Document:

SEVERANCE, RELEASE AND CONSULTING AGREEMENT
       

       
                 THIS SEVERANCE, RELEASE AND CONSULTING
            AGREEMENT (this "Release") is made by and between Norman "Chip"
            Harpster, Jr. (hereinafter "Employee", "You" and "Your") and Millennium
            Cell Inc. (hereinafter "Millennium"), for the purpose of amicably and fully
            resolving any and all claims, disputes and issues arising out of Employee's
            employment with Millennium and the termination of that employment.
       

       
             RECITALS
       

       
                  A.      For
            purposes of this Release, "Millennium" means Millennium Cell Inc. and each and
            all of its subsidiary and affiliated corporations, entities, members, officers,
            directors, stockholders, employees, former employees, departments, divisions,
            predecessors and/or joint ventures.
       

       
                  B.      Employee
            has been employed by Millennium in various positions, including his most recent
            position of Vice President, Finance and International Business Development. As
            a result of the termination of Employee's employment with Millennium and to
            fully and finally resolve all issues concerning Employee's employment
            relationship with Millennium, Millennium and Employee have decided to enter
            into this Release.
       

       
                  C.      There is
            an existing agreement between Employee and Millennium dated September 6, 2000.
       

       
                  D.      For and
            in consideration of the mutual promises and covenants in this Release, and for
            other good and valuable consideration, the receipt and sufficiency of which is
            hereby acknowledged, the parties agree as follows:
       

       
            OPERATIVE PROVISIONS
       

       
                 1.
                 Termination of Employment.
                Millennium and Employee agree that Employee's
            employment relationship with Millennium shall terminate effective February 14,
            2003 ("Termination Date").
       

       
                  2.     
            Consideration.
       

       
       
                      (a)
                 Severance.
                As consideration for Employee's execution of and
            compliance with this Release, Millennium agrees to pay Employee the gross
            amount of Sixty-Five Thousand and 00/100 ($65,000) Dollars ("Severance"). This
            Severance shall be exclusive of any and all earned and unused vacation days.
            Employee shall receive payment for fifteen (15) earned and unused vacation
            days. The aforementioned Severance payment shall be subject to all appropriate
            federal and state withholding and employment taxes. The parties agree that the
            Severance shall be paid to Employee within ten (10) business days of the
            Effective Date of this Release, as defined in Section 3(e) hereof.
       

       
                      (b)
                 Benefit Termination/Continuation:
                As further consideration for Employee's execution of
            and compliance with this Release:
       

       
                           
            1.      Millennium agrees to pay Employee's monthly
            COBRA premiums in the amount of One Thousand Three Hundred Thirty-Nine
            ($1,339.00) Dollars per month $1,392.79 for eighteen (18) months through August
            14, 2004. If the premium increases or decreases during the eighteen (18) month
            period, Millennium agrees to pay the increased or decreased premium so that
            Employee continues to receive the same coverage amount. Employee will have the
            opportunity and responsibility to elect COBRA continuation coverage and will be
            responsible for the execution of the continuation of coverage forms upon
            termination of his insurance coverage on February 14, 2003. To the extent
            Employee becomes eligible for medical benefits through a new employer during
            the eighteen (18) month period identified herein, Employee shall promptly
            advise Millennium in writing and Millennium's obligation to make the COBRA
            payments referenced herein shall immediately cease.
       

       
                           
            2.      Millennium agrees to pay Employee Four Hundred
            Fifty Five and 00/100 ($455.00) Dollars per month to be applied to Employee's
            life insurance premium for eighteen (18) months through August 14, 2004. If the
            premium increases or decreased during the eighteen (18) month period,
            Millennium agrees to pay the increased or decreases premium so that Employee
            continues to receive the same coverage amount. It shall be Employee's sole
            responsibility to make sure timely payments are made to the life insurance
            company.
       

       
                            3.
                 Millennium agrees to pay Employee Two Hundred
            Eight Four and 00/100 ($284.00) Dollars per month to be applied to Employee's
            disability insurance premium in
       

       
       
            the amount of $284 per month for eighteen (18) months through August 14,
            2004. If the premium increases or decreases during the eighteen (18) month
            period, Millennium agrees to pay the increased or decreased premium so that
            Employee continues to receive the same coverage amount. It shall be Employee's
            sole responsibility to make sure timely payments are made to the disability
            insurance company.
       

       
                           
            4.      All other benefits will terminate on
            Employee's Termination Date of February 14, 2003.
       

       
                           
            (c)      Warrants:
       

       
                                (1)
                 Employee is the holder of options ("Options") to
            purchase 272,500 shares of common stock ("Common Stock") of Millennium. The
            Options were issued to Employee pursuant to Millennium's Stock Option Plan. Of
            the Options: (i) 212,500 Options have an exercise price of $2.90 per share, and
            60,000 Options have an exercise price of $4.35 per share; and (ii) 161,668
            Options have vested and 110,832 Options have not vested.
       

       
                                
            (2)      Employee hereby surrenders to Millennium all
            Options in exchange for warrants ("Warrants") to purchase an aggregate of
            272,500 shares of Common Stock of Millennium. Millennium shall issue the
            Warrants to Employee pursuant to the Warrant Agreements ("Warrant Agreements")
            attached hereto as Exhibit A. Employee agrees to execute all documents and
            instruments necessary for the surrender of the Options. The principal terms of
            the Warrants are:
       

       	Number of Warrants	 Term	Exercise Price Per Share of Common
                   Stock of Millennium
	212,500	2/14/2013	$2.90 
	 60,000 	 2/14/2013 	 $4.35

 
       
                                (3)
                 The Warrant Agreements shall each provide that
            the Warrants shall not be transferred for one year from February 14, 2003
            except the following Warrant transfers may be made prior to February 14, 2004:
            (i) transfers in connection with bona fide estate tax planning purposes; (ii)
            if the volume weighted average price of the Common Stock is $4.25 or greater
            prior to February 14, 2004, 212,500 Warrants may be transferred within three
            (3) days after such price is attained; or (iii) if the volume weighted average
            price of the Common Stock is $5.10 or greater prior to February 14, 2004, an
            additional 60,000 Warrants may be transferred within three (3) days after such
            price is attained. Any transfer of the Warrants also must comply with the
            provisions of the Securities Act of 1933, as amended (the "Securities Act"),
            including, without limitation, Rule 144. Employee and Millennium acknowledge
            and agree that because of contractual restrictions binding upon Millennium,
            Millennium is presently prohibited from granting to Employee piggy-back
            registration rights for the shares of Common Stock underlying the Warrants. If
            Millennium is permitted in the future to grant piggyback registration rights,
            it will grant them to Employee.
       

       
                                (d)
                 Consulting Arrangement:
                 As further consideration for the parties entering
            into this Release and Millennium issuing the Warrants to Employee, Employee and
            Millennium hereby enter into a consulting arrangement ("Consulting
            Arrangement"). For purposes of the Consulting Arrangement, Employee shall be
            referred to herein as "Consultant." The Consulting Arrangement shall be for a
            term of one (1) year from the Effective Date. At the request of Millennium,
            Consultant agrees to provide consulting services to Millennium on matters,
            topics and projects requested by Millennium. Such consulting services shall be
            provided on a reasonable basis by Consultant and not conflict with his
            scheduling requirements. Such consulting services shall include Millennium's
            financial reporting and SEC compliance, intellectual property, including issues
            or disputes relating to claims of persons or entities other than Millennium to
            any right or interest in such intellectual property. For his services as a
            consultant, Consultant shall provide the first 20 hours of service at no
            charge, the next 21 to 40
       

       
       
            hours at $175 per hour and all hours over 40 hours at $250 per hour, and
            Consultant shall be paid his expenses. Consultant shall provide an invoice on a
            monthly basis to Millennium for services rendered and expenses incurred.
            Consultant's invoice shall be paid by Millennium within thirty (30) days. For
            purposes of the Consulting Arrangement, the following shall apply: The
            relationship of Consultant to Millennium shall be that of an independent
            contractor. Consultant shall not be deemed to be an employee of Millennium.
            Consultant shall not be considered as having employee status for the purpose of
            any employee benefit plan applicable to Millennium's employees generally,
            payroll withholding taxes, or for any other purpose such as, but not limited
            to, worker's compensation, medical or life insurance, vacation, holiday pay,
            unemployment insurance and welfare or pension benefits. The benefits set forth
            in Section 2(b) of this Agreement are separate and are not related to or a part
            of the Consulting Arrangement. Consultant accepts exclusive liability for the
            payment of any and all payroll withholding taxes with respect to all
            compensation that arises out of the consulting services provided under the
            terms of this section of this Release. This section does not and shall not be
            construed to create a partnership or joint venture between the parties and any
            of them.
       

       
                                (e)
                 Sufficiency of Consideration; No Admission
            of Liability.      The parties agree that the
            consideration paid to Employee and set forth herein is good and sufficient
            consideration for this Release. The parties further agree that these amounts
            are greater than what Employee is entitled to receive from Millennium under
            Millennium's policies, and equal to the amount under Employee's prior
            employment agreement with Millennium dated September 6, 2000 ("Employee's
            Employment Contract") and applicable law. Employee acknowledges that neither
            this Release, nor payment of any consideration pursuant to this Release, shall
            be taken or construed to be an admission or concession of any kind with respect
            to alleged liability or alleged wrongdoing by Millennium. Millennium
            specifically disclaims any liability to Employee and Employee specifically
            admits that Millennium is not liable to him on any basis. Millennium will not
            challenge an application for unemployment compensation by Employee.
       

       
                 3.
                 General Release and Waiver of
            Claims:      (a) Employee agrees to release
            Millennium, its current and former officers, directors, agents, employees,
            former employees, stockholders, affiliates, successors and assigns, or any of
            them (hereinafter collectively "Millennium personnel"), from all claims,
            demands, actions, liabilities, whether presently known
       

       
       
            or unknown by him (except as expressly set forth in
            paragraph 3(d) below), that he may have against Millennium or Millennium
            personnel, in any way related to his employment at Millennium and/or the
            termination of that employment. By way of example, the types of claims that are
            covered under this Release include but are not limited to:
       

       	(1)	 	all "wrongful discharge" claims, "constructive
                   discharge" claims, all claims relating to any contracts of employment,
                   expressed or implied, any covenants of good faith and fair dealing, expressed
                   or implied, and any personal wrongs or injuries;
	(2)	 	any severance payments or rights or any rights
                   concerning the exercise or vesting of stock options arising from or related to
                   the termination of Employee's employment with Millennium or Employee's
                   Employment Contract or any other purported employment agreement other than for
                   such payments or rights as set forth in this Release;
	(3)	 	 any claims that could be brought pursuant to Title VII
                   of the Civil Rights Act of 1964, 42 U.S.C. § 2000-1 et seq., the Age
                   Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Americans
                   with Disabilities Act, 42 U.S.C. § 12101 et seq., the Worker Adjustment
                   and Retraining Notification Act, the Employee Retirement Income Security Act,
                   29 U.S.C. § 1131 et seq., the Family and Medical Leave Act, 29 U.S.C.
                   § 2601 et seq., the New Jersey Law Against Discrimination, N.J.S.A. §
                   10:5-1 et seq., the Conscientious Employee Protection Act, N.J.S.A. §
                   34:19-1 et seq., and the Family Leave Act, N.J.S.A. § 34:11B-1 et seq.
                   (all as may have been amended); and
	(4)	 	any claims that could be brought under any other
                   federal, state, county or municipal statute or ordinance dealing with
                   discrimination in employment on the basis of sex, race, national origin,
                   religion, disability, age, marital status, affectional or sexual orientation or
                   other reason.

       
                 (b)      Employee
            agrees that he will never sue or otherwise institute a claim of any kind
            against Millennium or Millennium personnel for anything that has happened up to
            now, whether presently known or unknown by him, in any way
            related to his employment at Millennium and/or the termination of that
            employment.
       

       
       
                 (c)     If
            Employee breaches the terms of this Release by suing Millennium or Millennium
            personnel, Employee agrees that he will pay all costs and expenses incurred by
            Millennium and Millennium personnel in defending against the suit, including
            reasonable attorneys' fees. Additionally, if Employee breaches the terms of
            this Release, Millennium shall have the right to discontinue, immediately and
            permanently, all benefits hereunder and to obtain, by way of counterclaim or
            other lawful means, repayment of the full amount paid to Employee as
            consideration for this Release.
       

       
                 (d)      This
            Release does not include any claims Employee may have with respect to any
            medical, prescription, dental, flexible spending account, life insurance,
            retirement and savings benefits provided by plans maintained by Millennium to
            which he may be entitled, or to any rights he may have under applicable
            worker's compensation laws or any claims or rights Employee may have against
            Millennium personnel unrelated to his employment at Millennium or the
            termination of that employment. This Release shall not apply to any claim
            brought against Employee by a third party for acts or omissions of Employee
            within the scope of his employment as an officer of Millennium.
       

       
                  (e)
                 Revocation Periods; Attorney Review; Effective
            Date.     Employee acknowledges that he received this
            Release on January 23, 2003. Employee shall have until February 13, 2003 to
            consider this Release and to deliver this Release, duly executed by Employee,
            to Millennium ("Consideration Period"). Millennium hereby advises Employee to
            consult an attorney with respect to the terms of this Release and Millennium
            agrees to pay Employee's attorney up to Ten Thousand and 00/100 ($10,000.00)
            Dollars for attorney's fees upon presentation of a statement for fees and
            services by Employee's attorney. Employee understands that he is entitled to
            revoke this Release at any time during the seven (7) days immediately following
            Employee's execution of this Release ("Revocation Period") by notifying
            Millennium in writing of his revocation. To revoke, a written notice of
            revocation must be mailed to George Zalepa, Millennium Cell Inc., 1 Industrial
            Way West, Eatontown, NJ 07724 within 7 days after Employee signs this Release.
            The revocation must be:
       

       
                       (1)
                 postmarked within the 7-day period; and
       

       
                       (2)
                 properly addressed to George Zalepa at the above
            address.
       

       
       
                 If George Zalepa does not receive a written
            verification in accordance with the foregoing terms, Employee will not be able
            to revoke this Release. This Release shall become effective on the day after
            the seven-day Revocation Period has expired unless timely notice of Employee's
            revocation has been delivered to Millennium (the "Effective Date").
       

       
                 4.
                 Confidential Information:
       

       
                      (a)
                 Employee agrees and acknowledges that the terms
            and conditions of Millennium's Employee Proprietary Information and Invention
            Agreement and the Confidentiality Agreement remain in full force and effect and
            that nothing herein modifies the terms and conditions of those Agreements.
            Employee further agrees and acknowledges that prior to February 14, 2003, he
            will return or has returned to Millennium any and all Confidential Information
            and copies thereof.
       

       
                      (b)
                 Employee further acknowledges and agrees that
            Millennium has developed, received, compiled and owns certain proprietary
            techniques and confidential information that have great value in its business.
            This information includes but is not limited to any and all information (in any
            medium, including but not limited to, written documents and electronic files)
            concerning unpublished financial data, marketing and sales data, compensation
            and benefits data, Employee lists, contracts, formulas, trade secrets,
            discoveries, improvements, know-how, marketing plans, business plans,
            strategies, forecasts, customer information and supplier and vendor identities
            and agreements ("Confidential Information"). Employee also has access to
            confidential information of any persons or entities for whom Millennium
            performs services, or from whom Millennium or Employee obtain information
            ("Clients"). Confidential Information includes not only information disclosed
            by Millennium or its Clients to Employee in the course of Employee's employment
            with Millennium, but also information developed or learned by Employee during
            the course of Employee's employment with Millennium. Confidential Information
            is to be broadly defined.
       

