Document:

Exhibit 10.21

        

EXHIBIT 10.21

TIPTREE ASSET MANAGEMENT COMPANY, LLC

June 17, 2013

Mr. Neil Rifkind
350 West 57th Street, Apt 6G
New York, NY 10019

Dear Neil:

We are pleased to offer you employment with Tiptree Asset Management Company, LLC (“Tiptree”), in the position of General Counsel of Tiptree Financial Partners, L.P. (“TFP”), reporting to the Executive Chairman and President and Chief Executive Officer, with a start date on or near July 8, 2013, on the following terms and conditions:

		
	1.
	You will receive a base salary at an annual rate of $375,000, payable in semi-monthly installments, in accordance with Tiptree’s standard policies and procedures. 

		
	2.
	You will be eligible for consideration for an annual discretionary bonus, which shall be paid by Tiptree in its sole discretion.  For the year ending December 31, 2013 you will be paid a minimum bonus of $100,000, of which up to $15,000 may be in the form of shares of Tiptree Financial Inc.  In no event, however, will you be eligible for consideration to receive any such bonus (or any portion thereof) for any year if you are not actively employed by Tiptree on, or have received or given notice of termination or resignation prior to, the date on which bonuses for the applicable year are paid to employees generally. 

		
	3.
	Upon the closing of the reorganization involving TFP and Care Investment Trust, Inc., you will remain employed by Tiptree and, subject to any required Board action, become General Counsel of Tiptree Financial Inc. and Tiptree Operating Company, LLC.

		
	4.
	You will be eligible to participate in all employee benefits plans and programs of Tiptree generally applicable to employees at your level and in accordance with their terms.  All benefits may be subject to change upon management’s sole discretion.

		
	5.
	All amounts of compensation paid to you shall be subject to applicable taxes and deductions.

		
	6.
	You will be an employee at will, and either you or Tiptree may terminate the employment relationship at any time and for any reason, with or without cause.  During your employment, it is expected that you will devote your full business efforts and time to Tiptree.

		
	7.
	Notwithstanding the at-will nature of your employment, you hereby agree that you will provide 30 days’ written notice of your intention to terminate your employment with Tiptree.  During any period of required notice, you will continue to be an employee, and you will continue to be entitled to receive your base salary (but not a bonus, if you would otherwise be eligible for such a bonus).Your fiduciary duties and other obligations as an employee of Tiptree will continue, and you will cooperate in the transition of your responsibilities.  Tiptree shall, however, have the right, in its sole discretion, to direct that you no longer come in to work or to shorten the notice period.  If Tiptree shortens the required notice period you have provided, it reserves the right, in its sole discretion, to not pay you for any remaining period of notice.

		
	8.
	You represent, warrant, and agree that (i) you have not taken and will not take, and/or will return or (with the consent of your former employer(s)) destroy without retaining copies, all proprietary and confidential materials of your former employer(s); (ii) you will not use any confidential, proprietary, or trade secret information in violation of any contractual or common-law obligation to your former employer(s); (iii) you are not party to any agreement or subject to any policy applicable to you that would prevent or restrict you from engaging in activities competitive with the activities of your former employer(s) or from directly or indirectly soliciting any employee, client, or customer to leave the employ of, or transfer its business away from, your former employer(s) or, if you are subject to such an agreement or policy, you have complied and will comply with it; (iv) you have not requested, solicited, or encouraged, and will not request, solicit, or encourage, any employees or customers or clients of your former employer(s) to join Tiptree or to leave your past employer(s) in violation of any common-law obligation or duty to your past employer(s); and (v) you are not subject to any agreement or policy that requires you to provide notice of resignation to your prior employer(s) in order for such resignation to become effective (or, if you are subject to such agreement or policy, you have provided notice, and the notice period will have elapsed before your scheduled start date with Tiptree).

		
	9.
	You will be subject to all rules and policies applicable to employees of Tiptree generally at your level or in your position.

