Document:

EXHIBIT 4.3

 

REVOLVING CREDIT NOTE

 

	Principal Amount:  Up to $1,250,000	Issuance Date:  November 15, 2013

For value received,
the undersigned, AXION INTERNATIONAL HOLDINGS, INC., a Colorado corporation (“Parent”), AXION INTERNATIONAL,
INC., a Delaware corporation and a wholly-owned subsidiary of Parent (“AXI”), and AXION RECYCLED PLASTICS INCORPORATED,
an Ohio corporation and a wholly-owned subsidiary of AXI (together with Parent and AXI, “Borrowers”), hereby
promise to pay to the order of MLTM Lending, LLC (“Lender”) or its assigns, as further provided herein,
the principal amount of up to One Million Two Hundred Fifty Thousand Dollars ($1,250,000) or so much thereof as has been advanced
and remains unpaid under the Agreement referred to in Section 1 hereof, together with interest on the unpaid principal balance
from time to time outstanding hereunder until paid in full at the rates and in the manner determined in accordance with the provisions
hereof and of the Agreement, subject to the terms of the Agreement.

 

Section 1.Revolving
Credit Agreement. This Revolving Credit Note is one of the Revolving Credit Notes referred to in the Revolving Credit and Letter
of Credit Support Agreement dated as of the date hereof, among Borrowers, Lender and the other lenders identified on the signature
page thereto, as the same may be amended, modified or supplemented from time to time (the “Agreement”), which
Agreement is incorporated by reference herein. All capitalized terms used herein shall have the same meanings as are assigned to
such terms in the Agreement. This Revolving Credit Note is entitled to the benefits of and is subject to the terms, conditions
and provisions of the Agreement. The Agreement, among other things, contains provisions for acceleration of the maturity hereof
upon the happening of certain stated events, and also for repayments and reborrowings on account of the principal hereof prior
to maturity upon the terms, conditions and provisions specified.

 

Section 2.Interest.  Each
Loan shall bear interest on the outstanding principal amount, for each day from the date such Loan is made until it becomes due,
at a rate per annum equal to the Interest Rate for such day; provided, however, that following an Event of Default,
each Loan shall bear interest at the Post-Default Rate.

 

[Signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Borrowers have caused this Revolving Credit Note to be executed on the date above stated.

 

BorrowerS:

 

AXION INTERNATIONAL HOLDINGS,
INC.

 

 

By: /s/ Steve Silverman

Name:Steve Silverman

Title:Chief Executive Officer

 

 

 

AXION INTERNATIONAL, INC.

 

 

By: /s/ Steve Silverman

Name:Steve Silverman

Title:Chief Executive Officer

 

 

 

AXION Recycled
Plastics Incorporated 

 

 

By: /s/ Steve Silverman

Name:Steve Silverman

Title:Chief Executive Officer

 

 

Signature
Page to Revolving Credit NoteEXHIBIT 4.4

 

REVOLVING CREDIT NOTE

 

	Principal Amount:  Up to $1,250,000	Issuance Date:  November 15, 2013

For value received,
the undersigned, AXION INTERNATIONAL HOLDINGS, INC., a Colorado corporation (“Parent”), AXION INTERNATIONAL,
INC., a Delaware corporation and a wholly-owned subsidiary of Parent (“AXI”), and AXION RECYCLED PLASTICS INCORPORATED,
an Ohio corporation and a wholly-owned subsidiary of AXI (together with Parent and AXI, “Borrowers”), hereby
promise to pay to the order of Samuel G. Rose (“Lender”) or his assigns, as further provided herein,
the principal amount of up to One Million Two Hundred Fifty Thousand Dollars ($1,250,000) or so much thereof as has been advanced
and remains unpaid under the Agreement referred to in Section 1 hereof, together with interest on the unpaid principal balance
from time to time outstanding hereunder until paid in full at the rates and in the manner determined in accordance with the provisions
hereof and of the Agreement, subject to the terms of the Agreement.

 

Section 1.Revolving
Credit Agreement. This Revolving Credit Note is one of the Revolving Credit Notes referred to in the Revolving Credit and Letter
of Credit Support Agreement dated as of the date hereof, among Borrowers, Lender and the other lenders identified on the signature
page thereto, as the same may be amended, modified or supplemented from time to time (the “Agreement”), which
Agreement is incorporated by reference herein. All capitalized terms used herein shall have the same meanings as are assigned to
such terms in the Agreement. This Revolving Credit Note is entitled to the benefits of and is subject to the terms, conditions
and provisions of the Agreement. The Agreement, among other things, contains provisions for acceleration of the maturity hereof
upon the happening of certain stated events, and also for repayments and reborrowings on account of the principal hereof prior
to maturity upon the terms, conditions and provisions specified.