       
                      (c)
                 Employee acknowledges and agrees that during
            Employee's employment with Millennium, Employee has had access to such
            Confidential Information. Employee has also had access to privileged
            communications between Millennium and its counsel ("Privileged Information").
            Employee agrees that at all times after Employee's employment with Millennium
       

       
       
            is terminated, Employee will (i) hold in trust, keep confidential, and
            not disclose to any third party or make any use of the Confidential Information
            of Millennium or its Clients and/or Privileged Information; (ii) not cause the
            transmission, removal or transport of Confidential Information of Millennium or
            its Clients or Privileged Information; and (iii) not publish, disclose, or
            otherwise disseminate Confidential Information of Millennium or its Clients or
            Privileged Information except as otherwise permitted under applicable law.
       

       
                       (d)
                 Prior to Millennium's public disclosure of
            Employee's termination in a Form 8-K filing with the SEC, Employee agrees to
            keep both the existence and the terms (to the extent such terms are in the Form
            8-K) of this Release completely confidential, except that Employee may discuss
            this Release with Employee's attorney, accountant, or other professional person
            who may assist Employee in evaluating, reviewing, or negotiating this Release,
            and as otherwise permitted under applicable law. Disclosure of the terms of
            this Release prior to this Release being filed with the SEC contrary to those
            terms will constitute a breach of this Release. If terms of this Release are
            not set forth in the Form 8-K, Employee shall comply with the non-disclosure
            provisions of this Section 4(d). The restrictions in this Section 4(d) shall
            not apply once this Release is filed with the SEC. Employee may review and
            comment upon, but not approve or disprove, any filings concerning himself.
       

       
                 5.
                 Non-Disparagement.
                Employee agrees to refrain from any publication or any
            type of communication, oral or written, of a defamatory or disparaging
            statement pertaining to Millennium, its past, present and future officers,
            agents, directors, stockholders, affiliates, supervisors, employees or
            representatives, except as otherwise permitted by law. Millennium agrees to
            refrain from any publication or any type of communication, oral or written, of
            a defamatory or disparaging statement pertaining to Employee, except as
            otherwise permitted by law. The provisions of this Section shall also apply
            when Employee acts as a Consultant to Millennium pursuant to Section 2(d),
            provided Employee shall not be precluded from honestly and accurately
            responding to questions presented to him by members of the Board or officers of
            Millennium during his consultancy.
       

       
                  6.
                 Non-Solicitation: Employee agrees
            that for a period of two (2) years after his last day of work at Millennium,
            February 14, 2003, he will not directly or indirectly:
       

       
       
                       (a)
                 solicit, attempt to solicit, induce or attempt to
            induce any of Millennium's customers or licensees, or currently active
            potential customers or licensees, to purchase or license from Millennium any
            products or services that Millennium has offered for sale or offered to license
            during the two-year period immediately preceding February 14, 2003;
       

       
                       (b)
                 solicit, attempt to solicit, induce or attempt to
            induce any of Millennium's strategic partners, collaborators, or joint
            development partners, to engage in collaborative efforts for the development,
            sale or licensing of products or services that are the subject of Millennium's
            collaborative efforts with any such entities; and
       

       
                       (c)
                 solicit, attempt to solicit, induce or attempt to
            induce employees of Millennium to accept employment with, or enter into an
            independent contractor relationship with, Employee or any entity with which he
            shall become affiliated or employed.
       

       
                  7.
                 Non-Compete:
                Employee agrees that for a period of two (2) years
            after his last day of work at Millennium, February 14, 2003, he will not,
            without the prior written consent of Millennium, directly or indirectly provide
            any services (whether in the sales, marketing, public relations, finance,
            research, development, general office, administrative or other areas) as an
            employee, agent, officer, director, consultant, advisor or other representative
            within a company, business unit, division or department that develops, sells,
            markets, licenses or distributes hydrogen generation, storage, distribution
            and/or infrastructure in competition or prospective competition, directly or
            indirectly, with Millennium in any state or country in which Millennium seeks
            to do business. Millennium's competitors include any entity, individual or
            affiliate of such company or individual that develops, sells, markets, licenses
            or distributes hydrogen generation, storage, distribution and/or infrastructure
            that could be used in place of Millennium's Products or Technology.
            Millennium's Products or Technology mean systems for chemically producing
            hydrogen gas from boron or boron-containing compounds and delivering said
            hydrogen gas for conversion to power.
       

       
                  8.
                 Protection of Millennium's
            Interests:     Employee hereby acknowledges that
            these non-compete, non-solicitation and non-disparagement provisions are
            necessary and reasonable to protect Millennium's business interests and to
            prevent the inevitable disclosure of Millennium's Confidential Information.
            Employee further acknowledges that Millennium may
       

       
       
            suffer irreparable harm and other damage in the event of a breach any of
            these provisions. Employee agrees that the term, scope and geographic area of
            the covenants contained herein are reasonable. However, if any court of
            competent jurisdiction determines that any such covenant is unenforceable as to
            the term, scope or geographic area then such covenant nevertheless shall be
            enforceable by such court as to such shorter term, such lesser scope or within
            such lesser geographic area as the court determines to be reasonable and
            enforceable. In the event that Millennium Cell believes that Employee has
            breached any provision of this Agreement, including the non-compete,
            non-solicitation or non-disparagement provisions, it shall notify Employee by
            registered mail or Federal Express. Employee shall immediately cease the
            activity and desist from any further activity which is in non-compliance with
            this Agreement. To the extent Millennium Cell is required to file a lawsuit or
            other proceeding relating to the enforcement of this Agreement, and Millennium
            Cell is successful, Employee shall be responsible to pay the attorneys' fees
            and costs incurred by Millennium Cell in connection with the lawsuit or other
            proceeding. Millennium Cell reserves its right to seek all legal remedies
            available to Millennium Cell. Employee consents to the jurisdiction of the
            state and federal courts of the State of New Jersey and agrees that these
            courts shall be the exclusive forum for any dispute relating to the
            non-compete, non-solicitation and non-disparagement provisions herein. To the
            extent Employee is required to file a lawsuit or other proceeding relating to
            enforcement or litigation of the non-disparagement provisions herein and
            Employee is successful, Millennium shall be obligated to pay the attorneys fees
            and costs incurred by Employee in connection with the lawsuit or other
            proceeding.
       

       
                  9.
                 References:
                The parties agree that Millennium will provide a
            written reference after the effective date of this Release in the form attached
            hereto as Exhibit B. Such reference shall be signed by the President and CEO of
            Millennium.
       

       
                  10.
                 Return of Millennium Property:
                On or before February 14, 2003, Employee shall have
            delivered to Millennium all property belonging to Millennium in Employee or
            Employee's agent's possession, custody or control, including without
            limitation, (a) all Millennium credit cards, (b) all computers, laptops,
            printers, docking stations, other miscellaneous computer hardware and software,
            facsimile machines, and copy machines, (c) electronic organizers, (d) any and
            all originals and copies of Confidential Information, and (e)
       

       
       
            building keys and Millennium identification cards and other documents.
            After February 14, 2003, Employee shall not have access to or use of
            Millennium's facilities, e-mail, voicemail, internet, intranet or extranets.
       

       
                 11.
                 Entire Agreement:
                Employee agrees that this Release contains the entire
            agreement of the parties and that this Release cannot be amended, modified, or
            supplemented in any respect except by the written agreement of both parties.
            The parties further agree that Millennium's Employee Proprietary Information
            and Invention Agreement and Confidentiality Agreement remain in full force and
            effect unless explicitly superceded by this Release. The parties further agree
            that this Release supercedes Employee's Employment Contract, which shall be
            deemed null and void as of the Effective Date of this Release and is hereby
            terminated as of February 14, 2003.
       

       
                 12.
                 Severability:
                The parties agree that should a court find any
            provision of this Release invalid or unenforceable as applied to any
            circumstance, the remainder of this Release and the application of such
            provision shall be interpreted so as best to effect the intent of the parties
            hereto. The parties further agree to replace any such void or unenforceable
            provision of this Release with a valid and enforceable provision that will
            achieve, to the extent possible, the economic, business or other purposes of
            the void or unenforceable provisions.
       

       
                  13.
                 Governing Law:
                Employee agrees that this Release shall be governed by
            the laws of the State of New Jersey without giving effect to any conflict of
            laws principles. Employee consents to the jurisdiction of the federal and state
            courts in the State of New Jersey and agrees that they shall be the exclusive
            forum for the resolution of any and all disputes under this Release.
       

       
                  14.      Employee
            has read this Release in its entirety, understands fully the meaning and
            significance of all its terms, and hereby voluntarily and knowingly agrees to
            accept all of its terms. Employee further acknowledges that he has not relied
            on any representations, promises, or agreements of any kind made to him in
            connection with his decision to accept this Release. Employee further
            acknowledges that Millennium has advised him and that he is aware of the
            following:
       

       
       
                       (a)
                he has the right to and has consulted with an attorney
            prior to signing this Release;
       

       
                       (b)
                he has twenty-one (21) days to decide whether to sign
            this Release; and
       

       
                       (c)
                if he signs this Release, he has up to 7 days to revoke
            it and the Release will not become effective until this 7-day period has
            expired.
       

       
       	DATE: January 27, 2003	/s/ Norman R. Harpster,
                   Jr.               
                   
 NORMAN "CHIP" HARPSTER, JR.
		
		MILLENNIUM CELL INC.
		
	DATE: January 27, 2003	BY: /s/ Stephen S. Tang    
Name:
                   Stephen S. Tang
Title: President & CEO

 
       
       

       	STATE OF NEW JERSEY)	
		) ss:
	COUNTY OF MONMOUTH)	

       
                      On this 27th
            day of January 2003, Norman "Chip" Harpster, Jr. personally came before me and
            acknowledged under oath, to my satisfaction, that this person (a) is named in
            and personally signed this document; and (b) signed, sealed and delivered this
            document as his voluntary act and deed.
       

       		/s/ Karen
                   Gavini      
NOTARY PUBLIC

 
       
            EXHIBIT A
       

       
            Warrant Agreements
       

       
            NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE
            SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND
            EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
            AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
            (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
            PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
            PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
            THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
            APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO
            THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
            ACCEPTABLE TO THE COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON
            EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
            MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.
       

       
            MILLENNIUM CELL INC.
       

       
            WARRANT
       

       	Warrant No. H-1	Date of Original Issuance: February 14, 2003 

       
                 Millennium Cell Inc., a Delaware
            corporation (the "Company"), hereby certifies that, pursuant to the
            Severance, Release and Consulting Agreement dated February 14, 2003 between
            Norman R. Harpster, Jr. and the Company (the "Severance Agreement"), and
            for value received, Norman R. Harpster, Jr., or his registered assigns
            (the "Holder"), is entitled to purchase from the Company up to a total
            of 212,500 shares of common stock, $.001 par value per share (the
            "Common Stock"), of the Company (each such share, a "Warrant
            Share" and all such shares, the "Warrant Shares") at an exercise
            price (as adjusted from time to time as provided in Section 8, the "Exercise
            Price") per Warrant Share equal to $2.90, at any time and from time to time
            from and after February 14, 2004 and through and including February 14, 2013
            (the "Expiration Date"), and subject to the following terms and
            conditions:
       

       
                 1.
                 Registration of Warrant.
                The Company shall register this Warrant, upon records
            to be maintained by the Company for that purpose (the "Warrant
            Register"), in the name of the record Holder hereof from time to time. The
            Company may treat the registered Holder as the absolute owner hereof for the
            purpose of any exercise hereof or any distribution to the Holder, and for all
            other purposes, absent actual notice to the contrary.
       

       
       
                 2.
                 Restriction on Transfers / Registration of
            Transfers.     This Warrant may only be transferred in
            compliance with state and federal securities laws. This Warrant may not be
            transferred until February 14, 2004, except for (i) transfers in connection
            with bona fide estate planning purposes, or (ii) if the volume weighted average
            price of the Common Stock on any Trading Day (as defined herein) is equal to or
            greater than $4.25 (subject to equitable adjustments for stock splits,
            recapitalization and similar events) and so long as the Warrant is transferred
            within three (3) Trading Days after such price is attained. The Company shall
            register the transfer of any portion of this Warrant in the Warrant Register,
            upon surrender of this Warrant, with the Form of Assignment attached hereto
            duly completed and signed, to the Transfer Agent or to the Company at its
            address specified herein. Upon any such registration or transfer, a new warrant
            to purchase Common Stock, in substantially the form of this Warrant (any such
            new warrant, a "New Warrant"), evidencing the portion of this Warrant so
            transferred shall be issued to the transferee and a New Warrant evidencing the
            remaining portion of this Warrant not so transferred, if any, shall be issued
            to the transferring Holder. The acceptance of the New Warrant by the transferee
            thereof shall be deemed the acceptance by such transferee of all of the rights
            and obligations of a holder of a Warrant.
       

       
                 3.
                 Exercise and Duration.
                Subject to the provisions of Section 4, this Warrant
            shall be exercisable by the registered Holder at any time and from time to time
            on or after February 14, 2004 to and including the Expiration Date;
            provided, however, that the Holder is entitled to exercise this
            Warrant immediately if: (i) the exercise is in connection with bona fide estate
            planning purposes, or (ii) the volume weighted average price of the Common
            Stock on any Trading Day (as defined herein) is equal to or greater than $4.25
            (subject to equitable adjustments for stock splits, recapitalization and
            similar events) and so long as the Warrant is exercised within three (3)
            Trading Days after such price is attained. At 6:30 p.m., New York City time on
            the Expiration Date, the portion of this Warrant available for exercise and not
            exercised prior thereto shall be and become void and of no value,
            provided, that if the volume weighted average price of the Common Stock
            on the Expiration Date is greater than 102% of the Exercise Price on the
            Expiration Date, then this Warrant shall be deemed to have been exercised in
            full (to the extent not previously exercised) in accordance with Section 9
            hereof at 6:30 P.M. New York City time on the Expiration Date.
       

       
                 4.
                 Delivery of Warrant Shares.
       

       
                       (a)
                 Upon delivery of the Form of Election to Purchase
            to the Company (with the attached Warrant Shares Exercise Log) at its address
            for notice set forth in Section 12 and upon payment of the Exercise Price
            multiplied by the number of Warrant Shares that the Holder intends to purchase
            hereunder, the Company shall promptly (but in no event later than three Trading
            Days (as defined herein) after the Date of Exercise (as defined herein)) issue
            and deliver to the Holder, a certificate for the Warrant Shares issuable upon
            such exercise.
       

       
                 A "Date of Exercise" means the date
            on which the Holder shall have delivered to the Company (i) the Form of
            Election to Purchase attached hereto (with the Warrant Exercise Log attached to
            it), appropriately completed and duly signed and (ii) payment of the Exercise
            Price for the number of Warrant Shares so indicated by the Holder to be
            purchased.
       

