Document:

EXHIBIT 10.10

 

	
	GUARANTY
	(Continuing Debt - Unlimited)

 

DATE AND PARTIES. The date of this Guaranty is November
15, 2013. The parties and their addresses are:

 

LENDER:

THE COMMUNITY BANK

113 N Fifth Street

Suite 101

Zanesville, OH 43701

Telephone: (740) 454-1600

 

BORROWER:

AXION RECYCLED PLASTICS INCORPORATED

an Ohio Corporation

4005 All American Way

Zanesville, OH 43701

 

GUARANTOR:

AXION INTERNATIONAL HOLDINGS, INC.

a Colorado Corporation

180 South Street, Suite 104

New Providence, NJ 07974

 

1. DEFINITIONS. As used in this
Guaranty, the terms have the following meanings:

 

A. Pronouns. The pronouns
"I", "me" and "my" refer to all persons or entities signing this Guaranty, individually and together.
"You" and "your" refer to the Lender.

 

B. Note. "Note"
refers to the document that evidences the Borrower's indebtedness, and any extensions, renewals, modifications and substitutions
of the Note.

 

C. Property. "Property"
means any property, real, personal or intangible, that secures performance of the obligations of the Note, Debt, or this Guaranty.

 

2. SPECIFIC AND FUTURE DEBT GUARANTY.
For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and to induce you, at your
option, to make loans or engage in any other transactions with the Borrower from time to time, I absolutely and unconditionally
agree to all terms of and guaranty to you the payment and performance of each and every Debt, of every type, purpose and description
that the Borrower either individually, among all or a portion of themselves, or with others, may now or at any time in the future
owe you, including, but not limited to the following described Debt(s) including without limitation, all principal, accrued interest,
attorneys' fees and collection costs, when allowed by law, that may become due from the Borrower to you in collecting and enforcing
the Debt and all other agreements with respect to the Borrower.

 

A promissory note or other agreement, No.
2312398, dated November 15, 2013, from Axion Recycled Plastics Incorporated (Borrower) to you, in the amount of $1,000,000.00.

 

In addition, Debt refers to debts, liabilities,
and obligations of the Borrower (including, but not limited to, amounts agreed to be paid under the terms of any notes or agreements
securing the payment of any debt, loan, liability or obligation, overdrafts, letters of credit, guaranties, advances for taxes,
insurance, repairs and storage, and all extensions, renewals, refinancings and modifications of these debts) whether now existing
or created or incurred in the future, due or to become due, or absolute or contingent, including obligations and duties arising
from the terms of all documents prepared or submitted for the transaction such as applications, security agreements, disclosures,
and the Note.

 

You may, without notice, apply this Guaranty
to such Debt of the Borrower as you may select from time to time.

 

3. EXTENSIONS. I consent to all
renewals, extensions, modifications and substitutions of the Debt which may be made by you upon such terms and conditions as you
may see fit from time to time without further notice to me and without limitation as to the number of renewals, extensions, modifications
or substitutions.

 

4. UNCONDITIONAL LIABILITY. I am
unconditionally liable under this Guaranty, regardless of whether or not you pursue any of your remedies against the Borrower,
against any other maker, surety, guarantor or endorser of the Debt or against any Property. You may sue me alone, or anyone else
who is obligated on this Guaranty, or any number of us together, to collect the Debt. My liability is not conditioned on the signing
of this Guaranty by any other person and further is not subject to any condition not expressly set forth in this Guaranty or any
instrument executed in connection with the Debt. My obligation to pay according to the terms of this Guaranty shall not be affected
by the illegality, invalidity or unenforceability of any notes or agreements evidencing the Debt, the violation of any applicable
usury laws, forgery, or any other circumstances which make the indebtedness unenforceable against the Borrower. I will remain obligated
to pay on this Guaranty even if any other person who is obligated to pay the Debt, including the Borrower, has such obligation
discharged in bankruptcy, foreclosure, or otherwise discharged by law.

 

5. BANKRUPTCY. If a bankruptcy petition
should at any time be filed by or against the Borrower, the maturity of the Debt, so far as my liability is concerned, shall be
accelerated and the Debt shall be immediately payable by me. I acknowledge and agree that this Guaranty, and the Debt secured hereby,
will remain in full force and effect at all times, notwithstanding any action or undertakings by, or against, you or against any
Property, in connection with any obligation in any proceeding in the United States Bankruptcy Courts. Such action or undertaking
includes, without limitation, valuation of Property, election of remedies or imposition of secured or unsecured claim status upon
claims by you, pursuant to the United States Bankruptcy Code, as amended. In the event that any payment of principal or interest
received and paid by any other guarantor, borrower, surety, endorser or co-maker is deemed, by final order of a court of competent
jurisdiction, to have been a voidable preference under the bankruptcy or insolvency laws of the United States or otherwise, then
my obligation will remain as an obligation to you and will not be considered as having been extinguished.

