Document:

Employment Agreement with Kenneth W. McCleave, dated 10/1/2001

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT (the “Agreement”) effective as of the 1st day
of October,2001 between Amour Fiber Core and or American Fiber Green Products, INC., with its successors and assigns referred to herein as the “Corporation”), with principal executive offices located at 9401 oak street Riverview Florida
33569 and Kenneth W. McCleave, residing at 9401 oak street Riverview Florida 33569 (the “Executive”). 
 W I T N E S E T H:

 WHEREAS, the Corporation desires to employ Executive as the CEO / President to engage in such activities and to render such services under
the terms and conditions hereof and has authorized and approved the execution of this Agreement; and 
 WHEREAS, Executive desires to be
employed by the Corporation under the Terms and conditions hereinafter provided; 
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings
herein contained, the parties agree as follows: 
 1. EMPLOYMENT, DUTIES AND ACCEPTANCE. 
 1.1 SERVICES. The Corporation hereby employs Executive, for the Term (as hereinafter defined in Section 2 hereof), to render services to the
business and affairs of the Corporation in the office referenced in the recitals hereof And, in connection therewith, shall perform such duties as directed by the Board Of Directors of the Corporation from time to time, in its reasonable discretion,
And shall perform such other duties as shall be consistent with the responsibilities of such office (collectively the “Services”). Executive shall perform activities related to such office as he shall reasonably be directed or requested to
so perform by the Corporation’s Board of Directors, to whom he shall report. Executive shall use his best efforts, skill and abilities to Promote the interests of the Corporation and its subsidiaries. 
 1.2 ACCEPTANCE. Executive hereby accepts such employment and agrees to render the Services. 
 1.3 REPRESENTATIONS OF THE EXECUTIVE. The Executive represents and warrants to the Corporation that his execution and delivery of this Agreement, his
performance of the Services hereunder and the observance of his other obligations contemplated hereby will not (i) violate any provisions of or require the consent or approval of any party to any agreement, letter of intent or other document to
which he is a party or (ii) violate or conflict with any arbitration award, judgment or decree or other restriction of any kind to or by which he is subject or bound. 
 1.4 EXECUTIVE’S ABILITY TO CONTRACT. The Executive has no ability to independently contract unless authorized, in writing, by the Executive
Committee of the Board of Directors or the full Board of Directors for a specific contract. 
 2. TERM OF EMPLOYMENT. 
 The term of Executive’s employment under this Agreement (the “Term”) shall commence on October 1, 2001 and shall terminate on
September 30, 2005, unless sooner terminated pursuant to Sections 9 or 

 
5.1 of this Agreement; PROVIDED, HOWEVER, if the Corporation shall fail to give Executive notice of non-renewal not less than 60 days prior to the scheduled
expiration of the term hereof, the Term shall automatically be extended for an additional two (3) year period. Notwithstanding anything to the contrary contained herein, the provisions of this Agreement governing Protection of Confidential
Information shall continue in effect as specified in Section 10 hereof. 
 3. BASE SALARY, EXPENSE REIMBURSEMENT AND STOCK OPTIONS. 
 3.1 BASE SALARY. During the Term, as full compensation for the Services, the Corporation agrees to pay Executive a minimum base salary (“Base
Salary”) at the annual rate of $60,000 for the period from October 1, 2001 to September 30, 2006. Such Base Salary shall be (i) increased four percent (4%) annually effective October, 1st of each year during the term of this
Agreement, (ii) reviewed periodically for possible increases promptly after each future acquisition by the Corporation of any other corporation or business or other material increase in the Corporation’s revenues or scope of the
Corporation’s business and (iii) renegotiated in good faith effective as of December 15, 2003 for possible increase based upon the Corporation’s historical performance and projections for future performance. Such Base Salary shall be
subject to withholding and other applicable taxes, payable during the term of this Agreement in accordance with the Corporation’s customary payment practices, but not less frequently than monthly. 
 3.2 BUSINESS EXPENSE REIMBURSEMENT. Upon submission to, and approval by an officer of the Corporation designated by the Board of Directors of the
Corporation, of a statement of expenses, reports, vouchers or other supporting information, which approval shall be granted or withheld based on the Corporation’s policies in effect at such time, the Corporation shall promptly reimburse
Executive for all reasonable business expenses actually incurred or paid by him during the Term or renewals thereof in the performance of the Services, including, but not limited to, expenses for entertainment, travel and similar items. 

3.3 STOCK OPTION AGREEMENT. In addition to the salary here in above provided, the Executive shall be granted options to purchase 100,000 shares of the
Corporation’s Common Stock as of June 1 of each year during the Term of this Agreement at an exercise price equal to the average of the closing bid and asked price of the Corporation’s Common Stock during month of May immediately
preceding said June 1, pursuant to the terms of the Stock Option Agreement between the Corporation and the Executive executed concurrently herewith. 
 4. PROFIT SHARING. 
 4.1 PROFIT SHARING AMOUNT. In order to provide performance-based incentive compensation to the Executive, the
Corporation hereby agrees to pay the Executive, in addition to the Base Salary set forth in Section 3 hereof, a minimum cash bonus for each fiscal year during the Executive’s employment hereunder (the “Bonus”) equal to Fifteen
Thousand Dollars ($15,000.00) per annum, payable in quarterly installments, when sufficient cash is available for the payment. Additional profit sharing or Bonus methods are available to the Executive in terms to be issued annually at the discretion
of the Board of Directors. 
 4.2 DETERMINATION AND PAYMENT. The final determination with respect to any fiscal year shall be made promptly,
and in any event within 15 days, after the Corporation has filed its Annual Report on Form 10-K for each year with the Securities and Exchange Commission. Within 45 days after the end of the Corporation’s fiscal year, based on the preliminary
results of the Corporation for such fiscal year, the Corporation shall pay the Executive an amount equal to 60% of the estimated 

 
minimum cash Bonus based on such preliminary results. The balance of the definitive Bonus so determined, if any, shall be payable to the Executive in a
single lump sum no later than thirty days after the final determination has been made. In any event, all matters pertaining to the Bonus and to the payment of any Bonus to the Executive hereunder, shall be administered and determined by the Board of
Directors (or a subcommittee thereof appointed for such purpose) in its reasonable discretion consistent with the terms hereof, the determination of which shall be final, conclusive and binding for all purposes, absent manifest error. 
 4.3 PARTIAL YEARS. Notwithstanding anything contained herein to the contrary, no Bonus under this Section 4 shall be deemed earned or payable with
respect to any fiscal year during which this Agreement or the Executive’s employment is terminated by the Corporation for Cause (as such term is hereinafter defined). 
 4.4 Nothing in this Section 4 shall be construed as conferring upon the Executive any right (i) normally associated with the ownership of
capital stock; (ii) to continue in the employ of the Corporation or any affiliate of the Corporation; or (iii) to interfere in any way with the right of the Corporation to terminate this Agreement in accordance with the provisions hereof.
Nothing in this Agreement shall be construed to imply that any specific assets of the Corporation have been set aside to provide for payments under this Agreement. Any payments under this Agreement shall be made solely from general assets of the
Corporation existing at the time such payments are due. 
 5. SEVERANCE UPON TERMINATION. 
 5.1 TERMINATION. In the event that Executive’s employment hereunder shall be terminated by the Corporation without Cause (as defined in
Section 9.3 hereof) or by the Executive for Good Reason (as defined in Section 9.4 hereof) or upon a Change in Control (as defined in Section 9.5 hereof) or upon the Death or Disability (as defined in Section 9.1 and 15.1,
respectively) of Executive at any time prior to the end of the Term, the Executive or his estate shall be entitled to receive from the Corporation, in addition to any Base Salary earned to the date of termination, a severance payment in an amount
equal to the greater of (i) the balance of the Executive’s Base Salary due through the balance of the Term of this Agreement or (ii) two years salary in the event less than one year remains in the current contract period. 

