Document:

EXHIBIT 10.2

 

Farm Credit Services of America

 

NINETEENTH
AMENDMENT TO CREDIT AGREEMENT

 

This Nineteenth Amendment to Credit Agreement
(“Amendment”) is made and entered into effective the 31st day of January, 2013, by and between AgFeed USA, LLC
(formerly known as M2 P2, LLC); TS Finishing, LLC; New York Finishing, LLC; Pork Technologies, LC; New Colony Farms, LLC; Heritage
Farms, LLC; Heritage Land, LLC; Genetics Operating, LLC; M2P2 Facilities, LLC; MGM, LLC; M2P2 General Operations, LLC; New Colony
Land Company, LLC; M2P2 AF JV, LLC; and Midwest Finishing, LLC (hereinafter referred to as “Borrower”) and Farm
Credit Services of America, FLCA and Farm Credit Services of America, PCA (hereinafter referred to as “Lender”)
to amend and modify the Credit Agreement dated June 7, 2006, as amended from time to time (hereinafter referred to as the “Credit
Agreement”). The Credit Agreement and underlying Loan Documents are modified only to the extent necessary to give effect
to the terms of this Amendment, and the remaining terms of said Loan Documents, not otherwise inconsistent herewith, are ratified
by the parties. Capitalized terms used but not otherwise defined herein have the respective meanings given to them in the Credit
Agreement.

 

The Credit Agreement and underlying Loan
Documents are modified only to the extent necessary to give effect to the terms of this Amendment, and the remaining terms of said
Loan Documents, not otherwise inconsistent herewith, are ratified by the parties. Capitalized terms used but not otherwise defined
herein have the respective meanings given to them in the Credit Agreement.

 

Borrower, M2 P2, LLC (known now as AgFeed
USA, LLC) formed Midwest Finishing, LLC (“Midwest Finishing”) with an effective date of May 27, 2003 to conduct certain
operations of the Borrowers and failed to inform Lender that some of its operations are conducted under this wholly owned subsidiary
and notwithstanding that Midwest Finishing is not a Borrower under the Credit Agreement the Borrowers have used loan advances under
the Credit Agreement to purchase pigs, pay for feed and other expenses of Midwest Finishing, LLC. The Borrower has requested Lender’s
consent to allow Midwest Finishing to continue to use loan funds and has agreed to cause Midwest Finishing to execute this Amendment
to the Credit Agreement to add Midwest Finishing, LLC as a Borrower assuming all obligations under the Credit Agreement and pledging
all of its assets as collateral.

 

In consideration of the mutual agreements,
provisions and covenants herein contained, and furthermore to induce Lender to consider financial accommodations for the Borrower
under the terms and provisions of the Credit Agreement, the parties hereby agree as follows:

 

		1.	Midwest Finishing, LLC acknowledges that it has received the benefit of funds from the Credit Facilities
under the Credit Agreement and hereby agrees to assume all existing obligations under the Credit Agreement and pledges all of its
assets now owned or hereafter acquired, regardless of whether such assets were or are acquired from the Borrower or from any other
party, subject to all terms contained in the Credit Agreement including without limitation Article 4 of the Credit Agreement.

 

    	-1-

    	 

    
 

 

		2.	The following sections are hereby amended to read as follows:

 

Section 6.14 Outside Consultant to Lender.
Borrower agrees that an outside consultant will be retained by Lender to assist in analyzing the Borrower’s business and
financial records, including without limitation: a) the accounting restatement of Borrower and/or its parent company Ag Feed, Inc.;
b) Borrower’s relationship with Hormel and the pending arbitration proceedings initiated by Hormel; and c) Borrower’s
pending efforts to refinance its indebtedness to Lender and/or to raise additional capital to repay or reduce its indebtedness
to Lender. Borrower agrees to fully cooperate with Carl Marks Advisory Group LLC (“Consultant”) by providing business
records and information requested by Consultant. Borrower agrees to promptly reimburse Lender for all payments to Consultant including
fees due under the initial engagement in the total amount of $35,000.00, plus reasonable and documented out of pocket business
expenses. Borrower agrees that all analysis and communications completed by Consultant for Lender are subject to the attorney client
privileged and work product doctrine and Borrowers agree they will not have any right to obtain any documents or communications
involving Consultant.