 

	Axion International Holdings, Inc.	 	 
	Ohio Guaranty  	 	Initials ______
	OH/4XXCHRISO00000000000665020N	Wolters Kluwer Financial Services ©1996,
    2013 Bankers SystemsTM	Page 1

 

 

    	 

    	 

    

 

6. REVOCATION. I agree that this
is an absolute and unconditional Guaranty. I agree that this Guaranty will remain binding on me, whether or not there are any Debts
outstanding, until you have actually received written notice of my revocation or written notice of my death or incompetence. Notice
of revocation or notice of my death or incompetence will not affect my obligations under this Guaranty with respect to any Debts
incurred by or for which you have made a commitment to Borrower before you actually receive such notice, and all renewals, extensions,
refinancings, and modifications of such Debts. I agree that if any other person signing this Guaranty provides a notice of revocation
to you, I will still be obligated under this Guaranty until I provide such a notice of revocation to you. If any other person signing
this Guaranty dies or is declared incompetent, such fact will not affect my obligations under this Guaranty.

 

7. PROPERTY. I agree that any Property
may be assigned, exchanged, released in whole or in part or substituted without notice to me and without defeating, discharging
or diminishing my liability. My obligation is absolute and your failure to perfect any security interest or any act or omission
by you which impairs the Property will not relieve me or my liability under this Guaranty. You are under no duty to preserve or
protect any Property until you are in actual or constructive possession. For purposes of this paragraph, you will only be in "actual"
possession when you have physical, immediate and exclusive control over the Property and have accepted such control in writing.
Further, you will only be deemed to be in "constructive" possession when you have both the power and intent to exercise
control over the Property.

 

8. DEFAULT. I will be in default if any of the following
events (known separately and collectively as an Event of Default) occur:

 

A. Payments. I fail to
make a payment in full when due with a 10 day notice with grace period.

 

B. Insolvency or Bankruptcy.
The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any debtor relief law,
the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the
commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition
or debtor relief law by or against me, Borrower, or any co-signer, endorser, surety or guarantor of this Guaranty or any Debt.

 

C. Business Termination.
I merge, dissolve, reorganize, end my business or existence, or a partner or majority owner dies or is declared legally incompetent.

 

D. Failure to Perform. I
fail to perform any condition or to keep any promise or covenant of this Guaranty which is not cured within 30 days after written
notice.

 

E. Other Documents. A
default occurs under the terms of any other document relating to the Debt which is not cured within 30 days after written notice.

 

F. Other Agreements. I
am in default on any other debt or agreement I have with you which is not cured within 30 days after written notice.

 

G. Misrepresentation. I
make any verbal or written statement or provide any financial information that is untrue, inaccurate, or conceals a material fact
at the time it is made or provided.

 

H. Judgment. I fail to
satisfy or appeal any judgment against me that could adversely affect your secured rights in the Property.

 

I. Forfeiture. The Property
is used in a manner or for a purpose that threatens confiscation by a legal authority.

 

J. Name Change. I change
my name or assume an additional name without notifying you before making such a change.

 

K. Property Transfer. I
transfer all or a substantial part of my money or assets.

 

L. Material Change. Without
first notifying you, there is a material change in my business, including ownership, management, and financial conditions.

 

M. Insecurity. You determine
in good faith that a material adverse change has occurred in my financial condition from the conditions set forth in my most recent
financial statement before the date of this Guaranty or that the prospect for payment or performance of the Debt is materially
impaired for any reason.

 

9. WAIVERS AND CONSENT. To the extent
not prohibited by law, I waive protest, presentment for payment, demand, notice of acceleration, notice of intent to accelerate
and notice of dishonor.

 

A. Additional Waivers. In
addition, to the extent permitted by law, I consent to certain actions you may take, and generally waive defenses that may be available
based on these actions or based on the status of a party to the Debt or this Guaranty.

 

(1) You may renew or extend
payments on the Debt, regardless of the number of such renewals or extensions.

 

(2) You may release any
Borrower, endorser, guarantor, surety, accommodation maker or any other co-signer.

 

(3) You may release, substitute
or impair any Property.

 

(4) You, or any institution
participating in the Debt, may invoke your right of set-off.

 

(5) You may enter into
any sales, repurchases or participations of the Debt to any person in any amounts and I waive notice of such sales, repurchases
or participations.

 

(6) I agree that the Borrower
is authorized to modify the terms of the Debt or any instrument securing, guarantying or relating to the Debt.

 

(7) You may undertake
a valuation of any Property in connection with any proceedings under the United States Bankruptcy Code concerning the Borrower
or me, regardless of any such valuation, or actual amounts received by you arising from the sale of such Property.

 

(8) I agree to consent
to any waiver granted the Borrower, and agree that any delay or lack of diligence in the enforcement of the Debt, or any failure
to file a claim or otherwise protect any of the Debt, in no way affects or impairs my liability.

 

(9) I agree to waive reliance
on any anti-deficiency statutes, through subrogation or otherwise, and such statutes in no way affect or impair my liability. In
addition, until the obligations of the Borrower to Lender have been paid in full, I waive any right of subrogation, contribution,
reimbursement, indemnification, exoneration, and any other right I may have to enforce any remedy which you now have or in the
future may have against the Borrower or another guarantor or as to any Property.

