Document:

exv4w1

 

Exhibit 4.1

	CUSIP 21254s 10 7 CERTIFICATE NUMBER ZQ 000000

 

 

	. CONVERTED ORGANICS INC. The following abbreviations, when used in the inscription on
the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations: TEN COM — as tenants in common UNIF GIFT MIN ACT- . . . . . . .
        . . .Custodian . . . . . . . . . . . . . . . (Cust) (Minor) TEN ENT — as tenants by the
entireties under Uniform Gifts to Minors Act . . . . . . . . . . . . . (State) JT TEN — as
joint tenants with right of survivorship            UNIF TRF MIN ACT . . . . . . . . . . . . . .
        .Custodian (until age. . . ). . . . . . . . . . . and not as tenants in common
(Cust)
(Minor) under Uniform Transfers to Minors Act. . . . . . . . . . (State)
Additional abbreviations may also be used though not in the above list. THE COMPANY WILL
FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS,
PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF
THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND
THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED
BY THE CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF
DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR
FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE
TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK
CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS
TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE
ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE            For value received, hereby sell,
assign and transfer unto (PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)
Shares of the capital stock represented
by the within Certificate, and do hereby irrevocably constitute and appoint
Attorney to transfer the said stock on the books of the within-named
Corporation with full power of substitution in the premises. Dated:
20Signature(s) Guaranteed: Medallion Guarantee Stamp
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks,
Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 . Signature:
Signature: Notice: The signature to this assignment must
correspond with the name as written upon the face of the certificate, in every particular, without
alteration or enlargement, or any change whatever.exv4w4

 

 

Exhibit 4.4

	Stock Certificate 21254S 20 6

 

 

CONVERTED ORGANICS INC.

The following abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	TEN COM

	 	-
	 	as tenants in common
	 	UNIF GIFT MIN ACT-
	 	 	 	Custodian	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 	 	 	(Cust)
	 	 	 	(Minor)
	TEN ENT	 	-	 	as tenants by the entireties	 	 	 	under Uniform Gifts to Minors Act
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	(State)
	JT TEN

	 	-
	 	as joint tenants with right of survivorship
	 	UNIF TRF MIN ACT
	 	 	 	Custodian (until age)	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 
	 

	 	 	 	and not as tenants in common
	 	 	 	(Cust)
	 	 	 	(Minor)
	 	 	 	 	 	 	 	 	under Uniform Transfers to Minors Act
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	(State)
	 	 	 	 	Additional abbreviations may also be used though not in the above list.

The Registered Holder hereby is entitled, at any time after the Separation Time (as defined on the
face hereof) to exchange the Units represented by this Unit Certificate for Common Stock
Certificate(s) representing one share of Common Stock for each Unit represented by this Unit
Certificate, a Class A Warrant Certificate(s) representing one redeemable Class A Warrant for each
Unit represented by this Unit Certificate and a Class B Warrant Certificate(s) representing one
non-redeemable Class B Warrant for each Unit represented by this Unit Certificate upon surrender of
this Unit Certificate to the Warrant Agent and Registrar together with any documentation required
by such agent.

REFERENCE IS MADE TO THE WARRANT AGREEMENT REFERRED TO ON THE FACE HEREOF, AND THE PROVISIONS OF
SUCH WARRANT AGREEMENT SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH ON THE
FACE OF THIS CERTIFICATE. COPIES OF THE WARRANT AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST FROM
THE WARRANT AGENT AND REGISTRAR, COMPUTERSHARE TRUST COMPANY, INC.

For value received,                         hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)

 

 

	 	 	 
	 

	 	Shares
	 	 	 

of the units represented by the within Certificate, and
do(es) hereby irrevocably constitute and appoint

	 	 	 
	 

	 	Attorney
	 	 	 

to transfer
the said units on the books of the within-named Corporation with full power of substitution in the
premises.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	 	20	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Signature:
	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Signature:
	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	Notice:	 	Signature must conform in all
respects to the name of Registered Holder as specified on the face of
this Warrant Certificate in every particular, without alteration or
any change whatsoever, and the signature must be guaranteed in the
usual manner.

