be issuable or shall
have been issued in exchange for or in replacement of Common Stock or Other
Securities pursuant to Section 3 or otherwise.

      1. Exercise of Warrant.
         -------------------

                                       1
<PAGE>

      1.1. Number of Shares Issuable upon Exercise. From and after the Issue
Date through and including the Expiration Date, the Holder hereof shall be
entitled to receive, upon exercise of this Warrant in whole in accordance with
the terms of subsection 1.2 or upon exercise of this Warrant in part in
accordance with subsection 1.3, shares of Common Stock of the Company, subject
to adjustment pursuant to Section 3.

      1.2. Full Exercise. This Warrant may be exercised in full by the Holder
hereof by delivery of an original or facsimile copy of the form of subscription
attached as Exhibit A hereto (the "Subscription Form") duly executed by such
Holder and surrender of the original Warrant within five (5) days of exercise,
to the Company at its principal office or at the office of its Warrant Agent (as
provided hereinafter), accompanied by payment, in cash, wire transfer or by
certified or official bank check payable to the order of the Company, in the
amount obtained by multiplying the number of shares of Common Stock for which
this Warrant is then exercisable by the Purchase Price then in effect.

      1.3. Partial Exercise. This Warrant may be exercised in part (but not for
a fractional share) by surrender of this Warrant in the manner and at the place
provided in subsection 1.2 except that the amount payable by the Holder on such
partial exercise shall be the amount obtained by multiplying (a) the number of
whole shares of Common Stock designated by the Holder in the Subscription Form
by (b) the Purchase Price then in effect. On any such partial exercise, the
Company, at its expense, will forthwith issue and deliver to or upon the order
of the Holder hereof a new Warrant of like tenor, in the name of the Holder
hereof or as such Holder (upon payment by such Holder of any applicable transfer
taxes) may request, the whole number of shares of Common Stock for which such
Warrant may still be exercised.

      1.4. Fair Market Value. Fair Market Value of a share of Common Stock as of
a particular date (the "Determination Date") shall mean:

      (a) If the Company's Common Stock is traded on an exchange or is quoted on
the National Association of Securities Dealers, Inc. Automated Quotation
("NASDAQ"), National Market System, the NASDAQ Capital Market or the American
Stock Exchange, LLC, then the closing or last sale price, respectively, reported
for the last business day immediately preceding the Determination Date;

      (b) If the Company's Common Stock is not traded on an exchange or on the
NASDAQ Global Market System, the NASDAQ Capital Market or the American Stock
Exchange, Inc., but is traded in the over-the-counter market, then the average
of the closing bid and ask prices reported for the last business day immediately
preceding the Determination Date;

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

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

                                       2
<PAGE>

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

      1.6. Trustee for Warrant Holders. In the event that a bank or trust
company shall have been appointed as trustee for the Holder of the Warrants
pursuant to Subsection 2.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as hereinafter described) and shall accept, in
its own name for the account of the Company or such successor person as may be
entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this
Section 1.

      1.7 Delivery of Stock Certificates, etc. on Exercise. The Company agrees
that the shares of Common Stock purchased upon exercise of this Warrant shall be
deemed to be issued to the Holder hereof as the record owner of such shares as
of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares as aforesaid. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within five (5) days thereafter ("Delivery Date"), the Company at its
expense (including the payment by it of any applicable issue taxes) will cause
to be issued in the name of and delivered to the Holder hereof, or as such
Holder (upon payment by such Holder of any applicable transfer taxes) may direct
in compliance with applicable securities laws, a certificate or certificates for
the number of duly and validly issued, fully paid and nonassessable shares of
Common Stock (or Other Securities) to which such Holder shall be entitled on
such exercise, plus, in lieu of any fractional share to which such Holder would
otherwise be entitled, cash equal to such fraction multiplied by the then Fair
Market Value of one full share of Common Stock, together with any other stock or
other securities and property (including cash, where applicable) to which such
Holder is entitled upon such exercise pursuant to Section 1 or otherwise.

      2. Adjustment for Reorganization, Consolidation, Merger, etc.

      2.1. Reorganization, Consolidation, Merger, etc. In case at any time or
from time to time, the Company shall (a) effect a reorganization, (b)
consolidate with or merge into any other person or (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or arrangement contemplating the dissolution of the Company, then, in each such
case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Company whereby the Holder of this
Warrant, on the exercise hereof as provided in Section 1, at any time after the
consummation of such reorganization, consolidation or merger or the effective
date of such dissolution, as the case may be, shall receive, in lieu of the
Common Stock (or Other Securities) issuable on such exercise prior to such
consummation or such effective date, the stock and other securities and property
(including cash) to which such Holder would have been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant, immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 3.

      2.2. Dissolution. In the event of any dissolution of the Company following
the transfer of all or substantially all of its properties or assets, the
Company, prior to such dissolution, shall at its expense deliver or cause to be
delivered the stock and other securities and property (including cash, where
applicable) receivable by the Holder of the Warrants after the effective date of
such dissolution pursuant to this Section 2 to a bank or trust company (a
"Trustee") having its principal office in New York, NY, as trustee for the
Holder of the Warrants.