 

Borrower hereby represents and warrants
to the Lender that, after giving effect to this Amendment, (i) no Default or Event of Default exists under the Credit Agreement
or any of the other Loan Documents except those permitted pursuant to the terms of the separate Forbearance Agreement executed
on or about the date of this Amendment and (ii) the representations and warranties set forth in the Credit Agreement are true and
correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date).

 

Borrower hereby ratifies the Credit Agreement
as amended and acknowledges and reaffirms (i) that it is bound by all terms of the Credit Agreement applicable to it and (ii) that
it is responsible for the observance and full performance of its respective obligations.

 

Borrower hereby certifies that the person(s)
executing this Amendment on behalf of Borrower is/are duly authorized to execute such document on behalf of Borrower and that (other
than as noted in the first paragraph) there have been no changes in the name, ownership, control, organizational documents, or
legal status of the Borrower since the last application, loan, or loan servicing action; that all resolutions, powers and authorities
remain in full force and effect, and that the information provided by Borrower is and remains true and correct.

 

This Amendment may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same
agreement. Delivery of executed counterparts of this Amendment by telecopy shall be effective as an original and shall constitute
a representation that an original shall be delivered.

 

THIS AMENDMENT SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEBRASKA.

 

This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns.

 

    	-2-

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have set their hand effective the day and year first above written.

 

	BORROWER:
	AgFeed USA, LLC (formerly known as M2 P2, LLC)
	By:AgFeed Industries, Inc., its Managing Member
	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

	TS Finishing, LLC
	By:AgFeed USA, LLC, its Managing Member
	 	By:AgFeed Industries, Inc., its Managing Member
	 	 	
        By: /s/ Gerry Daignault

        Gerry Daignault, Chief
        Financial Officer

         

 

	New York Finishing, LLC
	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By: /s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

	Pork Technologies, LC
	By: M2P2 General Operations, LLC, its Managing Member
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

    	-3-

    	 

    

 

 

	New Colony Farms, LLC
	By: M2P2 General Operations, LLC, its Managing Member
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

	Heritage Farms, LLC
	By: M2P2 General Operations, LLC, its Managing Member
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

	Genetics Operating, LLC
	By: M2P2 General Operations, LLC, its Managing Member
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

	M2P2 Facilities, LLC
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

    	-4-

    	 

    

 

	MGM, LLC
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

 

	M2P2 General Operations, LLC
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

 

	New Colony Land Company, LLC
	By: M2P2 Facilities, LLC, its Managing Member
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

 

	Heritage Land, LLC
	By: M2P2 Facilities, LLC, its Managing Member
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

    	-5-

    	 

    

 

 

	M2P2 AF JV, LLC
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

 

	Midwest Finishing, LLC
	 	By: AgFeed USA, LLC, its Managing Member
	 	By: AgFeed Industries, Inc., its Managing Member
	 	 	By:/s/ Gerry Daignault

Gerry Daignault, Chief Financial Officer

 

 

	LENDER:
	Farm Credit Services of America, PCA
 Farm Credit Services of America, FLCA
	 	
        By:/s/ Brian Frevert

        Brian Frevert, Vice
        President

         

 

 

    	-6-EXHIBIT 10.3

 

KEY EXECUTIVE
CHange In Control AGREEMENT

 

 

THIS AGREEMENT,
made and entered into as of the ____day of _____________, 20__, by and between AgFeed Industries, Inc., a Nevada corporation (hereinafter
referred to as the “Company”), and [Executive] (hereinafter referred to as the “Executive”).