Signature(s) Guaranteed: Medallion Guarantee Stamp

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers,
Savings and Loan Associations and Credit Unions) WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
17Ad-15.<PAGE>
                                                                   Exhibit 10.1C

Mr. Edward J. Gildea, President
Converted Organics, Inc.
7A Commercial Wharf West
Boston, MA 02210

January 12, 2007

Re: April 11, 2006 FINANCING TERMS AGREEMENT

Dear Mr. Gildea:

      This letter confirms that the COMPANY and the undersigned PURCHASER of
UNITS pursuant to the above-referenced FINANCING TERMS AGREEMENT AND PURSUANT TO
THE EXTENSION LETTER DATED OCTOBER 16, 2006 (attached hereto as Exhibit A) agree
as follows (CAPITALIZED/ITALIC terms shall have the same meaning ascribed to
them in the FINANCING TERMS AGREEMENT):

      1. The MATURITY DATE is hereby extended to the earlier of February 19,
2007 or the closing of a PUBLIC OFFERING.

      2. The COMPANY'S obligation to deliver ALTERNATE BRIDGE EQUITY UNITS in
the absence of a PUBLIC OFFERING is postponed to February 19, 2007.

      3. Up through February 19, 2007 the COMPANY at its option shall have the
right, but not the obligation, to pay the Bridge NOTES interest in PRIMARY
BRIDGE EQUITY UNITS (or ALTERNATE BRIDGE EQUITY UNITS, as the case may be). Any
PRIMARY BRIDGE EQUITY UNITS so issued shall be entitled to the same registration
rights set forth in the FINANCING TERMS AGREEMENT for all other PRIMARY BRIDGE
EQUITY UNITS.

      4. The undersigned hereby appoints David A. Rapaport, Esq. (Executive Vice
President and General Counsel of High Capital Finding, LLC) as his/her/its Agent
to permit up to two (2) 30-day Maturity Date extensions.

      Notwithstanding the MATURITY DATE extension, and the FINANCING TERMS
AGREEMENT AND THE EXTENSION LETTER DATED OCTOBER 16, 2006, the COMPANY agrees
that the interest rate on the BRIDGE NOTES shall be computed at the rate of 18%
per annum from October 16, 2006 to the date of payment in full of all interest
and principal on the BRIDGE NOTES.

Very truly yours,

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

Accepted and agreed:

Converted Organics, Inc.

By:                                           Date:
    -----------------------------------            -----------------------------
    Edward J. Gildea, President<PAGE>
                                                                   Exhibit 10.4A

                     FIRST AMENDMENT TO AGREEMENT OF LEASE

                  THIS FIRST AMENDMENT TO AGREEMENT OF LEASE (the "AMENDMENT")
is made and entered into this 18th day of January, 2007, ("the "AMENDMENT DATE")
by and between RECYCLING TECHNOLOGY DEVELOPMENT, LLC, having an address of 75
Crows Mill Road, Keasbey, New Jersey 08832 ("LANDLORD") and CONVERTED ORGANICS,
INC., a Delaware corporation, with offices located at 7A Commercial Wharf West,
Boston, MA 02110 ("TENANT").

                                   W I T N E S S E T H:

                  WHEREAS, Landlord and Tenant entered into that certain
Agreement of Lease dated June 2, 2006 (hereinafter called the "LEASE"), demising
certain premises more particularly described in the Lease (the "LEASED
PREMISES"); and

                  WHEREAS, Landlord and Tenant desire to amend the Lease to
increase the rent payable thereunder and to provide that Landlord is to make
certain improvements to the Leased Premises, and make certain other
modifications to the Lease, all as set forth below.

                  NOW THEREFORE, in consideration of the Leased Premises and the
sum of Ten Dollars ($10.00) in hand paid by Tenant to Landlord, the receipt
whereof is hereby acknowledged, Landlord and Tenant do hereby mutually covenant
and agree as follows:

          1.       Section 4.1 is deleted in its entirety and replaced with the
following:

                  "LANDLORD'S WORK: Anything contained in this Lease to the
 contrary notwithstanding, it is expressly understood and agreed that as of the
 Amendment Date, Tenant has not yet taken possession of the Leased Premises and
 Tenant shall not be permitted to take possession of the Leased Premises prior
 to the Work Completion Date (as hereinafter defined); provided, however, Tenant
 shall be permitted use of the Staging Area (as hereinafter defined), and
 subject to the terms of Section 4.6C hereof, Tenant shall be permitted to
 commence Tenant's Work prior to the Work Completion Date. Following the date
 hereof and in accordance with the terms hereof, Landlord shall improve the
 Leased Premises, at its sole cost and expense, in accordance with the terms of
 Exhibit C attached hereto ("LANDLORD'S WORK").