6. ADDITIONAL BENEFITS. 
 6.1 IN GENERAL. In addition to
the compensation, bonuses, expenses and other benefits to be paid under Sections 3, 4 and 5 hereof, Executive will be entitled to all rights and benefits for which he shall be eligible under any insurance, health and medical, incentive, bonus,
profit-sharing, pension or other extra compensation or “fringe” benefit plan of the Corporation or any of its subsidiaries now existing or hereafter adopted for the benefit of the executives or employees generally of the Corporation. The
provisions of this Agreement which incorporate employee benefit packages shall change as and when such employee benefit packages change. In the event that the Corporation does not provide family health and medical insurance for the benefit of the
executives and employees generally of the Corporation, the Corporation shall provide Executive and pay all the costs associated with family health and medical insurance for the benefit of Executive as selected by Executive in his sole discretion.

 6.2 AUTOMOBILE. The Corporation shall lease for the Executive an automobile of his choice to be used by the Executive in connection with
the Corporation’s business, at a monthly rental not to exceed $750 and for a lease term not to exceed three (3) years. The Corporation shall be responsible for all reasonable costs of operating, repairing, maintaining and insuring such
automobile. 

 6.3 LIFE AND DISABILITY INSURANCE. The Corporation shall provide the Executive with (i) a policy of
term life insurance in an amount equal to not less than three (3) times his annual Base Salary hereunder, payable to such beneficiary or beneficiaries as shall be designated by him in writing and (b) a policy of disability insurance that
will provide Executive with an annual amount equal to not less than seventy-five percent (75%) of his then current Base Salary, payable until Executive shall reach 70 years of age, with a waiting period not to exceed 120 days. 
 6.4 DIRECTOR’S AND OFFICERS INSURANCE. The Corporation shall provide the Executive with a policy of director’s and officers liability insurance
in such amounts and providing such coverage as the Executive and the Corporation shall reasonably agree, consistent with policies obtained by other publicly held companies of similar size and engaged in similar businesses. 
 7. VACATION. 
 The Executive shall be entitled, during the Term of this
Agreement, to a vacation period annually, as follows: 
 October 1, 2001 through September 30, 2002 — four (4) weeks in each year of the
contract; during which all salary, compensation, benefits and other rights to which the Executive is entitled to hereunder shall be provided in full. Such vacation may be taken in the Executive’s discretion, at such time or times as are not
inconsistent with the reasonable business needs of the Corporation. In addition, Executive shall be entitled to up to eight (8) sick days and two (2) personal days for each year commencing October 1, during which all salary,
compensation, benefits and other rights to which the Executive is entitled to hereunder shall be provided in full. 
 8. INSURABILITY; RIGHT TO INSURE.
Executive agrees that the Corporation shall have the right during the Term to insure the life of Executive by a policy or policies of insurance in such amount or amounts as it may deem necessary or desirable, and the Corporation shall be the
beneficiary of any such policy or policies and shall pay the premiums or other costs thereof. The Corporation shall have the right, from time to time, to modify any such policy or policies of insurance or to take out new insurance on the life of
Executive. Executive agrees, upon request, at any time or times prior to the commencement of or during the Term to sign and deliver any and all documents and to submit to any physical or other reasonable examinations which may be required in
connection with any such policy or policies of insurance or modifications thereof. 
 9. TERMINATION. 
 9.1 DEATH. If Executive dies during the Term of this Agreement, Executive’s employment hereunder shall terminate upon his death and all obligations
of the Corporation hereunder shall terminate on such date, except that Executive’s estate or his designated beneficiary shall be entitled to payment of any unpaid accrued Base Salary through the date of his death. In addition, any accrued and
unpaid Bonus shall be paid in accordance with Section 4 hereof. In addition, Executive’s estate or his designated beneficiary shall be entitled to payment of the severance payments set forth in Section 5.1 hereof. 
 9.2 TERMINATION FOR CAUSE. The Corporation may at any time during the Term, without any prior notice, terminate this Agreement and discharge Executive
for Cause, whereupon the Corporation’s obligation to pay compensation or other amounts payable hereunder to or for the benefit of Executive shall terminate on the date of such discharge. As used herein the term Cause shall mean: (i) a
willful and material breach by Executive of the terms of this Agreement which breach shall not have 

 
been cured within thirty (30) days of written notice of such breach; (ii) willful violation of specific and lawful written direction from the Board
of Directors of the Corporation, which violation shall not have been cured within thirty (30) days of written notice of such violation, provided such direction is not inconsistent with the Executive’s duties and responsibilities as the
CEO/President of the Corporation. The obligations of the Executive under Section 10 shall continue notwithstanding termination of the Executive’s employment pursuant to this Section 9.2. 
 9.3 TERMINATION WITHOUT CAUSE. The Corporation shall have the option to terminate this Agreement Without Cause upon sixty (60) days written notice
to the Executive. In the event the Corporation terminates this Agreement without Cause as defined above, the Corporation shall pay the Executive upon termination, the amount required pursuant to Section 5.1. The obligations of the 

Executive under Section 10 hereof shall continue notwithstanding termination of the Executive’s employment pursuant to this Section 9.3. 
 9.4 TERMINATION BY EXECUTIVE FOR GOOD REASON. The Executive shall have the right to terminate this Agreement for Good Reason, as hereinafter defined,
upon written notice to the Corporation. Good Reason shall mean any of the following: (i) the assignment to the Executive of duties inconsistent with the Executive’s position, duties, responsibilities, titles or offices as described

 herein; (ii) any material reduction by the Corporation of the Executive’s duties and responsibilities; (iii) any reduction by the
Corporation of the Executive’s compensation or benefits payable hereunder (it being understood that a reduction of benefits applicable to all executives of the Corporation, including the Executive, shall not be deemed a reduction of the
Executive’s compensation package for purposes of this definition); (iv) requiring the Executive to be based without his consent at a location not within reasonable commuting distance of Tampa, Florida. 
 9.5. TERMINATION BY EXECUTIVE UPON CHANGE IN CONTROL. Executive, at his option, shall be able to terminate this Agreement upon written notice given to
the Secretary of the Corporation within ninety (90) days of an occurrence of a “Change in Control”. A “Change in Control” of the Corporation shall mean a change in control of the Corporation or any entity controlling the
Corporation (referred to collectively in this Section 9.5 as the Corporation) of a nature that would be required to be reported in response to Item 1 of a Current Report on Form 8-K, pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 (the “Exchange Act”); PROVIDED THAT, without limitation, such a Change in Control shall be deemed to have occurred at such time as (a) any “person” (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act), other than a person who or which was a shareholder of the Corporation immediately prior to the Corporation’s secondary offering (the “SO”), is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Corporation representing twenty-five percent (25%) or more of the combined voting power of the Corporation’s outstanding securities ordinarily having the right to vote at
elections of directors; or (b) individuals who constitute the Board concurrent with the execution of this Agreement (the incumbent Board) cease for any reason to constitute at least a majority thereof, PROVIDED THAT any person becoming a
director subsequent to the date hereof whose election or nomination for election by the Corporation’s shareholders was approved by a vote of at least three quarters of the directors comprising the Incumbent Board, shall be, for purposes of this
clause (b), considered as though he were a member of the Incumbent Board; or (c) a sale by the Corporation of all or substantially all of its assets occurs. Notwithstanding anything in the foregoing to the contrary, no Change in Control shall
be deemed to have occurred for purposes of this Agreement by virtue of any transactions which result in the acquisition by the Executive, or by a group of persons which includes the Executive, directly or indirectly, of a majority of the outstanding
shares of common stock of the Corporation or the voting securities of any corporation which acquires all or substantially all of the assets of the Corporation, whether by way of merger, consolidation, sale of such assets or otherwise. 