 

Section 2.Interest.  Each
Loan shall bear interest on the outstanding principal amount, for each day from the date such Loan is made until it becomes due,
at a rate per annum equal to the Interest Rate for such day; provided, however, that following an Event of Default,
each Loan shall bear interest at the Post-Default Rate.

 

[Signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Borrowers have caused this Revolving Credit Note to be executed on the date above stated.

 

BorrowerS:

 

AXION INTERNATIONAL HOLDINGS,
INC.

 

 

By: /s/ Steve Silverman

Name:Steve Silverman

Title:Chief Executive Officer

 

 

 

AXION INTERNATIONAL, INC.

 

 

By: /s/ Steve Silverman

Name:Steve Silverman

Title:Chief Executive Officer

 

 

 

AXION Recycled
Plastics Incorporated 

 

 

By: /s/ Steve Silverman

Name:Steve Silverman

Title:Chief Executive Officer

 

 

Signature
Page to Revolving Credit NoteEXHIBIT 10.1

 

ASSET PURCHASE AGREEMENT

 

This Asset Purchase Agreement (this “Agreement”)
made this 15th day of November, 2013 by and between AXION RECYCLED PLASTICS INCORPORATED, an Ohio Corporation (“Purchaser”),
Y CITY RECYCLING, LLC, an Ohio limited liability company (“Seller”), and BRIAN COLL and RENEE COLL, husband
and wife (jointly and severally the “Colls”).

 

RECITALS

 

WHEREAS, Seller is in the trade and business
of recycling plastics (the “Business”);

 

WHEREAS, Seller is the exclusive owner of
all of its assets, tangible and intangible, including, without limitation, all of its furniture, fixtures, other fixed assets,
supplies, parts, inventory, receivables, contract rights, deposits, good will, going concern value, customer lists, intellectual
property, licenses, permits, deposits, phone and fax numbers, books and records, and equipment (excluding equipment leased by Seller
pursuant that certain Commercial Equipment Lease between The Community Bank, Zanesville Ohio (the “Bank”) dated
February 19, 2013 (the “Equipment Lease”) and excluding all of the other assets and rights referenced in the
Equipment Lease), with all of the assets of Seller other than the equipment, assets and rights subject to the Equipment Lease being
referred to as the “Y City Assets”;

 

WHEREAS, Renee Coll is the sole member of
Seller and Brian Coll, her husband, have agreed to enter into this Agreement as a material inducement to Purchaser entering into
this Agreement;

 

WHEREAS, Seller owns the Y City Assets,
free and clear of all liens, security interests, encumbrances and rights and/or claims of others (“Liens”),
excepting only the first perfected Lien in favor of Bank to secure all outstanding loan indebtedness (including without limitation,
lines of credit and overdrafts) of Seller to the Bank (the “Bank Lien”);

 

WHEREAS, Seller desires to sell, and Purchaser
desires to purchase, all of the Y City Assets, upon the terms and conditions set forth in this Agreement; and

 

WHEREAS, concurrently herewith, under a
separate bill of sale, the Bank is selling to Purchaser, and Purchaser is acquiring from Bank, all of the assets owned by Seller
that are the subject of the Equipment Lease including all of the equipment and inventory referenced therein (the “Separate
Bill of Sale”).

 

NOW THEREFORE, in consideration of the representations,
warranties, covenants and promises herein contained and other good and valuable consideration, the receipt and sufficiency of which
is acknowledged by the parties, the parties hereto, intending to be bound, agree as follows.

 

1.RECITALS. The recitals stated above are
incorporated by reference and made a part of this Agreement.

 

2.SALE AND PURCHASE OF Y CITY ASSETS; NO LIABILITIES
ASSUMED. Subject to the terms and conditions of this
Agreement, and in reliance on representations and warranties made by each of the parties herein, Seller agrees to sell and transfer
and Purchaser agrees to buy all of the Y City Assets, free and clear of all Liens, including the Bank Lien which will be discharged
by payment to the Bank of the purchase price at closing and evidenced by delivery and filing of UCC-1 Termination Statements and
release of the Bank Lien by the Bank in form reasonably satisfactory to Purchaser. No obligations or liabilities of Seller or the
Colls are being assumed by Purchaser, including without limitation, debts, accounts payable, accrued expenses, other liabilities,
and employee benefits and other employee obligations.