                                       3
<PAGE>

      2.3. Continuation of Terms. Upon any reorganization, consolidation, merger
or transfer (and any dissolution following any transfer) referred to in this
Section 2, this Warrant shall continue in full force and effect and the terms
hereof shall be applicable to the Other Securities and property receivable on
the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such
transfer, as the case may be, and shall be binding upon the issuer of any Other
Securities, including, in the case of any such transfer, the person acquiring
all or substantially all of the properties or assets of the Company, whether or
not such person shall have expressly assumed the terms of this Warrant as
provided in Section 3. In the event this Warrant does not continue in full force
and effect after the consummation of the transaction described in this Section
2, then only in such event will the Company's securities and property (including
cash, where applicable) receivable by the Holder of the Warrant be delivered to
the Trustee as contemplated by Section 2.2.

      3. Extraordinary Events Regarding Common Stock. In the event that the
Company shall (a) issue additional shares of the Common Stock as a dividend or
other distribution on outstanding Common Stock, (b) subdivide its outstanding
shares of Common Stock, or (c) combine its outstanding shares of the Common
Stock into a smaller number of shares of the Common Stock, then, in each such
event, the Purchase Price shall, simultaneously with the happening of such
event, be adjusted by multiplying the then Purchase Price by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such event, and the
product so obtained shall thereafter be the Purchase Price then in effect. The
Purchase Price, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described herein in this Section 3.
The number of shares of Common Stock that the Holder of this Warrant shall
thereafter, on the exercise hereof as provided in Section 1, be entitled to
receive shall be adjusted to a number determined by multiplying the number of
shares of Common Stock that would otherwise (but for the provisions of this
Section 3) be issuable on such exercise by a fraction of which (a) the numerator
is the Purchase Price that would otherwise (but for the provisions of this
Section 3) be in effect, and (b) the denominator is the Purchase Price in effect
on the date of such exercise.

      4. Certificate as to Adjustments. In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the Warrant, the Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or readjustment in accordance with the terms of the Warrant and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price
and the number of shares of Common Stock to be received upon exercise of this
Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Company will forthwith
mail a copy of each such certificate to the Holder of the Warrant and any
Warrant Agent of the Company (appointed pursuant to Section 10 hereof).

      5. Reservation of Stock, etc. Issuable on Exercise of Warrant; Financial
Statements. The Company will at all times reserve and keep available, solely for
issuance and delivery on the exercise of the Warrant, all shares of Common Stock
(or Other Securities) from time to time issuable on the exercise of this
Warrant. This Warrant entitles the Holder hereof to receive copies of all
financial and other information distributed or required to be distributed to the
holders of the Company's Common Stock.

                                       4
<PAGE>

      6. Assignment; Exchange of Warrant. Subject to compliance with applicable
securities laws, this Warrant, and the rights evidenced hereby, may be
transferred by any registered holder hereof (a "Transferor"). On the surrender
for exchange of this Warrant, with the Transferor's endorsement in the form of
Exhibit B attached hereto (the "Transferor Endorsement Form") and together with
an opinion of counsel reasonably satisfactory to the Company that the transfer
of this Warrant will be in compliance with applicable securities laws, the
Company will issue and deliver to or on the order of the Transferor thereof a
new Warrant or Warrants of like tenor, in the name of the Transferor and/or the
transferee(s) specified in such Transferor Endorsement Form (each a
"Transferee"), calling in the aggregate on the face or faces thereof for the
number of shares of Common Stock called for on the face or faces of the Warrant
so surrendered by the Transferor.

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

      8. Registration Rights. The term "Registrable Securities" is defined
within the Subscription Agreement, dated as of February 1, 2006, by and among
the Company, the Holder and the subscribers thereto (the "Subscription
Agreement"). The Common Stock issuable upon exercise of this Warrant shall be
deemed Registrable Securities under the Subscription Agreement.

      9. Maximum Exercise. The Holder shall not be entitled to exercise this
Warrant on an exercise date, in connection with that number of shares of Common
Stock which would be in excess of the sum of (i) the number of shares of Common
Stock beneficially owned by the Holder and its affiliates on an exercise date,
and (ii) the number of shares of Common Stock issuable upon the exercise of this
Warrant with respect to which the determination of this limitation is being made
on an exercise date, which would result in beneficial ownership by the Holder
and its affiliates of more than 4.99% of the outstanding shares of Common Stock
on such date. For the purposes of the immediately preceding sentence, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. Subject to
the foregoing, the Holder shall not be limited to aggregate exercises which
would result in the issuance of more than 4.99%. The Holder shall have the
authority and obligation to determine whether the restriction contained in this
Section 9 will limit any exercise hereunder and to the extent that the Holder
determines that the limitation contained in this Section applies, the
determination of which portion of the Warrants are exercisable shall be the
responsibility and obligation of the Holder. The restriction described in this
paragraph may be revoked upon sixty-one (61) days prior notice from the Holder
to the Company.

      10. Warrant Agent. The Company may, by written notice to the Holder of the
Warrant, appoint an agent (a "Warrant Agent") for the purpose of issuing Common
Stock (or Other Securities) on the exercise of this Warrant pursuant to Section
1, exchanging this Warrant pursuant to Section 6, and replacing this Warrant
pursuant to Section 7, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such
office by such Warrant Agent.