       
       
                 A "Trading Day" means: (i) a day on
            which the Common Stock is traded on the New York Stock Exchange, the American
            Stock Exchange, the NASDAQ National Market or the NASDAQ Small Cap Market
            (each, a "Trading Market"), or (ii) if the Common Stock is not listed on
            a Trading Market, a day on which the Common Stock is traded in the
            over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the
            Common Stock is not quoted on the OTC Bulletin Board, a day on which the Common
            Stock is quoted in the over-the-counter market as reported by the National
            Quotation Bureau Incorporated (or any similar organization or agency succeeding
            its functions or reporting prices); provided, that in the event that the Common
            Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then
            Trading Day shall mean any day except Saturday, Sunday and any day which shall
            be a federal legal holiday or a day on which banking institutions in the State
            of New Jersey are authorized or required by law or other governmental action to
            close.
       

       
                      (b)
                 If by the fifth Trading Day after a Date of
            Exercise the Company fails to deliver the required number of Warrant Shares in
            the manner required pursuant to Section 4(a), then the Holder will have the
            right to rescind such exercise.
       

       
                       (c)
                 If by the fifth Trading Day after a Date of
            Exercise the Company fails to deliver the required number of Warrant Shares in
            a manner required pursuant to Section 4(a), and if after such fifth Trading Day
            the Holder purchases (in an open market transaction or otherwise) shares of
            Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant
            Shares which the Holder anticipated receiving upon such exercise (a "Buy-In"),
            then the Company shall (1) pay in cash to Holder the amount by which (x) the
            Holder's total purchase price (including brokerage commissions, if any) for the
            shares of Common Stock so purchased exceeds (y) the amount obtained by
            multiplying (A) the number of Warrant Shares that the Company was required to
            deliver to the Holder in connection with the exercise at issue by (B) the
            closing bid price of the Common Stock at the time of the obligation giving rise
            to such purchase obligation and (2) at the option of the Holder, either
            reinstate the portion of the Warrant and equivalent number of Warrant Shares
            for which such exercise was not honored or deliver to the Holder the number of
            shares of Common Stock that would have been issued had the Company timely
            complied with its exercise and delivery obligations hereunder. For example, if
            the Holder purchases Common Stock having a total purchase price of $11,000 to
            cover a Buy-In with respect to an attempted exercise of shares of Common Stock
            with a market price on the date of exercise totaled $10,000, under clause (1)
            of the immediately preceding sentence the Company shall be required to pay the
            Holder $1,000. The Holder shall provide the Company written notice indicating
            the amounts payable to the Holder in respect of the Buy-In.
       

       
                       (d)
                 The Company's obligations to issue and deliver
            Warrant Shares in accordance with the terms hereof are absolute and
            unconditional, irrespective of any action or inaction by the Holder to enforce
            the same, any waiver or consent with respect to any provision hereof, the
            recovery of any judgment against any Person or any action to enforce the same,
            or any setoff, counterclaim, recoupment, limitation or termination, or any
            breach or alleged breach by the Holder or any other Person of any obligation to
            the Company or any violation or alleged violation of law by the Holder or any
            other Person, and irrespective of any other circumstance which might otherwise
            limit such obligation of the Company to the Holder in connection with the
            issuance of Warrant Shares. Nothing herein shall limit a Holder's right to
            pursue any other remedies available to it hereunder, at law or in equity
            including, without limitation, a decree of
       

       
       
            specific performance and/or injunctive relief with respect to the
            Company's failure to timely deliver certificates representing shares of Common
            Stock upon exercise of the Warrant as required pursuant to the terms hereof.
       

       
                 5.
                 Charges, Taxes and Expenses.
                Issuance and delivery of certificates for shares of
            Common Stock upon exercise of this Warrant shall be made without charge to the
            Holder for any transfer tax or transfer agent fee in respect of the issuance of
            such certificates, both of which shall be paid by the Company; provided,
            however, that the Company shall not be required to pay any tax which may be
            payable in respect of any transfer involved in the registration of any
            certificates for Warrant Shares or Warrants in a name other than that of the
            Holder. The Holder shall be responsible for all other tax liabilities that may
            arise as a result of holding or transferring this Warrant or receiving Warrant
            Shares upon exercise hereof. The Company may require that the Holder make such
            provision or payment, or furnish to it such authorization so that the Company
            can satisfy its obligation to withhold or otherwise pay for employment, excise,
            income and payroll taxes of the Holder arising from the grant, exercise or
            cancellation of this Warrant, or the sale of Common Stock acquired on the
            exercise of this Warrant. This authority and discretion includes, without
            limitation, the right to withhold or receive Warrant Shares, other securities,
            property and to make cash payments in respect thereof.
       

       
                 6.
                 Replacement of Warrant.
                If this Warrant is mutilated, lost, stolen or
            destroyed, the Company shall issue or cause to be issued in exchange and
            substitution for and upon cancellation hereof, or in lieu of and substitution
            for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
            satisfactory to the Company of such loss, theft or destruction and customary
            and reasonable indemnity, if requested. Applicants for a New Warrant under such
            circumstances shall also comply with such other reasonable regulations and
            procedures and pay such other reasonable third-party costs as the Company may
            prescribe.
       

       
                 7.
                 Reservation of Warrant Shares.
                The Company covenants that it will at all times reserve
            and keep available out of the aggregate of its authorized but unissued and
            otherwise unreserved Common Stock, solely for the purpose of enabling it to
            issue Warrant Shares upon exercise of this Warrant as herein provided, the
            number of Warrant Shares which are then issuable and deliverable upon the
            exercise of this entire Warrant. The Company covenants that all Warrant Shares
            so issuable and deliverable shall, upon issuance and the payment of the
            applicable Exercise Price in accordance with the terms hereof, be duly and
            validly authorized, issued and fully paid and nonassessable.
       

       
                 8.      Certain
            Adjustments.     The Exercise Price and number of
            Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
            from time to time as set forth in this Section 8.
       

       
                       (a)
                 Stock Dividends and Splits.
                If the Company, at any time while this Warrant is
            outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a
            distribution on any class of capital stock that is payable in shares of Common
            Stock, (ii) subdivides outstanding shares of Common Stock into a larger number
            of shares, or (iii) combines outstanding shares of Common Stock into a smaller
            number of shares, then in each such case the Exercise Price shall be multiplied
            by a fraction of which the numerator shall be the number of shares of Common
            Stock outstanding immediately before such event and of which the
       

       
       
            denominator shall be the number of shares of Common Stock outstanding
            immediately after such event.
       

       
                      (b)
                 Pro Rata Distributions.
                If the Company, at any time while this Warrant is
            outstanding, distributes to all holders of Common Stock (i) evidences of its
            indebtedness, (ii) any security (other than a distribution of Common Stock
            covered by the preceding paragraph), (iii) rights or warrants to subscribe for
            or purchase any security, or (iv) any other asset (in each case,
            "Distributed Property"), then, at the request of any Holder delivered on
            the record date fixed for determination of stockholders entitled to receive
            such distribution, the Company will deliver to such Holder, within five Trading
            Days after such request (or, if later, on the effective date of such
            distribution), the Distributed Property that such Holder would have been
            entitled to receive in respect of the Warrant Shares for which such Holder's
            Warrant could have been exercised immediately prior to such record date. If
            such Distributed Property is not delivered to a Holder pursuant to the
            preceding sentence, then upon any exercise of the Warrant that occurs after
            such record date, such Holder shall be entitled to receive, in addition to the
            Warrant Shares otherwise issuable upon such conversion, the Distributed
            Property that such Holder would have been entitled to receive in respect of
            such number of Warrant Shares had the Holder been the record holder of such
            Warrant Shares immediately prior to such record date.
       

       
                      (c)
                 Fundamental Transactions.
                If, at any time while this Warrant is outstanding: (i)
            the Company effects any merger or consolidation of the Company with or into
            another Person, (ii) the Company effects any sale of all or substantially all
            of its assets in one or a series of related transactions, (iii) any tender
            offer or exchange offer (whether by the Company or another Person) is completed
            pursuant to which holders of Common Stock are permitted to tender or exchange
            their shares for other securities, cash or property, or (iv) the Company
            effects any reclassification of the Common Stock or any compulsory share
            exchange pursuant to which the Common Stock is effectively converted into or
            exchanged for other securities, cash or property (in any such case, a
            "Fundamental Transaction"), then the Holder shall have the right
            thereafter to receive, upon exercise of this Warrant, the same amount and kind
            of securities, cash or property as it would have been entitled to receive upon
            the occurrence of such Fundamental Transaction if it had been, immediately
            prior to such Fundamental Transaction, the holder of the number of Warrant
            Shares then issuable upon exercise in full of this Warrant (the "Alternate
            Consideration"). For purposes of any such exercise, the determination of
            the Exercise Price shall be appropriately adjusted to apply to such Alternate
            Consideration based on the amount of Alternate Consideration issuable in
            respect of one share of Common Stock in such Fundamental Transaction, and the
            Company shall apportion the Exercise Price among the Alternate Consideration in
            a reasonable manner reflecting the relative value of any different components
            of the Alternate Consideration. If holders of Common Stock are given any choice
            as to the securities, cash or property to be received in a Fundamental
            Transaction, then the Holder shall be given the same choice as to the Alternate
            Consideration it receives upon any exercise of this Warrant following such
            Fundamental Transaction. At the Holder's option and request, any successor to
            the Company or surviving entity in such Fundamental Transaction shall, either
            (i) issue to the Holder a new warrant substantially in the form of this Warrant
            and consistent with the foregoing provisions and evidencing the Holder's right
            to purchase the Alternate Consideration for the aggregate Exercise Price upon
            exercise thereof, or (ii) purchase the Warrant from the Holder for a purchase
            price, payable in cash within five Trading Days after such request (or, if
            later, on the effective date of the Fundamental Transaction), equal to the
       

       
       
            Black Scholes value of the remaining unexercised portion of this Warrant
            on the date of the Fundamental Transaction as well as assumptions reasonably
            mutually acceptable to the Company and the Holder, provided that for purposes
            of such calculation, the market price of the Common Stock shall be the closing
            bid price of the Common Stock on the Trading Day immediately preceding the
            public announcement of the Fundamental Transaction and the volatility factor
            shall be determined by reference to the 12 month average industry volatility
            measures. The terms of any agreement pursuant to which a Fundamental
            Transaction is effected shall include terms requiring any such successor or
            surviving entity to comply with the provisions of this paragraph (c) and
            insuring that the Warrant (or any such replacement security) will be similarly
            adjusted upon any subsequent transaction analogous to a Fundamental
            Transaction.
       

       
                      (d)
                 Number of Warrant Shares.
                Simultaneously with any adjustment to the Exercise
            Price pursuant to paragraphs (a) or (b) of this Section, the number of Warrant
            Shares that may be purchased upon exercise of this Warrant shall be increased
            or decreased proportionately, so that after such adjustment the aggregate
            Exercise Price payable hereunder for the adjusted number of Warrant Shares
            shall be the same as the aggregate Exercise Price in effect immediately prior
            to such adjustment.
       

       
                      (e)
                 Calculations.     All
            calculations under this Section 8 shall be made to the nearest cent or the
            nearest 1/100th of a share, as applicable. The number of shares of Common Stock
            outstanding at any given time shall not include shares owned or held by or for
            the account of the Company, and the disposition of any such shares shall be
            considered an issue or sale of Common Stock.
       

       
                      (f)
                 Notice of Adjustments.
                Upon the occurrence of each adjustment pursuant to this
            Section 8, the Company at its expense will promptly compute such adjustment in
            accordance with the terms of this Warrant and prepare a certificate setting
            forth such adjustment, including a statement of the adjusted Exercise Price and
            adjusted number or type of Warrant Shares or other securities issuable upon
            exercise of this Warrant (as applicable), describing the transactions giving
            rise to such adjustments and showing in detail the facts upon which such
            adjustment is based. Upon written request, the Company will promptly deliver a
            copy of each such certificate to the Holder and to the Company's Transfer
            Agent.
       

       
                      (g)
                 Notice of Corporate Events.
                If the Company (i) declares a dividend or any other
            distribution of cash, securities or other property in respect of its Common
            Stock, including without limitation any granting of rights or warrants to
            subscribe for or purchase any capital stock of the Company or any Subsidiary,
            (ii) authorizes or approves, enters into any agreement providing for or
            solicits stockholder approval for any Fundamental Transaction or (iii)
            authorizes the voluntary dissolution, liquidation or winding up of the affairs
            of the Company, then the Company shall deliver to the Holder a notice
            describing the material terms and conditions of such transaction, at least 20
            calendar days prior to the applicable record or effective date on which a
            Person would need to hold Common Stock in order to participate in or vote with
            respect to such transaction, and the Company will take all steps reasonably
            necessary in order to insure that the Holder is given the practical opportunity
            to exercise this Warrant prior to such time so as to participate in or vote
            with respect to such transaction; provided, however, that the failure to
       

       
       
            deliver such notice or any defect therein shall not affect the validity
            of the corporate action required to be described in such notice.
       

       
                 9.      Payment of
            Exercise Price.     The Holder shall pay the Exercise Price
            in one of the following manners:
       

       
                         (a)
                 Cash Exercise.     The
            Holder may deliver immediately available funds; or
       

       
                         (b)
                 Cashless Exercise.
                The Holder may surrender this Warrant to the Company
            together with a notice of cashless exercise, in which event the Company shall
            issue to the Holder the number of Warrant Shares determined as follows:
       

       	 	 	X = Y [(A-B)/A] 
	where:	 	 
	 	 	X = the number of Warrant Shares to be issued to the
                   Holder. 
	 	 	 Y = the number of Warrant Shares with respect to which
                   this Warrant is being exercised.
	 	 	 A = the average of the closing bid prices for the five
                   Trading Days immediately prior to (but not including) the Exercise Date.
	 	 	B = the Exercise Price.

       
                 For purposes of Rule 144 promulgated under
            the Securities Act, it is intended, understood and acknowledged that the
            Warrant Shares issued in a cashless exercise transaction shall be deemed to
            have been acquired by the Holder, and the holding period for the Warrant Shares
            shall be deemed to have commenced, on the date this Warrant was originally
            issued.
       

       
                 10.
                 Piggyback Registration.
                If the Company proposes to file a registration
            statement under the Securities Act with respect to an offering of Common Stock
            for its own account or for the account of another person (other than a
            registration statement on Form S-4 or S-8), and the Company is not under any
            contractual obligation which prohibits the granting of such piggyback
            registration rights at that time, then the Company shall give written notice of
            such proposed filing to the Holder at the address set forth in Section 12 as
            soon as reasonably practicable (but in no event less than 10 days before the
            anticipated filing date), undertaking to provide the Holder the opportunity to
            register on the same terms and conditions such Warrant Shares as such Holder
            may request (a "Piggyback Registration"). The Holder will have five business
            days after receipt of any such notice to notify the Company as to whether it
            wishes to participate in a Piggyback Registration; provided, that should the
            Holder fail to provide timely notice to the Company, the Holder will forfeit
            any rights to such proposed offering. In the event that the registration
            statement is filed on behalf of person other than the Company, the Company will
            use its best efforts to have the Warrant Shares that the Holder wishes to sell
            included in the registration statement.
       

       
       
                 11.      No
            Fractional Shares.     No fractional shares of Warrant
            Shares will be issued in connection with any exercise of this Warrant. In lieu
            of any fractional shares which would, otherwise be issuable, the Company shall
            pay cash equal to the product of such fraction multiplied by the closing bid
            price of one Warrant Share as reported on the Nasdaq National Market on the
            date of exercise.
       