 10. PROTECTION OF CONFIDENTIAL INFORMATION. 
 In view of the fact that Executive’s work for the Corporation will bring him into close contact with confidential information and plans for future
developments, Executive agrees to the following: 
 10.1 SECRECY. To keep secret and retain in the strictest confidence all confidential
matters of the Corporation, including, without limitation, trade “know how” and trade secrets, customer lists, pricing policies, marketing plans, technical processes, formulae, inventions, research projects, patents or copyrights and all
other proprietary rights owned by or in which the corporation or its subsidiaries has an interest, and other business affairs of the Corporation, learned by him heretofore or hereafter, and not to disclose them to anyone inside or outside of the
Corporation, except in the course of performing the Services hereunder or with the express written consent of the Chief Executive Officer or Board of Directors of the Corporation and except to the extent such information is already known to the
general public 
 10.2 RETURN MEMORANDA, ETC. To deliver promptly to the Corporation on termination of his employment, or at any other time
as the Chief Executive Officer or the Board of Directors of the Corporation may so request, all memoranda, notes, records, reports, manuals, drawings, blueprints, facsimile or E-mail copies and other documents (and all copies thereof) relating to
the Corporation’s business and all property associated therewith, which he may then possess or have under his control. 
 10.3
COVENANTS. 
 10.3.1 NON-COMPETITION. Executive agrees that at all times while he is employed by the Corporation and
regardless of the reason for termination of his employment or this Agreement, for a period of one (1) year thereafter, he will not, as a principal, agent, employee, employer, consultant, stockholder, investor, director or co-partner of any
person, firm, corporation or business entity other than the Corporation, or in any individual or representative capacity whatsoever, directly or indirectly, without the express prior written consent of the Corporation: 
 (i) engage or participate in any business with customers of the Corporation or its subsidiaries directly or indirectly or make use of the customer lists
directly or indirectly as may from time to time be owned by the Corporation. 
 (ii) aid or counsel any other person, firm, corporation or
business entity to do any of the above; 
 (iii) become employed by a firm, corporation, partnership or joint venture which competes with the
business of the Corporation or from its customer lists on the date of termination or resignation within the United States or Puerto Rico; or 
 (iv) approach, solicit business from, or otherwise do business or deal with any customer of the Corporation in connection with any product or service competitive to any provided by the Corporation. 
 10.3.2 ANTI-RAIDING. Executive agrees that during the term of his employment hereunder, and, thereafter for a period of two (2) year,
he will not, as a principal, agent, employee, employer, consultant, director or partner of any person, firm, corporation or business entity other than the 

 
Corporation, or in any individual or representative capacity whatsoever directly or indirectly, without the prior express written consent of the Corporation
approach, counsel or attempt to induce any person who is then in the employ of the Corporation to leave the employ of the Corporation or employ or attempt to employ any such person or persons who at any time during the preceding six months was in
the employ of the Corporation. 
 10.3.3 EXECUTIVE’S ACKNOWLEDGEMENTS. Executive acknowledges (I) that his position with
the Corporation requires the performance of services which are special, unique, and extraordinary in character and places him in a position of confidence and trust with the Customers and employees of the Corporation, through which, among other
things, he shall obtain knowledge of the Corporation’s “technical information” and “know-how” and become acquainted with its customers, in which matters the Corporation has substantial proprietary interests; (ii) that
the restrictive covenants set forth above are necessary in order to protect and maintain such proprietary interests and the other legitimate business interests of the Corporation; and (iii) that the Corporation would not have entered into this
Agreement unless such covenants were included herein. 
 Executive also acknowledges that the business of the Corporation
presently will extend throughout the United States, and that he will personally supervise and engage in such business on behalf of Corporation and, accordingly, it is reasonable that the restrictive covenants set forth above are not more limited as
to geographic area than is set forth therein. Executive also represents to the Corporation that the enforcement of such covenants will not prevent Executive from earning a livelihood or impose an undue hardship on the Executive. 
 10.4 SEVERABILITY. If any of the provisions of this Section 10, or any part thereof, is hereinafter construed to be invalid or unenforceable, the
same shall not affect the remainder of such provision or provisions, which shall be given full effect, without regard to the invalid portions. If any of the provisions of this Section 10, or any part thereof, is held to be unenforceable because
of the duration of such provision, the area covered thereby or the type of conduct restricted therein, the parties agree that the court making such determination shall have the power to modify the duration, geographic area and/or other terms of such
provision and, as so modified, said provision(s) shall then be enforceable. In the event that the courts of any one or more jurisdictions shall hold such provisions wholly or partially unenforceable by reason of the scope thereof or otherwise, it is
the intention of the parties hereto that such determination not bar or in any way affect the Corporation’s right to the relief provided for herein in the courts of any other jurisdictions as to breaches or threatened breaches of such provisions
in such other jurisdictions, the above provisions as they relate to each jurisdiction being, for this purpose, severable into diverse and independent covenants. 
 10.5 INJUNCTIVE RELIEF. Executive acknowledges and agrees that, because of the unique and extraordinary nature of his services, any breach or threatened breach of the provisions of Sections 10.1, 10.2, or 10.3 hereof
will cause irreparable injury and incalculable harm to the Corporation, and the Corporation shall, accordingly, be entitled to injunctive and other equitable relief for such breach or threatened breach and that resort by the Corporation to such
injunctive or other equitable relief shall not be deemed to waive or to limit in any respect any right or remedy which the Corporation may have with respect to such breach or threatened breach. The Corporation and Executive agree that any such
action for injunctive or equitable relief shall be heard in a state or federal court situated in Florida and each of the parties hereto, hereby agrees to accept service of process by registered mail and to otherwise consent to the jurisdiction of
such courts. 
 10.6 EXPENSES OF ENFORCEMENT OF COVENANTS. In the event that any action, suit or proceeding at law or in equity is brought to
enforce the covenants contained in Sections 10.1, 10.2, or 10.3 hereof or to obtain money damages for the breach thereof, the party 

 
prevailing in any such action, suit or other proceeding shall be entitled upon demand, to reimbursement from the other party for all expenses (including,
without limitation, reasonable attorneys’ fees and disbursements) incurred in connection therewith. 
 10.7 SEPARATE AGREEMENT. The
provisions of this Section 10 shall be construed as an agreement on the part of the Executive independent of any other part of this Agreement or any other agreement, and the existence of any claim or cause of action of the Executive against the
Corporation, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Corporation of the provisions of this Section 10. 
 11. INDEMNIFICATION. 
 The Corporation shall provide the Executive (including his heirs, executors and
administrators) with coverage under a standard directors and officers liability insurance policy at the Corporation’s expense to the same extent as provided for any other director, officer or trustee of the Corporation. In addition, the
Corporation shall indemnify the Executive (and his heirs, executors and administrators) to the fullest extent permitted under the law of its state of incorporation against all expenses and liabilities reasonably incurred by him in connection with or
arising out of any action, suit or proceeding in which the Executive may be involved by reason of his having been a director or officer of the Corporation or any subsidiary thereof. Such expenses and liabilities shall include, but not be limited to,
judgments, court costs and attorneys’ fees and the cost of reasonable settlements, such settlements to be approved by the Board if such action is brought against the Executive in his capacity as a director or officer of the Corporation or any
subsidiary thereof. The Corporation shall, upon the request of the Executive, advance to the Executive such amounts as necessary to cover expenses, including without limitation legal fees and expenses, incurred by the Executive in connection with
any suit or proceeding in which the Executive may be involved by reason of his being or having been a director or officer of the Corporation or of any subsidiary thereof. Such indemnity and advance of expenses, however, shall not extend to matters
as to which the Executive is finally adjudged to be liable for willful misconduct in the performance of his duties. 
 12. ARBITRATION. 
 Except with respect to any proceeding brought under Section 10 hereof, any controversy, claim, or dispute between the parties, directly or
indirectly, concerning this Employment Agreement or the breach hereof, or the subject matter hereof, including questions concerning the scope and applicability of this arbitration clause, shall be finally settled by arbitration in Hillsboro County,
Florida pursuant to the rules then applying of the American Arbitration Association. The arbitrators shall consist of one representative selected by the Corporation, one representative selected by the Executive and one representative selected by the
first two arbitrators. The parties agree to expedite the arbitration proceeding in every way, so that the arbitration proceeding shall be commenced within thirty (30) days after request therefore is made, and shall continue thereafter, without
interruption, and that the decision of the arbitrators shall be handed down within thirty (30) days after the hearings in the arbitration proceedings are closed. The arbitrators shall have the right and authority to assess the cost of the
arbitration proceedings and to determine how their decision or determination as to each issue or matter in dispute may be implemented or enforced. The decision in writing of any two of the arbitrators shall be binding and conclusive on all of the
parties to this Agreement. Should either the Corporation or the Executive fail to appoint an arbitrator as required by this Section 12 within thirty (30) days after receiving written notice from the other party to do so, the arbitrator
appointed by the other party shall act for all of the parties and his decision in writing shall be binding and conclusive on all of the parties to this Employment Agreement. Any decision or award of the arbitrators shall be final and conclusive on
the parties to this Agreement; judgment upon such decision or award may be entered 