          2.      Section 4.5 is deleted in its entirety and replaced with the
following:

                  "CONSTRUCTION PERIOD: Subject to Landlord's approval of
Tenant's Construction Plans and the obtaining of Landlord's Permits (the later
to occur of (i) Tenant's Construction Plans being complete and approved by
Landlord, and (ii) the date Landlord is in receipt of Landlord's Permits being
the "CONSTRUCTION START DATE"), Landlord shall have a period of up to fifteen
(15) calendar months following the Construction Start Date to commence and
complete Landlord's Work (as hereinafter defined (such period being sometimes
herein referred to as the "CONSTRUCTION PERIOD"))." The date upon which Landlord
completes Landlord's Work shall be THE "WORK COMPLETION DATE."
<PAGE>
         3.       Section 4.6A of the Lease is deleted in its entirety and
replaced with the following:

                  "TENANT'S CONSTRUCTION PLANS: Within thirty (30) days of the
date hereof, Tenant shall submit to Landlord for its review and approval, a
complete set of architectural plans, sealed by a licensed architect, for
Landlord's Work. Such plans and specifications shall be prepared and provided at
Tenant's sole cost and expense, shall be consistent with Landlord's Work, and in
compliance with all laws, ordinances, codes, permits, rules, regulations and
requirements of all duly constituted governmental authorities having
jurisdiction and applicable insurance companies (collectively, "LAWS") and shall
include, as applicable, complete and detailed plans and specifications,
including, but not limited to elevations, mechanical, electrical, plumbing and
signage plans (collectively, "TENANT'S CONSTRUCTION PLANS") such that same may
be submitted by Landlord to obtain Landlord's Permits. Tenant hereby agrees that
Tenant's Construction Plans shall not require the construction of any structure
beyond the "footprint" of the structure currently situate on that portion of the
Property on which the Leased Premises are to be rebuilt. Landlord shall give its
approval or disapproval (giving specific reasons in case of disapproval) of
Tenant's Construction Plans within ten (10) business days after their delivery
to Landlord for an initial review, and within five (5) business days after their
delivery to Landlord for resubmission. In the event that Landlord shall advise
Tenant of any objections to Tenant's Construction Plans, and Landlord and Tenant
cannot reasonably resolve said objections to their mutual satisfaction within
thirty (30) days following Tenant's receipt of Landlord's objections, then
either party may submit such dispute to arbitration in accordance with Section
54. Notwithstanding anything herein contained to the contrary, the commencement
or pending decision of any arbitration proceeding in conjunction with this Lease
shall not delay or excuse any payment of Base Rent, additional rent or other
charge which is otherwise due and payable under this Lease. In the event that
Tenant fails to timely submit Tenant's Construction Plans as contemplated
herein, Landlord may, at its option, take either of the following actions: (i)
extend the time for Tenant to submit Tenant's Construction Plans, in which case
the Construction Period shall be extended one day for each day Tenant is late in
submitting Tenant's Construction Plans, or (ii) by written notice to Tenant,
terminate this Lease (subject to the provisions of Section 44). Tenant
acknowledges that Landlord's approval of Tenant's Construction Plans shall not
be deemed a warranty or representation that Tenant's Construction Plans comply
with applicable Laws, or other legal requirements or are sufficient for Tenant's
needs or purposes. Notwithstanding anything herein contained to the contrary, in
no event may Tenant seek, submit, or request any changes, modifications or other
alterations of the Leased Premises, which entail or require either partial or
full site plan review and approval, without Landlord's prior written consent,
which consent may be withheld by Landlord in its sole and un-reviewable
discretion."