       
                 12.
                 Notices.      Any
            and all notices or other communications or deliveries hereunder (including
            without limitation any Exercise Notice) shall be in writing and shall be deemed
            given and effective on the earliest of (i) the date of transmission, if such
            notice or communication is delivered via facsimile at the facsimile number
            specified in this Section prior to 6:30 p.m. (New York City time) on a Trading
            Day, (ii) the next Trading Day after the date of transmission, if such notice
            or communication is delivered via facsimile at the facsimile number specified
            in this Section on a day that is not a Trading Day or later than 6:30 p.m. (New
            York City time) on any Trading Day, (iii) the Trading Day following the date of
            mailing, if sent by nationally recognized overnight courier service, or (iv)
            upon actual receipt by the party to whom such notice is required to be given.
            The addresses for such communications shall be: (i) if to the Company, to
            Millennium Cell Inc., 1 Industrial Way West, Eatontown, New Jersey, 07724,
            Facsimile No.: (732) 542-4010, Attn: Chief Financial Officer, or (ii) if to the
            Holder, to the address or facsimile number appearing on the Warrant Register or
            such other address or facsimile number as the Holder may provide to the Company
            in accordance with this Section.
       

       
                 13.
                 Warrant Agent.     The
            Company shall serve as warrant agent under this Warrant. Upon 30 days' notice
            to the Holder, the Company may appoint a new warrant agent. Any corporation
            into which the Company or any new warrant agent may be merged or any
            corporation resulting from any consolidation to which the Company or any new
            warrant agent shall be a party or any corporation to which the Company or any
            new warrant agent transfers substantially all of its corporate trust or
            shareholders services business shall be a successor warrant agent under this
            Warrant without any further act. Any such successor warrant agent shall
            promptly cause notice of its succession as warrant agent to be mailed (by first
            class mail, postage prepaid) to the Holder at the Holder's last address as
            shown on the Warrant Register.
       

       
                 14. Miscellaneous.
       

       
                      (a)
                 This Warrant shall be binding on and inure to the
            benefit of the parties hereto and their respective successors and assigns.
            Subject to the preceding sentence, nothing in this Warrant shall be construed
            to give to any Person other than the Company and the Holder any legal or
            equitable right, remedy or cause of action under this Warrant. This Warrant may
            be amended only in writing signed by the Company and the Holder and their
            successors and assigns.
       

       
                       (b)
                 All questions concerning the construction,
            validity, enforcement and interpretation of this Warrant shall be governed by
            and construed and enforced in accordance with the internal laws of the State of
            New Jersey, without regard to the principles of conflicts of law thereof. Each
            party agrees that all legal proceedings concerning the interpretations,
            enforcement and defense of the transactions contemplated by this Warrant
            (whether brought against a party hereto or its respective affiliates,
            directors, officers, shareholders, employees or agents) shall be commenced in
            the state and federal courts sitting in the City of Newark, State of New
            Jersey. Each party hereto hereby irrevocably submits to the exclusive
            jurisdiction of the state and federal courts sitting in the City of Newark,
            State of
       

       
       
            New Jersey, for the adjudication of any dispute hereunder or in
            connection herewith or with any transaction contemplated hereby or discussed
            herein (including with respect to the enforcement of this Warrant), and hereby
            irrevocably waives, and agrees not to assert in any suit, action or proceeding,
            any claim that it is not personally subject to the jurisdiction of any such
            court, that such suit, action or proceeding is improper. Each party hereto
            hereby irrevocably waives personal service of process and consents to process
            being served in any such suit, action or proceeding by mailing a copy thereof
            via registered or certified mail or overnight delivery (with evidence of
            delivery) to such party at the address in effect for notices to it under this
            Warrant and agrees that such service shall constitute good and sufficient
            service of process and notice thereof. Nothing contained herein shall be deemed
            to limit in any way any right to serve process in any manner permitted by law.
            Each party hereto (including its affiliates, agents, officers, directors and
            employees) hereby irrevocably waives, to the fullest extent permitted by
            applicable law, any and all right to trial by jury in any legal proceeding
            arising out of or relating to this Warrant or the transactions contemplated
            hereby. If either party shall commence an action or proceeding to enforce any
            provisions of this Warrant, then the prevailing party in such action or
            proceeding shall be reimbursed by the other party for its attorneys fees and
            other costs and expenses incurred with the investigation, preparation and
            prosecution of such action or proceeding.
       

       
                      (c)
                 The headings herein are for convenience only, do
            not constitute a part of this Warrant and shall not be deemed to limit or
            affect any of the provisions hereof.
       

       
                      (d)
                 In case any one or more of the provisions of this
            Warrant shall be invalid or unenforceable in any respect, the validity and
            enforceability of the remaining terms and provisions of this Warrant shall not
            in any way be affected or impaired thereby and the parties will attempt in good
            faith to agree upon a valid and enforceable provision which shall be a
            commercially reasonable substitute therefor, and upon so agreeing, shall
            incorporate such substitute provision in this Warrant.
       

       
                 IN WITNESS WHEREOF, the Company has caused
            this Warrant to be duly executed by its authorized officer as of the date first
            indicated above.
       

       		MILLENNIUM CELL INC.
		
		By: /s/ Stephen S. Tang     
 Name:
                   Stephen S. Tang 
 Title: CEO & President 

 
       
            FORM OF ELECTION TO PURCHASE
       

       
            To Millennium Cell Inc.:
       

       
                 In accordance with Warrant No. H-1 issued
            to the undersigned, the undersigned hereby elects to purchase
                  shares of common stock ("Common
            Stock"), $.001 par value per share, of Millennium Cell Inc., and, if such
            Holder is not utilizing the cashless exercise provisions set forth in this
            Warrant, encloses herewith $      in cash,
            certified or official bank check or checks, which sum represents the aggregate
            Exercise Price (as defined in the Warrant) for the number of shares of Common
            Stock to which this Form of Election to Purchase relates.
       

       
                 The undersigned requests that certificates
            for the shares of Common Stock issuable upon this exercise be issued in the
            name of:
       

       	 	NAME:	 _______________________________ 
	 	ADDRESS:	 _______________________________ 
	 	 	 _______________________________ 
	 	SOCIAL SECURITY OR TAX IDENTIFICATION
                   NUMBER:  
	 	 	 _______________________________ 

       
            (Please print name and address)
       

       
       
             Warrant Shares Exercise Log
       

       	Date	Number of Warrant 
Shares Available to 
be
                   Exercised 	Number of Warrant 
Shares Exercised	Number of Warrant 
Shares Remaining to 
be
                   Exercised
	 	 	 	 

 
       
            FORM OF ASSIGNMENT
       

       
            [To be completed and signed only upon transfer of Warrant]
       

       
                 FOR VALUE RECEIVED, the undersigned hereby
            sells, assigns and transfers unto ________________________________ the right
            represented by the within Warrant to purchase ____________ shares of Common
            Stock of Millennium Cell Inc., to which the within Warrant relates and appoints
            ________________ attorney to transfer said right on the books of Millennium
            Cell Inc., with full power of substitution in the premises.
       

       
            Dated: _______________, ____
       

       	 	_________________________________________________________
	 	(Signature must conform in all respects to name of
                   holder as specified on the face of the Warrant)
	 	 
	 	Address of Transferee:
	 	_________________________________________________________
	 	_________________________________________________________

       
            In the presence of:
       

       
            ______________________________
       

       
       
            NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE
            SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND
            EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
            AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
            (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
            PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
            PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
            THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
            APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO
            THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
            ACCEPTABLE TO THE COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON
            EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
            MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 
       

       
            MILLENNIUM CELL INC.
       

       
            WARRANT
       

       	 Warrant No. H-2	Date of Original Issuance: February 14, 2003

       
                 Millennium Cell Inc., a Delaware
            corporation (the "Company"), hereby certifies that, pursuant to the
            Severance, Release and Consulting Agreement dated February 14, 2003 between
            Norman R. Harpster, Jr. and the Company (the "Severance Agreement"), and
            for value received, Norman R. Harpster, Jr., or his registered assigns
            (the "Holder"), is entitled to purchase from the Company up to a total
            of 60,000 shares of common stock, $.001 par value per share (the
            "Common Stock"), of the Company (each such share, a "Warrant
            Share" and all such shares, the "Warrant Shares") at an exercise
            price (as adjusted from time to time as provided in Section 8, the "Exercise
            Price") per Warrant Share equal to $4.35, at any time and from time to time
            from and after February 14, 2004 and through and including February 14, 2013
            (the "Expiration Date"), and subject to the following terms and
            conditions:
       

       
                 1.
                 Registration of Warrant.
                The Company shall register this Warrant, upon records
            to be maintained by the Company for that purpose (the "Warrant
            Register"), in the name of the record Holder hereof from time to time. The
            Company may treat the registered Holder as the absolute owner hereof for the
            purpose of any exercise hereof or any distribution to the Holder, and for all
            other purposes, absent actual notice to the contrary.
       

       
                 2.     Restriction
            on Transfers / Registration of Transfers.     This
            Warrant may only be transferred in compliance with state and federal securities
            laws. This Warrant may not be transferred until February 14, 2004, except for
            (i) transfers in connection with bona fide estate planning purposes or (ii) if
            the volume weighted average price of the Common Stock on any Trading Day (as
            defined herein) is equal to or greater than $5.10 (subject to equitable
       

       
       
            adjustments for stock splits, recapitalization and similar events) and so
            long as the Warrant is transferred within three (3) Trading Days after such
            price is attained. The Company shall register the transfer of any portion of
            this Warrant in the Warrant Register, upon surrender of this Warrant, with the
            Form of Assignment attached hereto duly completed and signed, to the Transfer
            Agent or to the Company at its address specified herein. Upon any such
            registration or transfer, a new warrant to purchase Common Stock, in
            substantially the form of this Warrant (any such new warrant, a "New
            Warrant"), evidencing the portion of this Warrant so transferred shall be
            issued to the transferee and a New Warrant evidencing the remaining portion of
            this Warrant not so transferred, if any, shall be issued to the transferring
            Holder. The acceptance of the New Warrant by the transferee thereof shall be
            deemed the acceptance by such transferee of all of the rights and obligations
            of a holder of a Warrant.
       

       
                  3.
                 Exercise and Duration.
                Subject to the provisions of Section 4, this Warrant
            shall be exercisable by the registered Holder at any time and from time to time
            on or after February 14, 2004 to and including the Expiration Date;
            provided, however, that the Holder is entitled to exercise this
            Warrant immediately if: (i) the exercise is in connection with bona fide estate
            planning purposes, or (ii) the volume weighted average price of the Common
            Stock on any Trading Day (as defined herein) is equal to or greater than $5.10
            (subject to equitable adjustments for stock splits, recapitalization and
            similar events) and so long as the Warrant is exercised within three (3)
            Trading Days after such price is attained. At 6:30 p.m., New York City time on
            the Expiration Date, the portion of this Warrant available for exercise and not
            exercised prior thereto shall be and become void and of no value,
            provided, that if the volume weighted average price of the Common Stock
            on the Expiration Date is greater than 102% of the Exercise Price on the
            Expiration Date, then this Warrant shall be deemed to have been exercised in
            full (to the extent not previously exercised) in accordance with Section 9
            hereof at 6:30 P.M. New York City time on the Expiration Date.
       

       
                 4.
                 Delivery of Warrant Shares.
       

       
                      (a)
                 Upon delivery of the Form of Election to Purchase
            to the Company (with the attached Warrant Shares Exercise Log) at its address
            for notice set forth in Section 12 and upon payment of the Exercise Price
            multiplied by the number of Warrant Shares that the Holder intends to purchase
            hereunder, the Company shall promptly (but in no event later than three Trading
            Days (as defined herein) after the Date of Exercise (as defined herein)) issue
            and deliver to the Holder, a certificate for the Warrant Shares issuable upon
            such exercise.
       

       
                 A "Date of Exercise" means the date
            on which the Holder shall have delivered to the Company (i) the Form of
            Election to Purchase attached hereto (with the Warrant Exercise Log attached to
            it), appropriately completed and duly signed and (ii) payment of the Exercise
            Price for the number of Warrant Shares so indicated by the Holder to be
            purchased.
       

       
                 A "Trading Day" means: (i) a day on
            which the Common Stock is traded on the New York Stock Exchange, the American
            Stock Exchange, the NASDAQ National Market or the NASDAQ Small Cap Market
            (each, a "Trading Market"), or (ii) if the Common Stock is not listed on
            a Trading Market, a day on which the Common Stock is traded in the
            over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the
            Common Stock is not quoted on the OTC Bulletin Board, a day on which the Common
            Stock is quoted in the over-the-counter market as reported by the National
            Quotation Bureau Incorporated (or any similar organization
       

       
       
            or agency succeeding its functions or reporting prices); provided, that
            in the event that the Common Stock is not listed or quoted as set forth in (i),
            (ii) and (iii) hereof, then Trading Day shall mean any day except Saturday,
            Sunday and any day which shall be a federal legal holiday or a day on which
            banking institutions in the State of New Jersey are authorized or required by
            law or other governmental action to close.
       

       
                      (b)
                 If by the fifth Trading Day after a Date of
            Exercise the Company fails to deliver the required number of Warrant Shares in
            the manner required pursuant to Section 4(a), then the Holder will have the
            right to rescind such exercise.
       

       
                      (c)
                 If by the fifth Trading Day after a Date of
            Exercise the Company fails to deliver the required number of Warrant Shares in
            a manner required pursuant to Section 4(a), and if after such fifth Trading Day
            the Holder purchases (in an open market transaction or otherwise) shares of
            Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant
            Shares which the Holder anticipated receiving upon such exercise (a "Buy-In"),
            then the Company shall (1) pay in cash to Holder the amount by which (x) the
            Holder's total purchase price (including brokerage commissions, if any) for the
            shares of Common Stock so purchased exceeds (y) the amount obtained by
            multiplying (A) the number of Warrant Shares that the Company was required to
            deliver to the Holder in connection with the exercise at issue by (B) the
            closing bid price of the Common Stock at the time of the obligation giving rise
            to such purchase obligation and (2) at the option of the Holder, either
            reinstate the portion of the Warrant and equivalent number of Warrant Shares
            for which such exercise was not honored or deliver to the Holder the number of
            shares of Common Stock that would have been issued had the Company timely
            complied with its exercise and delivery obligations hereunder. For example, if
            the Holder purchases Common Stock having a total purchase price of $11,000 to
            cover a Buy-In with respect to an attempted exercise of shares of Common Stock
            with a market price on the date of exercise totaled $10,000, under clause (1)
            of the immediately preceding sentence the Company shall be required to pay the
            Holder $1,000. The Holder shall provide the Company written notice indicating
            the amounts payable to the Holder in respect of the Buy-In.
       

       
                      (d)
                 The Company's obligations to issue and deliver
            Warrant Shares in accordance with the terms hereof are absolute and
            unconditional, irrespective of any action or inaction by the Holder to enforce
            the same, any waiver or consent with respect to any provision hereof, the
            recovery of any judgment against any Person or any action to enforce the same,
            or any setoff, counterclaim, recoupment, limitation or termination, or any
            breach or alleged breach by the Holder or any other Person of any obligation to
            the Company or any violation or alleged violation of law by the Holder or any
            other Person, and irrespective of any other circumstance which might otherwise
            limit such obligation of the Company to the Holder in connection with the
            issuance of Warrant Shares. Nothing herein shall limit a Holder's right to
            pursue any other remedies available to it hereunder, at law or in equity
            including, without limitation, a decree of specific performance and/or
            injunctive relief with respect to the Company's failure to timely deliver
            certificates representing shares of Common Stock upon exercise of the Warrant
            as required pursuant to the terms hereof.
       