 

3.PURCHASE PRICE AND TERMS OF PAYMENT. The purchase
price for the Y City Assets is Two Million Seventy Five Thousand Dollars ($2,078,745) to be paid in cash, which payment will be
paid to the Bank to discharge in full the loan indebtedness of Seller to the Bank and associated Bank Lien.

 

    	 

    	 

    

 

3.REPRESENTATION AND WARRANTIES OF SELLER AND THE COLLS.
Seller and the Colls hereby, jointly and severally, represent and warrant to Purchaser as follows:

 

A.Organization and Existence of Seller. Seller
is an Ohio limited liability company, duly formed, validly existing and in good standing under the laws of the State of Ohio and
qualified to do business in all states and jurisdictions where qualification is required.

 

B.Authority. Seller has all requisite power and
authority to (i) enter into and consummate the terms of this Agreement and (ii) own and sell the Y City Assets pursuant to this
Agreement. Seller and the Colls have taken all necessary action to approve this Agreement, to authorize its managers, sole member
and/or authorized officers to execute and deliver this Agreement, and to execute and deliver such further documents as are necessary
and proper to consummate the terms and provisions of this Agreement. This Agreement constitutes the valid and legally binding obligation
of Seller and the Colls enforceable in accordance with its terms.

 

C.Title to and Condition of Assets. Seller has
good and marketable title to the Y City Assets free and clear of all Liens, except the Bank Lien, which will be discharged at and
as a condition of closing. Seller represents the furnishings, fixtures, and equipment included in the Y City Assets to be in good
working order and condition and that there is no deferred maintenance known to Seller or the Colls with respect to such furnishings,
fixtures and equipment.

 

D.Litigation and Claims. There is no litigation,
proceeding or investigation pending, or to the knowledge of Seller and the Colls, threatened against Seller or the Colls that would
encumber or affect the Y City Assets or operations of the Business, or Seller’s right to dispose of same (including sale
on terms contemplated under this Agreement), nor does Seller or the Colls know or have any reasonable ground to know of any basis
for such litigation, proceeding or investigation. Neither Seller nor the Colls are in default in respect of any judgment, order,
writ, injunction, decree, rule or regulation or any applicable court or administrative agency which could have an adverse effect
on the operations or assets of the Business, Seller or the Colls. To Seller’s and the Colls’ knowledge there are no
unasserted claims that could give rise to liability on the part of Seller or the Colls. There are no pending or threatened actions
respecting the permits and licenses necessary to operate the Business or any asserted claims alleging a failure of Seller or the
Colls to comply with applicable laws, codes or ordinances

 

E.Location. All of the Y City Assets are located
at 4005 All American Way, in the City of Zanesville, County of Muskingum, State of Ohio (the “Ohio Premises”).

 

F.Financial Statements and Financial Condition.
All financial statements forwarded by Seller to Purchaser and related financial information provided by Seller, the Colls or their
agents, including tax returns, are accurate, true and correct and fully reflect the Y City Assets, revenue, expenses, cash flows,
inventory, receivables, capital, liabilities and financial condition of Seller as of the date stated in such financial statements.
Seller’s inventory and current collectible receivables have a value, at cost in accordance with United States generally accepted
accounting principles, of at least One Million Nine Hundred Thousand Dollars ($1,900,000.00).

 