		
	10.
	Tiptree Asset Management Company, LLC is registered as an investment adviser with the Securities and Exchange Commission.  As an employee of Tiptree, you will be subject to a Code of Ethics, a copy of which has been provided to you.  You must execute and abide by the Code of Ethics and the restrictions and other information contained therein.  You are also required to be familiar with, and abide by, specific policies and procedures set forth in the compliance manuals of Tiptree.  In addition, you shall be responsible for obtaining and keeping current any and all licenses deemed necessary by Tiptree for the conduct of your employment with Tiptree.  You hereby represent that there are no outstanding, pending, or threatened legal or regulatory actions against you or your former firm(s) (as to which you are related) other than those described on Schedule A attached hereto.  You also represent that 

you have no relatives that work in the securities industry (except as disclosed on Schedule A hereto).  Please note that if you have a pecuniary or other beneficial interest with any other third party that is employed in the securities industry, you should include their name and relevant information in this schedule (e.g., nature of relationship, etc).  Tiptree’s policy is that no Tiptree employee may conduct securities transactions on behalf of client accounts with brokers who are related to the employee, but under certain circumstances, may trade with the firm at which the relative or third party is employed.  “Relatives” for this purpose include your spouse and any adult children, your parents, siblings, first cousins, and the parents and siblings of your spouse and your parents.  You further represent that you have read the memorandum regarding SEC Rule 206(4)-5 that is attached hereto as Schedule B and you have made no contributions to state or local officials, political candidates, political action committees or political parties during the previous two years from today’s date (except as disclosed on Schedule B hereto).  Tiptree, in its sole discretion, may at any time modify or supplement its compliance policies and procedures.

		
	11.
	In the event that a controversy or dispute arises between us, including, but not limited to, those arising out of any of the terms or conditions of this offer of employment or relating in any way to your employment, and either party files, and is allowed by the courts to prosecute, a court action against the other, the parties in such action agree not to request, and hereby waive, any right to a trial by jury.  Notwithstanding the foregoing, you and Tiptree agree that, prior to submitting such a dispute to the courts, the parties shall submit, for a period of 60 days, to voluntary mediation before a jointly selected neutral third party mediator under the auspices of JAMS, New York City, New York, Resolution Center (or any successor location), pursuant to the procedures of JAMS International Mediation Rules conducted in the State of New York.  However, such mediation or obligation to mediate shall not suspend or otherwise delay any termination or other action of you or affect any other right of Tiptree, including the right to seek immediate injunctive relief under Paragraph D of the parties’ Agreement Regarding Confidentiality, Non-Competition and Non-Solicitation Covenants, attached hereto.

		
	12.
	This offer letter shall be interpreted in accordance with the laws of the State of New York without regard to the conflicts-of-laws principles thereof.

		
	13.
	This offer letter, including the Agreement Regarding Confidentiality, Non-Competition and Non-Solicitation Covenants attached hereto, represents the entire agreement between you and Tiptree regarding your employment with Tiptree and supersedes any and all previous and contemporaneous agreements and representations, written or oral.  This offer letter may not be changed or terminated except in writing signed by the parties.

		
	14.
	This offer of employment is contingent upon your successful completion of all facets of Tiptree’s pre-employment screening process (as determined by Tiptree in its sole discretion), which includes confirmation that you are legally able to work for Tiptree 

in the United States in the position offered to you, and a background investigation.  This offer is also contingent upon your signing the attached Agreement Regarding Confidentiality, Non-Competition and Non-Solicitation Covenants.

I trust that this letter reflects our mutual understanding concerning your employment at Tiptree.  Please indicate your agreement with these terms by executing the enclosed copy of this letter and returning it to me at your earliest convenience.

We look forward to a long and rewarding relationship.

Very truly yours,

/s/ Geoffrey Kauffman
Geoffrey Kauffman
President and Chief Executive Officer

Agreed to and Accepted:

/s/ Neil C. Rifkind____
Neil C. Rifkind

Date: 6/18/13Exhibit 4.7

 

THIS CONVERTIBLE PROMISSORY
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE MADE EXCEPT IN COMPLIANCE
WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE
COMMISSION.

