Security Holders. Current Shareholders ------------------------------------------------- ----------- ---------------- Number of Number of Class A Common Preferred Shares Shares ------------------------------------------------- ----------- ---------------- Perseus 2000, L.L.C. 902,698 478,587 ------------------------------------------------- ----------- ---------------- El Dorado Investment Company* 463,832 68,336 ------------------------------------------------- ----------- ---------------- Working Opportunity Fund (EVCC) Ltd. 85,602 214,300 ------------------------------------------------- ----------- ---------------- GE Capital Equity Holdings, Inc. 9,641 46,333 ------------------------------------------------- ----------- ---------------- Hydro-Quebec Capitech Inc. 2,974 44,222 ------------------------------------------------- ----------- ---------------- Canadian Science and Technology Growth Fund Inc. 16,379 96,800 ------------------------------------------------- ----------- ---------------- OPG Ventures Inc. 925 36,100 ------------------------------------------------- ----------- ---------------- Western Technology Seed Investment 14,222 ------------------------------------------------- ----------- ---------------- David Burnstein 1,100 ------------------------------------------------- ----------- ---------------- TOTAL: 1,548,718 1,000,000 ------------------------------------------------- ----------- ---------------- Options, Warrants etc. El Dorado is obligated to purchase an additional 66,667 Class A Preferred Shares of the Company for $300,000 pursuant to the terms of the Initial Securities Purchase Agreement, and a waiver granted by the Company on April 21, 2005. The Company is a party to a binding Term Sheet with Perseus 2000, L.L.C. dated April 22, 2005 which provides for the issuance of up to $1.5 million of Class A Preferred Shares. Pursuant to their employment agreements, the senior management of the Company have the right to participate in the Company's option plan. The Investor Rights Agreement contemplates that an option pool of 462,000 Common Shares of the Company would be allocated to the Company's employees, consultants and other eligible individuals. No options have been granted at the date hereof, on the basis that in lieu thereof the employees will receive restricted stock units and stock options of the Purchaser on the basis contemplated in the Arrangement Agreement and Schedule B thereto. If the Arrangement is not completed, it is anticipated that such options would be granted to employees of the Company. The Company has an option to enter into a Long-Term License Agreement with The Texas A&M University System ("TAMUS"). Pursuant to section 3.04 of that Long-Term License Agreement, TAMUS would be entitled to receive NxtPhase Common Shares equal to 5% of its total issued and outstanding stock on a fully-diluted basis, or, if at such time the Company is a subsidiary of the Purchaser, 5% of the total number of shares of the Purchaser issued to NxtPhase Shareholders in the Arrangement. See the terms of the Long-Term License Agreement, a true and complete copy of which has been provided to the Purchaser. The Investor Rights Agreement provides for certain rights of the holders of Class A Preferred Shares to purchase shares of the Company and require redemption of shares of the Company in certain circumstances. See the terms of that agreement, a true and complete copy of which has been provided to the Purchaser. The Company is party to the Arrangement Agreement dated as of April 22, 2005 with the Purchaser.
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Security Holders. Current Shareholders ------------------------------------------------- ----------- ---------------- Number of ------------------------------------ -------------------- -------------------- Number of Class A Number of Common Preferred Shares Shares ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- Perseus 2000, L.L.C. 902,698 478,587 ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- El Dorado Investment Company* 463,832 68,336 ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- Working Opportunity Fund (EVCC) Ltd. 85,602 214,300 ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- GE Capital Equity Holdings, Inc. 9,641 46,333 ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- Hydro-Quebec Capitech Inc. 2,974 44,222 ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- Canadian Science and Technology Growth Fund Inc. 16,379 96,800 ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- OPG Ventures Inc. 925 36,100 ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- Western Technology Seed Investment 14,222 ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- David Burnstein 1,100 ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- Beacon Power Corporation 111,111 ------------------------------------ -------------------- -------------------- TOTAL: 1,548,718 1,659,829 1,000,000 ------------------------------------------------- ----------- ---------------- ------------------------------------ -------------------- -------------------- Options, Warrants etc. El Dorado is obligated to purchase an additional 66,667 Class A Preferred Shares of the Company for $300,000 pursuant to the terms of the Initial Securities Purchase Agreement, and a waiver granted by the Company on April 21, 2005. The Company is a party to a binding Term Sheet with Perseus 2000, L.L.C. dated April 22, 2005 which provides for the issuance of up to $1.5 million of Class A Preferred Shares. Pursuant to their employment agreements, the senior management of the Company have the right to participate in the Company's option plan. The Investor Rights Agreement contemplates that an option pool of 462,000 Common Shares of the Company would be allocated to the Company's employees, consultants and other eligible individuals. No options have been granted at the date hereof, on the basis that in lieu thereof the employees will receive restricted stock units and stock options of the Purchaser on the basis contemplated in the Arrangement Agreement and Schedule B thereto. If the Arrangement is not completed, it is anticipated that such options would be granted to employees of the Company. The Company has an option to enter into a Long-Term License Agreement with The Texas A&M University System ("TAMUS"). Pursuant to section 3.04 of that Long-Term License Agreement, TAMUS would be entitled to receive NxtPhase Common Shares equal to 5% of its total issued and outstanding stock on a fully-diluted basis, or, if at such time the Company is a subsidiary of the Purchaser, 5% of the total number of shares of the Purchaser issued to NxtPhase Shareholders in the Arrangement. See the terms of the Long-Term License Agreement, a true and complete copy of which has been provided to the Purchaser. The Investor Rights Agreement provides for certain rights of the holders of Class A Preferred Shares to purchase shares of the Company and require redemption of shares of the Company in certain circumstances. See the terms of that agreement, a true and complete copy of which has been provided to the Purchaser. The Company is party to the Arrangement Agreement dated as of April 22, 2005 with the Purchaser.
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