G.Tax Matters. Seller and/or the Colls has timely
filed all tax returns, statements, reports, declarations and other forms and documents required to be filed with any tax authority
with respect to any period ending on or before the closing date, including by way of example and not limitation, all federal, state
and municipal taxes, all payroll, employment and withholding taxes, all sales, use and occupancy taxes, all permit fees, all personal
property taxes, all real property taxes assessed against the Ohio Premises, all ad valorem, transfer, franchise, profits, value
added, net worth, license, excise, severance, stamp, occupation, premium, environmental or windfall profit tax, any custom, duty
or other similar tax, and any and all other returns or forms related to taxes or governmental charges of any kind or nature whatsoever
assessed against or related to the Business, the Ohio Premises, or the Y City Assets (any and all such tax returns and filings
being referred to as “Tax Returns” and any taxes related to the foregoing being referred to as “Taxes”).
All filed Tax Returns of Seller are true, complete and correct and were prepared in substantial compliance applicable law. Seller
and the Colls have timely paid all Taxes due and owing (whether or not shown on any Tax Return) for all periods through the closing
date. Purchaser will not, as a result of the transactions contemplated herein, become liable for any tax attributable to Seller
or the Colls, the Ohio Premises, the Business or Y City Assets accruing or related to periods prior to the closing date. To the
knowledge of Seller and the Colls, no Tax Returns filed with respect to periods prior to the closing date are under investigation
or audit and there is no investigation now pending, threatened or expected against or with respect to Seller or the Colls in respect
of any Taxes. No notice of deficiency or similar document has been received by Seller or the Colls for Taxes. No claim has ever
been made by a governmental entity in a jurisdiction where Seller does not file Tax Returns that Seller is or may be subject to
taxation by that jurisdiction. There are no liens for Taxes (other than for current Taxes not yet due and payable) upon any of
the Y City Assets.

 

    	Page 2 of 8

    	 

    

 

H.Compliance
with Law. Seller has complied with all federal, state and local laws, ordinances, rules and regulations, and any private limitations,
restrictions covenants or conditions relating to its properties, leased or owned, the operation or conduct of the Business, and
the Y City Assets. Seller is in compliance with all applicable federal, state and local laws and regulations relating to environmental
protection and zoning including, but not limited to, all laws and regulations governing the generation, use, collection, discharge,
or disposal of hazardous materials and all laws and regulations with regard to record keeping, notification and reporting requirements
respecting hazardous materials. Seller has not been alleged to be in violation of, nor has it been subject to any administrative
or judicial proceeding pursuant to, such laws or regulations either now or any time prior to the date of this Agreement. 

 

I.Permits and Licenses. Seller has all necessary
permits, certificates of occupancy, licenses and approvals (“Permits”) from all governmental agencies required
to own and use the Y City Assets and operate the Business as currently conducted. All Permits are included in the Y City Assets
and are assignable to and will inure to the benefit of Purchaser from and after closing. Seller will execute and deliver any and
all instruments necessary to effectuate the assignment of any and all Permits to Purchaser so as to assure Purchaser beneficial
use of such Permits and/or to transfer or cause new Permits to issue in Purchaser’s name.

 

J.No Required Consent. No governmental or third
party consents are required for the sale of the Y City Assets by Seller to Purchaser pursuant to this Agreement.

 

K.Current Employees of Business. All employees
of Seller have been paid wages and other benefits in accordance with Seller’s stated policies and in compliance with all
applicable federal, state and local laws, regulations, codes, guidelines and judgments respecting employment, employment practices,
benefits, disability, equal employment opportunity, occupational health and safety, wage and hour laws and other laws respecting
rights of workers. There are no claims asserted, pending or known to Seller or the Colls by any existing or former employees, agents,
consultants or others providing services to or for the benefit of Seller or the Colls. Seller is solely responsible for all employee
claims and Purchaser is not obligated to hire Seller’s employees following the closing. Seller’s employees are employees
at will and may be terminated at will by Seller. There are no laws or ordinances applicable to Seller that would change the “at
will” status of its employees or would require notice of termination or payment in consideration of termination, other than
payment of compensation and benefits accrued through the date of termination which are and shall remain the sole obligation of
Seller. Seller shall terminate the employment of all employees at the Business as of or prior to the closing and under no circumstances
shall Purchaser be responsible for any claims of, or obligations to, said employees arising from or attributable to their employment
or termination of employment with Seller. Purchaser shall not be obligated to hire any current employees of Seller. Purchaser,
in Purchaser’s discretion, may, as of closing, hire those employees of the Business to whom Purchaser wishes to extend offers
of employment, upon terms and conditions as may be agreed by and between Purchaser and such employees.

 

L. Disclosure. Neither this Agreement, nor any
schedule or exhibit to this Agreement, contains an untrue statement of a material fact, or omits a material fact necessary to make
the statements contained herein or therein not misleading. There is no fact which the Seller has not disclosed to Purchaser in
writing and of which the Seller and/or the Colls are aware which materially and adversely affects or could materially and adversely
affect the business, prospects, financial condition, financial results of operation, business operations, Ohio Premises, property
or affairs of the Business or Seller or the ability of Seller or the Colls to enter into this Agreement and convey the Y City Assets
in accordance with the terms of this Agreement.