 

CONVERTIBLE PROMISSORY NOTE

 

	$______________	August __, 2014  

 

For value received AXION
INTERNATIONAL HOLDINGS, INC., a
Colorado corporation (“Company”), promises to pay to Samuel G. Rose, or its assigns (“Holder”)
the principal sum of $___________ with interest accruing on the outstanding principal amount advanced hereunder from
time to time at the rate of 12% per annum. Interest shall commence upon the advance of any principal hereunder and shall continue
to accrue on the outstanding principal until this Note is paid in full or converted. Interest shall be computed on the basis of
a year of 360 days consisting of twelve 30 day months.

 

1.          Payments.
All payments of interest and principal shall be in lawful money of the United States of America and shall be made pro rata
among all Holders. Interest shall be paid monthly within five days after the end of each calendar month starting with the month
ended on September 30, 2014. Company may prepay this Note prior to the Maturity Date with the consent of the Holder. The outstanding
principal amount of this Note, together with all accrued and unpaid interest shall be immediately due and payable on June 30,
2015 (the “Maturity Date”).

 

2.          Conversion.
The principal due under this Note shall be convertible within sixty days of Holder’s notice to Company that Holder desires
to convert this Note into shares of the Company’s no par value Common Stock. The amount of shares issued upon such conversion
shall be equal to the quotient of the principal being converted and the Conversion Price. Any accrued and unpaid interest on this
Note shall be paid in cash upon any conversion. The Conversion Price shall mean 85% of the weighted average volume of the Weighted
Average Price per share of Common Stock for the 10 consecutive Trading Days preceding the day upon which the conversion notice
was obtained from Holder. For purposes hereof, the following terms shall have the definitions ascribed thereto:

 

(a)          “Principal
Market” means the OTC Bulletin Board then the principal securities exchange or market upon which the Company’s
shares of Common Stock are traded.

 

(b)          
“Trading Day” means any day on which the Company’s shares of no par value common stock (“Common
Stock”) are traded on the Principal Market, provided that “Trading Day” shall not include any
day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common
Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does
not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., Delaware
time).

 

    	 

    	 

    

  

(c)          “Weighted
Average Price” means, for any security as of any date, the dollar volume-weighted average price for such security
on the Principal Market during the period beginning at 9:30:01 a.m., Delaware time (or such other time as the Principal Market
publicly announces is the official open of trading) exercising the right of conversion and ending at 4:00:00 p.m., Delaware time
(or such other time as the Principal Market publicly announces is the official close of trading) as reported by Bloomberg through
its “Volume at Price” functions, or, if the foregoing does not apply, the dollar volume-weighted average price of such
security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01
a.m., Delaware time (or such other time as such market publicly announces is the official open of trading), and ending at 4:00:00
p.m., Delaware time (or such other time as such market publicly announces is the official close of trading) as reported by Bloomberg,
or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest
closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “pink
sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Weighted Average Price cannot be calculated
for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on such date shall
be the fair market value as determined by the Board of Directors of the Company in good faith. Other than with respect to the definition
of the term “Listing Event,” all such determinations to be appropriately adjusted for any stock dividend, stock split,
stock combination, reclassification or similar transaction during the applicable calculation period.

 

3.          Events
of Default. If there shall be any Event of Default hereunder, at the option of the Holder, all principal and accrued and unpaid
interest shall become due and payable. The occurrence of any one or more of the following shall constitute an Event of Default:

 

(a)          Company
fails to pay timely any of the principal amount or accrued interest due under this Note on the date the same becomes due and payable;

 

(b)          Company
files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for
the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes
any corporate action in furtherance of any of the foregoing; or

 

(c)          An
involuntary petition is filed against Company (unless such petition is dismissed or discharged within thirty (30) days under any
bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other
similar official) is appointed to take possession, custody or control of any property of Company.

 

4.          Waiver.
Company hereby waives demand, notice, presentment, protest and notice of dishonor.

 

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5.          Transfer.
This Note may be transferred only upon written consent of the Holder and upon its surrender to the Company for registration of
transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company.
Thereupon, this Note shall be reissued to, and registered in the name of, the transferee, or a new Note for like principal amount
and interest shall be issued to, and registered in the name of, the transferee.

 

6.          
Costs of Collection. The Company agrees to pay all costs of collection in connection with this Note, including reasonable
attorney’s fees.

 

	 	AXION INTERNATIONAL HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

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