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

      12. Notices. All notices, demands, requests, consents, approvals, and
other communications required or permitted hereunder shall be in writing and,
unless otherwise specified herein, shall be (i) personally served, (ii)
deposited in the mail, registered or certified, return receipt requested,
postage prepaid, (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed
as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is
to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be: (i) if to the Company, to: Brainstorm Cell
Therapeutics Inc., 110 East 59th Street, New York, NY 10022, Attn: ___________,
telecopier: (212) ________, with a copy by telecopier only to: BRL Law Group
LLC, 31 St. James Avenue, Suite 850, Boston, MA 02116, Attn: Thomas B. Rosedale,
Esq., telecopier: (617) 399-6930, and (ii) if to the Holder, to the address and
telecopier number listed on the first paragraph of this Warrant, with a copy by
telecopier only to: Grushko & Mittman, P.C., 551 Fifth Avenue, Suite 1601, New
York, New York 10176, telecopier number: (212) 697-3575.

                                       5
<PAGE>

      13. Miscellaneous. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought. This Warrant shall be construed and enforced in accordance with and
governed by the laws of New York. Any dispute relating to this Warrant shall be
adjudicated in New York County in the State of New York. The headings in this
Warrant are for purposes of reference only, and shall not limit or otherwise
affect any of the terms hereof. The invalidity or unenforceability of any
provision hereof shall in no way affect the validity or enforceability of any
other provision.

                                       6
<PAGE>

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

                                              BRAINSTORM CELL THERAPEUTICS INC.

                                              By: /s/ Yoram Drucker
                                                  -----------------
                                                      Yoram Drucker
                                                      Chief Operating Officer

                                       7
<PAGE>

                                    Exhibit A

                              FORM OF SUBSCRIPTION
                   (to be signed only on exercise of Warrant)

TO: BRAINSTORM CELL THERAPEUTICS INC.

The under signed, pursuant to the provisions set forth in the attached Warrant
(No.____), hereby irrevocably elects to purchase ____________ shares of the
Common Stock covered by such Warrant.

The undersigned herewith makes payment of the full purchase price for such
shares at the price per share provided for in such Warrant, which is
$___________.

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

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

Dated:___________________           ____________________________________________
                                    (Signature must conform to name of holder as
                                     specified on the face of the Warrant)

                                    ____________________________________________
                                    ____________________________________________
                                    (Address)

                                       8
<PAGE>

                                    Exhibit B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To be signed only on transfer of Warrant)

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

<TABLE>
<CAPTION>

----------------------------------------   --------------------------------------   --------------------------------------
<S>                                        <C>                                      <C>
Transferees                                Percentage Transferred                   Number Transferred
----------------------------------------   --------------------------------------   --------------------------------------

----------------------------------------   --------------------------------------   --------------------------------------

----------------------------------------   --------------------------------------   --------------------------------------

----------------------------------------   --------------------------------------   --------------------------------------
</TABLE>

Dated:_________, ________           ____________________________________________
                                    (Signature must conform to name of holder as
                                     specified on the face of the Warrant)

Signed in the presence of:

_________________________           ____________________________________________
         (Name)                     ____________________________________________
                                           (address)

ACCEPTED AND AGREED:                ____________________________________________
[TRANSFEREE]                        ____________________________________________
                                           (address)

_________________________
         (Name)

                                       9
<PAGE>AMENDED
      AND RESTATED LICENSE
      AGREEMENT

     

    AMENDED
      AND RESTATED LICENSE AGREEMENT dated as of December 31, 2005 (the "Effective
      Date") and amended and restated as of October 1, 2006 (the “Amendment Date”), by
      and between Ambit Corporation, a Delaware corporation ("Licensor"), and
      NaturalNano, Inc., a Nevada corporation ("Licensee"). 

     

    WITNESSETH:

     

    WHEREAS,
      Licensor owns and wants to provide for the commercialization of an invention
      entitled "Personal Communication Device Connectivity Arrangement", which is
      the
      subject of U.S. Patent Number 6,885,845 (hereinafter "Invention");
      and

     

    WHEREAS,
      Licensee is in the business of selling materials to coat Shielded Structures
      and
      wishes to utilize the Invention for use in connection with Shielded Structures,
      by the acquisition or the development, manufacture, and sale of
      Products;

     

    WHEREAS,
      the parties entered into this Agreement as of December 31, 2005, and now wish
      to
      amend and restate the Agreement in its entirety.

     

    NOW,
      THEREFORE, Licensor and Licensee, in consideration of the foregoing and the
      mutual promises contained herein and intending to be legally bound hereby agree
      as follows:

     

    1. DEFINITIONS 

     

    As
      used
      herein:

     

    1.1 "Affiliate"
      means any corporation, company, partnership, joint venture or other entity
      which
      controls, is controlled by or is under common control with the Licensee, as
      well
      as its successors, assigns and designees. 

    

    1.2 "Enforcement
      Expenses" means all costs, fees and/or expenses incurred in connection with
      enforcement of Licensed Patents, including without limitation legal fees,
      contingent or otherwise.

    

    1.3 "Improvement"
      means any invention, discovery or improvement, whether patentable or not, which,
      if practiced, would infringe any Licensed Patents. 

    

    1.4 "Joint
      Invention" means any patentable Improvement that includes co-inventors from
      Licensor and Licensee.