         4.       Section 4.6B of the Lease is deleted in its entirety and
replaced with the following:

          "LANDLORD'S PERMITS: Following Landlord's approval of Tenant's
Construction Plans, Landlord shall apply, at its sole cost and expense, for all
permits and approvals necessary to perform Landlord's Work ("LANDLORD'S
PERMITS") and shall diligently proceed in good faith to obtain Landlord's
Permits in order that Landlord may, subject to the provisions hereof, perform
Landlord's Work to completion. Upon receipt of Landlord's Permits, Landlord
shall promptly

                                       2
<PAGE>

commence Landlord's Work, in accordance with Tenant's Construction Plans, as
approved by Landlord."

         5.       Section 4.6C of the Lease is deleted in its entirety and
replaced with the following:

         "TENANT'S WORK: Subject to Tenant obtaining all necessary governmental
 permits and approvals, Tenant shall have the right to install certain equipment
 and ancillary infrastructure improvements, pursuant to plans and specifications
 which shall have been prepared by Tenant at its sole cost and expense and
 submitted to Landlord for its prior written approval, in its sole and absolute
 discretion (such plans being hereinafter referred to as "TENANT'S EQUIPMENT
 PLANS" and such work hereinafter being referred to as "TENANT'S WORK").
 Tenant's Equipment Plans shall be in compliance with all Laws and applicable
 insurance companies and shall include, as applicable, complete and detailed
 plans and specifications, including, but not limited to, elevations,
 mechanical, electrical, plumbing and signage plans. Tenant hereby agrees that
 Tenant's Equipment Plans shall not require the construction of any structure
 beyond the footprint of the Leased Premises. Landlord shall give its approval
 or disapproval (giving specific reasons for disapproval) of Tenant's Equipment
 Plans within ten (10) business days after their delivery to Landlord for
 initial review, and within five (5) business days after their delivery to
 Landlord for resubmission. Tenant acknowledges that Landlord's approval of
 Tenant's Equipment Plans shall not be deemed a warranty or representation that
 Tenant's Equipment Plans comply with applicable Laws, or other legal
 requirements or are sufficient for Tenant's needs or purposes. All equipment
 and ancillary improvements made, performed or installed by Tenant, inclusive of
 Tenant's Work, shall be provided at Tenant's sole cost and expense and shall be
 performed in compliance with all of the terms and conditions of this Lease
 (including, but not limited to Section 21) and all applicable Laws. Tenant's
 Work shall be performed by reputable and licensed contractors reasonably
 approved by Landlord which shall work in a harmonious manner in accordance with
 good construction industry practice(s). Tenant may commence Tenant's Work prior
 to the Work Completion Date, provided Tenant and Tenant's agents and
 contractors do not interfere with any work being performed by or on behalf of
 Landlord in the Leased Premises. Tenant shall not cause any conflict or work
 stoppage as a result of the performance of Tenant's Work in the Leased
 Premises. Tenant agrees to instruct its contractors and others performing
 construction work on its behalf, to cooperate with Landlord and its contractors
 and subcontractors, or those contractors or subcontractors of any affiliates of
 Landlord who are performing work in the Leased Premises or on the Property, in
 order to minimize interference therewith. In the event that Landlord's agents,
 contractors or employees, or Tenant's work, or Tenant's agents, contractors or
 employees, are respectively impeding, interfering, or otherwise delaying the
 completion of work being performed by either Landlord or its affiliates, or
 Tenant, as the case may be, the aggrieved party shall provide the other with
 written notice (a "NOTICE OF DELAY"), which shall reasonably detail the
 circumstances of such delay and propose a "good faith solution", (as defined
 below), to resolve same. A "good faith solution" shall be defined as a solution
 which minimizes the costs and adverse effects on both parties. Within two (2)
 business days following receipt of a Notice of Delay, Landlord and Tenant will
 arrange for a conference call and/or meeting with each other's representatives,
 which representatives shall have decision making authority (the "RESOLUTION
 MEETING"). During the Resolution Meeting, all parties shall discuss the Notice
 of Delay and proposed good faith solution with the intent and purpose of