 

Any Guarantor who is an "insider,"
as contemplated by the United States Bankruptcy Code, 11 U.S.C. 101, as amended, makes these waivers permanently. (An insider includes,
among others, a director, officer, partner, or other person in control of the Borrower, a person or an entity that is a co-partner
with the Borrower, an entity in which the Borrower is a general partner, director, officer or other person in control or a close
relative of any of these other persons.) Any Guarantor who is not an insider makes these waivers until all Debt is fully repaid.

 

B. No Waiver By Lender. Your
course of dealing, or your forbearance from, or delay in, the exercise of any of your rights, remedies, privileges or right to
insist upon my strict performance of any provisions contained in the Debt instruments, shall not be construed as a waiver by you,
unless any such waiver is in writing and is signed by you.

 

C. Waiver of Claims. I
waive all claims for loss or damage caused by your acts or omissions where you acted reasonably and in good faith.

 

10. REMEDIES. After the Borrower or I default, you may
at your option do any one or more of the following.

 

A. Acceleration. You
may make all or any part of the amount owing by the terms of this Guaranty immediately due.

 

	Axion International Holdings, Inc.	 	 
	Ohio Guaranty  	 	Initials ______
	OH/4XXCHRISO00000000000665020N	Wolters Kluwer Financial Services ©1996, 2013
    Bankers SystemsTM	Page 2

 

 

    	 

    	 

    

 

B. Sources. You may use
any and all remedies you have under state or federal law or in any documents relating to the Debt.

 

C. Insurance Benefits. You
may make a claim for any and all insurance benefits or refunds that may be available on default.

 

D. Payments Made on the Borrower's
Behalf. Amounts advanced on the Borrower's behalf will be immediately due and may be added to the balance owing under the Debt.

 

E. Set-Off. You may use
the right of set-off. This means you may set-off any amount due and payable under the terms of this Guaranty against any right
I have to receive money from you.

 

My right to receive money from
you includes any deposit or share account balance I have with you; any money owed to me on an item presented to you or in your
possession for collection or exchange; and any repurchase agreement or other non-deposit obligation. "Any amount due and payable
under the terms of this Guaranty" means the total amount to which you are entitled to demand payment under the terms of this
Guaranty at the time you set-off.

 

Subject to any other written
contract, if my right to receive money from you is also owned by someone who has not agreed to pay the Debt, your right of set-off
will apply to my interest in the obligation and to any other amounts I could withdraw on my sole request or endorsement.

 

Your right of set-off does not
apply to an account or other obligation where my rights arise only in a representative capacity. It also does not apply to any
Individual Retirement Account or other tax-deferred retirement account.

 

You will not be liable for the
dishonor of any check when the dishonor occurs because you set-off against any of my accounts. I agree to hold you harmless from
any such claims arising as a result of your exercise of your right of set-off.

 

F. Waiver. Except as
otherwise required by law, by choosing any one or more of these remedies you do not give up your right to use any other remedy.
You do not waive a default if you choose not to use a remedy. By electing not to use any remedy, you do not waive your right to
later consider the event a default and to use any remedies if the default continues or occurs again.

 

11. COLLECTION EXPENSES AND ATTORNEYS'
FEES. On or after the occurrence of an Event of Default, to the extent permitted by law, I agree to pay all reasonable expenses
of collection, enforcement or protection of your rights and remedies under this Guaranty or any other document relating to the
Debt. To the extent permitted by law, expenses include, but are not limited to, reasonable attorneys' fees, court costs and other
legal expenses. All fees and expenses will be secured by the Property I have granted to you, if any. In addition, to the extent
permitted by the United States Bankruptcy Code, I agree to pay the reasonable attorneys' fees incurred by you to protect your rights
and interests in connection with any bankruptcy proceedings initiated by or against me.

 

12. WARRANTIES AND REPRESENTATIONS.
I make to you the following warranties and representations which will continue as long as this Guaranty is in effect:

 

A. Power. I am duly organized,
and validly existing and in good standing in all jurisdictions in which I operate. I have the power and authority to enter into
this transaction and to carry on my business or activity as it is now being conducted and, as applicable, am qualified to do so
in each jurisdiction in which I operate.

 

B. Authority. The execution,
delivery and performance of this Guaranty and the obligation evidenced by this Guaranty are within my powers, have been duly authorized,
have received all necessary governmental approval, will not violate any provision of law, or order of court or governmental agency,
and will not violate any agreement to which I am a party or to which I am or any of my Property is subject.

 

C. Name and Place of Business.
Other than previously disclosed in writing to you I have not changed my name or principal place of business within the last
10 years and have not used any other trade or fictitious name. Without your prior written consent, I do not and will not use any
other name and will preserve my existing name, trade names and franchises.

 

In addition, I represent and warrant that
this Guaranty was entered into at the request of the Borrower, and that I am satisfied regarding the Borrower's financial condition
and existing indebtedness, authority to borrow and the use and intended use of all Debt proceeds. I further represent and warrant
that I have not relied on any representations or omissions from you or any information provided by you respecting the Borrower,
the Borrower's financial condition and existing indebtedness, the Borrower's authority to borrow or the Borrower's use and intended
use of all Debt proceeds.