 
in any competent Federal or state court located in the United States of America; and application may be made to such court for confirmation of such decision
or award or for enforcement and for any other legal remedies that may be necessary to effectuate such decision or award. 
 13. NOTICES. 
 All notices, requests, consents and other communications required or permitted to be given hereunder, shall be in writing and shall be deemed to have been duly given if
delivered personally or sent by prepaid telegram, telecopy or mailed first-class, postage prepaid, by registered or certified mail (notices sent by telegram or mailed shall be deemed to have been given on the date sent), to the parties at their
respective addresses hereinabove set forth or to such other address as either party shall designate by notice in writing to the other in accordance herewith. Copies of all notices shall be sent to the attorney selected by the Executive and noticed
in writing to the Corporation from time to time. 
  

	14.	GENERAL. 

 14.1 GOVERNING LAW. This Agreement shall be
governed by and construed and enforced in accordance with the local laws of the State in which the primary corporate offices of the parent corporation are located at the time either party seeks remedies or to enforce this contract. The venue shall
be in the county in which the primary corporate offices of the parent corporation are then located at the time either party seeks remedies or to enforce this contract. 
 14.2 CAPTIONS. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 
 14.3 ENTIRE AGREEMENT. This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter hereof, and
supersedes all prior agreements, arrangements and understandings, written or oral, relating to the subject matter hereof. No representation, promise or inducement has been made by either party that is not embodied in this Agreement, and neither
party shall be bound by or liable for any alleged representation, promise or inducement not so set forth. 
 14.4 SEVERABILITY. If any of the
provisions of this Agreement shall be unlawful, void, or for any reason, unenforceable, such provision shall be deemed severable from, and shall in no way affect the validity or enforceability of, the remaining portions of this Agreement.

 14.5 WAIVER. The waiver by any party hereto of a breach of anyprovision of this Agreement by any other party shall not operate or be
construed as a waiver of any subsequent breach of the same provision or any other provision hereof. 
 14.6 COUNTERPARTS. This Agreement may
be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same Agreement. 
 14.7 ASSIGNABILITY. This Agreement, and Executive’s rights and obligations hereunder, may not be assigned by Executive. The Corporation may assign its rights, together with its obligations, hereunder in
connection with any sale, transfer or other disposition of all or substantially all of its business or assets; in any event the rights and obligations of the Corporation hereunder shall be binding on its successors or assigns, whether by merger,
consolidation or acquisition of all or substantially all of its business or assets; provided, however, that any such assignment shall not release the Corporation from its obligations hereunder. This Agreement shall inure to the benefit of, and be
binding upon, the Executive and his executors, administrators, heirs and legal representatives. 

 14.8 AMENDMENT. This Agreement may be amended, modified, superseded, cancelled, renewed or extended and
the terms or covenants hereof may be waived, only by a written instrument executed by both of the parties hereto, or in the case of a waiver, by the party waiving compliance. No superseding instrument, amendment, modification, cancellation, renewal
or extension hereof shall require the consent or approval of any person other than the parties hereto. The failure of either party at any time or times to require performance of any provision hereof shall in no matter affect the right at a later
time to enforce the same. 
 No waiver by either party of the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in
any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 
 15. ADDITIONAL PROVISIONS 
 15.1 DISABILITY. If Executive
shall be unable to perform a significant part of his duties and responsibilities in connection with the conduct of the business and affairs of the Corporation and such inability lasts for (i) a period of at least one hundred twenty
(120) consecutive days, or (ii) periods aggregating at least one hundred eighty (180) days during any three hundred sixty-five (365) consecutive days, by reason of Executive’s physical or mental disability, whether by reason
of injury, illness or similar cause, Executive be deemed disabled, and the Corporation may, at any time thereafter terminate Executive’s employment hereunder by reason of the Corporation being required to replace the position. Upon delivery to
Executive of such notice, all obligations of the Corporation hereunder shall terminate, except that Executive shall be entitled to payment of any unpaid accrued Base Salary through the date of termination. In addition, any accrued and unpaid Bonus
shall be paid in accordance with Section 4 hereof. In addition, the Executive shall be entitled to those severance payments set forth in Section 5.1 hereof. The obligations of Executive under Section 10 hereof shall continue
notwithstanding termination of Executive’s employment pursuant to this Section 15.1. 
 IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date first above written. 
  

									
	ATTEST:	 		 	AMOUR FIBERCORE, INC. American Fiber Green Products, INC
					
	By:	 	  	 		 	By:	 	  
		 	 Name:
 Title
	 		 		 	 Name:
 Title

				
	WITNESS:	 		 		 	
					
		 		 		 		 	  
		 		 		 		 	Kenneth W. McCleave, individuallyForm of Stock Purchase Agreement

 EXHIBIT 10.68 
 STOCK PURCHASE AGREEMENT 
 This Stock Purchase Agreement (“Agreement”) is made as of
February     , 2007, between Lithium Technology Corporation, a Delaware corporation (the “Company), and             , having an address at
                     (the “Purchaser”). 
 RECITALS 
 This Agreement sets forth the terms and conditions upon which the Purchaser is purchasing an
aggregate of          shares of Company Series C Convertible Preferred Stock, par value $0.01 per share (the “Shares”), from the Company. 
 In consideration of the mutual covenants and other agreements set forth herein, the Company and the Purchaser hereby agree as follows: 
 1. Purchase and Sale of the Shares. 
 1.1 Subject to the terms and conditions of this Agreement, and in reliance on the representations, warranties and covenants contained herein, the Company is selling, and the Purchaser is purchasing from the Company the Shares at the Closing
(as herein defined) for the purchase price of U.S.                      Dollars
($            ) (the “Purchase Price”). 
 1.2 The Company
and Purchaser acknowledge and agree that the Shares are convertible into              shares of the Company’s Common Stock, par value $0.01 per share, in accordance with the
terms of the Certificate of Designation attached hereto as Exhibit A (the “Certificate of Designation”). 
 1.3 Purchaser is
delivering to the Company the Purchase Price by wire transfer in same-day funds to the escrow account designated in writing by the Company. The Purchase Price will be held in such escrow account in accordance with the Purchaser and the
Company’s escrow instructions until the Closing. 
 2. Closing. The parties agree that the closing of the purchase and sale of
the Shares will take place within seven (7) days after the execution and delivery of this Agreement (the “Closing”). At the Closing, the Company shall convey the Shares to Purchaser. 
 3. Deliveries at the Closing. 
 3.1 At
the Closing, the Company shall deliver to Purchaser: 
 (a) Certificates representing the Shares; and 