    

    1.5 "Licensed
      Field" means any use of Products in which both of the following are true: (i)
      the use of the Product includes metallized halloysite and/or metallized lipid
      tubules as substantial operative components in RF shielding and (ii) the Product
      is attached to or functions
      in a permanent or temporary
      structure, i.e. which is not intended as a form of transportation (such as
      trailer homes which are not self-powered or powered by a four wheel vehicle
      or
      attached by trailer hitch to a personal or recreational vehicle). "Licensed
      Field" includes without
      limitation use
      in
      buildings, rooms, churches, stores, houses, apartment buildings,
      trailer/manufactured homes, casinos, shopping malls, circus tents, cubicles,
      booths, arcades, bunkers, and silos. Use attached to real estate is
      presumptively in the "Licensed Field". "Licensed Field" excludes use on
      automobiles, recreational vehicles, trains, trucks, and ships (including cruise
      ships) and includes aircraft. Products attached to movable personal property
      other than aircraft are presumptively not in the "Licensed Field". 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    1.6 "Licensed
      Patents" means the Patents and all patent applications and patents disclosing
      and claiming a Licensor Improvement, including all reissues, continuations,
      divisionals and continuations-in-part thereof, and all corresponding foreign
      patent applications and patents.

    

    1.7 "Licensee
      Improvements" means all Improvements owned or licensable by
      Licensee.

    

    1.8 "Licensee
      Patents" means all patent applications and patents disclosing and claiming
      a
      Licensee Improvement, including all reissues, continuations, divisionals and
      continuations-in-part thereof, and all corresponding foreign patent applications
      and patents.

    

    1.9 "Licensor
      Improvements" means all Improvements owned or licensable by
      Licensor.

    

    1.10 "Net
      Sales" means gross revenues of a party and Affiliates from sales of Products,
      less only usual trade discounts, sales tax which the seller has to pay or
      absorb, customs duties and transportation and insurance charges, if not included
      in the gross price, and any and all Federal, foreign, State or local taxes
      (except income tax) incurred by the seller on such sales; provided, however,
      that Net Sales shall not include revenues from Sales by such party or Affiliates
      of Products that were purchased from a Sublicensee. 

    

    1.11 "Patents"
      means U.S. Patent No. 6,885,845 and all reissues, continuations, divisionals
      and
      continuations-in-part thereof.

    

    1.12 "Products"
      means any products the sale or use of which would, in the absence of this
      Agreement, infringe a Licensed Patent (whether by direct or contributory
      infringement or inducement to infringe).

    

    1.13 "Proprietary
      Information" means information and trade secrets owned or controlled by a party
      at any time during the term of this Agreement, which relates to Products,
      including but not limited to, invention records, research records and reports,
      engineering and technical data, designs, production specifications, processes,
      methods, procedures, facilities and know-how; provided, however, that
      Proprietary Information does not include third party information which the
      possessor is contractually precluded from disclosing.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    1.14 "Revenues"
      of a party means any consideration given to a party for the grant by such party
      of a Sublicense, including without limitation one-time lump sums, minimums,
      running royalties and other payments, but excludes payments for (i) research
      and
      development or "non-recurring engineering" services, based on reasonable daily
      or hourly rates; (ii) reimbursement of out-of-pocket expenses incurred by the
      party granting the Sublicense; and (iii)
      the
      purchase of securities of the party granting the Sublicense at the fair market
      value of such securities.

    

    1.15 "Sales",
      "Sell, or "Sold" means any sale, transfer, lease, license, permission to use
      or
      other transfer of the right of possession or other conveyance by Licensee or
      an
      Affiliate.

    1.16 "Shielded
      Structures" means permanent
      or
temporary
      structures
      and
      components thereof, such as rooms,
      theatres and auditoriums,
      which have
      been
      treated to shield
      radio-frequency energy and thereby prevent or impede the reception of wireless
      radio signals.

    

    1.17 "Sublicense"
      means a license of all or any of the Licensed Patents by Licensor or
      Licensee.

    

    1.18 "Sublicensee"
      means a sublicensee of a Sublicense.

    

    1.19 "Territory"
      means world-wide. 

     

    2. GRANT
      OF LICENSE

     

    2.1 Licensor
      hereby grants to Licensee a non-exclusive, nontransferable (except as provided
      in Section 15.10), world-wide, royalty-bearing license under the Licensed
      Patents and Licensor’s Proprietary Information to make, have made, sell, offer
      for sale, use, and import Products, limited to the Licensed Field, with the
      right to grant Sublicenses,
      and
      including the right to sue and collect damages for past infringements in the
      Licensed Field. 

     

    2.2 Licensee
      hereby grants to Licensor a non-exclusive, nontransferable (except as provided
      in Section 15.10), world-wide,
      royalty-bearing
      (except under the circumstances set forth in Section 13.5) license under
      Licensee Patents and Licensee Proprietary Information to make, have made, sell,
      offer for sale, use, and import Products, other than in the Licensed Field,
      with
      a right to grant Sublicenses. 

    

    2.3 Each
      party may grant Sublicenses (within the scope of its license in this Section
      2)
      to persons or entities, without notification to the other, provided that each
      Sublicense contains a provision that the rights therein granted are personal
      to
      the Sublicensee and cannot be assigned or sublicensed, except in the case of
      a
      merger or acquisition or sale of all or substantially all of the assets to
      which
      the sublicense relates. Any
      Sublicense shall incorporate the substance of Sections 1.5, 1.10, 1.13, 7.1
      to
      7.3, 8.1, 8.2, 8.4, 11.1, 12.2 and 12.3, mutatis
      mutandis.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    2.4 Any
      provision of this Agreement to the contrary notwithstanding, Licensor retains
      all rights under the Licensed Patents outside the Licensed Field.

     

    3. Improvements

     

    Should
      a
      consultant or employee of a party make or discover any Improvement, the party
      shall forthwith disclose or cause the same to be disclosed to the other party,
      and, if requested by the other party, make available or supply to the other
      party such information or data as is necessary or convenient for the proper
      understanding or use of such Improvement. 