       
                  5.
                 Charges, Taxes and Expenses.
                 Issuance and delivery of certificates for shares of
            Common Stock upon exercise of this Warrant shall be made without charge to the
            Holder for any transfer tax or transfer agent fee in respect of the issuance of
            such certificates, both of which
       

       
       
            shall be paid by the Company; provided, however, that the Company shall
            not be required to pay any tax which may be payable in respect of any transfer
            involved in the registration of any certificates for Warrant Shares or Warrants
            in a name other than that of the Holder. The Holder shall be responsible for
            all other tax liabilities that may arise as a result of holding or transferring
            this Warrant or receiving Warrant Shares upon exercise hereof. The Company may
            require that the Holder make such provision or payment, or furnish to it such
            authorization so that the Company can satisfy its obligation to withhold or
            otherwise pay for employment, excise, income and payroll taxes of the Holder
            arising from the grant, exercise or cancellation of this Warrant, or the sale
            of Common Stock acquired on the exercise of this Warrant. This authority and
            discretion includes, without limitation, the right to withhold or receive
            Warrant Shares, other securities, property and to make cash payments in respect
            thereof.
       

       
                  6.
                 Replacement of Warrant.
                If this Warrant is mutilated, lost, stolen or
            destroyed, the Company shall issue or cause to be issued in exchange and
            substitution for and upon cancellation hereof, or in lieu of and substitution
            for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
            satisfactory to the Company of such loss, theft or destruction and customary
            and reasonable indemnity, if requested. Applicants for a New Warrant under such
            circumstances shall also comply with such other reasonable regulations and
            procedures and pay such other reasonable third-party costs as the Company may
            prescribe.
       

       
                  7.
                 Reservation of Warrant Shares.
                The Company covenants that it will at all times reserve
            and keep available out of the aggregate of its authorized but unissued and
            otherwise unreserved Common Stock, solely for the purpose of enabling it to
            issue Warrant Shares upon exercise of this Warrant as herein provided, the
            number of Warrant Shares which are then issuable and deliverable upon the
            exercise of this entire Warrant. The Company covenants that all Warrant Shares
            so issuable and deliverable shall, upon issuance and the payment of the
            applicable Exercise Price in accordance with the terms hereof, be duly and
            validly authorized, issued and fully paid and nonassessable.
       

       
                  8.
                 Certain Adjustments.
                The Exercise Price and number of Warrant Shares
            issuable upon exercise of this Warrant are subject to adjustment from time to
            time as set forth in this Section 8.
       

       
                      (a)
                 Stock Dividends and Splits.
                If the Company, at any time while this Warrant is
            outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a
            distribution on any class of capital stock that is payable in shares of Common
            Stock, (ii) subdivides outstanding shares of Common Stock into a larger number
            of shares, or (iii) combines outstanding shares of Common Stock into a smaller
            number of shares, then in each such case the Exercise Price shall be multiplied
            by a fraction of which the numerator shall be the number of shares of Common
            Stock outstanding immediately before such event and of which the denominator
            shall be the number of shares of Common Stock outstanding immediately after
            such event.
       

       
                      (b)
                 Pro Rata Distributions.
                If the Company, at any time while this Warrant is
            outstanding, distributes to all holders of Common Stock (i) evidences of its
            indebtedness, (ii) any security (other than a distribution of Common Stock
            covered by the preceding paragraph), (iii) rights or warrants to subscribe for
            or purchase any security, or (iv) any other asset (in each case,
       

       
       
            "Distributed Property"), then, at the request of any Holder
            delivered on the record date fixed for determination of stockholders entitled
            to receive such distribution, the Company will deliver to such Holder, within
            five Trading Days after such request (or, if later, on the effective date of
            such distribution), the Distributed Property that such Holder would have been
            entitled to receive in respect of the Warrant Shares for which such Holder's
            Warrant could have been exercised immediately prior to such record date. If
            such Distributed Property is not delivered to a Holder pursuant to the
            preceding sentence, then upon any exercise of the Warrant that occurs after
            such record date, such Holder shall be entitled to receive, in addition to the
            Warrant Shares otherwise issuable upon such conversion, the Distributed
            Property that such Holder would have been entitled to receive in respect of
            such number of Warrant Shares had the Holder been the record holder of such
            Warrant Shares immediately prior to such record date.
       

       
                      (c)
                 Fundamental Transactions.
                If, at any time while this Warrant is outstanding: (i)
            the Company effects any merger or consolidation of the Company with or into
            another Person, (ii) the Company effects any sale of all or substantially all
            of its assets in one or a series of related transactions, (iii) any tender
            offer or exchange offer (whether by the Company or another Person) is completed
            pursuant to which holders of Common Stock are permitted to tender or exchange
            their shares for other securities, cash or property, or (iv) the Company
            effects any reclassification of the Common Stock or any compulsory share
            exchange pursuant to which the Common Stock is effectively converted into or
            exchanged for other securities, cash or property (in any such case, a
            "Fundamental Transaction"), then the Holder shall have the right
            thereafter to receive, upon exercise of this Warrant, the same amount and kind
            of securities, cash or property as it would have been entitled to receive upon
            the occurrence of such Fundamental Transaction if it had been, immediately
            prior to such Fundamental Transaction, the holder of the number of Warrant
            Shares then issuable upon exercise in full of this Warrant (the "Alternate
            Consideration"). For purposes of any such exercise, the determination of
            the Exercise Price shall be appropriately adjusted to apply to such Alternate
            Consideration based on the amount of Alternate Consideration issuable in
            respect of one share of Common Stock in such Fundamental Transaction, and the
            Company shall apportion the Exercise Price among the Alternate Consideration in
            a reasonable manner reflecting the relative value of any different components
            of the Alternate Consideration. If holders of Common Stock are given any choice
            as to the securities, cash or property to be received in a Fundamental
            Transaction, then the Holder shall be given the same choice as to the Alternate
            Consideration it receives upon any exercise of this Warrant following such
            Fundamental Transaction. At the Holder's option and request, any successor to
            the Company or surviving entity in such Fundamental Transaction shall, either
            (i) issue to the Holder a new warrant substantially in the form of this Warrant
            and consistent with the foregoing provisions and evidencing the Holder's right
            to purchase the Alternate Consideration for the aggregate Exercise Price upon
            exercise thereof, or (ii) purchase the Warrant from the Holder for a purchase
            price, payable in cash within five Trading Days after such request (or, if
            later, on the effective date of the Fundamental Transaction), equal to the
            Black Scholes value of the remaining unexercised portion of this Warrant on the
            date of the Fundamental Transaction as well as assumptions reasonably mutually
            acceptable to the Company and the Holder, provided that for purposes of such
            calculation, the market price of the Common Stock shall be the closing bid
            price of the Common Stock on the Trading Day immediately preceding the public
            announcement of the Fundamental Transaction and the volatility factor shall be
            determined by reference to the 12 month average industry volatility measures.
            The terms of any agreement pursuant to which a Fundamental Transaction is
            effected
       

       
       
            shall include terms requiring any such successor or surviving entity to
            comply with the provisions of this paragraph (c) and insuring that the Warrant
            (or any such replacement security) will be similarly adjusted upon any
            subsequent transaction analogous to a Fundamental Transaction.
       

       
                      (d)
                 Number of Warrant Shares.
                Simultaneously with any adjustment to the Exercise
            Price pursuant to paragraphs (a) or (b) of this Section, the number of Warrant
            Shares that may be purchased upon exercise of this Warrant shall be increased
            or decreased proportionately, so that after such adjustment the aggregate
            Exercise Price payable hereunder for the adjusted number of Warrant Shares
            shall be the same as the aggregate Exercise Price in effect immediately prior
            to such adjustment.
       

       
                       (e)
                 Calculations.     All
            calculations under this Section 8 shall be made to the nearest cent or the
            nearest 1/100th of a share, as applicable. The number of shares of Common Stock
            outstanding at any given time shall not include shares owned or held by or for
            the account of the Company, and the disposition of any such shares shall be
            considered an issue or sale of Common Stock.
       

       
                       (f)
                 Notice of Adjustments.
                Upon the occurrence of each adjustment pursuant to this
            Section 8, the Company at its expense will promptly compute such adjustment in
            accordance with the terms of this Warrant and prepare a certificate setting
            forth such adjustment, including a statement of the adjusted Exercise Price and
            adjusted number or type of Warrant Shares or other securities issuable upon
            exercise of this Warrant (as applicable), describing the transactions giving
            rise to such adjustments and showing in detail the facts upon which such
            adjustment is based. Upon written request, the Company will promptly deliver a
            copy of each such certificate to the Holder and to the Company's Transfer
            Agent.
       

       
                       (g)
                 Notice of Corporate Events.
                If the Company (i) declares a dividend or any other
            distribution of cash, securities or other property in respect of its Common
            Stock, including without limitation any granting of rights or warrants to
            subscribe for or purchase any capital stock of the Company or any Subsidiary,
            (ii) authorizes or approves, enters into any agreement providing for or
            solicits stockholder approval for any Fundamental Transaction or (iii)
            authorizes the voluntary dissolution, liquidation or winding up of the affairs
            of the Company, then the Company shall deliver to the Holder a notice
            describing the material terms and conditions of such transaction, at least 20
            calendar days prior to the applicable record or effective date on which a
            Person would need to hold Common Stock in order to participate in or vote with
            respect to such transaction, and the Company will take all steps reasonably
            necessary in order to insure that the Holder is given the practical opportunity
            to exercise this Warrant prior to such time so as to participate in or vote
            with respect to such transaction; provided, however, that the failure to
            deliver such notice or any defect therein shall not affect the validity of the
            corporate action required to be described in such notice.
       

       
                 9.      Payment
            of Exercise Price.      The Holder shall pay the
            Exercise Price in one of the following manners:
       

       
                        (a)
                 Cash Exercise.     The
            Holder may deliver immediately available funds; or
       

       
       
                       (b)
                 Cashless Exercise.
                The Holder may surrender this Warrant to the Company
            together with a notice of cashless exercise, in which event the Company shall
            issue to the Holder the number of Warrant Shares determined as follows:
       

       	 	 	X = Y [(A-B)/A]
	where:	 	 
	 	 	X = the number of Warrant Shares to be issued to the
                   Holder.
	 	 	Y = the number of Warrant Shares with respect to which
                   this Warrant is being exercised.
	 	 	A = the average of the closing bid prices for the five
                   Trading Days immediately prior to (but not including) the Exercise Date.
	 	 	 B = the Exercise Price.

       
                 For purposes of Rule 144 promulgated under
            the Securities Act, it is intended, understood and acknowledged that the
            Warrant Shares issued in a cashless exercise transaction shall be deemed to
            have been acquired by the Holder, and the holding period for the Warrant Shares
            shall be deemed to have commenced, on the date this Warrant was originally
            issued.
       

       
                 10.
                 Piggyback Registration.
                If the Company proposes to file a registration
            statement under the Securities Act with respect to an offering of Common Stock
            for its own account or for the account of another person (other than a
            registration statement on Form S-4 or S-8), and the Company is not under any
            contractual obligation which prohibits the granting of such piggyback
            registration rights at that time, then the Company shall give written notice of
            such proposed filing to the Holder at the address set forth in Section 12 as
            soon as reasonably practicable (but in no event less than 10 days before the
            anticipated filing date), undertaking to provide the Holder the opportunity to
            register on the same terms and conditions such Warrant Shares as such Holder
            may request (a "Piggyback Registration"). The Holder will have five business
            days after receipt of any such notice to notify the Company as to whether it
            wishes to participate in a Piggyback Registration; provided, that should the
            Holder fail to provide timely notice to the Company, the Holder will forfeit
            any rights to such proposed offering. In the event that the registration
            statement is filed on behalf of person other than the Company, the Company will
            use its best efforts to have the Warrant Shares that the Holder wishes to sell
            included in the registration statement.
       

       
                 11.      No
            Fractional Shares.     No fractional shares of Warrant
            Shares will be issued in connection with any exercise of this Warrant. In lieu
            of any fractional shares which would, otherwise be issuable, the Company shall
            pay cash equal to the product of such fraction multiplied by the closing bid
            price of one Warrant Share as reported on the Nasdaq National Market on the
            date of exercise.
       

       
                  12.
                 Notices.     Any and
            all notices or other communications or deliveries hereunder (including without
            limitation any Exercise Notice) shall be in writing and shall be deemed given
            and effective on the earliest of (i) the date of transmission, if such notice
            or communication is delivered via facsimile at the facsimile number specified
            in this Section prior to 6:30 p.m. (New
       

       
       
            York City time) on a Trading Day, (ii) the next Trading Day after the
            date of transmission, if such notice or communication is delivered via
            facsimile at the facsimile number specified in this Section on a day that is
            not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading
            Day, (iii) the Trading Day following the date of mailing, if sent by nationally
            recognized overnight courier service, or (iv) upon actual receipt by the party
            to whom such notice is required to be given. The addresses for such
            communications shall be: (i) if to the Company, to Millennium Cell Inc., 1
            Industrial Way West, Eatontown, New Jersey, 07724, Facsimile No.: (732)
            542-4010, Attn: Chief Financial Officer, or (ii) if to the Holder, to the
            address or facsimile number appearing on the Warrant Register or such other
            address or facsimile number as the Holder may provide to the Company in
            accordance with this Section.
       

       
                 13.
                 Warrant Agent.     The
            Company shall serve as warrant agent under this Warrant. Upon 30 days' notice
            to the Holder, the Company may appoint a new warrant agent. Any corporation
            into which the Company or any new warrant agent may be merged or any
            corporation resulting from any consolidation to which the Company or any new
            warrant agent shall be a party or any corporation to which the Company or any
            new warrant agent transfers substantially all of its corporate trust or
            shareholders services business shall be a successor warrant agent under this
            Warrant without any further act. Any such successor warrant agent shall
            promptly cause notice of its succession as warrant agent to be mailed (by first
            class mail, postage prepaid) to the Holder at the Holder's last address as
            shown on the Warrant Register.
       

       
                  14.
                 Miscellaneous.
       

       
                       (a)
                 This Warrant shall be binding on and inure to the
            benefit of the parties hereto and their respective successors and assigns.
            Subject to the preceding sentence, nothing in this Warrant shall be construed
            to give to any Person other than the Company and the Holder any legal or
            equitable right, remedy or cause of action under this Warrant. This Warrant may
            be amended only in writing signed by the Company and the Holder and their
            successors and assigns.
       