 (b) Such other documents as are reasonably requested by the Purchaser. 
 3.2 At the Closing, the Purchaser will authorize the release of the Purchase Price from the escrow account to the Company. 
 4. Representations and Warranties of the Company. The Company represents and warrants to the Purchaser as follows: 
 4.1 Authorization, Enforcement. This Agreement has been duly and validly authorized, executed and delivered by the Company and is a valid and
binding agreement of the Company enforceable in accordance with its terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. 
 4.2 Issuance of
Shares. The Shares to be issued at the Closing have been duly authorized by all necessary corporate action and the Shares, when paid for or issued in accordance with the terms hereof, shall be validly issued and outstanding, fully paid and
nonassessable and entitled to the rights and preferences set forth in the Certificate of Designation. When the Conversion Shares are issued in accordance with the terms of the Certificate of Designation such shares will be duly authorized by all
necessary corporate action and validly issued and outstanding, fully paid and nonassessable, and the holders shall be entitled to all rights accorded to a holder of Common Stock. 
 4.3 No Conflict. The Company is not subject to or bound by any agreement, judgment, order or decree of any court or governmental agency which
prevents the execution or consummation of this Agreement. Neither the execution of this Agreement, nor the consummation by the Company of the transactions contemplated hereby, will constitute a violation of, or conflict with, or default under, any
contract, commitment, agreement, understanding, arrangement or restriction of any kind to which the Company is a party or by which the Company is bound. 
 4.4 No Restriction on Transfer. There exists no restriction upon the sale and delivery of the Shares by the Company, nor is the Company required to obtain the approval of any person or governmental agency or
organization to effect the sale of the Shares. The Shares are not subject to preemptive rights or any similar rights or any liens or encumbrances. 
 4.5 Capitalization. As of the date hereof, the authorized capital stock of the Company consists of 750,000,000 shares of Common Stock, par value $0.01 and 100,000,000 shares of Preferred Stock, par value $0.01 (“Preferred
Stock”) of which 1,000 shares of Preferred Stock have been designated Series A Preferred Stock (“Series A Preferred Stock”), 100,000 shares of Preferred Stock have been designated Series B Preferred Stock (“Series B Preferred
Stock”) and 300,000 shares of Preferred Stock have been designated Series C Preferred Stock (“Series C Preferred Stock”). As of the date hereof, 422,994,952 shares of Common Stock, 1,000 shares of Series A Preferred, 100,000 shares of
Series B Preferred Stock and 100,968.33 shares of Series C Preferred Stock are issued and outstanding. All of such outstanding shares 

  

 2 

 
have been validly issued and are fully paid and nonassessable. Except as disclosed in the Company’s filings with the Securities and Exchange Commission
(the “SEC Documents”), no shares of Common Stock are subject to preemptive rights or any other similar rights or any liens or encumbrances of any nature. 
 4.6 Options, etc. Except as disclosed in this Agreement or in the SEC Documents or the Certificate of Designation: 
 (a) There are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the
Company or any of its subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its subsidiaries is or may become bound to issue additional shares of capital stock of the Company or any of its
subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company or any of its subsidiaries,

 (b) There are no outstanding debt securities and there are no agreements or arrangements under which the Company or any of its
subsidiaries is obligated to register the sale of any of their securities under the Securities Act; 
 (c) There are no outstanding
registration statements other than the following Registration Statements on Form SB-2: Nos. 333-114998, 333-127121 and 333-131530, each of which needs to be updated by the Company; and 
 (d) There are no outstanding comment letters from the SEC or any other regulatory agency to which the Company has not responded except with respect to
the Registration Statement on Form SB-2 No. 333-131530. 
 4.7 Anti-Dilution Provisions. Except as disclosed in the SEC
Documents, there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the transfer of the Shares under this Agreement. 
 4.8 Company Organizational Documents. The Company has furnished to the Purchaser true and correct copies of the Company’s Amended and
Restated Certificate of Incorporation, as amended and in effect on the date hereof, and the Company’s By-laws, as amended and in effect on the date hereof. 
 5. Representations and Warranties of Purchaser. The Purchaser hereby represents and warrants to the Company as follows: 
 5.1 Authorization, Enforcement. This Agreement has been duly and validly authorized, executed and delivered by the Purchaser and is a valid and binding agreement of Purchaser enforceable in accordance with its
terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, 

 
liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. 
 5.2 No Conflict. The Purchaser is not subject to or bound by any agreement, judgment, order or decree of any court or governmental agency which
prevents the execution and consummation of this Agreement. 
 5.3 Investment Purpose. The Purchaser is acquiring the Shares for his or
her own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the Securities Act of 1933, as amended (the
“Securities Act”); provided, however, that by making the representations herein, the Purchaser reserve the right to dispose of the Shares at any time in accordance with or pursuant to an effective registration statement covering the Shares
or an available exemption under the Securities Act. 
 5.4 Accredited Investor Status. The Purchaser is an “Accredited
Investor” as that term is defined in Rule 501(a) (3) of Regulation D. 
 5.5 Information. The Purchaser and his or her
advisor has been furnished with all materials relating to the business, finances and operations of the Company and information he or she deemed material to making an informed investment decision regarding his or her purchase of the Shares, which
have been requested by the Purchaser. The Purchaser and his or her advisors have been afforded the opportunity to ask questions of the Company and its management. Neither such inquiries nor any other due diligence investigations conducted by the
Purchaser or his or her advisors shall modify, amend or affect the Purchaser’s right to rely on the representations and warranties contained herein regarding the Company. The Purchaser understands that his or her investment in the Shares
involves a high degree of risk and the Purchaser has the financial wherewithal to lose his or her entire investment. The Purchaser is in a position regarding the Company, which, based upon employment, family relationship or economic bargaining
power, enabled and enables the Purchaser to obtain information from the Company in order to evaluate the merits and risks of this investment. The Purchaser has sought such accounting, legal and tax advice, as he or she they considered necessary to
make an informed investment decision with respect to his or her acquisition of the Shares. The Purchaser acknowledges that the Company does not have sufficient authorized Common Stock to allow the Purchaser to convert his or her Shares into Common
Stock at this time but that the Company intends to conduct a Board meeting and a shareholders’ meeting to increase the authorized Common Stock once the Company’s periodic filings are up to date. 
 5.6 No Governmental Review. The Purchaser understands that no United States federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Shares, or the fairness or suitability of the investment in the Shares, nor have such authorities passed upon or endorsed the merits of the offering of the Shares. The Purchaser
understands and acknowledges that the Company has not undertaken and will undertake no efforts to comply with any laws of any jurisdiction outside the United States relating to the issuance and sale of its securities except as may be provided
herein. 

 5.7 Transfer or Resale. The Purchaser understands that: (i) the Shares have not been and are
not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder, or (B) the Purchaser shall have delivered to the
Company an opinion of counsel, in a generally acceptable form, to the effect that such securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration requirements; (ii) any
sale of such securities made in reliance on Rule 144 under the Securities Act (or a successor rule thereto) (“Rule 144”) may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any
resale of such securities under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other exemption under
the Securities Act or the rules and regulations of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation to register such securities under the Securities Act or any state securities laws or to comply
with the terms and conditions of any exemption thereunder. The Company reserves the rights to place stop transfer instructions against the shares and certificates for the Conversion Shares. 
 5.8 Legends. The Purchaser understands that the certificates or other instruments representing the Shares shall bear a restrictive legend in
substantially the following form (and a stop transfer order may be placed against transfer of such stock certificates): 
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED SOLELY FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TOWARD RESALE AND MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A GENERALLY
ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS. 
 The legend set forth above shall be removed and the
Company within two (2) business days shall issue a certificate without such legend to the holder of the Shares upon which it is stamped, if, unless otherwise required by state securities laws, (i) in connection with a sale transaction,
provided the Shares are registered under the Securities Act or (ii) in connection with a sale transaction, after such holder provides the Company with an opinion of Counsel, which opinion shall be in form, substance and scope customary for
opinions of counsel in comparable transactions, to the effect that a public sale, assignment or transfer of the Shares may be made without registration under the Securities Act. 
 5.9 Authorization, Enforcement. This Agreement and all related agreements are within Purchaser’s power and have been duly and validly
authorized, executed and delivered by the Purchaser and constitutes a valid and binding agreement of the Purchaser enforceable in accordance with its terms, except as such enforceability may be limited by general principles of 