     

    4. Ownership

     

    Notwithstanding
      the provisions of Section 3 or otherwise: 

     

    (a) Licensor
      shall own all right, title and interest in the Licensed Patents; and

    

    (b) Licensee
      shall own all right, title and interest in any Licensee Patents. 

     

    5. CONSIDERATION

     

    5.1 In
      consideration of the rights granted in Section 2.1, Licensee shall:

    

    (a) (a) pay
      Licensor One Hundred Thousand Dollars ($100,000) upon execution of this
      Agreement, which amount was paid prior to the Amendment Date; and

    

    (b) pay
      Licensor the Royalties set forth in Sections 6.1
      and, if
      applicable, 6.3;
      and

    

    (c) Within
      two (2) days after the Amendment Date, Ambit shall endorse in blank and return
      to NaturalNano the One Hundred Thousand (100,000) shares of NaturalNano common
      stock, par value $0.001, previously issued pursuant to this
      Agreement.

     

    5.2 In
      consideration of the rights granted in Section 2.1,
      Licensor shall pay Licensee the Royalties set forth in Sections 6.2
      and, if
      applicable, 6.3.

     

    6. ROYALTIES
      and
      Royalty Sharing

     

    6.1 Licensee
      shall pay to Licensor Twenty Percent (20%) of any Revenues received with respect
      to Licensor Patents from Sublicenses granted by Licensee to third
      parties.

     

    6.2 Licensor
      shall pay to Licensee Twenty Percent (20%) of any Revenues received with respect
      to the Licensee Patents from Sublicenses granted by Licensor to third
      parties.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    6.3 If
      a
      party makes Products, the parties shall negotiate in good faith the terms of
      payment therefor. In the absence of any other agreement, the party otherwise
      liable under this Section shall pay royalties at the rate of Twenty Percent
      (20%) of Net Sales of Products sold by it. 

    

    6.4 In
      the
      event of a Sale of Products between or among Licensee and/or Affiliates where
      there is a resale by an Affiliate to a non-Affiliate, any royalty shall be
      paid
      to Licensor based on the greater of (i) amounts paid by the Affiliate to
      Licensee or (ii) by the non-Affiliate to the Affiliate. 

    

    6.5 All
      payments shall be made in U.S. dollars at the recipient's address for notice.
      Such payments shall be paid on a calendar quarter basis, within thirty (30)
      days
      after each quarter. Each payment shall be accompanied by a detailed report,
      showing the basis on which the payment was computed, including without
      limitation the total Net
      Sales
      and
Revenues
      during
      such period, and the royalties payable thereon,
      calculated in the manner required in this Section 6.

     

    7. REPORTING

    

    7.1 Licensee
      shall report to Licensor the date of first sale of any Products, within thirty
      (30) days of occurrence. Licensee shall report to Licensor when Licensee enters
      into any Sublicense
      for the
      Patent within thirty (30) days of execution of the Sublicense,
      and
      (upon request by Licensor) provide Licensor with a copy of such Sublicense.

    

    7.2 Each
      party shall keep, at its usual place of business, true and particular accounts
      of all matters connected with its sublicensing of Licensed Patents and its
      manufacture and sale of Products and shall keep books of account relating to
      royalties payable hereunder containing true entries complete in every particular
      as may be necessary or proper for enabling the amount of such royalties to
      be
      conveniently ascertained. 

    

    7.3 If
      requested in writing by a party, the other party shall, upon ten (10) business
      days notice and no more often than once per calendar year, make its books and
      records available for inspection during regular business hours by an independent
      certified public accountant engaged and paid for by the requesting party;
      provided, if any such audit reveals underpayment of licensee fees hereunder,
      audits (and re-audits) may be performed periodically until a two-year period
      elapses with no underpayment. Such
      party
      shall give the accountant all reasonably necessary facilities and
      information
      to
      enable the amount of the royalties to be verified.

     

    8. CONFIDENTIALITY 

    

    8.1 Neither
      party shall disclose any Proprietary Information received from the other party,
      except to employees, consultants or advisors to the party who must have access
      to the Proprietary Information to carry out the recipient’s obligations under
      this Agreement and to potential Sublicensees of the Licensed Patents, provided
      such disclosure is in accordance with Section 8.3. All employees or consultants
      shall be under a written obligation of confidentiality at least as restrictive
      as the provisions contained herein. Proprietary Information shall be maintained
      in confidence for so long as such Information is maintained in confidence by
      the
      owner thereof, but no longer than two (2) years after termination of this
      Agreement. 

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    8.2 To
      protect Proprietary Information, the recipient shall adopt reasonable security
      measures, including, but not limited to, restricted access to such information,
      marking such information, and the selective destruction of sensitive materials.
      Upon termination of this Agreement, the recipient shall return or destroy all
      documents or materials embodying Proprietary Information of the
      other.

     

    8.3 Any
      disclosure of Proprietary Information by Licensee to potential Sublicensees
      shall be prohibited, unless the potential Sublicensee has signed an agreement
      which imposes obligations of confidentiality and nonuse at least as restrictive
      as those imposed on Licensee hereunder.