 

13. RELIANCE. I acknowledge that
you are relying on this Guaranty in extending credit to the Borrower, and I have signed this Guaranty to induce you to extend such
credit. I represent and warrant to you that I have a direct and substantial economic interest in the Borrower and expect to derive
substantial benefits from any loans and financial accommodations resulting in the creation of indebtedness guarantied hereby, and
that this Guaranty is given for a business purpose. I agree to rely exclusively on the right to revoke this Guaranty prospectively
as to future transactions in the manner as previously described in this Guaranty if at any time, in my opinion or the opinion of
the directors or officers of my business, the benefits then being received by me in connection with this Guaranty are not sufficient
to warrant the continuance of this Guaranty. You may rely conclusively on a continuing warranty that I continue to be benefited
by this Guaranty and you will have no duty to inquire into or confirm the receipt of any such benefits, and this Guaranty will
be effective and enforceable by you without regard to the receipt, nature or value of any such benefits.

 

14. APPLICABLE LAW. This Guaranty
is governed by the laws of Ohio, the United States of America, and to the extent required, by the laws of the jurisdiction where
the Property is located, except to the extent such state laws are preempted by federal law.

 

15. AMENDMENT, INTEGRATION AND SEVERABILITY.
This Guaranty may not be amended or modified by oral agreement. No amendment or modification of this Guaranty is effective
unless made in writing and executed by you and me. This Guaranty is the complete and final expression of the agreement. If any
provision of this Guaranty is unenforceable, then the unenforceable provision will be severed and the remaining provisions will
still be enforceable.

 

16. ASSIGNMENT. If you assign any
of the Debts, you may assign all or any part of this Guaranty without notice to me or my consent, and this Guaranty will inure
to the benefit of your assignee to the extent of such assignment. You will continue to have the unimpaired right to enforce this
Guaranty as to any of the Debts that are not assigned. This Guaranty shall inure to the benefit of and be enforceable by you and
your successors and assigns and any other person to whom you may grant an interest in the Debts and shall be binding upon and enforceable
against me and my personal representatives, successors, heirs and assigns.

 

17. INTERPRETATION. Whenever used,
the singular includes the plural and the plural includes the singular. The section headings are for convenience only and are not
to be used to interpret or define the terms of this Guaranty.

 

18. NOTICE, FINANCIAL REPORTS AND ADDITIONAL
DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to
the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice
to one Guarantor will be deemed to be notice to all Guarantors. I will inform you in writing of any change in my name, address
or other application information. I will provide you any correct and complete financial statements or other information you request.
I agree to sign, deliver, and file any additional documents or certifications that you may consider necessary to perfect, continue,
and preserve my obligations under this Guaranty and to confirm your lien status on any Property. Time is of the essence.

 

	Axion International Holdings, Inc.	 	 
	Ohio Guaranty  	 	Initials ______
	OH/4XXCHRISO00000000000665020N	Wolters Kluwer Financial Services ©1996, 2013
    Bankers SystemsTM	Page 3

 

 

    	 

    	 

    

 

19. CREDIT INFORMATION. I agree
that from time to time you may obtain credit information about me from others, including other lenders and credit reporting agencies,
and report to others (such as a credit reporting agency) your credit experience with me. I agree that you will not be liable for
any claim arising from the use of information provided to you by others or for providing such information to others.

 

20. WAIVER OF JURY TRIAL. All of
the parties to this Guaranty knowingly and intentionally, irrevocably and unconditionally, waive any and all right to a trial by
jury in any litigation arising out of or concerning this Guaranty or any other documents relating to the Debt or related obligation.
All of these parties acknowledge that this section has either been brought to the attention of each party's legal counsel or that
each party had the opportunity to do so.

 

CONFESSION OF JUDGMENT. If I default,
I authorize any attorney to appear in a court of record and confess judgment against me in favor of you. The confession of judgment
may be without process and for any amount due on this Guaranty including collection costs and reasonable attorneys' fees. This
is in addition to other remedies.

 

21. SIGNATURES. By signing, I agree to the terms contained
in this Guaranty. I also acknowledge receipt of a copy of this Guaranty.

 

WARNING: BY SIGNING THIS
PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT
YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	GUARANTOR:	 	 	 
	 	 	 	 
	Axion International Holdings, Inc.	 	 	 
	 	 	 	 