 

W I T N E S S E T H

 

WHEREAS, the Executive
is employed by the Company and/or a subsidiary of the Company (hereinafter referred to collectively as the “Employer”)
in a key executive capacity and the Executive’s services are valuable to the conduct of the business of the Company;

 

WHEREAS, the Company
desires to continue to attract and retain dedicated and skilled management employees, consistent with achieving the best possible
value for its shareholders in any change in control of the Company;

 

WHEREAS, the Company
recognizes that circumstances may arise in which a change in control of the Company occurs, through acquisition or otherwise, thereby
causing a potential conflict of interest between the Company’s needs for the Executive to remain focused on the Company’s
business and for the necessary continuity in management prior to and following a change in control, and the Executive’s reasonable
personal concerns regarding future employment with the Employer and economic protection in the event of loss of employment as a
consequence of a change in control;

 

WHEREAS, the Company
and the Executive are desirous that any proposal for a change in control or acquisition of the Company will be considered by the
Executive objectively and with reference only to the best interests of the Company and its shareholders;

 

WHEREAS, the Executive
will be in a better position to consider the Company’s best interests if the Executive is afforded reasonable economic security,
as provided in this Agreement, against altered conditions of employment which could result from any such change in control or acquisition;

 

WHEREAS, the Executive
possesses intimate knowledge of the business and affairs of the Company and has acquired certain confidential information and data
with respect to the Company; and

 

WHEREAS, the Company
desires to insure, insofar as possible, that it will continue to have the benefit of the Executive’s services and to protect
its confidential information and goodwill.

 

    	1

    	 

    

 

NOW, THEREFORE,
in consideration of the foregoing and of the mutual covenants and agreements hereinafter set forth, the parties hereto mutually
covenant and agree as follows:

 

1.                 
Definitions.

 

(a)               
409A Affiliate. The term “409A Affiliate” means each entity that is required to be included in the Company’s
controlled group of corporations within the meaning of Section 414(b) of the Code, or that is under common control with the Company
within the meaning of Section 414(c) of the Code; provided, however, that the phrase “at least 50 percent” shall be
used in place of the phrase “at least 80 percent” each place it appears therein or in the regulations thereunder.

 

(b)              
Accrued Benefits. The term “Accrued Benefits” shall include the following amounts, payable as described
herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced
in connection with the Executive’s employment for reasonable and necessary expenses incurred by the Executive on behalf of
the Employer for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination
Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding
any provision of any bonus or incentive compensation plan applicable to the Executive, but subject to any deferral election then
in effect, a lump sum amount, in cash, equal to any bonus or incentive compensation that has been allocated or awarded to the Executive
for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant
to Section 5(f) or otherwise); and (v) all other payments and benefits to which the Executive (or in the event of the Executive’s
death, the Executive’s surviving spouse or other beneficiary) may be entitled on the Termination Date as compensatory fringe
benefits or under the terms of any benefit plan of the Employer, excluding severance payments under any Employer severance policy,
practice or agreement in effect on the Termination Date. Payment of Accrued Benefits shall be made promptly in accordance with
the Company’s prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii),
(iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

 

(c)               
Act. The term “Act” means the Securities Exchange Act of 1934, as amended.

 

(d)              
Affiliate. The term “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General
Rules and Regulations under the Act.

 

(e)               
Cause. “Cause” for termination by the Employer of the Executive’s employment shall be limited to
any of the following: (i) the engaging by the Executive in intentional conduct not taken in good faith that the Company establishes,
by clear and convincing evidence, has caused demonstrable and serious financial injury to the Employer, as evidenced by a determination
in a binding and final judgment, order or decree of a court or administrative agency of competent jurisdiction, in effect after
exhaustion or lapse of all rights of appeal, in an action, suit or proceeding, whether civil, criminal, administrative or investigative;
(ii) conviction of a felony (as evidenced by binding and final judgment, order or decree of a court of competent jurisdiction,
in effect after exhaustion of all rights of appeal), which substantially impairs the Executive’s ability to perform his duties
or responsibilities; or (iii) continuing willful and unreasonable refusal by the Executive to perform the Executive’s duties
or responsibilities (unless significantly changed without the Executive’s consent).