    

    8.4 Paragraphs
      8.1 to 8.3 inclusive shall not apply to any part of the Proprietary information
      which:

    

    (a) 
      is
      published or is otherwise in the public domain through no fault of the receiving
      party; or 

    

    (b) 
      can be
      demonstrated by the receiving party to have been in its possession prior to
      receipt under this Agreement; or

    

    (c) 
      is
      properly obtained by the receiving party from a third party without restriction;
      or

    

    (d) 
      is
      independently developed by or for the receiving party without reliance, direct
      or indirect, on such information; or

    

    (e) 
      is
      disclosed by the receiving party to a third party with the written approval
      of
      the disclosing party; or

    

    (f) is
      obligated to be produced to comply with the requirement of a governmental body
      or an order of a court of competent jurisdiction.

     

    9. PROTECTION
      OF INTELLECTUAL PROPERTY

    

    9.1 Each
      party shall exercise reasonable diligence to file, prosecute and maintain United
      States patent applications ("Intellectual Property Protection"), in such party's
      name to protect its Improvements. Each party shall be responsible for all future
      costs, fees and expenses incurred in connection with the filing, prosecution
      and
      maintenance of its Intellectual Property Protection. 

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    9.2 Each
      party shall:

    

    (a) 
      keep the
      other fully and currently informed of the progress of the prosecution of all
      U.S. and foreign patent applications, reissues and reexaminations of the
      Licensed Patents and Licensee Patents, as applicable;

    

    (b) 
      afford
      patent counsel for the other at least one (1) month’s notice before any response
      to any Office Action is due; and

    

    (c) 
      cause
      its patent counsel to meet and confer with the other’s patent counsel, if and
      when requested, to discuss the progress and proposed response in any applicable
      patent application, reissue or reexamination.

    

    9.3 If,
      at
      any time during the term of this Agreement, either party elects to abandon
      any
      pending Intellectual Property Protection or any patent issued thereon, either
      domestic or foreign, it shall notify the other party of that decision at least
      two (2) months prior to any deadline for filing any response or taking any
      other
      action necessary to maintain any such Intellectual Property Protection.
      Thereafter, such other party shall have the right and option to take over the
      sole and exclusive responsibility for the prosecution of any such Intellectual
      Property Protection and/or the maintenance of any such patent solely at the
      other party's expense and in that event the rights granted under this Agreement
      shall become nonexclusive for that country or countries of the Territory.

    

    9.4 This
      Agreement constitutes, in part, a "joint research agreement" between Licensors
      and Licensee, as defined in the CREATE Act, 35 U.S.C. § 103(c), under which
      Licensee will carry out some of its obligations hereunder. Intellectual property
      that is within the scope of the Licensed Patents will be deemed made as a result
      of activities undertaken within the scope of a joint research agreement and
      subject to the CREATE Act.

    

    9.5 Licensee,
      Affiliates and Sublicensees shall mark all Products in accordance with 35 U.S.C.
      §287. The marking shall be accomplished by fixing on the article or when, from
      the character of the article, this cannot be done, by fixing to it, or to the
      package wherein one or more of them is contained, a label including the notation
      "Licensed from AMBIT CORPORATION under United States Patent 6,885,845." Such
      marking shall also be included into all literature and/or advertising materials
      describing Products.

     

    10. NOTICE
      OF INFRINGEMENT AND ENFORCEMENT OF RIGHTS

    

    10.1 Immediately
      upon Licensee's learning of any infringement, misappropriation or other
      unauthorized use of Licensor's Proprietary Information, and/or Licensed Patents
      ("Intellectual Property Rights"), Licensee shall promptly inform
      Licensor.

    

    10.2 Licensee
      may make, at its election, commercially reasonable efforts to enforce the
      Licensed Patents against infringers in the Licensed Field; provided, however,
      that (except as specified in Section 10.3) Licensee shall not take any action
      against an
      infringer if
      and
      then for so long as Licensor is involved in a lawsuit against
      that infringer concerning
      the infringed Licensed Patent.
      The
      party filing a patent infringement suit (“Initiating Party”) shall
      be
      responsible for all Enforcement Expenses incurred by such party; provided,
      any
      recovery in any patent infringement suit (whether by way of judgment, settlement
      or otherwise) by
      either
      party shall
      first be paid to reimburse all Enforcement Expenses of all parties and
      the
      balance shall be considered Revenues of Licensor or Licensee, as
      applicable.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    10.3 The
      Initiating Party
      may join
the
      other
      party (“Other Party”) as
      a
      party
      plaintiff in any patent infringement suit involving Licensed Patents.
      The
      Initiating Party
      shall
      remain in control of the conduct of such suit,
      and
the
      Other
      Party shall
      cooperate fully in such suit.

    

    10.4 Licensor
      and Licensee may both wish to litigate the same Licensed Patents against the
      same or different infringers, consistent with the rights granted to Licensee
      in
      this Agreement. The parties agree that this is undesirable. Accordingly, before
      filing a lawsuit involving any Licensed Patents, the parties shall meet and
      confer and use reasonable efforts to agree on mutually acceptable counsel and
      a
      mutually acceptable litigation approach; provided, in the absence of such a
      mutually acceptable agreement within thirty (30) days of request, each party
      may
      engage whichever counsel it
      deems
      appropriate. Nothing herein limits a party's right to terminate the services
      of
      any counsel on any terms it deems appropriate.