	 	By	/s/ Steven L. Silverman	 	Date	11/15/2013	 
	 	Steven L. Silverman, CEO	 	 	 
	 	 	 	 
	LENDER:	 	 	 
	 	 	 	 
	The Community Bank	 	 	 
	 	 	 	 
	 	By	/s/ Chris Olney	Date	11/15/2013	 
	 	Chris Olney, Chief Credit Officer	 	 	 

 

	Axion International Holdings, Inc.	 	 
	Ohio Guaranty  	 	Initials ______
	OH/4XXCHRISO00000000000665020N	Wolters Kluwer Financial Services ©1996, 2013
    Bankers SystemsTM	Page 3EXHIBIT 10.11

 

	
	GUARANTY

(Continuing Debt - Unlimited)

 

DATE AND PARTIES. The date of this
Guaranty is November 15, 2013. The parties and their addresses are:

 

LENDER:

THE COMMUNITY BANK

113 N Fifth Street

Suite 101

Zanesville, OH 43701

Telephone: (740) 454-1600

 

BORROWER:

AXION RECYCLED PLASTICS INCORPORATED

an Ohio Corporation

4005 All American Way

Zanesville, OH 43701

 

GUARANTOR:

AXION INTERNATIONAL, INC.

a Delaware Corporation

180 South Street, Suite 104

New Providence, NJ 07974

 

1. DEFINITIONS. As used in this
Guaranty, the terms have the following meanings:

 

A. Pronouns. The pronouns
"I", "me" and "my" refer to all persons or entities signing this Guaranty, individually and together.
"You" and "your" refer to the Lender.

 

B. Note. "Note"
refers to the document that evidences the Borrower's indebtedness, and any extensions, renewals, modifications and substitutions
of the Note.

 

C. Property. "Property"
means any property, real, personal or intangible, that secures performance of the obligations of the Note, Debt, or this Guaranty.

 

2. SPECIFIC AND FUTURE DEBT GUARANTY.
For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and to induce you, at your
option, to make loans or engage in any other transactions with the Borrower from time to time, I absolutely and unconditionally
agree to all terms of and guaranty to you the payment and performance of each and every Debt, of every type, purpose and description
that the Borrower either individually, among all or a portion of themselves, or with others, may now or at any time in the future
owe you, including, but not limited to the following described Debt(s) including without limitation, all principal, accrued interest,
attorneys' fees and collection costs, when allowed by law, that may become due from the Borrower to you in collecting and enforcing
the Debt and all other agreements with respect to the Borrower.

 

A promissory note or other
agreement, No. 2312398, dated November 15, 2013, from Axion Recycled Plastics Incorporated (Borrower) to you, in the amount
of $1,000,000.00.

 

In addition, Debt refers to debts, liabilities,
and obligations of the Borrower (including, but not limited to, amounts agreed to be paid under the terms of any notes or agreements
securing the payment of any debt, loan, liability or obligation, overdrafts, letters of credit, guaranties, advances for taxes,
insurance, repairs and storage, and all extensions, renewals, refinancings and modifications of these debts) whether now existing
or created or incurred in the future, due or to become due, or absolute or contingent, including obligations and duties arising
from the terms of all documents prepared or submitted for the transaction such as applications, security agreements, disclosures,
and the Note.

 

You may, without notice, apply this Guaranty
to such Debt of the Borrower as you may select from time to time.

 

3. EXTENSIONS. I consent to
all renewals, extensions, modifications and substitutions of the Debt which may be made by you upon such terms and conditions
as you may see fit from time to time without further notice to me and without limitation as to the number of renewals,
extensions, modifications or substitutions.

 

4. UNCONDITIONAL LIABILITY. I am
unconditionally liable under this Guaranty, regardless of whether or not you pursue any of your remedies against the Borrower,
against any other maker, surety, guarantor or endorser of the Debt or against any Property. You may sue me alone, or anyone else
who is obligated on this Guaranty, or any number of us together, to collect the Debt. My liability is not conditioned on the signing
of this Guaranty by any other person and further is not subject to any condition not expressly set forth in this Guaranty or any
instrument executed in connection with the Debt. My obligation to pay according to the terms of this Guaranty shall not be affected
by the illegality, invalidity or unenforceability of any notes or agreements evidencing the Debt, the violation of any applicable
usury laws, forgery, or any other circumstances which make the indebtedness unenforceable against the Borrower. I will remain obligated
to pay on this Guaranty even if any other person who is obligated to pay the Debt, including the Borrower, has such obligation
discharged in bankruptcy, foreclosure, or otherwise discharged by law.

 

5. BANKRUPTCY. If a
bankruptcy petition should at any time be filed by or against the Borrower, the maturity of the Debt, so far as my liability
is concerned, shall be accelerated and the Debt shall be immediately payable by me. I acknowledge and agree that this
Guaranty, and the Debt secured hereby, will remain in full force and effect at all times, notwithstanding any action or
undertakings by, or against, you or against any Property, in connection with any obligation in any proceeding in the United
States Bankruptcy Courts. Such action or undertaking includes, without limitation, valuation of Property, election of
remedies or imposition of secured or unsecured claim status upon claims by you, pursuant to the United States Bankruptcy
Code, as amended. In the event that any payment of principal or interest received and paid by any other guarantor, borrower,
surety, endorser or co-maker is deemed, by final order of a court of competent jurisdiction, to have been a voidable
preference under the bankruptcy or insolvency laws of the United States or otherwise, then my obligation will remain as an
obligation to you and will not be considered as having been extinguished.