 

    	2

    	 

    

 

(f)               
Change in Control of the Company. A “Change in Control of the Company” shall be deemed to have occurred
as of the first day that any one or more of the following conditions is satisfied, including, but not limited to, the signing of
documents by all parties and approval by all regulatory agencies, if required:

 

(i)                
The stockholders approve a plan of complete liquidation or dissolution of the Company; or

 

(ii)              
One of the following is consummated:

 

(A)            
An agreement for the sale or disposition of all or substantially all of the Company’s assets (other than to an Excluded
Person (as defined below));

 

(B)             
A merger, consolidation or other similar transaction involving the Company, other than (1) a merger, consolidation or other
similar transaction that would result in the voting securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity), at least fifty
percent (50%) of the combined voting power of the voting securities of the Company (or such other surviving entity) outstanding
immediately after such merger, consolidation or reorganization, or (2) a merger, consolidation or other similar transaction that
would result in at least fifty percent (50%) of the combined voting power of the voting securities of the Company (or such other
surviving entity) outstanding immediately after such merger, consolidation or other similar transaction being held by an Excluded
Person; or

 

(C)             
The acquisition (other than an acquisition of securities from the Company in a private placement or as contemplated by subparagraph
(B) above) by any one person, entity or more than one person or entity acting as a group, other than an Excluded Person(s), of
ownership of the shares of the Company that, together with the shares then held by such person or group, constitutes more than
fifty percent (50%) of the combined voting power of the Company’s then outstanding voting securities; provided that if any
such person or group is considered to own more than fifty percent (50%) of the combined voting power of the Company’s then
outstanding voting securities, then the acquisition of additional stock by the same person, entity or group shall not be deemed
to cause a Change of Control.

 

An Excluded
Person means: (i) the Company or any of its affiliates, (ii) a trustee or other fiduciary holding securities under any employee
benefit plan of the Company or any of its affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering
of such securities or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the
same proportions as their ownership of stock in the Company.

 

(g)              
Code. The term “Code” means the Internal Revenue Code of 1986, including any amendments thereto or successor
tax codes thereof.

 

    	3

    	 

    

 

(h)              
Covered Termination. Subject to Section 2(b), the term “Covered Termination” means any Termination
of Employment during the Employment Period where the Termination Date, or the date Notice of Termination is delivered, is any date
prior to the end of the Employment Period.

 

(i)                
Employment Period. Subject to Section 2(b), the term “Employment Period” means a period commencing
on the date of a Change in Control of the Company, and ending at 11:59 p.m. Eastern Time on the earlier of the first anniversary
of such date or the Executive’s Normal Retirement Date.

 

(j)                
Fringe Benefits. The term “Fringe Benefits” means the fair market value of the fringe benefits payable
to Executive by the Company (determined as of the time of the Change in Control of the Company or, if higher, immediately prior
to the date the Notice of Termination is given). For these purposes, Fringe Benefits include, but are not limited to club dues
or automobile reimbursement and do not include welfare benefits, such as medical coverage (including prescription drug coverage),
dental coverage, life insurance, disability insurance and accidental death and dismemberment benefits.

 

(k)              
Good Reason. The Executive shall have “Good Reason” for termination of employment in the event of:

 

(i)                
any breach of this Agreement by the Employer, including specifically any breach by the Employer of the agreements contained
in Section 3(b), Section 4, Section 5, or Section 6, other than an isolated, insubstantial and
inadvertent failure not occurring in bad faith that the Employer remedies promptly after receipt of notice thereof given by the
Executive;

 

(ii)              
any reduction in the Executive’s base salary, percentage of base salary available as incentive compensation or bonus
opportunity or benefits, in each case relative to those most favorable to the Executive in effect at any time during the 180-day
period prior to the Change in Control of the Company or, to the extent more favorable to the Executive, those in effect at any
time during the Employment Period;

 

(iii)            
the removal of the Executive from, or any failure to reelect or reappoint the Executive to, any of the positions held with
the Employer on the date of the Change in Control of the Company or any other positions with the Employer to which the Executive
shall thereafter be elected, appointed or assigned, except in the event that such removal or failure to reelect or reappoint relates
to the termination by the Employer of the Executive’s employment for Cause or by reason of disability pursuant to Section
11;