     

    11. INDEMNITY;
      DISCLAIMER; LIMITATION OF LIABILITY

    

    11.1 Licensee
      hereby indemnifies and holds harmless Licensor and its employees, officers,
      board members, shareholders and agents (hereinafter "Indemnitees") from and
      against all claims, suits, liabilities, damages, costs, fees, expenses or losses
      arising out of any third party claims against Indemnitees for any damages,
      losses or liabilities whatsoever with respect to death or injury to any person
      and damage to any property arising from the possession, use or operation of
      Products produced or sold by Licensee or its customers. Licensor shall permit
      Licensee to control the defense of the lawsuit and shall cooperate as reasonably
      requested by Licensee.

    

    11.2 Each
      party warrants to the other that it has the right and power to enter into and
      perform this Agreement, and that this Agreement has been duly authorized and
      executed and is binding and enforceable in accordance with its terms.

    

    11.3 Licensor
      warrants to Licensee that:

    

    (a) it
      has
      good and marketable title to the Licensed Patents, free and clear of any liens
      or encumbrances; and

    

    (b) 
      it has
      not previously granted any license under the Licensed Patents to any third
      party; 

    

    (c) to
      the
      actual conscious knowledge of the officers of the Licensor as of the Effective
      Date, with no investigation having been made or required to be made, the Patents
      are valid and enforceable; and

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (d) as
      of the
      Effective Date, the Licensed
      Patents
      are in good standing with the United States Patent and Trademark Office with
      respect to necessary periodic filings and fee payments.

     

    LICENSOR
      DOES NOT WARRANT THE VALIDITY OF ANY PATENTS OR THAT PRACTICE UNDER SUCH PATENTS
      SHALL BE FREE OF INFRINGEMENT.

     

    (e) EXCEPT
      AS
      EXPRESSLY SET FORTH IN THIS AGREEMENT, LICENSOR DISCLAIMS ANY AND ALL PROMISES,
      REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE PATENTS OR TECHNOLOGY
      DESCRIBED THEREIN, INCLUDING ITS CONDITION, CONFORMITY TO ANY REPRESENTATION
      OR
      DESCRIPTION, THE EXISTENCE OF ANY LATENT OR PATENT DEFECTS THEREIN AND ITS
      MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR
      NONINFRINGEMENT.

    

    11.4 IN
      NO
      EVENT SHALL LICENSOR BE LIABLE FOR ANY USE BY LICENSEE OF THE PRODUCTS
      OR ANY
      LOSS, CLAIM, DAMAGE OR LIABILITY, OF WHATSOEVER KIND OR NATURE, WHICH MAY ARISE
      FROM OR IN CONNECTION THEREFROM, INCLUDING WITHOUT LIMITATION ANY DAMAGES,
      LOSSES OR LIABILITIES WHATSOEVER WITH RESPECT TO DEATH OR INJURY TO ANY PERSON
      AND DAMAGE TO ANY PROPERTY ARISING FROM THE POSSESSION, USE OR OPERATION OF
      PRODUCTS PRODUCED OR SOLD BY LICENSEE OR ITS CUSTOMERS. LICENSEE,
      AND NOT LICENSOR IS RESPONSIBLE FOR THE SAFETY AND EFFICACY OF PRODUCTS PRODUCED
      BY LICENSEE.

    

    12. ADVERTISING,
      PUBLICITY AND PUBLICATIONS

    

    12.1 In
      any
      publication (including advertisements, sales and trade literature and
      instruction manuals) relating to the Invention used pursuant to this Agreement,
      Licensee shall, where practical, give due credit to Licensor, as owner and
      licensor of the Invention.

     

    12.2 No
      right,
      title, interest or license to any trademark or service mark, is granted to
      Licensee.

     

    13. TERM
      AND TERMINATION

    

    13.1 This
      Agreement shall commence on the Effective Date of this Agreement and shall
      continue until the expiration of the last-to-expire of the Licensed Patents.
      

     

    13.2 In
      the
      event of the breach of a material obligation hereunder by either party, the
      non-breaching party shall inform the other of said breach in writing. The
      alleged breaching party shall have thirty (30) days from the date of said
      notification during which to cure the breach. If the alleged breaching party
      does not cure the breach within thirty (30) days, the non-breaching party may
      terminate the Agreement upon written notification to the alleged breaching
      party.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    13.3 Licensee
      may terminate this Agreement by notice to Licensor for convenience, i.e. without
      the need for cause. 

    

    13.4 Termination
      of this Agreement shall not affect any sublicenses which Licensee may have
      granted and that are not in breach by the Sublicensee; provided, either (i)
      Licensee shall continue to be liable for any payments with respect to such
      sublicenses or (ii) Licensee may relieve itself from liability by causing each
      Sublicensee to elect to continue its sublicense by entering into a suitable
      agreement with Licensor. 

    

    13.5 Sections
      1, 4, 5.1, 8, 11, 12.2, 12, 14 and 16 of this Agreement shall survive any
      termination in accordance with their terms. Sections 5.2, 6 and 7 of this
      Agreement shall survive any termination with respect to any royalties and other
      payment accruing prior to termination. Termination shall not relieve either
      party of any liability for breach occurring prior to termination. Section 2.2
      shall survive any termination by Licensor under Section 13.2 or Licensee under
      Section 13.3, and in such event the license therein shall be fully paid up
      and
      not royalty bearing.

     

    14. Dispute
      Resolution

     

    14.1 Negotiation
      of Disputes.
      If any
      dispute arises under or related to this Agreement ("Dispute"), senior executives
      of the parties, with decision-making authority, will meet in Boston, MA within
      ten (10) days after notice and enter into good faith negotiations aimed at
      resolving the dispute. If they are unable to resolve the Dispute in an
      additional twenty (20) days, the Dispute shall be submitted to
      mediation/arbitration under in Sections 14.2 and 14.3.