 

	Axion International,
    Inc.	 	 
	Ohio Guaranty	 	Initials______
	OH/4XXCHRISO00000000000665020N	Wolters Kluwer Financial Services ©1996, 2013
    Bankers SystemsTM	Page 1

 

 

    	 

    	 

    

 

6. REVOCATION. I agree that this
is an absolute and unconditional Guaranty. I agree that this Guaranty will remain binding on me, whether or not there are any Debts
outstanding, until you have actually received written notice of my revocation or written notice of my death or incompetence. Notice
of revocation or notice of my death or incompetence will not affect my obligations under this Guaranty with respect to any Debts
incurred by or for which you have made a commitment to Borrower before you actually receive such notice, and all renewals, extensions,
refinancings, and modifications of such Debts. I agree that if any other person signing this Guaranty provides a notice of revocation
to you, I will still be obligated under this Guaranty until I provide such a notice of revocation to you. If any other person signing
this Guaranty dies or is declared incompetent, such fact will not affect my obligations under this Guaranty.

 

7. SECURITY. This Guaranty is secured
by Property described in these security instruments or agreements: A Security Agreement provided by Guarantor November 15, 2013,
for the secured debt of Axion Recycled Plastics Incorporated, Loan #2312398.

 

8. PROPERTY. I agree that any Property
may be assigned, exchanged, released in whole or in part or substituted without notice to me and without defeating, discharging
or diminishing my liability. My obligation is absolute and your failure to perfect any security interest or any act or omission
by you which impairs the Property will not relieve me or my liability under this Guaranty. You are under no duty to preserve or
protect any Property until you are in actual or constructive possession. For purposes of this paragraph, you will only be in "actual"
possession when you have physical, immediate and exclusive control over the Property and have accepted such control in writing.
Further, you will only be deemed to be in "constructive" possession when you have both the power and intent to exercise
control over the Property.

 

9. DEFAULT. I will be in default
if any of the following events (known separately and collectively as an Event of Default) occur:

 

A. Payments. I fail to
make a payment in full when due with a 10 day notice with grace period.

 

B. Insolvency or
Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any
debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination
of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy,
reorganization, composition or debtor relief law by or against me, Borrower, or any co-signer, endorser, surety or guarantor
of this Guaranty or any Debt.

 

C. Business Termination.
I merge, dissolve, reorganize, end my business or existence, or a partner or majority owner dies or is declared legally incompetent.

 

D. Failure to Perform. I
fail to perform any condition or to keep any promise or covenant of this Guaranty which is not cured within 30 days after
written notice.

 

E. Other Documents. A
default occurs under the terms of any other document relating to the Debt which is not cured within 30 days after written notice.

 

F. Other Agreements. I
am in default on any other debt or agreement I have with you which is not cured within 30 days after written notice.

 

G. Misrepresentation. I
make any verbal or written statement or provide any financial information that is untrue, inaccurate, or conceals a material fact
at the time it is made or provided.

 

H. Forfeiture. The Property
is used in a manner or for a purpose that threatens confiscation by a legal authority.

 

I. Name Change. I change
my name or assume an additional name without notifying you before making such a change.

 

J. Property Transfer. I
transfer all or a substantial part of my money or assets without your consent, which shall not be unreasonably withheld.

 

K. Material Change. Without
first notifying you, there is a material change in my business, including ownership, management, and financial conditions.

 

L. Insecurity. You
determine in good faith that a material adverse change has occurred in my financial condition from the conditions set forth
in my most recent financial statement before the date of this Guaranty or that the prospect for payment or performance of the
Debt is impaired for any reason.

 

10. WAIVERS AND CONSENT. To the
extent not prohibited by law, I waive protest, presentment for payment, demand, notice of acceleration, notice of intent to accelerate
and notice of dishonor.

 

A. Additional Waivers. In
addition, to the extent permitted by law, I consent to certain actions you may take, and generally waive defenses that may be available
based on these actions or based on the status of a party to the Debt or this Guaranty.

 

(1) You may renew or extend
payments on the Debt, regardless of the number of such renewals or extensions.

 

(2) You may release any
Borrower, endorser, guarantor, surety, accommodation maker or any other co-signer.

 

(3) You may release, substitute
or impair any Property.

 

(4) You, or any institution
participating in the Debt, may invoke your right of set-off.

 

(5) You may enter into
any sales, repurchases or participations of the Debt to any person in any amounts and I waive notice of such sales, repurchases
or participations.

 

(6) I agree that the Borrower
is authorized to modify the terms of the Debt or any instrument securing, guarantying or relating to the Debt.

 

(7) You may undertake
a valuation of any Property in connection with any proceedings under the United States Bankruptcy Code concerning the Borrower
or me, regardless of any such valuation, or actual amounts received by you arising from the sale of such Property.

 

(8) I agree to consent
to any waiver granted the Borrower, and agree that any delay or lack of diligence in the enforcement of the Debt, or any failure
to file a claim or otherwise protect any of the Debt, in no way affects or impairs my liability.

 

(9) I agree to waive reliance
on any anti-deficiency statutes, through subrogation or otherwise, and such statutes in no way affect or impair my liability. In
addition, until the obligations of the Borrower to Lender have been paid in full, I waive any right of subrogation, contribution,
reimbursement, indemnification, exoneration, and any other right I may have to enforce any remedy which you now have or in the
future may have against the Borrower or another guarantor or as to any Property.