 
equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the
enforcement of applicable creditors’ rights and remedies. The Purchaser has undertaken all necessary action to authorize and approve this Agreement and all the related agreements, and the Purchaser is under no obligation to obtain any approval,
consent, or other action from any third party in order for the Purchaser to consummate the transaction contemplated hereby. 
 5.10
Receipt of Documents. The Purchaser and his or her counsel have received and had the opportunity to review in their entirety: (i) this Agreement and each representation, warranty and covenant set forth herein, (ii) the
Company’s Form 10-KSB for the year ended December 31, 2004 and December 31, 2005; (iii) the Company’s Form 10-QSBs for the quarter ended March 31, 2006; (iv) the Company’s Form 8-Ks filed May 31,
2006, July 21, 2006, October 3, 2006, October 16, 2006, October 24, 2006, November 14, 2006, November 21, 2006, December 4, 2006, December 11,
2006, December 15, 2006 and January 17, 2007; and (v) answers to all questions the Purchaser submitted to the Company regarding an investment in the Company; and the Purchaser has relied on the information contained therein and
has not been furnished any other documents, literature, memorandu or prospectus. The Purchaser acknowledges and agrees that the Company’s representations and warranties are limited to exclusively those expressly stated in this Agreement and
exclude any and all statements made in any other business plan, prospectus, projections, memorandum or other document or in any oral communication. 
 5.11 Purchase Price. The Purchaser acknowledges that he or she is purchasing the Shares substantially above the current market price for the Company’s Common Stock. 
 6. Representations and Warranties. The representations and warranties set forth in paragraphs 4 and 5 shall survive the Closing of this Agreement.

 7. Obligations Pending the Closing. 
 7.1 Confidentiality. Each party will hold and will cause its consultants and advisors to hold in strict confidence, unless compelled to disclose by judicial or administrative process or, in the opinion of its
counsel, by other requirements of law, all documents and information concerning the other party furnished it by such other party or its representatives in connection with the transactions contemplated by this Agreement (except to the extent that
such information can be shown to have been (i) previously known by the party to which it was furnished, (ii) in the public domain through no fault of such party, or (iii) later lawfully acquired from other sources by the party to
which it was furnished) and each party will not release or disclose such information to any other person, except its auditors, attorneys, financial advisors, bankers and other consultants and advisors in connection with this Agreement. If the
transactions contemplated by this Agreement are not consummated, such confidence shall be maintained except to the extent such information comes into the public domain through no fault of the party required to hold it in confidence, and such
information shall not be used to the detriment of, or in relation to any investment in, the other party and all such documents (including copies thereof) shall immediately thereafter be returned to the other party upon the written request of such
other party. Each party 

 
shall be deemed to have satisfied its obligation to hold such information confidential if it exercises the same care as it takes to preserve confidentiality
for its own similar information. 
 7.2 Further Assurances. Each party hereto shall execute and deliver such instruments and take such
other actions as the other party may reasonably require in order to carry out the intent of this Agreement. 
 8. Conditions to
Purchaser’s Obligations. Each and every obligation of the Purchaser under this Agreement to be performed on or before the Closing Date shall be subject to the satisfaction, on or before the Closing Date, of each of the following conditions,
unless waived in writing by the Purchaser: 
 8.1 Representations and Warranties True. The representations and warranties of the
Company contained in Section 4 hereof, and in all certificates, statements and other documents delivered by the Company to Purchaser pursuant hereto or in connection with the transactions contemplated hereby shall be in all material respects
true and accurate as of the date when made and at and as of the Closing Date as though such representations and warranties were made at and as of such date. 
 8.2 Performance. The Company shall have performed and complied with all agreements, obligations and conditions required by this Agreement to be performed or complied with by them on or prior to the Closing
Date, and each document and instrument required to be delivered pursuant to Section 3.1 hereof shall have been delivered. 
 8.3 No
Government Proceeding or Litigation. No suit, action, investigation, inquiry or other proceeding by any governmental body or other person or legal or administrative proceeding shall have been instituted or threatened which if adversely
determined could have an adverse effect on the business, prospects, financial condition, working capital, cash flow, assets, liabilities, technologies, reserves or operations of the Company or which questions the validity or legality of the
transactions contemplated hereby. 
 8.4 Material Adverse Change. The Company shall not have suffered any material adverse change in
its business or financial condition. 
 8.5 Key Employees. No key employee of the Company shall have terminated his or her employment
or have indicated an intention to do so. 
 8.6 Certificates. The Company shall have furnished Purchaser with such certificates to
evidence compliance with the conditions set forth in this Section 8 as may reasonably be requested by Purchaser. 
 9. Conditions to
the Obligations of the Company. Each and every obligation of the Company under this Agreement to be performed on or before the Closing Date shall be subject to the satisfaction, on or before the Closing Date, of each of the following conditions,
unless waived in writing by the Company: 
 9.1 Representations and Warranties True. The representations and warranties of Purchaser
contained in Section 5 hereof shall be in all material respects true and accurate as of the date when made and at and as of the Closing Date as though such representations and warranties were made at and as of such date. 

 9.2 Performance. Purchaser shall have performed and complied with all agreements, obligations and
conditions required by this Agreement to be performed or complied with by it on or prior to the Closing Date, and each document, instrument and payment required to be delivered pursuant to Section 3.2 shall have been delivered. 
 9.3 Certificates. Purchaser shall have furnished the Company with such certificates of their officers to evidence compliance with the conditions
set forth in this Section 9 as may reasonably be requested by the Company. 
 10. Termination. Anything in this Agreement to the
contrary notwithstanding: 
 10.1 Mutual Consent. This Agreement may be terminated by the mutual consent of the parties hereto.

 10.2 Default. In the event that a party hereto shall, contrary to the terms of this Agreement, intentionally fail or refuse to
consummate the transactions contemplated herein or to take any other action referred to herein necessary to consummate the transactions contemplated herein, then the non-defaulting party, after affording the defaulting party a 10-day period after
notice in which to cure such breach or default, shall have the right to terminate this Agreement with respect to such defaulting party by written notice given to the other party hereto. 
 10.3 Upset Date. In the event that the Closing shall not have occurred on or prior to January 31, 2007 then, unless otherwise agreed to in
writing by the parties hereto, this Agreement shall terminate on or following such date (as such date may be postponed pursuant hereto), upon written notice given by one party to the other, unless the absence of such occurrence shall be due to the
failure or refusal of the party seeking to terminate this Agreement of the type described in Section 10.2. 
 10.4 Legal
Restraint. Either party may, by written notice to the other parties, terminate this Agreement with respect to such party if at the time the written notice of termination is given, there is in effect a preliminary or permanent injunction
enjoining consummation of the transactions contemplated hereby. 
 11. Expenses. All fees and expenses incurred by the Company in
connection with this Agreement shall be borne by the Company, and all fees and expenses incurred by Purchaser and all sales, transfer or other similar taxes payable in connection with this Agreement shall be borne by Purchaser. 
 12. Brokerage. Each party represents and warrants to the other that to the knowledge of such party there are no claims for finder’s fees or
other like payments in connection with this Agreement or the transactions contemplated hereby. Each party agrees to indemnify and hold the 

 
other harmless from and against any and all claims or liabilities for finder’s fees or other like payments incurred by reason of any action taken by it.