 

4.REPRESENTATIONS AND WARRANTIES OF PURCHASER. Purchaser
represents and warrants to Seller as follows:

 

    	Page 3 of 8

    	 

    

 

A.Organization and Existence of Purchaser. Purchaser
is a corporation duly formed, validly existing and in good standing under the laws of the State of Ohio and qualified to do business
in all states and jurisdictions where qualification is required.

 

B.Authority. Purchaser has all requisite power
and authority to enter into and consummate the terms of this Agreement. Purchaser has taken all necessary action to approve this
Agreement, to authorize its officers to execute and deliver this Agreement, and to execute and deliver such further documents as
are necessary and proper to consummate the terms and provisions of this Agreement. This Agreement constitutes the valid and legally
binding obligation of Purchaser enforceable in accordance with its terms.

 

C.No Required Consent. No governmental or third
party consents are required for the purchase of the Y City Assets by Purchaser from Seller pursuant to this Agreement.

 

5.PURCHASER’S CONDITIONS TO CLOSING. Notwithstanding
any provision contained herein to the contrary, the obligations of Purchaser under this Agreement shall be fully conditioned on
the following:

 

A.Representations and Warranties. The representations
and warranties made by Seller and the Colls in this Agreement shall be true and correct at the closing with the same force and
effect as if they had been made at such time.

 

B.Real Estate Leases. Purchaser shall become
the lessee of the Ohio Premises and real estate located at 501 Old Hewitt Road, in the City of Waco, County of McLennan, State
of Texas pursuant to written instruments in form and substance satisfactory to Purchaser.

 

C.Indemnification. The Colls and Purchaser shall
have entered into an Indemnification Agreement in form attached as Exhibit A.

 

D.No Challenge to Transaction. No action having
been instituted, proposed or threatened by any person that has not been withdrawn, dismissed with prejudice, rescinded, or otherwise
eliminated either: (i) to enjoin, restrain or prohibit the performance of this Agreement or (ii) to obtain material damages against
the Purchaser in respect of the execution, delivery or performance of this Agreement.

 

E.Damage or Destruction. There shall not have
occurred any damage or destruction, by fire or other casualty, to any material Y City Assets or any material asset being sold and
purchased pursuant to the Separate ASA.

 

F.Factored Receivables.Purchaser has acquired
all factored receivables of Seller that are not owned and conveyed by Seller under this Agreement or the Separate ASA.

 

G.Separate Bill of Sale. Closing under the Separate
Bill of Sale occurs simultaneously with the closing under this Agreement.

 

H.Release of Bank Lien. The Bank shall acknowledge
payment in full of all Seller indebtedness to the Bank and release the Bank Lien and any other claims or rights against Seller
or the Y City Assets by delivery and filing of UCC-1 termination statements and any other instruments required to reflect release
of the Bank Lien, all in form and content reasonably acceptable to Purchaser.

 

I.Termination of Equipment Lease. An agreement
terminating the Equipment Lease is delivered to Purchaser in form and content reasonably acceptable to Purchaser.

 

K.Transfer of Permits. Purchaser shall have verification
from applicable governmental authorities that all Permits have been or will be deemed transferred to Purchaser, or new Permits
will issue to Purchaser effective as of the closing.

 

    	Page 4 of 8

    	 

    

 

L. Closing on Bank Financing. Purchaser shall
close on financing with the Bank in the amount of $4,500,000 on terms acceptable to Purchaser for all or any portion of the purchase
price under this Agreement and all or any portion of the consideration under the Separate Bill of Sale.

 

6.CONDITIONS TO CLOSING OF SELLER. Notwithstanding
any provision contained herein to the contrary, the obligations of Seller and the Colls under this Agreement shall be fully conditioned
(a) the representations and warranties made by Purchaser in this Agreement being true and correct at the closing with the same
force and effect as if they had been made at such time and (b) the closing under the Separate Bill of Sale occurs simultaneously
with the closing under this Agreement.