 

Any Guarantor who is an
"insider," as contemplated by the United States Bankruptcy Code, 11 U.S.C. 101, as amended, makes these waivers
permanently. (An insider includes, among others, a director, officer, partner, or other person in control of the Borrower, a
person or an entity that is a co-partner with the Borrower, an entity in which the Borrower is a general partner, director,
officer or other person in control or a close relative of any of these other persons.) Any Guarantor who is not an insider
makes these waivers until all Debt is fully repaid.

 

B. No Waiver By Lender. Your
course of dealing, or your forbearance from, or delay in, the exercise of any of your rights, remedies, privileges or right to
insist upon my strict performance of any provisions contained in the Debt instruments, shall not be construed as a waiver by you,
unless any such waiver is in writing and is signed by you.

 

C. Waiver of Claims. I
waive all claims for loss or damage caused by your acts or omissions where you acted reasonably and in good faith.

 

11. REMEDIES. After the Borrower
or I default, you may at your option do any one or more of the following.

 

	Axion International,
    Inc.	 	 
	Ohio Guaranty	 	Initials______
	OH/4XXCHRISO00000000000665020N	Wolters Kluwer Financial Services ©1996, 2013
    Bankers SystemsTM	Page 2

 

 

    	 

    	 

    

 

A. Acceleration. You
may make all or any part of the amount owing by the terms of this Guaranty immediately due.

 

B. Sources. You may use
any and all remedies you have under state or federal law or in any documents relating to the Debt.

 

C. Insurance Benefits. You
may make a claim for any and all insurance benefits or refunds that may be available on default.

 

D. Payments Made on
the Borrower's Behalf. Amounts advanced on the Borrower's behalf will be immediately due and may be added to the balance
owing under the Debt.

 

E. Set-Off. You may
use the right of set-off. This means you may set-off any amount due and payable under the terms of this Guaranty against any right
I have to receive money from you.

 

My right to receive money from
you includes any deposit or share account balance I have with you; any money owed to me on an item presented to you or in your
possession for collection or exchange; and any repurchase agreement or other non-deposit obligation. "Any amount due and payable
under the terms of this Guaranty" means the total amount to which you are entitled to demand payment under the terms of this
Guaranty at the time you set-off.

 

Subject to any other written
contract, if my right to receive money from you is also owned by someone who has not agreed to pay the Debt, your right of set-off
will apply to my interest in the obligation and to any other amounts I could withdraw on my sole request or endorsement.

 

Your right of set-off does not
apply to an account or other obligation where my rights arise only in a representative capacity. It also does not apply to any
Individual Retirement Account or other tax-deferred retirement account.

 

You will not be liable for the
dishonor of any check when the dishonor occurs because you set-off against any of my accounts. I agree to hold you harmless from
any such claims arising as a result of your exercise of your right of set-off.

 

F. Waiver. Except as
otherwise required by law, by choosing any one or more of these remedies you do not give up your right to use any other remedy.
You do not waive a default if you choose not to use a remedy. By electing not to use any remedy, you do not waive your right to
later consider the event a default and to use any remedies if the default continues or occurs again.

 

12. COLLECTION EXPENSES AND ATTORNEYS'
FEES. On or after the occurrence of an Event of Default, to the extent permitted by law, I agree to pay all reasonable expenses
of collection, enforcement or protection of your rights and remedies under this Guaranty or any other document relating to the
Debt. To the extent permitted by law, expenses include, but are not limited to, reasonable attorneys' fees, court costs and other
legal expenses. All fees and expenses will be secured by the Property I have granted to you, if any. In addition, to the extent
permitted by the United States Bankruptcy Code, I agree to pay the reasonable attorneys' fees incurred by you to protect your rights
and interests in connection with any bankruptcy proceedings initiated by or against me.

 

13. WARRANTIES AND REPRESENTATIONS.
I make to you the following warranties and representations which will continue as long as this Guaranty is in effect:

 

A. Power. I am duly organized,
and validly existing and in good standing in all jurisdictions in which I operate. I have the power and authority to enter into
this transaction and to carry on my business or activity as it is now being conducted and, as applicable, am qualified to do so
in each jurisdiction in which I operate.

 

B. Authority. The execution,
delivery and performance of this Guaranty and the obligation evidenced by this Guaranty are within my powers, have been duly authorized,
have received all necessary governmental approval, will not violate any provision of law, or order of court or governmental agency,
and will not violate any agreement to which I am a party or to which I am or any of my Property is subject.

 

C. Name and Place of Business.
Other than previously disclosed in writing to you I have not changed my name or principal place of business within the last
10 years and have not used any other trade or fictitious name. Without your prior written consent, I do not and will not use any
other name and will preserve my existing name, trade names and franchises.

 

In addition, I represent and warrant that
this Guaranty was entered into at the request of the Borrower, and that I am satisfied regarding the Borrower's financial condition
and existing indebtedness, authority to borrow and the use and intended use of all Debt proceeds. I further represent and warrant
that I have not relied on any representations or omissions from you or any information provided by you respecting the Borrower,
the Borrower's financial condition and existing indebtedness, the Borrower's authority to borrow or the Borrower's use and intended
use of all Debt proceeds.