 

(iv)            
a good faith determination by the Executive that there has been a material adverse change, without the Executive’s
written consent, in the Executive’s working conditions or status with the Employer relative to the most favorable working
conditions or status in effect during the 180-day period prior to the Change in Control of the Company, or, to the extent more
favorable to the Executive, those in effect at any time during the Employment Period, including but not limited to (A) a significant
change in the nature or scope of the Executive’s authority, powers, functions, duties or responsibilities, or (B) a significant
reduction in the level of support services, staff, secretarial and other assistance, office space and accoutrements, but in each
case excluding for this purpose an isolated, insubstantial and inadvertent event not occurring in bad faith that the Employer remedies
within ten (10) days after receipt of notice thereof given by the Executive;

 

    	4

    	 

    

 

(v)              
the relocation of the Executive’s principal place of employment to a location more than 50 miles from the Executive’s
principal place of employment on the date 180 days prior to the Change in Control of the Company;

 

(vi)            
the Employer requires the Executive to travel on Employer business 20% in excess of the average number of days per month
the Executive was required to travel during the 180-day period prior to the Change in Control of the Company; or

 

(vii)          
failure by the Company to obtain the Agreement referred to in Section 16(a) as provided therein.

 

(l)                
Normal Retirement Date. The term “Normal Retirement Date” means the date of the Executive’s resignation
or termination of employment (other than termination for Cause) upon or after the first to occur of the Executive’s attaining
(a) age 65 or (b) age 60 with 10 years of service with the Company (including years of service granted by the Company as a result
of a merger, acquisition, or other transaction).

 

(m)            
Person. The term “Person” shall mean any individual, firm, partnership, corporation or other entity,
including any successor (by merger or otherwise) of such entity, or a group of any of the foregoing acting in concert.

 

(n)              
Separation from Service. For purposes of this Agreement, the term “Separation from Service” means an
Executive’s Termination of Employment, or if the Executive continues to provide services following his or her Termination
of Employment, such later date as is considered a separation from service from the Company and its 409A Affiliates within the meaning
of Code Section 409A. Specifically, if Executive continues to provide services to the Company or a 409A Affiliate in a capacity
other than as an employee, such shift in status is not automatically a Separation from Service.

 

(o)              
Termination of Employment. For purposes of this Agreement, the Executive’s termination of employment shall
be presumed to occur when the Company and Executive reasonably anticipate that no further services will be performed by the Executive
for the Company and its 409A Affiliates or that the level of bona fide services the Executive will perform as an employee of the
Company and its 409A Affiliates will permanently decrease to no more than 20% of the average level of bona fide services performed
by the Executive (whether as an employee or independent contractor) for the Company and its 409A Affiliates over the immediately
preceding 36-month period (or such lesser period of services). The Executive’s termination of employment shall be presumed
not to occur where the level of bona fide services performed by the Executive for the Company and its 409A Affiliates continues
at a level that is 50% or more of the average level of bona fide services performed by the Executive (whether as an employee or
independent contractor) for the Company and its 409A Affiliates over the immediately preceding 36-month period (or such lesser
period of service). No presumption applies to a decrease in services that is more than 20% but less than 50%, and in such event,
whether the Executive has had a Termination of Employment will be determined in good faith by the Company based on the facts and
circumstances in accordance with Code Section 409A. Notwithstanding the foregoing, if Executive takes a leave of absence for purposes
of military leave, sick leave or other bona fide leave of absence, the Executive will not be deemed to have incurred a Separation
from Service for the first 6 months of the leave of absence, or if longer, for so long as the Executive’s right to reemployment
is provided either by statute or by contract, including this Agreement; provided that if the leave of absence is due to
a medically determinable physical or mental impairment that can be expected to result in death or last for a continuous period
of not less than six months, where such impairment causes the Executive to be unable to perform the duties of his or her position
of employment or any substantially similar position of employment, the leave may be extended for up to 29 months without causing
a Termination of Employment.

