| On September
25, 2006, Millennium Cell Inc. (the "Registrant") entered into a Change
in Control Agreement (each, an "Agreement" and, together, the "Agreements")
with each of Adam Briggs, its President, John Battaglini, its Vice President
of Sales, Marketing and Product Management, John Giolli, its Chief Financial
Officer, Rex Luzader its Vice President of Government Relations, and George
Zalepa, its Vice President of Administration (each an "Executive"). The
Agreements for Messrs. Briggs, Battaglini, Giolli and Luzader replace and
supersede the prior Change in Control Agreements that the Registrant had
with each such Executive. The prior Change in Control Agreements with Messrs.
Briggs, Giolli and Luzader expired in July 2006 and the prior Change in
Control Agreement with Mr. Battaglini was set to expire in January 2007.
Pursuant to each Agreement, in the
event of a termination of the Executive's employment within two years following,
or in anticipation of, a Change of Control (as defined in the Agreement)
(a) by the Registrant without Cause (as defined in the Agreement) or (b)
by the Executive for Good Reason (as defined in the Agreement), the Executive
is entitled to (i) a general entitlement of: (1) a prompt lump sum payment
equal to the Executive's unpaid annual Base Salary through the date of
termination, (2) any payments in lieu of unused vacation time prior to
the date of termination, (3) any annual or discretionary bonus payments
earned but not yet paid for any calendar year prior to the year of termination,
and (4) reimbursement of business expenses incurred by the Executive through
the date of termination but not yet paid to Executive, and (ii) a change-in-control
entitlement consisting of (1) a prompt lump sum payment equal to two (2)
times the sum of (x) the Executive's annual Base Salary, at the rate in
effect immediately before any such termination, and (y) the average of
the Executive's annual bonuses for the previous three calendar years, (2)
continuing coverage for employee benefits under the Registrant's insurance
programs for the two-year period immediately following such termination,
(3) immediate and unconditional vesting of any unvested stock options and
stock grants previously granted to the Executive and the right, for one
year following such termination, to exercise any stock options or stock
grants held by the Executive.
The above summary of the Agreements
is qualified in its entirety by the full text of the form of the Agreement,
which is attached hereto as Exhibit 10.1 to this Current Report on Form
8-K.

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