 13. Miscellaneous. 
 13.1 Governing Law. This Agreement shall be enforced, governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely within such state, without regard to the
principles of conflict of laws. The parties hereto hereby submit to the exclusive jurisdiction of the state and federal courts located in New York, New York with respect to any dispute arising under this Agreement or the transactions contemplated
hereby. The parties irrevocably waive the defense of an inconvenient forum to the maintenance of such suit or proceeding. The parties further agree that service of process upon a party mailed by first class mail shall be deemed in every respect
effective service of process upon the party in any such suit or proceeding. Nothing herein shall affect either party’s right to serve process in any other manner permitted by law. The parties agree that a final non-appealable judgment in any
such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such judgment or in any other lawful manner. 
 13.2 Headings, etc. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of, this Agreement. The meaning assigned to each term defined herein shall be equally
applicable to both the singular and the plural forms of such term and vice versa, and words denoting either gender shall include both genders as the context requires. 
 13.3 Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision
hereof. 
 13.4 Entire Agreement; Amendments. This Agreement sets forth the entire understanding of the parties with respect to the
matters covered herein and therein and, except as specifically set forth herein, no party makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by
an instrument in writing signed by the party to be charged with enforcement. 
 13.5 Notices. Any notices required or permitted to be
given under the terms of this Agreement shall be sent by certified or registered mail (return receipt requested) or delivered personally or by courier (including a recognized overnight delivery service) and shall be effective five days after being
placed in the mail, if mailed by regular United States mail, or upon receipt, if delivered personally or by courier (including a recognized overnight delivery service) or by facsimile or electronic mail (with confirmation of receipt and a copy by
first class mail or air mail). 

 13.6 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
parties and their successors and assigns. No party shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other. 
 13.7 Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision
hereof be enforced by, any other person. 
 13.8 Further Assurances. Each party shall do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of
this Agreement and the consummation of the transactions contemplated hereby. 
 13.9 Counterparts; Signatures. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile or electronic transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement. 
 IN WITNESS WHEREOF, the Company and Purchaser have duly executed this Agreement as of the date first set forth above. 
  

			
	Lithium Technology Corporation
		
	By:	 	  

		 	Amir Elbaz
		 	Chief Financial Officer
	
	PURCHASER:
	  

 Exhibit A 
 CERTIFICATE OF DESIGNATION 
 OF 
 LITHIUM TECHNOLOGY CORPORATION 
 Lithium Technology Corporation, a corporation
organized and existing under the laws of the State of Delaware (the “Corporation”), hereby certifies as follows: 
 1. In
accordance with the authority of the Corporation’s Board of Directors (the “Board”) pursuant to Section 151 of the General Corporation Law of the State of Delaware (the “DGCL”) and the Certificate of
Incorporation of the Corporation (the “Charter”), the Board hereby amends Article FOURTH of the Corporation’s Charter to designate a series of Preferred Stock as “Series C Preferred Stock”, and to designate the
powers, preferences and relative, participating, optional and other special rights and the qualifications, limitations and restrictions thereof as follows: 
 SERIES C PREFERRED STOCK 
 1. Certain Defined Terms, Etc. In addition to the terms
defined elsewhere herein, certain capitalized terms used in this Article FOURTH have the meanings given to them in Section 10. References in this Article FOURTH to Sections are, unless otherwise stated, references to Sections herein.

 2. Designation. Of the one hundred million (100,000,000) shares of Preferred Stock, par value $.01 per share,
that the Corporation is authorized to issue, are hereby designated three hundred thousand (300,000) as “Series C Preferred Stock” having the powers, preferences and relative participating, optional and other special rights and the
qualifications, limitations and restrictions set forth in this Article FOURTH (the “Series C Preferred”). 
 3. Dividends and Distributions. The Series C Preferred shall be entitled to receive dividends and distributions, at the same time and in the same manner as the Common Stock, and in an amount per share equal to the amount per share
that the shares of Common Stock into which such Series C Preferred are convertible would have been entitled to receive if such Series C Preferred had been so converted into Common Stock as of the record date established for determining holders
entitled to dividends, or if no such record date is established, as of the time of declaration of any such dividend or distribution. 
 4. Voting Rights. (a) The Series C Preferred will have the right to vote or consent in writing as set forth in this Section 4. 
 (b) In addition to the voting rights provided by Section 4(c), as long as any shares of Series C Preferred are outstanding, the affirmative vote or consent of the 

 
holders of two-thirds of the then-outstanding shares of Series C Preferred, voting as a separate class, will be required in order for the Corporation to:

 (i) amend, alter or repeal, whether by merger, consolidation or otherwise, the terms of this Article FOURTH or any other
provision of the Charter or Bylaws of the Corporation (the “Bylaws”), in any way that adversely affects any of the powers, designations, preferences and relative, participating, optional and other special rights of the Series C
Preferred, and the qualifications, limitations or restrictions thereof; 
 (ii) issue any shares of capital stock ranking
prior or superior to, or on parity with, the Series C Preferred; 
 (iii) subdivide or otherwise change shares of Series C
Preferred into a different number of shares whether in a merger, consolidation, combination, recapitalization, reorganization or otherwise (whether or not any provision of Section 7 is applicable to such transaction); or 
 (iv) issue any shares of Series C Preferred other than in accordance with this Article FOURTH. 
 (c) The Series C Preferred shall be entitled to vote or consent (by written consent or otherwise) together with the Common Stock on all
matters submitted to a vote of the Common Stock, except as otherwise provided by the DGCL. 
 (d) On all matters as to which
shares of Common Stock or shares of Series C Preferred are entitled to vote or consent (by written consent or otherwise), each share of Series C Preferred will be entitled to the number of votes (rounded up to the nearest whole number) that the
Common Stock into which it is convertible would have if such Series C Preferred had been so converted into Common Stock as of the record date established for determining holders entitled to vote, or if no such record date is established, as of the
time of any vote or consent (by written consent or otherwise) of stockholders of the Corporation. Each share of Series C Preferred shall initially be entitled to the number of votes that 2,500 shares of Common Stock would have, subject to adjustment
as provided in Section 7. 
 (e) Notwithstanding any other provision of the Charter or Bylaws, the holders of a majority,
or greater number if so required by the Charter or the DGCL, of the then-outstanding Series C Preferred may consent in writing to any matter for which a class vote is contemplated, which written consent when so executed by the holders of a majority,
or such greater number required, of the then-outstanding Series C Preferred will be deemed, subject to applicable Delaware law, to satisfy the applicable voting requirements. 
 5. Reacquired Shares. Any shares of Series C Preferred that are converted, purchased or otherwise acquired by the Corporation in
any manner whatsoever shall be 