                                       3
<PAGE>

 resolving the matter in good faith as set forth above. Accurate minutes of the
 Resolution Meeting shall be kept and approved by both parties. In the event
 that a mutually satisfactory resolution is not reached following the Resolution
 Meeting, either Landlord or Tenant may submit the dispute to an Arbitration in
 accordance with the provisions of Article 54; provided, however, that given any
 timing constraints, such Arbitration shall be handled on an expedited basis.
 Notwithstanding anything herein to the contrary, in no event may Tenant seek,
 submit, or request in any application made to any municipal or other governing
 body having jurisdiction, any changes, modifications or other alterations of
 the Leased Premises, which entail or require either partial or full site plan
 review and approval, without Landlord's prior written consent, which consent
 may be withheld by Landlord in its sole and absolute discretion. In the event
 Landlord is delayed in performing Landlord's Work as a result of Tenant's Work
 being performed by Tenant or Tenant's contractors prior to the Work Completion
 Date, the Construction Period shall be extended one day for each day Landlord
 is so delayed."

         6.       The following is added as section 4,7:

         "STAGING AREA: Provided that Tenant shall not be in default of this
 Lease beyond any applicable notice and cure period hereunder, during the
 Construction Period only, Landlord agrees to designate, from time to time, upon
 request of Tenant, a temporary staging area (the "STAGING AREA"), in and around
 the Property, for use by Tenant and Tenant's Contractors for the assemblage of
 equipment and infrastructure to be installed in the Leased Premises following
 the Work Completion Date. The use of the Staging Area shall be subject to all
 of the terms and conditions of this Lease, except that Tenant shall not be
 required to pay any fee for the use of the initial Staging Area. The tentative
 initial Staging Area is shown on Exhibit A attached hereto. Notwithstanding the
 foregoing, Tenant shall accept the Staging Area so designated by Landlord in
 its "as-is where-is condition", with all faults, it being agreed that Landlord
 shall not be required to perform any work or expend any sums to ready the
 Staging Area for Tenant's use. Tenant's use of the Staging Area shall be at
 Tenant's sole risk. The use of the Staging Area shall not interfere with the
 use and enjoyment of the Property or the Building by Landlord, or any tenants,
 occupants, guests or invitees thereof, nor interfere with any work being
 performed by or on behalf of Landlord in and around the Property or the
 Building, including, but not limited to, Landlord's Work. Landlord reserves the
 right to change the location of any previously designated Staging Area to a new
 location within reasonable proximity to the Leased Premises, upon five (5) days
 notice to Tenant, and all costs and expenses of moving and relocating shall be
 borne by Tenant. At the end of the Construction Period (or any earlier
 cessation of the use of the Staging Area by Tenant, Tenant shall promptly
 remove (and/or cause its Contractors to promptly remove), all vehicles,
 equipment, machinery, materials, debris and all other personal property on or
 prior to said date, so that the Staging Area is left in the same condition as
 existed as of the date upon which Tenant's use thereof commenced. In the event
 Tenant does not vacate the Staging Area as required by the terms hereof,
 Landlord shall have the right, but not the obligation, to remove all debris and
 personal property from the Staging Area, disposing of same as it sees fit, and
 Tenant shall be responsible for the costs incurred by Landlord in removing and
 disposing of all debris and personal property from the Staging Area as
 additional rent.

                                       4
<PAGE>

         7. Schedule B of the Lease is deleted in its entirety and replaced with
Exhibit B attached hereto.

         8. Section 44.1 is modified by increasing the Security Deposit from
Sixty Five Thousand ($65,000) Dollars to Four Hundred Fifteen Thousand
($415,000) Dollars. Tenant shall pay the additional Three Hundred Fifty Thousand
($350,000) Dollars on or before the earlier to occur of (i) the date of the
closing of Tenant's financing through the New Jersey Economic Development
Authority (the "CLOSING DATE"), or (ii) March 1, 2007.

         9. Except as supplemented and amended by this Amendment, the Lease is
unmodified and continues in full force and effect, and Landlord and Tenant
hereby ratify and confirm the Lease as so amended and supplemented. Any terms
that are not defined in this Amendment shall have the meanings ascribed in the
Lease. The Lease as supplemented and amended hereby shall inure to the benefit
of and be binding upon Landlord, Tenant and their successors, assigns, heirs and
legal representatives. This Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed to be one instrument.

IN WITNESS WHEREOF, the parties have executed and sealed this Amendment as of
the day and year first above set forth.