     

    14.2 Mediation
      of Disputes.
      Subject
      to Section 14.1, the parties shall submit any unresolved Dispute as soon as
      possible, but no later than twenty (20) days after notice, to a mediator
      selected by the parties. Senior executives of the parties with decision-making
      authority shall be present at the mediation session, which shall be held in
      Boston, MA. If the Dispute is not resolved within an additional further thirty
      (30) days, the parties will proceed to arbitration as specified in Section
      14.3.

     

    14.3 Arbitration
      of Certain Disputes.
      Any
      Dispute not resolved by Section 14.2 covered by Section 14.1 and 14.2 shall
      be
      resolved by an arbitration proceeding conducted in Boston, MA under the
      then-prevailing Rules for Commercial Arbitration of the American Arbitration
      Association ("AAA"). 

    

    (a) The
      proceeding shall be conducted by one (1) arbitrator, reasonably acceptable
      to
      the parties, who is a patent attorney with at least twenty (20) years of
      experience in the field of electronics, of which ten (10) years or more have
      been spent (at least in substantial part) handling licensing transactions.
      

    

    (b) The
      fees
      of the mediator and the AAA shall be divided equally between the
      parties.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (c) The
      parties shall cooperate in good faith to proceed to an arbitration hearing
      within six (6) months after the Demand for Arbitration shall have been filed
      with the AAA. 

    

    (d) The
      arbitrator’s authority shall include the powers, in his/her discretion, to:

    

    (i) Permit
      limited discovery, including production of documents and depositions, to the
      extent required by the parties; and 

    

    (ii) Award
      the
      prevailing party its attorneys’ fees and out-of-pocket expenses, including its
      share of the mediator and AAA fees. 

    

    (e) The
      decision of the arbitrator shall be confidential, final and binding, and may
      be
      entered and enforced in any court of competent jurisdiction. 

     

    15. General

    

    15.1 Licensee
      shall not export any Product or enter into any Sublicense without fully
      complying with any and all United States export or munitions control regulations
      and laws.

    

    15.2 Licensor
      and Licensee are and shall remain independent contractors and nothing herein
      shall create a partnership or joint venture between Licensor and
      Licensee.

    

    15.3 Any
      notice required or permitted under this Agreement shall be in writing and
      delivered personally or by prepaid next-business-day delivery service, receipt
      required, to Licensee or Licensor at the addresses set forth below or such
      other
      addresses as shall have been duly notified, and shall be effective as of its
      delivery date:

    

     

    
      	
            	Licensor:	
              Ambit
                Corporation

            

    

    72
      Nickerson Road

    Ashland,
      MA 01721

    Attention:
      President

     

    
      	
            	Licensee:	
              NaturalNano,
                Inc.

            

    

    150
      Lucius Gordon Drive, Suite 115

    West
      Henrietta, New York 14586

    Attention:
      President

     

    15.4 Waiver
      by
      either party of any provision of this Agreement shall not constitute a
      continuing waiver thereof or of any other provision of this
      Agreement.

    

    15.5 If
      any
      provision of this Agreement shall be held to be invalid, illegal or
      unenforceable, the validity, legality or enforceability of the remaining
      provisions shall not in any way be affected or impaired.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    15.6 This
      Agreement shall be construed in accordance with the laws of the Commonwealth
      of
      Massachusetts.

    

    15.7 This
      Agreement is the complete and exclusive statement between the parties relating
      to the subject matter hereof, and supersedes all prior understandings,
      communications, or representations, either oral or written, between the parties.
      This Agreement may not be modified or altered, except by a written instrument
      duly executed by Licensee and Licensor.

    

    15.8 Unless
      expressly stated to the contrary elsewhere in this Agreement, all rights, powers
      and privileges conferred hereunder upon the parties hereto shall be cumulative
      and not restrictive of those given by law.

    

    15.9 Section
      headings have been inserted herein for convenience of reference only and shall
      in no way modify or restrict any of the terms or provisions of this
      Agreement.

    

    15.10 This
      Agreement may be assigned by either party without the prior written consent
      of
      the other, including without limitation assignment in the event of a merger
      or
      acquisition of all or substantially all of the assets to which this Agreement
      relates. This Agreement shall bind and inure to the benefit of the parties
      hereto and their respective successors and assigns.

    

    15.11 In
      the
      interpretation of this Agreement, words importing the singular or plural number
      shall be deemed to import the plural and singular number respectively, words
      denoting gender shall include all genders and references to persons shall
      include corporations or other bodies and vice versa.

    

    15.12 Neither
      party shall be held in breach of this Agreement because of acts or omissions
      caused by any act of God or other cause beyond the control of the parties,
      including, but not limited to, fire, floods, labor disputes, or other unforeseen
      circumstances.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have set their hands and seals and duly executed
      this Agreement effective as of the date first above written.

     

    
      	 	 	 
	 	AMBIT
              CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/ Robert
              J.
              Crowley
	 	
              
Name:Robert
              J. Crowley
	 	Title:
              CEO

    

     

    
      	 	 	 
	 	NATURALNANO,
              INC.
	 
 	 
 	 
 
	 	By:  	/s/ Kathleen
              A. Browne
	 	
              
Name:
              Kathleen A. Browne
	 	Title:
              CFO

    

     

    
      
        
        

      

      
        13

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