 

7.DELIVERIES OF SELLER. At closing, Seller shall
deliver to Purchaser the following:

 

A.the Y City Assets, evidenced by General Assignment
and Bill of Sale executed by Seller in the form attached hereto as Exhibit B;

 

B.agreements confirming termination of the Equipment
Lease in form reasonably acceptable to Purchaser;

 

C.certification from Seller and the Colls that the warranties
and representations of the Seller and the Colls are true and correct as of the closing;

 

D. evidence of termination of all employees of Seller;

 

E.the other documents and instruments contemplated by
this Agreement being executed and delivered in form and substance satisfactory to Purchaser; and

 

F.such other documents executed by Seller as Purchaser
may reasonably request to effectuate the terms of this Agreement including by way of example and not limitation, transfer of the
Permits or issuance of new Permits to and in the name of Purchaser.

 

8.DELIVERIES OF PURCHASER. At closing, Purchaser
shall deliver to Seller (or the Bank, as applicable) the following:

 

A.the purchase price in immediately
available funds to the Bank to discharge in full the loan indebtedness of Seller to the Bank and the associated Bank Lien; and

 

B.certification from Purchaser that
the warranties and representations of Purchaser are true and correct are true and correct as of the closing date.

 

C.such other documents executed by Purchaser
as Seller may reasonably request to effectuate the terms of this Agreement.

 

9.CLOSING AND LOCATION OF CLOSING. Subject to the
satisfaction of conditions set forth in Sections 5 and 6, the closing shall take place on November 15, 2013 at the offices of Allen,
Baughman & Martin, 58 N. 5th Street, Heritage Suites, Suite 102, Zanesville, Ohio 43701 at 10:00 am or such other
time as may be acceptable to the parties.

 

10.INDEMNIFICATION. Seller and the Colls do hereby,
jointly and severally, indemnify and hold Purchaser harmless from and against any and all actual damages, liabilities, losses and
expenses and costs (including reasonable attorneys fees and court costs) incurred, sustained or suffered by Purchaser due to (a)
any breach of representation or warranty by Seller or the Colls, (b) any liabilities, obligations, debts, claims, demands and/or
causes of action against Seller or either of the Colls and (c) any claims respecting employment or termination of employment by
Seller of its employees. This indemnification shall survive the closing for the applicable statute of limitations. Purchaser shall
have the right of offset against any sums payable to Seller, the Colls (or either of them), or any of their respective affiliated
entities under any other agreement or arrangements between the Purchaser on the one hand, and Seller, the Colls (or either of them
or any of their respective affiliate entities) or any of them, on the other hand, including without limitation, any of the “Transaction
Documents” as defined in the Indemnification Agreement.

 

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11.ALLOCATION OF PURCHASE PRICE. The purchase price
shall be allocated to the Y City Assets for income tax purposes in accordance with Section 1060 of the Internal Revenue Code of
1986, as amended, as reasonably determined by Purchaser.

 

12.TRANSFER OR SALES TAXES. Any transfer, sales or
similar type of taxes or assessments relating to the sale, transfer or purchase of the Y City Assets, or any portion thereof, pursuant
to this Agreement shall be borne solely by Seller and/or the Colls.

 

13.SURVIVAL. The representations and warranties of
the parties shall survive the closing.

 

14.NOTICES. All notices, requests, demands and other
communications between or among the parties shall be in writing and shall be deemed to have been duly given if (a) personally delivered
and a receipt obtained therefore, (b) mailed by certified or registered mail, postage prepaid, return receipt requested, (c) by
overnight courier to the parties at the following addresses or fax numbers (or such other addresses or fax numbers which shall
be given in writing by either party to the other):

 

If to Purchaser:

 

Axion Recycled Plastics Incorporated

4005 All American Way

Zanesville, OH 43701

Attention: Steven L. Silverman,
Chief Executive Officer

 

with a copy (which shall not constitute notice) to:

 

Thomas Bowersox

Shreve Bowersox, PC

10790 Symphony Park Drive

N. Bethesda, MD 20852

 

If to Seller or the Colls:

 

			

Brian and Renee Coll

6399 Canterbury Way

Zanesville, Ohio 43701

 

15.BURDEN AND BENEFIT; FINAL AGREEMENT. This Agreement,
together with the exhibits hereto, represents the final and complete contract of the parties hereto concerning the subject matter
hereof and supersedes any prior agreements among the parties or between any of them which in any way relates to the subject matter
of this Agreement. This Agreement shall be binding upon and inure to the benefit of, the parties hereto and their respective successors
and assigns.

 

16.MODIFICATION AND WAIVER. No alterations or variations
of the terms and provisions of this Agreement shall be valid unless made in writing and signed by all of the parties hereto. No
failure or delay by a party in exercising any right, power or privilege hereunder will operate as a waiver thereof, nor will any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege
hereunder.