 

14. RELIANCE. I acknowledge that
you are relying on this Guaranty in extending credit to the Borrower, and I have signed this Guaranty to induce you to extend such
credit. I represent and warrant to you that I have a direct and substantial economic interest in the Borrower and expect to derive
substantial benefits from any loans and financial accommodations resulting in the creation of indebtedness guarantied hereby, and
that this Guaranty is given for a business purpose. I agree to rely exclusively on the right to revoke this Guaranty prospectively
as to future transactions in the manner as previously described in this Guaranty if at any time, in my opinion or the opinion of
the directors or officers of my business, the benefits then being received by me in connection with this Guaranty are not sufficient
to warrant the continuance of this Guaranty. You may rely conclusively on a continuing warranty that I continue to be benefited
by this Guaranty and you will have no duty to inquire into or confirm the receipt of any such benefits, and this Guaranty will
be effective and enforceable by you without regard to the receipt, nature or value of any such benefits.

 

15. APPLICABLE LAW. This Guaranty
is governed by the laws of Ohio, the United States of America, and to the extent required, by the laws of the jurisdiction where
the Property is located, except to the extent such state laws are preempted by federal law.

 

16. AMENDMENT, INTEGRATION AND SEVERABILITY.
This Guaranty may not be amended or modified by oral agreement. No amendment or modification of this Guaranty is effective
unless made in writing and executed by you and me. This Guaranty is the complete and final expression of the agreement. If any
provision of this Guaranty is unenforceable, then the unenforceable provision will be severed and the remaining provisions will
still be enforceable.

 

17. ASSIGNMENT. If you assign any
of the Debts, you may assign all or any part of this Guaranty without notice to me or my consent, and this Guaranty will inure
to the benefit of your assignee to the extent of such assignment. You will continue to have the unimpaired right to enforce this
Guaranty as to any of the Debts that are not assigned. This Guaranty shall inure to the benefit of and be enforceable by you and
your successors and assigns and any other person to whom you may grant an interest in the Debts and shall be binding upon and enforceable
against me and my personal representatives, successors, heirs and assigns.

 

18. INTERPRETATION. Whenever used,
the singular includes the plural and the plural includes the singular. The section headings are for convenience only and are not
to be used to interpret or define the terms of this Guaranty.

 

19. NOTICE, FINANCIAL REPORTS AND ADDITIONAL
DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to
the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice to
one Guarantor will be deemed to be notice to all Guarantors. I will inform you in writing of any change in my name, address or
other application information. I will provide you any correct and complete financial statements or other information you request.
I agree to sign, deliver, and file any additional documents or certifications that you may consider necessary to perfect, continue,
and preserve my obligations under this Guaranty and to confirm your lien status on any Property. Time is of the essence.

 

	Axion International,
    Inc.	 	 
	Ohio Guaranty	 	Initials______
	OH/4XXCHRISO00000000000665020N	Wolters Kluwer Financial Services ©1996, 2013
    Bankers SystemsTM	Page 3

 

 

    	 

    	 

    

 

20. CREDIT INFORMATION. I
agree that from time to time you may obtain credit information about me from others, including other lenders and credit
reporting agencies, and report to others (such as a credit reporting agency) your credit experience with me. I agree that you
will not be liable for any claim arising from the use of information provided to you by others or for providing such
information to others.

 

21. WAIVER OF JURY TRIAL. All of
the parties to this Guaranty knowingly and intentionally, irrevocably and unconditionally, waive any and all right to a trial by
jury in any litigation arising out of or concerning this Guaranty or any other documents relating to the Debt or related obligation.
All of these parties acknowledge that this section has either been brought to the attention of each party's legal counsel or that
each party had the opportunity to do so.

 

CONFESSION OF JUDGMENT. If I default,
I authorize any attorney to appear in a court of record and confess judgment against me in favor of you. The confession of judgment
may be without process and for any amount due on this Guaranty including collection costs and reasonable attorneys' fees. This
is in addition to other remedies.

 

22. SIGNATURES. By signing, I agree
to the terms contained in this Guaranty. I also acknowledge receipt of a copy of this Guaranty.

 

WARNING: BY SIGNING THIS
PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT
YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

	GUARANTOR:	 	 	 
	 	 	 	 
	Axion International Holdings, Inc.	 	 	 
	 	 	 	 
	 	By	/s/ Steven L. Silverman	 	Date	11/15/2013	 
	 	Steven L. Silverman, CEO	 	 	 
	 	 	 	 
	LENDER:	 	 	 
	 	 	 	 
	The Community Bank	 	 	 
	 	 	 	 
	 	By	/s/ Chris Olney	Date	11/15/2013	 
	 	Chris Olney, Chief Credit Officer	 	 	 

  

	Axion International,
    Inc.	 	 
	Ohio Guaranty	 	Initials______
	OH/4XXCHRISO00000000000665020N	Wolters Kluwer Financial Services ©1996, 2013
    Bankers SystemsTM	Page 4

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