       
                       (b)
                 All questions concerning the construction,
            validity, enforcement and interpretation of this Warrant shall be governed by
            and construed and enforced in accordance with the internal laws of the State of
            New Jersey, without regard to the principles of conflicts of law thereof. Each
            party agrees that all legal proceedings concerning the interpretations,
            enforcement and defense of the transactions contemplated by this Warrant
            (whether brought against a party hereto or its respective affiliates,
            directors, officers, shareholders, employees or agents) shall be commenced in
            the state and federal courts sitting in the City of Newark, State of New
            Jersey. Each party hereto hereby irrevocably submits to the exclusive
            jurisdiction of the state and federal courts sitting in the City of Newark,
            State of New Jersey, for the adjudication of any dispute hereunder or in
            connection herewith or with any transaction contemplated hereby or discussed
            herein (including with respect to the enforcement of this Warrant), and hereby
            irrevocably waives, and agrees not to assert in any suit, action or proceeding,
            any claim that it is not personally subject to the jurisdiction of any such
            court, that such suit, action or proceeding is improper. Each party hereto
            hereby irrevocably waives personal service of process and consents to process
            being served in any such suit, action or proceeding by mailing a copy thereof
            via registered or certified mail or overnight delivery (with evidence of
            delivery) to such party at the address in effect for notices to it under this
            Warrant and agrees that such service shall constitute
       

       
       
            good and sufficient service of process and notice thereof. Nothing
            contained herein shall be deemed to limit in any way any right to serve process
            in any manner permitted by law. Each party hereto (including its affiliates,
            agents, officers, directors and employees) hereby irrevocably waives, to the
            fullest extent permitted by applicable law, any and all right to trial by jury
            in any legal proceeding arising out of or relating to this Warrant or the
            transactions contemplated hereby. If either party shall commence an action or
            proceeding to enforce any provisions of this Warrant, then the prevailing party
            in such action or proceeding shall be reimbursed by the other party for its
            attorneys fees and other costs and expenses incurred with the investigation,
            preparation and prosecution of such action or proceeding.
       

       
                       (c)
                 The headings herein are for convenience only, do
            not constitute a part of this Warrant and shall not be deemed to limit or
            affect any of the provisions hereof.
       

       
                       (d)
                 In case any one or more of the provisions of this
            Warrant shall be invalid or unenforceable in any respect, the validity and
            enforceability of the remaining terms and provisions of this Warrant shall not
            in any way be affected or impaired thereby and the parties will attempt in good
            faith to agree upon a valid and enforceable provision which shall be a
            commercially reasonable substitute therefor, and upon so agreeing, shall
            incorporate such substitute provision in this Warrant.
       

       
                  IN WITNESS WHEREOF, the Company has caused
            this Warrant to be duly executed by its authorized officer as of the date first
            indicated above.
       

       	 	MILLENNIUM CELL INC.
			
	 	By:	/s/ Stephen S. Tang
	 	 	Name: Stephen S. Tang
Title: CEO &
                   President

 
       
            FORM OF ELECTION TO PURCHASE
       

       
       

       
            To Millennium Cell Inc.:
       

       
                 In accordance with Warrant No. H-2 issued
            to the undersigned, the undersigned hereby elects to purchase _____________
            shares of common stock ("Common Stock"), $.001 par value per share, of
            Millennium Cell Inc., and, if such Holder is not utilizing the cashless
            exercise provisions set forth in this Warrant, encloses herewith $________ in
            cash, certified or official bank check or checks, which sum represents the
            aggregate Exercise Price (as defined in the Warrant) for the number of shares
            of Common Stock to which this Form of Election to Purchase relates.
       

       
                  The undersigned requests that certificates
            for the shares of Common Stock issuable upon this exercise be issued in the
            name of:
       

       	 	NAME:	 _______________________________ 
	 	ADDRESS:	 _______________________________ 
	 	 	 _______________________________ 
	 	SOCIAL SECURITY OR TAX IDENTIFICATION
                   NUMBER:  
	 	 	 _______________________________ 

       
            (Please print name and address)
       

       
       
            Warrant Shares Exercise Log
       

       	 Date	Number of Warrant 
Shares Available to 
be
                   Exercised	Number of Warrant 
Shares Exercised	Number of Warrant 
Shares Remaining to 
be
                   Exercised
	 	 	 	 

 
       
            FORM OF ASSIGNMENT
       

       
            [To be completed and signed only upon transfer of Warrant]
       

       
                 FOR VALUE RECEIVED, the undersigned hereby
            sells, assigns and transfers unto ________________________________ the right
            represented by the within Warrant to purchase ____________ shares of Common
            Stock of Millennium Cell Inc., to which the within Warrant
       

       
            relates and appoints ________________ attorney to transfer said right on
            the books of Millennium Cell Inc., with full power of substitution in the
            premises.
       

       
            Dated: _______________, ____
       

       	 	_________________________________________________________
	 	(Signature must conform in all respects to name of
                   holder as specified on the face of the Warrant)
	 	 
	 	Address of Transferee:
	 	_________________________________________________________
	 	_________________________________________________________

       
            In the presence of:
       

       
            ______________________________
       

       
       
            FORM OF ELECTION TO PURCHASE
       

       
       

       
            To Millennium Cell Inc.:
       

       
                 In accordance with Warrant No. H-2 issued
            to the undersigned, the undersigned hereby elects to purchase _____________
            shares of common stock ("Common Stock"), $.001 par value per share, of
            Millennium Cell Inc., and, if such Holder is not utilizing the cashless
            exercise provisions set forth in this Warrant, encloses herewith $________ in
            cash, certified or official bank check or checks, which sum represents the
            aggregate Exercise Price (as defined in the Warrant) for the number of shares
            of Common Stock to which this Form of Election to Purchase relates.
       

       
                  The undersigned requests that certificates
            for the shares of Common Stock issuable upon this exercise be issued in the
            name of:
       

       	 	NAME:	 _______________________________ 
	 	ADDRESS:	 _______________________________ 
	 	 	 _______________________________ 
	 	SOCIAL SECURITY OR TAX IDENTIFICATION
                   NUMBER:  
	 	 	 _______________________________ 

       
            (Please print name and address)
       

       
       
             Warrant Shares Exercise Log
       

       	Date	Number of Warrant 
Shares Available to 
be
                   Exercised	Number of Warrant 
Shares Exercised 	Number of Warrant 
Shares Remaining to 
be
                   Exercised
	 	 	 	 

       
            FORM OF ASSIGNMENT
       

       
            [To be completed and signed only upon transfer of Warrant]
       

       
                  FOR VALUE RECEIVED, the undersigned hereby
            sells, assigns and transfers unto ________________________________ the right
            represented by the within Warrant to purchase ____________ shares of Common
            Stock of Millennium Cell Inc., to which the within Warrant relates and appoints
            ________________ attorney to transfer said right on the books of Millennium
            Cell Inc., with full power of substitution in the premises.
       

       
            Dated: _______________, ____
       

       	 	_________________________________________________________
	 	 (Signature must conform in all respects to name of
                   holder as specified on the face of the Warrant)
	 	 
	 	Address of Transferee:
	 	_________________________________________________________
	 	_________________________________________________________

       
            In the presence of:
       

       
            ______________________________
       

       
       
            EXHIBIT B
       

       
            During the term of his employment with Millennium, Mr. Norman "Chip"
            Harpster, Jr. was a well-qualified, creative and results-oriented senior
            executive with Millennium. Mr. Harpster has significant experience leading
            financial and administrative groups and served in a variety of roles during his
            tenure at Millennium, which commenced in October 2000:
       

       	 VP Finance and Administration - October 2000 to December 2001 
	 VP Finance and CFO - October 2000 to February 2003 
	 Corporate Secretary - October 2000 to February 2003 
	 VP International Business Development - December 2001 to February
              2003 

       
            Mr. Harpster was responsible for the initial establishment of the
            accounting, and reporting, treasury, tax, procurement, safety, health and
            environment, risk management, facilities, human
       

       
       
            resources, and information technology infrastructures of this
            development-stage company. In addition, Mr. Harpster led the effort to secure a
            second round of capital on behalf of Millennium in the amount of $16 million.THIS AMENDED AND RESTATED EMPLOYMENT
      AGREEMENT (this "Agreement), made and entered into as of January 1, 2002,
      between Millennium Cell Inc., a Delaware corporation, with its principal
      office located at One Industrial Way West, Eatontown, New Jersey 07724
      (together with its successors and assigns permitted under this Agreement)
      ("Millennium Cell"), and Stephen S. Tang ("Tang"), whose address is 2355
      Spyglass Hill, Center Valley, Pennsylvania 18034.
    

    
      W I T N E S S E T H:
    

    
           WHEREAS, Millennium Cell has
      determined that it is in the best interests of Millennium Cell and its
      stockholders to enter into this Agreement, superseding all prior employment
      agreements between Millennium Cell and Tang (individually a "Party" and
      together the "Parties"), including the Agreement dated May 16, 2000 between the
      Parties, and setting forth the obligations and duties of each Party; and
    

    
           WHEREAS, Millennium Cell wishes to
      assure itself of the services of Tang for the period hereinafter provided, and
      Tang is willing to be employed by Millennium Cell for said period, upon the
      terms and conditions provided in this Agreement;
    

    
           NOW, THEREFORE, in consideration of
      the premises and mutual covenants contained herein and for other good and
      valuable consideration, the receipt of which is mutually acknowledged,
      Millennium Cell and Tang agree as follows:
    

    
      1
    

    
    
           1.     DEFINITIONS.

    

    
                (a)     "Base
      Salary" shall mean the annual salary provided for in Section 3 below, as
      adjusted from time to time by the Committee subject to approval by the Board.
    

    
                (b)     "Beneficiary"
      shall mean the person or persons named by Tang pursuant to Section 21 below or,
      in the event that no such person is named and survives Tang, his estate.
    

    
                (c)     "Board"
      shall mean the Board of Directors of Millennium Cell.
    

    
                (d)     "Cause"
      shall mean:
    

    
                     (i)
      Tang's conviction in a court of law of, or guilty plea or no contest plea to, a
      felony charge or a misdemeanor charge involving moral turpitude;
    

    
                     (ii)
      willful, substantial and continued failure by Tang to perform his duties under
      this Agreement;
    

    
                     (iii)
      willful engagement by Tang in conduct that is demonstrably and materially
      injurious to Millennium Cell;
    

    
                     (iv)
      gross negligence resulting in material economic harm to Millennium Cell; or
    

    
                     (v)
      a material breach by Tang of Section 10 or Section 11 below.
    

    
                     For
      the purposes of clauses (ii), (iii) and (iv) of this Section 1(d), no act or
      failure to act on the part of Tang shall be deemed "willful failure," "willful
      engagement" or "gross negligence" (x) if caused by Disability or (y) unless
      done, or omitted to be done, by him not in good faith or without reasonable
      belief that his act or omission was in the best interest of Millennium Cell.
    

    
                (e)     "Change
      in Control" shall mean the occurrence of any of the following:
    

    
                     (i)
      The Board votes to approve:
    

    
      2
    

    
    
                          (A)
      any consolidation or merger of Millennium Cell pursuant to which less than 50
      percent of the outstanding voting securities of the surviving or resulting
      company is owned by the individuals or entities which were stockholders of
      Millennium Cell prior to the consolidation or merger;
    

    
                          (B)
      any sale, lease, exchange or other transfer (in one transaction or a series of
      related transactions) of all, or substantially all, of the assets of Millennium
      Cell other than any sale, lease, exchange or other transfer to any company when
      Millennium Cell owns, directly or indirectly, 100 percent of the outstanding
      voting securities of such company after any such transfer;
    

    
                     (ii)
      any person (as such term is used in Section 13(d) of the Securities Exchange
      Act of 1934, as from time to time amended (the "Exchange Act")), other than one
      or more current stockholders, Millennium Cell, a Subsidiary or one or more
      employee benefit plans established by Millennium Cell for the benefit of
      employees of Millennium Cell or any Subsidiary, shall become the beneficial
      owner (within the meaning of Rule 13d-3 under the Exchange Act), whether
      directly, indirectly, beneficially or of record, of 35 percent or more of the
      outstanding common stock of Millennium Cell;
    

    
                     
      (iii) commencement by any entity, person, or group (including any affiliate
      thereof, other than Millennium Cell) of a tender offer or exchange offer where
      the offeree acquires more than 50 percent of the outstanding voting securities
      of Millennium Cell;
    

    
                     (iv)
      a change in composition of the Board occurring within a rolling two-year
      period, as a result of which fewer than a majority of the directors are
      Incumbent Directors ("Incumbent Directors" shall mean directors who either (x)
      are members of the Board as of the date of this Agreement or (y) are elected,
      or nominated for election, to the Board with
    

    
      3
    

    
    
      the affirmative votes of at least a majority of the Incumbent Directors
      at the time of such election or nomination, but shall not include an individual
      not otherwise an Incumbent Director whose election or nomination is in
      connection with an actual or threatened proxy contest, including but not
      limited to a consent solicitation, relating to the election of directors to the
      Board).
    

    
                (f)     "Committee"
      shall mean the Compensation Committee of the Board.
    

    
                (g)     "Disability"
      shall mean the illness or other mental or physical disability of Tang, as
      determined by a physician acceptable to Millennium Cell and Tang, resulting in
      his inability to perform substantially his material duties under this Agreement
      for a period of six or more consecutive months or an aggregate of nine months
      in any 12-month period.
    

    
                
      (h)     "Good Reason" shall mean, without Tang's
      prior written consent or his acquiescence:
    

    
                     
      (i) assignment to Tang of duties incompatible with his positions of Chief
      Executive Officer of Millennium Cell and an elected member of the board of the
      most dominant controlling parent company, failure to maintain him in the
      position and reporting relationship set forth in Section 2(c)(i) below or a
      substantial diminution in the nature of his authority or responsibilities under
      this Agreement;
    

    
                     
      (ii) reduction in his then current Base Salary, bonus opportunity or benefits
      coverage, except pursuant to an across-the-board reduction similarly affecting
      all senior executives of Millennium Cell;
    

    
                     (iii)
      termination of Tang's employment, for any reason other than Cause, death,
      Disability or voluntary termination, within two years following a Change in
      Control;
    

    
      4
    

    
    
                     (iv)
      within two years following a Change in Control, relocation of Millennium Cell's
      principal place of business to a location more than 75 miles from the location
      of such office on the date of this Agreement; or
    

    
                     (v)
      Millennium Cell's failure to pay Tang any amounts otherwise vested and due him
      hereunder or under any plan, program or policy of Millennium Cell.
    

    
                
      (i)     "Spouse" shall mean, during the Term of
      Employment, the woman who as of any relevant date is legally married to Tang.
    

    
                (j)     "Subsidiary"
      shall mean a corporation of which Millennium Cell owns directly or indirectly
      more than 50 percent of its outstanding securities representing the right,
      other than as affected by events of default, to vote for the election of
      directors.
    

    
                (k)     "Term
      of Employment" or "Term" shall mean the period specified in Section
      2(b) below.
    

    
            2.     TERM OF
      EMPLOYMENT, POSITIONS AND DUTIES.
    

    
                (a)     Employment
      of Tang. Millennium Cell hereby employs Tang, and Tang hereby accepts
      employment with Millennium Cell, in the positions and with the duties and
      responsibilities set forth below and upon such other terms and conditions as
      are hereinafter stated.
    

    
                (b)     Term
      of Employment. The Term of Employment shall commence on the date of this
      Agreement and shall terminate on December 31, 2004, unless it is sooner
      terminated as provided in Section 9 below or is extended by mutual agreement of
      the Parties for an additional three years commencing January 1, 2005, pursuant
      to notice from Millennium Cell to Tang by March 31, 2004, in accordance with
      Section 25 below, that it would like to renew the Agreement.
    

    
      5
    

    
    
           (c)     Title
      and Duties.
    

    
                (i) Until
      termination of his employment hereunder, Tang shall be employed as Chief
      Executive Officer, reporting to the Board, with all the authority, power and
      responsibility that customarily accrue to the position of chief executive
      officer.
    