 

17.COUNTERPARTS. This Agreement may be executed simultaneously
in one or more counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same
instrument.

 

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18.EXHIBITS. All exhibits referred to in this Agreement
are incorporated herein by reference.

 

19.PARAGRAPH HEADINGS. Paragraph headings inserted
in this Agreement are for convenience only and shall not be deemed to have any legal effect whatsoever in the interpretation of
this Agreement.

 

20.EXECUTION OF ADDITIONAL DOCUMENTS. The parties
hereto agree that they will promptly execute any and all further documents necessary and/or appropriate for the consummation of
this Agreement according to its terms and conditions.

 

21.PUBLIC ANNOUNCEMENTS. Except for announcements
required by the rules of any self-regulatory body, or applicable law or regulation, no party shall, without the prior written consent
of the other party, issue any press release or otherwise make any public statement with respect to this Agreement or the transactions
contemplated hereby.

 

22.BROKERS. Purchaser and Seller each acknowledges
that no broker was used in connection with this transaction and that each of Purchaser and Seller will indemnify and hold the other
harmless from and against any and all claims of brokers.

 

23.CONDUCT OF BUSINESS. The Seller shall, and the
Colls shall cause Seller to, carry on its business diligently and substantially in the same manner as heretofore and shall not
make or institute any unusual or new methods of purchase, sale, delivery, lease, management, accounting or operation. All of the
property of the Seller shall be used, operated, repaired and maintained in a normal and ordinary course of business, consistent
with commercially reasonable practice. 

 

24.RESTRICTIVE COVENANT. Seller
and the Colls covenant and agree not to establish, open, own, operate, become engaged, employed or in any other manner whatsoever
be interested, directly or indirectly, in any business or venture similar to or in competition with the Business as operated by
Purchaser within United States of America (the “Restricted Area”) for a period of five (5) years from the date
of closing (the “Restrictive Period”), the foregoing restrictions being hereafter referred to as the “Restrictive
Covenant”. Seller and the Colls acknowledge and agree that the delivery of the Restrictive Covenant is a material inducement
to Purchaser’s entering into this Agreement, and the other transactions contemplated by this Agreement; is fair and reasonable
in scope and duration, and has been freely negotiated with advice of counsel. Seller and the Colls further acknowledge and agree
that in the event of a violation by any of them of the Restrictive Covenant, the exact damages may be difficult to ascertain and
therefore Purchaser shall be entitled, in addition to any other relief authorized by law or equity, to injunctive and equitable
relief precluding a violation, such equitable relief to include a constructive trust over any monies derived from or attributable
to a violation of the Restrictive Covenant. For purposes of the Restrictive Covenant, Seller and the Colls shall be construed to
include Seller, the Colls, their family members and any other entity created by, affiliated with, or assisted by Seller or the
Colls or their family members in any way. Nothing herein shall preclude either of the Colls from being employed by or providing
services to Purchaser.

 

25.GOVERNING LAW AND JURISDICTION. This Agreement
shall be governed by the laws of the State of Ohio. The parties consent to the jurisdiction of the state and federal courts located
in the State of Ohio for resolution of dispute respecting this Agreement.

 

26.REFERENCES. In all references herein to any parties,
persons, entities or corporations, the use of any particular gender or the plural or singular number is intended to include the
appropriate gender or number as the text of the within instrument may require.

 

    	Page 7 of 8

    	 

    

 

IN WITNES WHEREOF, the parties hereto have caused their
proper officers to execute this Agreement on the day and year first above written.

 

	 	PURCHASER: 	 
	 	 	 	 
	 	AXION RECYCLED PLASTICS INCORPORATED 	 
	 	 	 	 
	 	By:	/s/ Steven L. Silverman	 
	 	Its:	President	 
	 	 	 	 
	 	 	 	 
	 	SELLER:	 
	 	 	 	 
	 	Y CITY RECYCLING, LLC	 
	 	 	 	 
	 	By:	/s/ Renee Coll	 
	 	Its:	Sole Member	 
	 	 	 	 
	 	COLLS:	 
	 	 	 	 
	 	 	 	 
	 	/s/ Brian Coll	 
	 	Brian Coll	 
	 	 	 	 
	 	/s/ Renee Coll	 
	 	Renee Coll	 

 

    	Page 8 of 8

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