ATTEST (WITNESS)                       TENANT:

                                       CONVERTED ORGANICS, INC,
/s/ Illegible
------------------------------
                                       BY: /s/ Edward J. Gildea
                                          --------------------------------------

                                       Name: Edward J. Gildea
                                            ------------------------------------

                                       Its:  President
                                            ------------------------------------

                                       LANDLORD:

                                       RECYCLING TECHNOLOGY
                                       DEVELOPMENT, LLC

/s/ Illegible                          BY: /s/ Illegible
------------------------------            --------------------------------------

                                       Name: Illegible
                                            ------------------------------------

                                       Its: Member
                                            ------------------------------------

                                       5
<PAGE>
                                   EXHIBIT "A"

                              Initial Staging Area

<PAGE>

                             (STAGING AREA GRAPHIC)

<PAGE>

                                  EXHIBIT "B"

                               BASE RENT SCHEDULE

The lease term is for ten (10) years with an option to renew for an additional
ten (10) years. Base Rent shall be as follows:

<TABLE>
<CAPTION>
Period             Previous Rent  Increase           Monthly Rent  Total Rent
------             -------------  --------           ------------  ----------
<S>                <C>            <C>                <C>           <C>
 6/2/06 - 2/28/07  N/A            N/A                $32,500       $292,500
 3/1/07 - 5/31/07  $32,500        $45,401.65         $77,901.65    $233,704.95
 6/1/07 - 5/31/08  $77,901.65     N/A                $77,901.65    $934,819.80
 6/1/08 - 5/31/09  $77,901.65     N/A                $77,901.65    $934,819.80
 6/1/09 - 5/31/10  $77,901.65     N/A                $77,901.65    $934,819.80
 6/1/10 - 5/31/11  $77,901.65     N/A                $77,901.65    $934,819.80
 6/1/11 - 5/31/12  $77,901.65     $1,625             $79,526.65    $954,319.80
 6/1/12 - 5/31/13  $79,526.65     $682.50            $80,209.15    $962,509.80
 6/1/13 - 5/31/14  $80,209.15     $696.15            $80,905.30    $970,863.60
 6/1/14 - 5/31/15  $80,905.30     $710.07            $81,615.37    $979,384.44
 6/1/15 - 5/31/16  $81,615.37     N/A                $70,989.24    $851,870.88
 6/1/16 - 5/31/17  $70,989.24     N/A                $38,784.90    $465,418.77
 6/1/17 - 5/31/18  $38,784.90     plus 2% $775.70    $39,560.60    $474,727.14
 6/1/18 - 5/31/19  $39,560.60     plus 2% $791.21    $40,351.81    $484,221.69
 6/1/19 - 5/31/20  $40,351.81     plus 2% $807.04    $41,158.84    $493,906.12
 6/1/20 - 5/31/21  $41,158.84     plus 2% $823.18    $41,982.02    $503,784.24
 6/1/21 - 5/31/22  $41,982,02     plus 5% $2,099.10  $44,081.12    $528,973.45
 6/1/22 - 5/31/23  $44,081,12     plus 2% $881.62    $44,962.74    $539,552.92
 6/1/23 - 5/31/24  $44,962.74     plus 2% $899.25    $45,862.00    $550,343.98
 6/1/24 - 5/31/25  $45,862        plus 2% $917.24    $46,779.24    $561,350.86
 6/1/25 - 5/31/26  $46,779.24     plus 2% $935.58    $47,714.82    $572,577.88
</TABLE>

<PAGE>

                                    EXHIBIT C

                                LANDLORD'S WORK

                                       2

<PAGE>
                               Converted Organics
                                    Exhibit C

Renovation of the shell of the building, related to the Leased Premises, (60,000
Sq. Ft.).

Approval of Engineering, Design and Drawings
Purchase of Steel Trusses and Steel Bar Joist and Structural Steel
Mobilization
Erection of proposed columns and foundation
Erection of Structural Steel
Erection of Trusses & Bar Joists
Installation of 26 gauge "R" Panel Roof System
Installation of 26 gauge "R" panel-6ft. translucent panels-east wall
Installation of 26 gauge "R" panel-6ft translucent panels-west wall
Installation of 26 gauge "R" panel-6ft translucent panels-south wall

                                       1

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