 

    	5

    	 

    

 

(p)              
Termination Date. Except as otherwise provided in Section 2(b), Section 9(b), and Section 16(a),
the term “Termination Date” means (i) if the Executive’s Termination of Employment is by the Executive’s
death, the date of death; (ii) if the Executive’s Termination of Employment is by reason of voluntary early retirement, as
agreed in writing by the Employer and the Executive, the date of such early retirement which is set forth in such written agreement;
(iii) if the Executive’s Termination of Employment for purposes of this Agreement is by reason of disability pursuant to
Section 11, the earlier of thirty days after the Notice of Termination is given or one day prior to the end of the Employment
Period; (iv) if the Executive’s Termination of Employment is by the Executive voluntarily (other than for Good Reason), the
date the Notice of Termination is given; and (v) if the Executive’s Termination of Employment is by the Employer (other than
by reason of disability pursuant to Section 11) or by the Executive for Good Reason, the earlier of thirty days after the
Notice of Termination is given or one day prior to the end of the Employment Period. Notwithstanding the foregoing,

 

(A)            
If termination is for Cause pursuant to Section 1(f)(iii) and if the Executive has cured the conduct constituting
such Cause as described by the Employer in its Notice of Termination within such thirty-day or shorter period, then the Executive’s
employment hereunder shall continue as if the Employer had not delivered its Notice of Termination.

 

(B)             
If the Executive shall in good faith give a Notice of Termination for Good Reason and the Employer notifies the Executive
that a dispute exists concerning the termination within the fifteen-day period following receipt thereof, then the Executive may
elect to continue his or her employment during such dispute and the Termination Date shall be determined under this paragraph.
If the Executive so elects and it is thereafter determined that Good Reason did exist, the Termination Date shall be the earliest
of (1) the date on which the dispute is finally determined, either (x) by mutual written agreement of the parties or (y) in accordance
with Section 21, (2) the date of the Executive’s death or (3) one day prior to the end of the Employment Period. If
the Executive so elects and it is thereafter determined that Good Reason did not exist, then the employment of the Executive hereunder
shall continue after such determination as if the Executive had not delivered the Notice of Termination asserting Good Reason and
there shall be no Termination Date arising out of such Notice. In either case, this Agreement continues, until the Termination
Date, if any, as if the Executive had not delivered the Notice of Termination except that, if it is finally determined that Good
Reason did exist, the Executive shall in no case be denied the benefits described in Section 8 (including a Termination
Payment) based on events occurring after the Executive delivered his Notice of Termination.

 

    	6

    	 

    

 

(C)             
Except as otherwise provided herein, if the party receiving the Notice of Termination notifies the other party that a dispute
exists concerning the termination within the appropriate period following receipt thereof and it is finally determined that the
reason asserted in such Notice of Termination did not exist, then (1) if such Notice was delivered by the Executive, the Executive
will be deemed to have voluntarily terminated his employment and the Termination Date shall be the earlier of the date fifteen
days after the Notice of Termination is given or one day prior to the end of the Employment Period and (2) if delivered by the
Company, the Company will be deemed to have terminated the Executive other than by reason of death, disability or Cause.

 

2.                 
Termination or Cancellation Prior to Change in Control.

 

(a)               
Subject to Section 2(b), the Employer and the Executive shall each retain the right to terminate the employment of
the Executive at any time prior to a Change in Control of the Company. Subject to Section 2(b), in the event the Executive’s
employment is terminated prior to a Change in Control of the Company, this Agreement shall be terminated and cancelled and of no
further force and effect, and any and all rights and obligations of the parties hereunder shall cease.