 
retired and canceled promptly after the acquisition thereof. None of such shares of Series C Preferred shall be reissued by the Corporation. 
 6. Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Corporation, the holders of
shares of Series C Preferred shall be entitled to receive the same distribution paid to the holders of Common Stock, on an as-converted basis. Neither a consolidation or merger of the Corporation with another corporation or other legal entity, nor a
sale or transfer of all or part of the Corporation’s assets for cash, securities or other property will be considered a liquidation, dissolution or winding up of the Corporation for purposes of this Section 6. 
 7. Conversion. (a) Automatic Conversion. Each share of the Series C Preferred will automatically be converted into
2,500 fully paid and nonassessable shares of Common Stock, subject to adjustment as described below, ninety (90) days following the authorization and reservation of a sufficient number of shares of Common Stock by all requisite action by the
Corporation, including action by the Board and by the shareholders of the Corporation, to provide for the conversion of all outstanding shares of Series C Preferred into fully paid and nonassessable shares of Common Stock. 
 (b) Optional Conversion. Each share of the Series C Preferred will be convertible at the option of the holder thereof into 2,500
fully paid and non-assessable shares of Common Stock, subject to adjustment as described below, at any time or from time to time following the authorization and reservation of a sufficient number of shares of Common Stock by all requisite action by
the Corporation, including action by the Board and by the shareholders of the Corporation, to provide for the conversion of all outstanding shares of Series C Preferred into fully paid and non- assessable shares of Common Stock. 
 (c) Mechanics of Automatic Conversion. Upon automatic conversion as set forth in Section 7(a), the Series C Preferred shall be
eliminated, and thereafter all shares of Series C Preferred shall become and be known as shares of “Common Stock” without further action or exchange on the part of the holders thereof. The holder of any certificate for Series C Preferred
shall be entitled to request and to receive promptly from the Corporation a certificate or certificates setting forth the number of shares of Common Stock into which such Series C Preferred converted, by delivering a written notice to the attention
of the Secretary or Treasurer of the Corporation at the Corporation’s principal place of business of its desire to receive such replacement certificate or certificates, specifying the number of shares of Series C Preferred that have been so
converted and the holder’s calculation of the Conversion Rate. In the event of any disagreement between the Corporation and the holder as to the correct Conversion Rate, the Conversion Rate will be finally determined by an investment banking or
brokerage firm with no material prior or current relationship with the Corporation or any of its subsidiaries selected by the Board in good faith, the fees and expenses of which will be paid by the Corporation. The Corporation will, promptly upon
receipt of all certificates representing Series C Preferred as have been issued to such holder that have been converted, issue a certificate or certificates registering the appropriate number of shares of Common Stock to such holder. 

 (d) Mechanics of Optional Conversion. The holder of any certificate for Series C
Preferred shall be entitled to request conversion of all or part of its Series C Preferred at any time or from time to time as provided in Section 7(b), by delivering a written notice to the attention of the Secretary or Treasurer of the
Corporation at the Corporation’s principal place of business of its desire to convert its Series C Preferred and receive a replacement certificate or certificates therefor, specifying the number of shares of Series C Preferred to be so
converted and the holder’s calculation of the Conversion Rate. In the event of any disagreement between the Corporation and the holder as to the correct Conversion Rate, the Conversion Rate will be finally determined by an investment banking or
brokerage firm with no material prior or current relationship with the Corporation or any of its subsidiaries selected by the Board in good faith, the fees and expenses of which will be paid by the Corporation. The Corporation will, promptly upon
receipt of all certificates representing Series C Preferred of such holder that are to be converted, issue a certificate or certificates registering the appropriate number of shares of Common Stock to such holder. Upon optional conversion as set
forth in Section 7 (b), the shares of Series C Preferred so converted shall be eliminated, and thereafter such shares of Series C Preferred shall become and be known as shares of “Common Stock” without further action on the part of
the holder thereof. 
 (e) Adjustment for Subdivisions or Combinations of Common Stock. In the event that the
Corporation at any time or from time to time after the issuance on the Series Preferred effects a subdivision, dividend payable in shares of capital stock, combination or other similar transaction of its outstanding Common Stock into a greater or
lesser number of shares, then and in each such event the Conversion Rate will be increased or decreased proportionately. 
 (f) Reorganization, Merger, Consolidation or Sale of Assets. If at any time or from time to time there shall be a capital reorganization of the Common Stock (other than a subdivision, combination, or dividend payable in shares
provided for elsewhere in this Section 7) or a merger or consolidation of the Corporation with or into another corporation or other legal entity, or the sale of all or substantially all of the Corporation’s properties and assets to any
other Person which is effected so that holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock, then as a part of such capital
reorganization, merger, consolidation or sale, proper provision will be made so that each holder of Series C Preferred will thereafter be entitled to receive upon conversion of the Series C Preferred the same number of shares of stock, securities or
assets of the Corporation, or of the successor corporation or other legal entity resulting from such merger or consolidation or sale, which such holder would have been entitled to receive on such capital reorganization, merger, consolidation or sale
if such holder’s Series C Preferred had been converted into Common Stock immediately prior to the record date established for determining holders entitled to such distribution, or if no such record date is established, as of the time of such
transaction. In any such case, appropriate adjustment will be made in the application of the provisions of this Section 7(f) with respect to the rights of the holders of the Series C Preferred after the reorganization, merger, consolidation or
sale to the end that the provisions of this Section 7(f) (including adjustment of the Conversion Rate then in effect) will be applicable after 

 
that event as nearly equivalent as may be practicable. This provision will apply to successive capital reorganizations, mergers, consolidations or sales.
Nothing herein will diminish or otherwise offset the rights of the Series C Preferred under Section 4(b). 
 (g)
Rights Offering. If at any time or from time to time the Corporation shall offer to any of the holders of Common Stock any right, option or warrant to acquire additional shares of capital stock of the Corporation, then each holder of a share
of Series C Preferred then-outstanding will be entitled to receive rights, options or warrants to acquire such number of additional shares of capital stock of the Corporation as such holder would have been entitled to receive had such holder’s
Series C Preferred been converted into Common Stock immediately prior to the record date for the offering of such rights, options or warrants, at the Conversion Rate then in effect. 
 (h) No Adjustment. No adjustment to the Conversion Rate will be made if such adjustment would result in a change in the Conversion
Rate of less than 0.001%. Any adjustment of less than 0.001% which is not made will be carried forward and will be made at the time of and together with any subsequent adjustment which, on a cumulative basis, amounts to an adjustment of 0.001% or
more in the Conversion Rate. 
 (i) Certificate as to Adjustments. Upon the occurrence of each adjustment or
readjustment of the Conversion Rate pursuant to this Section 7, the Corporation at its expense will promptly compute such adjustment or readjustment in accordance with the terms hereof and cause independent public accountants selected by the
Corporation to verify such computation and prepare and furnish to each holder of Series C Preferred a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The
Corporation will, upon the written request at any time of any holder of Series C Preferred, furnish or cause to be furnished to such holder a like certificate setting forth (i) such adjustments and readjustments, (ii) the Conversion Rate
at that time in effect, and (iii) the amount, if any, of other property which at that time would be received upon the conversion of Series C Preferred. 
 (j) Reservation of Stock Issuable Upon Conversion. The Corporation will at all times reserve and keep available out of its
authorized but unissued shares of Common Stock solely for the purpose of effecting the conversion of the shares of the Series C Preferred, such number of its shares of Common Stock as will from time to time be sufficient to effect the conversion of
all then-outstanding shares of the Series C Preferred; and if at any time the number of authorized but unissued shares of Common Stock will not be sufficient to effect the conversion of all then-outstanding shares of the Series C Preferred, the
Corporation will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as will be sufficient for such purpose. 
 8. Rank. The Series C Preferred will rank on a parity with the Common Stock as to any distributions or upon liquidation,
dissolution or winding up. 

 9. Notice to Holders. Any notice given by the Corporation to holders of record of
Series C Preferred will be effective if addressed to such holders at their last addresses as shown on the stock books of the Corporation and deposited in the U.S. mail, sent first-class, and will be conclusively presumed to have been duly given,
whether or not the holder of the Series C Preferred receives such notice. 
 10. Certain Defined Terms. In addition to
the terms defined elsewhere in this Article FOURTH, the following terms will have the following meanings when used herein with initial capital letters: 
 “Conversion Rate” means the number of shares of Common Stock into which each share of Series C Preferred may be converted; and 
 “Person” means any individual, firm, corporation or other entity and includes any successor (whether by merger or otherwise) of such entity. 
 2. The foregoing designation was adopted by the Board of Directors as of November 22, 2006. 
 3. The foregoing designation was duly adopted by the Board of Directors without shareholder action and shareholder action was not required. 

4. No shares of the Series C Preferred have heretofore been issued. 
 IN WITNESS WHEREOF, this Certificate of Designation is executed on behalf of the Corporation as of this
22nd day of November, 2006. 
  

			
	LITHIUM TECHNOLOGY CORPORATION
		
	By:	 	 /s/ Amir Elbaz

		 	Amir Elbaz
		 	Executive Vice President, Chief Financial Officer and Treasurer

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