    
                (ii)
      Consistent with its obligations to stockholders, Millennium Cell shall use its
      best efforts to secure the election of Tang as a member of the Board and to
      secure his reelection to this position during the Term.
    

    
           (d)     Time
      and Effort.
    

    
                (i) Tang
      agrees to devote his best efforts and abilities and his full business time and
      attention to the affairs of Millennium Cell in order to carry out his duties
      and responsibilities under this Agreement.
    

    
                (ii)
      Notwithstanding the foregoing, nothing shall preclude Tang from:
    

    
                     (A)
      serving on the boards of a reasonable number of trade associations and
      charitable organizations and, with the prior consent of the Board, any business
      not in competition with Millennium Cell,
    

    
                     
      (B) engaging in charitable activities and community affairs, and
    

    
                     
      (C) managing his personal investments and affairs;
    

    
      provided, however, that such activities do not materially interfere with
      the proper performance of his duties and responsibilities, as provided in
      Section 2(c) above.
    

    
      6
    

    
    
            3.     BASE
      SALARY.
    

    
                 Tang shall
      receive from Millennium Cell an initial Base Salary, payable in accordance with
      the regular payroll practices of Millennium Cell, of $318,056. During the Term,
      the Committee shall review the Base Salary for increase no less often than
      annually as of the beginning of each calendar year after 2002. Any increase
      determined by the Committee shall be subject to approval by the Board.
    

    
           
      4.     BONUSES.
    

    
                
      (a)     Annual Bonus
    

    
                     
      (i) Tang shall be eligible to receive an annual bonus in respect of each
      calendar year during the Term of Employment in accordance with any annual
      incentive plan or plans established by Millennium Cell either for Tang alone or
      for members of Millennium Cell's senior management generally. Any such bonus
      shall be based on the level of his achievement of preset performance objectives
      and targets, both as determined by the Committee and approved by the Board.
    

    
                     
      (ii) The annual bonus shall be payable as soon as reasonably practicable after
      the completion of Millennium Cell's audited financial statements for such
      calendar year, prepared in accordance with generally accepted accounting
      principles, but in no event later than 90 days after the end of the calendar
      year.
    

    
                (b)     Discretionary
      Bonus. In addition to, or in lieu of, the annual bonus provided in Section
      4(a), the Board may, in its discretion, on recommendation of the Committee,
      authorize payment to Tang of a bonus for any calendar year based on his overall
      performance or his achievement of such objectives, other than those comprised
      in any annual bonus for that year, as the Board deems important to the success
      of Millennium Cell.
    

    
      7
    

    
    
           
      5.     LONG-TERM INCENTIVE COMPENSATION.
    

    
                During the
      Term of Employment Tang shall participate in any long-term incentive plan or
      plans established by Millennium Cell either for Tang alone or for members of
      Millennium Cell's senior management generally.
    

    
            6.     EQUITY
      OPPORTUNITY.
    

    
                During the
      Term of Employment, Tang shall be eligible to receive grants of options to
      purchase shares of Millennium Cell's stock and awards of shares of Millennium
      Cell's stock, either or both as determined by the Committee and approved by the
      Board, under and in accordance with the terms of applicable plans of Millennium
      Cell and related option agreements.
    

    
            7.     EXPENSE
      REIMBURSEMENT.
    

    
                Tang shall be
      entitled to prompt reimbursement by Millennium Cell for all reasonable
      out-of-pocket expenses incurred by him during the Term of Employment in
      performing services under this Agreement, upon his submission of such accounts
      and records as may be reasonably required by Millennium Cell.
    

    
           
      8.     EMPLOYEE BENEFIT PLANS.
    

    
                (a)     General.
      During the Term of Employment Tang shall be entitled to participate in all life
      insurance, short-term and long-term disability, accident, health insurance and
      savings/retirement plans, holidays, vacation and other employee benefits that
      are applicable to Millennium Cell employees generally or to the senior
      executives of Millennium Cell, including any plans that supplement the
      foregoing types of plans, whether funded or unfunded.
    

    
      8
    

    
    
                (b)     Life
      Insurance Benefit. In addition to the group business travel and accidental
      death and dismemberment insurance available to senior-level employees
      generally, Millennium Cell shall provide Tang with, and pay the annual cost of,
      an individual life insurance benefit, in the form of a guaranteed premium
      five-year policy, in the face amount of $2 million.
    

    
                (c)     Disability
      Benefits. During the Term Millennium Cell shall provide Tang with long-term
      disability insurance through a combination of group plans sponsored by
      Millennium Cell and individual policies obtained by Millennium Cell for the
      benefit of Tang, which together will be sufficient, in the event of termination
      of Tang's employment due to Disability, to provide a monthly benefit equal
      approximately to 74 percent of his monthly salary at the rate in effect
      immediately before such termination. Tang shall be the owner of any individual
      policies obtained and shall pay the premiums thereon; provided, however, that
      Millennium Cell shall reimburse him for any premiums that he pays.
    

    
           
      9.     TERMINATION OF EMPLOYMENT.
    

    
                (a)     General.
      Notwithstanding anything to the contrary herein, in the event of termination of
      Tang's employment under this Agreement for any reason whatsoever, he, his
      dependents or his Beneficiary, as the case may be, shall be entitled to receive
      (in addition to payments and benefits under, and except as specifically
      provided in, subsections (b) through (g) below as applicable):
    

    
                     (i)
      his Base Salary through the date of termination of his employment, pursuant to
      notice properly given in accordance with Section 25 below (the "Date of
      Termination");
    

    
                     
      (ii) payment in lieu of any unused vacation, in accordance with Millennium
      Cell's vacation policy and applicable laws;
    

    
      9
    

    
    
                     
      (iii) any annual or discretionary bonus earned but not yet paid to him for any
      calendar year prior to the year in which his termination occurs;
    

    
                     
      (iv) any deferred compensation under any incentive compensation plan of
      Millennium Cell or any deferred compensation agreement then in effect;
    

    
                     
      (v) any other compensation or benefits, including without limitation long-term
      incentive compensation described in Section 5 above, benefits under equity
      grants and awards described in Section 6 above and employee benefits under
      plans or arrangements described in Section 8 above, that have vested through
      the Date of Termination or to which he may then be entitled in accordance with
      the applicable terms of each grant, award, plan or arrangement;
    

    
                     
      (vi) reimbursement in accordance with Section 7 above of any business expenses
      incurred by Tang through the Date of Termination but not yet paid to him; and
    

    
                     (vii)
      vesting of any of the 1,012,500 options to purchase shares of Millennium Cell's
      stock that were granted to Tang upon commencement of his employment with
      Millennium Cell and that are unvested on the Date of Termination.
    

    
                (b)     Termination
      due to Death. In the event that Tang's employment terminates due to his
      death, his Beneficiary shall be entitled, in addition to the compensation and
      benefits specified in Section 9(a), to:
    

    
                     
      (i) his Base Salary, at the rate in effect on the date of his death, through
      the end of the third month following the month in which his death occurs, and
    

    
                     
      (ii) a bonus equal in amount to Tang's annual bonus for the year preceding his
      death prorated to the end of the month in which his death occurs, plus any
      discretionary payment that may be awarded for the year in which his death
      occurs.
    

    
      10
    

    
    
                (c)     Termination
      due to Disability. In the event that Tang's employment terminates due to
      Disability, he or his Beneficiary, as the case may be, shall be entitled, in
      addition to the compensation and benefits specified in Section 9(a), to a bonus
      equal in amount to his annual bonus for the year preceding such termination
      prorated to the end of the month in which his termination occurs, plus any
      discretionary payment that may be awarded for the year in which his termination
      due to Disability occurs.
    

    
                (d)     Termination
      by Millennium Cell for Cause. In the event that Tang's employment is
      terminated by Millennium Cell for Cause, he shall be entitled only to the
      compensation and benefits specified in Section 9(a).
    

    
                     Notwithstanding
      the foregoing, termination for Cause may not occur pursuant to clauses (ii),
      (iii), (iv) or (v) of Section 1(d) above unless and until, with the Board's
      prior approval, Millennium Cell has delivered to Tang notice of termination,
      which shall contain in reasonable detail the facts purporting to constitute
      such nonperformance, act, omission or breach, and afforded him 30 days
      thereafter to cure the same and/or to respond in writing to the Board setting
      forth his position that his termination for Cause should not occur and
      requesting reconsideration by the Board, in which event (x) the Date of
      Termination shall be deferred until the Board has had the opportunity to
      consider whether such nonperformance, act, omission or breach has been cured
      and to consider any request by Tang for reconsideration, and (y) the Board
      shall thereafter cause a written notice to be delivered on its behalf to Tang
      stating either that it (i) has rescinded its determination that his employment
      is to be terminated for Cause or (ii) affirms its determination that his
      employment is to be terminated for Cause and contains a Date of Termination,
      which shall be not earlier than 15 days after such notice is given. Section
      1(h)(i) to the contrary notwithstanding, upon delivery to Tang of notice of
      termination under this
    

    
      11
    

    
    
      Section 9(d), Tang shall be suspended from all duties and
      responsibilities unless and until the Board rescinds its determination that his
      employment is to be terminated for Cause.
    

    
                (e)     Termination
      by Millennium Cell Without Cause or by Tang for Good Reason.
    

    
                     (i)
      Millennium Cell shall provide Tang 30 days' notice of termination of his
      employment without Cause, and Tang shall provide Millennium Cell 30 days'
      notice of termination of his employment for Good Reason.
    

    
                     (ii)
      In the event of termination by Millennium Cell of Tang's employment without
      Cause or of termination by Tang of his employment for Good Reason, he shall be
      entitled, in addition to the compensation and benefits specified in Section
      9(a), to:
    

    
                          (A)
      1.5 times his Base Salary, at the rate in effect immediately before such
      termination,
    

    
                          
      (B) 1.5 times the average of his annual bonuses for the one and one-half years
      prior to the year in which such termination occurs,
    

    
                          
      (C) continuing coverage under the life, disability, accident and health
      insurance programs for Millennium Cell employees generally and under any
      supplemental programs covering Tang or Millennium Cell senior executives
      generally, as from time to time in effect, for the three-year period from such
      termination or until Tang becomes eligible for substantially similar coverage
      under the employee welfare plans of a new employer, whichever occurs earlier,
      and
    

    
                          
      (D) immediate and unconditional vesting of any unvested stock options and stock
      grants previously awarded to Tang and, for the one-year period following either
      such termination, the right to exercise any stock options held by him;
      provided, however, that any unvested "performance" stock options, stock grants,
      long-term incentive awards or other
    

    
      12
    

    
    
      similar awards shall not vest unless the applicable performance
      objectives have been achieved prior to the Date of Termination and any other
      requirements in relevant plan documents have been met.
    

    
                     (iii)
      Payment of the amounts specified in Section 9(e)(ii)(A) and (B) shall be made
      by Millennium Cell to Tang as follows:
    

    
                          
      (A) 67 percent of the amounts due shall be paid in cash in equal quarterly
      installments over the 12 months following the Date of Termination, and
    

    
                          
      (B) the remaining 33 percent of these amounts shall be paid in a cash lump sum
      at the beginning of the 13th month following the Date of Termination.
      Notwithstanding the foregoing, in the event of a Change in Control within the
      first 12 months following the Date of Termination, the remaining balance of the
      amounts specified in Section 9(e)(ii)(A) and (B) shall be promptly paid to Tang
      in a cash lump sum.
    

    
                     (iv)
      Tang's right to terminate his employment for Good Reason shall not be affected
      by his incapacity due to physical or mental illness. Tang's continued
      employment shall not constitute consent to, or a waiver of rights with respect
      to, any act or omission constituting Good Reason.
    

    
                (f)     Voluntary
      Termination by Tang. Tang shall have the right voluntarily to terminate his
      employment other than for Good Reason upon 30 days' notice to Millennium Cell.
      If he does so, he shall be entitled only to the compensation and benefits
      specified in Section 9(a).
    

    
                (g)
      Termination by Millennium Cell Without Cause or by Tang for Good Reason
      Following a Change in Control.     In the event of
      termination of Tang's employment within two years following a Change in Control
      (i) by Millennium Cell without Cause or (ii) by
    

    
      13
    

    
    
      Tang for good reason, he shall be entitled, in addition to the
      compensation and benefits specified in Section 9(a), to the following:
    

    
                     (i)
      3 times the sum of (A) his Base Salary, at the rate in effect immediately
      before such termination, and (B) the average of his annual bonuses for the
      three years prior to the year in which such termination occurs, such amount to
      be paid promptly to Tang in a cash lump sum;
    

    
                     (ii)
      the rights specified in Section 9(e)(ii)(C); provided, however, that Millennium
      Cell shall reimburse Tang for 100 percent of any medical expenses incurred by
      him on his behalf, offset by any amounts that are reimbursed (i) by insurance
      or otherwise (by reason of COBRA coverage, subsequent employment or otherwise)
      or (ii) by Medicare when Tang becomes eligible, for Medicare coverage (the
      premiums for which shall be paid by him); and
    

    
                     (iii)
      the rights specified in Section 9(e)(ii)(D); provided, however, that Tang shall
      also be entitled to immediate and unconditional vesting of any unvested
      "performance" stock options, stock grants or other similar awards previously
      granted to him.
    

    
                (h)     Determination
      of Amount of Payment. If Millennium Cell's independent auditors determine
      that the amount due Tang under this Agreement or otherwise will exceed the
      amount permissible under Section 280G of the Internal Revenue Code or any
      successor provision as in effect at the time (the "Code") (the "280G Limit")
      without imposition of the excise tax imposed by Section 4999 of the Code, they
      shall then determine (i) the after-tax amount and (ii) the 280G Limit.
      Millennium Cell shall pay the greater of these two amounts to Tang in lieu of
      the amount due Tang under Section 10(g). No reduction in the amount due Tang
      shall occur unless he will receive a greater after-tax benefit by reason of the
      reduced payment.
    

    
                     
      The intent of this payment is to put Tang in the same after-tax position as if
      the excise tax was not imposed. If Millennium Cell's independent auditor's
      determination of
    

    
      14
    

    
    
      the excise tax turns out to be inconsistent with that of the Internal
      Revenue Service or any other relevant authority, then Tang shall notify
      Millennium Cell of the discrepancy. Millennium Cell shall defend its position
      and increase the payment to the extent that the Internal Revenue Service
      prevails in its position, and it shall also reimburse Tang for any interest and
      penalties associated with the auditor's computations.
    

    
                (i)     Cessation
      of Payments. If, during or after the Term, Tang commits a breach of Section
      10 or Section 11 below, any obligation of Millennium Cell to make further
      payments to him under this Agreement shall be subject to Section 12 below
      except as may be otherwise required in accordance with Section 9(e) or 9(g).
    

    
                (j)     Notice
      Requirements. Any purported termination of Tang's employment, other than by
      reason of death, that is not effected pursuant to notice of termination
      satisfying the requirements of Section 25 below shall not be effective for
      purposes of this Agreement.
    

    
           
      10.     CONFIDENTIAL INFORMATION.
    

    
                
      (a)     Acknowledgments. Tang acknowledges
      that:
    

    
                     
      (i) As a result of his employment with Millennium Cell, Tang has obtained and
      will obtain secret and confidential information concerning the business of
      Millennium Cell and any Subsidiaries, including, without limitation, the
      identity of customers and sources of supply, their needs and requirements, the
      nature and extent of contracts with them, and related cost, price and sales
      information;
    

    
                     
      (ii) Millennium Cell and any Subsidiaries will suffer damage that will be
      difficult to compute if, during the Term or thereafter, Tang should divulge
      secret and confidential information relating to the business of Millennium Cell
      heretofore or hereafter acquired by him in the course of his employment with
      Millennium Cell or any Subsidiaries; and
    

    
      15
    

    
    
                     (iii)
      The provisions of this Section 10 are reasonable and necessary for the
      protection of the business of Millennium Cell and any Subsidiaries.
    

    
                (b)     Confidential
      Information. Tang agrees that he will not at any time, either during the
      Term of Employment or thereafter, divulge to any person, firm or corporation
      any information obtained or learned by him during the course of his employment
      with Millennium Cell or any Subsidiaries, with regard to the operational,
      financial, business or other affairs of Millennium Cell or any Subsidiaries,
      their officers and directors, including without limitation trade "know how,"
      secrets, customer lists, sources of supply, pricing policies, operational
      methods or technical processes, except
    

    
                     (i)
      in the course of performing his duties hereunder,
    

    
                     (ii)
      with Millennium Cell's express written consent,
    

    
                     (iii)
      to the extent that any such information is in the public domain, is
      ascertainable from public or published information or is known to any person
      who is not subject to a contractual or fiduciary obligation owed to Millennium
      Cell not to disclose such information, in each case other than as a result of
      Tang's breach of any of his obligations hereunder, or
    

    
                     (iv)
      when required to be disclosed by court order, subpoena or other government
      process.
    

    
                 In the event
      that Tang shall be required to make disclosure pursuant to the provisions of
      clause (iv) of the preceding sentence, he shall promptly, but in no event more
      than 48 hours after learning of such court order, subpoena, or other government
      process, notify Millennium Cell, by personal delivery or by facsimile,
      confirmed by mail. Further, at Millennium Cell's written request and expense,
      Tang shall
    

    
      16
    

    
    
                     
      (v) take all reasonably necessary steps requested by Millennium Cell to defend
      against the enforcement of such court order, subpoena or other government
      process, and
    

    
                     
      (vi) permit Millennium Cell to intervene and participate with counsel of its
      choice in any proceeding relating to the enforcement thereof.
    

    
                (c)     Return
      of Documents and Property. Upon termination of his employment with
      Millennium Cell, or at any time Millennium Cell may so request, Tang will
      promptly deliver to Millennium Cell all files, memoranda, notes, records,
      reports, manuals, data, drawings, blueprints and other documents and
      information (and all copies thereof) relating to the business of Millennium
      Cell and/or any Subsidiaries, and all property associated therewith, that are
      then in his possession or under his control; provided, however, that this
      requirement shall not apply to any such item that is, at the applicable time,
      already in the public domain.
    

    
                (d)    Remedies
      and Sanctions. In the event that Tang is found to be in violation of
      Section 10(b) or 10(c), Millennium Cell shall be entitled to relief as provided
      in Section 12 below.
    

    
           11.     NONCOMPETITION/NONSOLICITATION.

    

    
                (a)     Acknowledgments.
      Tang acknowledges that:
    

    
                     (i)
      Millennium Cell and any Subsidiaries will suffer damage that will be difficult
      to compute if, during the Term or thereafter, Tang should enter a competitive
      business; and
    

    
                     
      (ii) The provisions of this Section 11 are reasonable and necessary for the
      protection of the business of Millennium Cell and any Subsidiaries.
    

    
      17
    

    
    
                (b)     Noncompetition
      and Nonsolicitation. During the Covenant Period (which shall extend for 12
      months after the Term) Tang, without the prior written permission of Millennium
      Cell, shall not, directly or indirectly:
    

    
                     (i)
      enter into the employ of or render any services to any person, firm or
      corporation engaged in any business that derives more than 5 percent of its
      gross sales from products that are interchangeable with or substitutable for a
      product sold by one or more of the businesses conducted by Millennium Cell or
      any Subsidiaries when the Term ends (a "Competitive Business");
    

    
                     (ii)
      engage in any Competitive Business for his own account;
    

    
                     (iii)
      become associated with or interested in any Competitive Business as an
      individual, partner, shareholder, creditor, director, officer, principal,
      agent, employee, trustee, consultant, advisor or in any other relationship or
      capacity;
    

    
                     (iv)
      employ or retain, or have or cause any other person or entity to employ or
      retain, any person who was employed or retained by Millennium Cell or any
      Subsidiaries while Tang was employed by Millennium Cell; or
    

    
                     (v)
      solicit, endeavor to entice away from or knowingly interfere with Millennium
      Cell or any Subsidiaries, any of its or their customers or sources of supply.
    

    
                
      Notwithstanding, the foregoing, nothing in this Agreement shall preclude Tang
      from investing his personal assets in the securities of any corporation or
      other business entity that is engaged in a Competitive Business if such
      securities are traded on a national stock exchange or in the over-the-counter
      market and if such investment does not result in his beneficially owning, at
      any time, more than 5 percent of the publicly-traded equity securities of such
      competitor.
    

    
      18
    

    
    
                (c)     Remedies
      and Sanctions. In the event that Tang is found to be in violation of
      Section 11(b), Millennium Cell shall be entitled to relief as provided in
      Section 12 below.
    

    
           12.     INJUNCTIVE
      RELIEF.
    

    
                (a)     Commission
      of a Breach. If Tang commits a breach, or threatens to commit a breach, of
      any of the provisions of Section 10 or 11 above, Millennium Cell shall have the
      right and remedy to seek to have the provisions of this Agreement specifically
      enforced by any court having equity jurisdiction, it being acknowledged and
      agreed by Tang that the services being rendered hereunder to Millennium Cell
      are of a special, unique and extraordinary character and that any such breach
      or threatened breach may cause irreparable injury to Millennium Cell and that
      monetary damages will not provide an adequate remedy to Millennium Cell.
    

    
                     
      The rights and remedies enumerated in this Section 12(a) shall be independent
      one of another and shall be severally enforceable, and such rights and remedies
      shall be in addition to, and not in lieu of, any other damages, rights and
      remedies available to Millennium Cell under law or equity.
    

    
                (b)     Violation
      of a Covenant. If Tang shall violate any covenant contained in this Section
      12, subject to the requirements of Section 9(e) or 9(g) as may be applicable,
      the Covenant Period shall automatically extend for 12 months from the date on
      which Tang permanently ceases such violation or, if later, from the date of
      entry by a court of competent jurisdiction of a final order or judgment
      enforcing such covenant.
    

    
                (c)     Unenforceability.
      If any provision of this Section 12 is held to be unenforceable because of the
      scope, duration or area of its applicability, the tribunal making such
    

    
      19
    

    
    
      determination shall have the power to modify such scope, duration, or
      area, or all of them, and any such provision shall then be applicable in such
      modified form.
    

    
           13.     WITHHOLDING
      TAXES.
    

    
                 All payments
      to Tang or his Beneficiary shall be subject to withholding on account of
      federal, state and local taxes as required by law. If any payment under this
      Agreement is insufficient to provide the amount of such taxes required to be
      withheld, Millennium Cell may withhold such taxes from any subsequent payment
      due Tang or his Beneficiary. In the event that all payments due are
      insufficient to provide the required amount of such withholding taxes, Tang or
      his Beneficiary, within five days after written notice from Millennium Cell,
      shall pay to Millennium Cell the amount of such withholding taxes in excess of
      the payments due.
    

    
           14.     INDEMNIFICATION
      AND LIABILITY INSURANCE.
    

    
                 Nothing
      herein is intended to limit Millennium Cell's indemnification of Tang, and
      Millennium Cell shall indemnify him to the fullest extent permitted by
      applicable law consistent with Millennium Cell's Certificate of Incorporation
      and By-Laws as in effect on the date of this Agreement, with respect to any
      action or failure to act on his part while he is an officer, director or
      employee of Millennium Cell or any Subsidiary. Millennium Cell shall cause Tang
      to be covered, during the Term and after the Term in respect of claims arising
      from any such service during the Term, by such insurance on terms no less
      favorable than the directors' and officers' liability insurance maintained by
      Millennium Cell as in effect on the date of this Agreement in terms of
      coverage, limits and reimbursement of defense costs.
    

    
      20
    

    
    
           15.     ASSIGNABILITY,
      SUCCESSORS, BINDING AGREEMENT.
    

    
                (a)     Assignability
      and Successors. In addition to any obligations imposed by law upon any
      successor to Millennium Cell, with the acquiescence of Tang, Millennium Cell
      will use its best efforts to persuade any successor (whether direct or
      indirect, by purchase, merger, consolidation or otherwise) to all or
      substantially all of the business and/or assets of Millennium Cell to assume
      expressly and agree to perform this Agreement in the same manner and to the
      same extent that Millennium Cell would be required to perform it if no such
      succession had taken place.
    

    
                (b)     Binding
      Agreement. This Agreement shall inure to the benefit of and be enforceable
      by Tang's personal or legal representatives, executors, administrators,
      successors, heirs, distributees, devisees and legatees. If Tang shall die while
      any amount would still be payable to him hereunder (other than amounts which,
      by their terms, terminate upon his death) if he had continued to live, all such
      amounts, unless otherwise provided herein, shall be paid in accordance with the
      terms of this Agreement to the executors, personal representatives or
      administrators of Tang's estate.
    

    
           16.     REPRESENTATIONS.

    

    
                The Parties
      respectively represent and warrant that each is fully authorized and empowered
      to enter into this Agreement and that the performance of its or his
      obligations, as the case may be, under this Agreement will not violate any
      agreement between such Party and any other person, firm or organization.
      Millennium Cell represents and warrants that this Agreement has been duly
      authorized by all necessary corporate action and is valid, binding and
      enforceable in accordance with its terms.
    

    
      21
    

    
    
           17.     ENTIRE
      AGREEMENT.
    

    
                 Except to
      the extent otherwise provided herein, this Agreement contains the entire
      understanding and agreement between the Parties concerning the subject matter
      hereof and supersedes any prior agreements, whether written or oral, between
      the Parties concerning the subject matter hereof. In the event of a conflict
      between this Agreement and terms of any benefit plan, grant or award, the
      provisions of this Agreement shall govern the determination of Tang's rights.
      Notwithstanding the previous sentence, to the extent that the provisions of any
      benefit plan, grant or award are more favorable to Tang than the provisions of
      this Agreement, the provisions of such benefit plan, grant or award shall
      govern the determination of Tang's rights.
    

    
           18.     AMENDMENT
      OR WAIVER.
    

    
                 No provision
      of this Agreement may be amended unless such amendment is agreed to in writing
      and signed by both Tang and an authorized officer of Millennium Cell. No waiver
      by either Party of any breach by the other Party of any condition or provision
      contained in this Agreement to be performed by such other Party shall be deemed
      a waiver of a similar or dissimilar condition or provision at the same or any
      prior or subsequent time. Any waiver must be in writing and signed by the Party
      to be charged with the waiver.
    

    
           19.     SEVERABILITY.

    

    
                 In the event
      that any provision or portion of this Agreement shall be determined to be
      invalid or unenforceable for any reason, in whole or in part, the remaining
      provisions of this Agreement shall be unaffected thereby and shall remain in
      full force and effect to the fullest extent permitted by law.
    

    
      22
    

    
    
           20.     SURVIVAL.

    

    
                 The
      respective rights and obligations of the Parties under this Agreement shall
      survive any termination of Tang's employment with Millennium Cell.
    

    
           21.     BENEFICIARIES/REFERENCES.

    

    
                Tang shall be
      entitled to select (and change, to the extent permitted under any applicable
      law) a beneficiary or beneficiaries to receive any compensation or benefit
      payable under this Agreement following Tang's death by giving Millennium Cell
      written notice thereof. In the event of Tang's death or of a judicial
      determination of his incompetence, reference in this Agreement to Tang shall be
      deemed to refer, as appropriate, to his beneficiary, estate or other legal
      representative.
    

    
            22.     NO
      MITIGATION.
    

    
                Millennium
      Cell agrees that, if Tang's employment with Millennium Cell terminates during
      the Term, Tang will not be required to seek other employment or attempt in any
      way to reduce any amounts payable to him under this Agreement. Further, the
      amount of any payment shall not be reduced by any compensation earned by Tang
      as the result of employment by another employer, by retirement benefits, by
      offset against any amount claimed to be owed by Tang to Millennium Cell or
      otherwise.
    

    
           23.     GOVERNING
      LAW.
    

    
                 This
      Agreement shall be governed by and construed and interpreted in accordance with
      the laws of the State of New Jersey, without reference to principles of
      conflict of laws.
    

    
      23
    

    
    
           24.     RESOLUTION
      OF DISPUTES.
    

    
                     (a)     Arbitration.
      Except as provided in Section 24(b), any disputes arising under or in
      connection with this Agreement shall be resolved by arbitration, to be held in
      Newark, New Jersey, in accordance with the commercial rules and procedures of
      the American Arbitration Association.
    

    
                     (b)     Litigation.
      Notwithstanding the foregoing, Tang shall have the right to waive his rights
      under Section 24(a) and have any dispute resolved by a court of competent
      jurisdiction.
    

    
                     (c)     Costs.
      Except as provided in Section 10(b), each Party shall bear its or his
      respective costs, fees (including attorneys' fees) and expenses of any
      arbitration or litigation in connection with this Agreement.
    

    
                     (d)     Continuation
      of Payments. Pending the outcome or resolution of any dispute between the
      Parties, Millennium Cell shall continue to pay to Tang all amounts, and provide
      on his behalf all benefits, due him under this Agreement.
    

    
           25.     NOTICES.

    

    
                Any notice
      given to either Party shall be in writing and shall be deemed to have been
      given when delivered either personally, by fax, by overnight delivery service
      (such as Federal Express) or sent by certified or registered mail, postage
      prepaid, return receipt requested, duly addressed to the Party concerned at the
      address indicated below or to such changed address as the Party may
      subsequently give notice of.
    

    	If to Millennium Cell: 	Millennium Cell, Inc.
One Industrial Way
          West
Eatontown, New Jersey 07724
Attention: Secretary
 Fax: (732)
          542-4010
	If to Tang: 	Stephen S. Tang, Ph.D.
2355 Spyglass Hill 
Center
          Valley, Pennsylvania 18034 
Fax: (610) 882-9222

    
      24
    

    
    
           26.     HEADINGS.

    

    
                The headings
      of the sections contained in this Agreement are for convenience only and shall
      not be deemed to control or affect the meaning or construction of any provision
      of this Agreement.
    

    
           27.     COUNTERPARTS.

    

    
                This
      Agreement may be executed in counterparts, each of which when so executed and
      delivered shall be an original, but all such counterparts together shall
      constitute one and the same instrument.
    

    
           IN WITNESS WHEREOF, the undersigned
      have executed this Agreement as of the date first written above. Millennium
      Cell Inc.
    

    	 	 	 	 	Millennium Cell, Inc.
	 	 	 	 	 
	Attest:	___________________________	 	By:	/s/ James L. Rawlings
	 	 	 	Title:	James L. Rawlings, 
Chairman, Compensation Committee
	 	 	 	 	 
	Witness:	___________________________	 	 	/s/ Stephen S. Tang
	 	 	 	 	Stephen S. Tang

    
      25

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