 

(b)              
Anything in this Agreement to the contrary notwithstanding, if a Change in Control of the Company occurs and if the Executive’s
employment with the Employer is terminated (other than a termination due to the Executive’s death or as a result of the Executive’s
disability) during the period of 180 days prior to the date on which the Change in Control of the Company occurs, and if it is
reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party who has taken
steps reasonably calculated to effect a Change in Control of the Company or (ii) was by the Executive for Good Reason or was by
the Employer for other than Cause and otherwise arose in connection with or in anticipation of a Change in Control of the Company,
then for all purposes of this Agreement such termination of employment shall be deemed a “Covered Termination,” “Notice
of Termination” shall be deemed to have been given, and the “Employment Period” shall be deemed to have begun
on the date of such termination which shall be deemed to be the “Termination Date” and the date of the Change of Control
of the Company for purposes of this Agreement.

 

3.                 
Employment Period; Vesting of Certain Benefits.

 

(a)               
If a Change in Control of the Company occurs when the Executive is employed by the Employer, the Employer will continue
thereafter to employ the Executive during the Employment Period, and the Executive will remain in the employ of the Employer in
accordance with and subject to the terms and provisions of this Agreement. Any Termination of Employment during the Employment
Period, whether by the Company or the Employer, shall be deemed a termination by the Company for purposes of this Agreement.

 

    	7

    	 

    

 

(b)              
If a Change in Control of the Company occurs when the Executive is employed by the Employer, the Company shall cause all
stock options granted to the Executive prior to the Change in Control of the Company pursuant to the Company’s stock option
plan(s) to be fully and immediately vested upon such a Change in Control of the Company.

 

4.                 
Duties. During the Employment Period, the Executive shall, in the same capacities and positions held by the Executive
at the time of the Change in Control of the Company or in such other capacities and positions as may be agreed to by the Employer
and the Executive in writing, devote the Executive’s best efforts and all of the Executive’s business time, attention
and skill to the business and affairs of the Employer, as such business and affairs now exist and as they may hereafter be conducted.

 

5.                 
Compensation. During the Employment Period, the Executive shall be compensated as follows:

 

(a)               
The Executive shall receive, at reasonable intervals (but not less often than monthly) and in accordance with such standard
policies as may be in effect immediately prior to the Change in Control of the Company, an annual base salary in cash equivalent
of not less than twelve times the Executive’s highest monthly base salary for the twelve-month period immediately preceding
the month in which the Change in Control of the Company occurs or, if higher, an annual base salary at the rate in effect immediately
prior to the Change in Control of the Company (determined prior to any reduction for amounts deferred under Section 401(k) of the
Code or otherwise, or deducted pursuant to a cafeteria plan under Section 125 of the Code) (such salary amount is hereafter referred
to as the “Annual Base Salary”).

 

(b)              
The Executive shall receive Fringe Benefits at least equal in value to the highest value of such benefits provided for the
Executive at any time during the 180-day period immediately prior to the Change in Control of the Company or, if more favorable
to the Executive, those provided generally at any time during the Employment Period to any executives of the Employer of comparable
status and position to the Executive; and shall be reimbursed, at such intervals and in accordance with such standard policies
that are most favorable to the Executive that were in effect at any time during the 180-day period immediately prior to the Change
in Control of the Company, for any and all monies advanced in connection with the Executive’s employment for reasonable and
necessary expenses incurred by the Executive on behalf of the Employer, including travel expenses.

 

(c)               
The Executive and/or the Executive’s family, as the case may be, shall be included, to the extent eligible thereunder
(which eligibility shall not be conditioned on the Executive’s salary grade or on any other requirement which excludes persons
of comparable status to the Executive unless such exclusion was in effect for such plan or an equivalent plan at any time during
the 180-day period immediately prior to the Change in Control of the Company), in any and all plans providing benefits for the
Employer’s salaried employees in general, including but not limited to group life insurance, hospitalization, medical (including
prescription drug coverage), dental, profit sharing and stock bonus plans; provided, that, (i) in no event shall the aggregate
level of benefits under such plans in which the Executive is included be less than the aggregate level of benefits under plans
of the Employer of the type referred to in this Section 5(c) in which the Executive was participating at any time during
the 180-day period immediately prior to the Change in Control of the Company and (ii) in no event shall the aggregate level of
benefits under such plans be less than the aggregate level of benefits under plans of the type referred to in this Section 5(c)
provided at any time after the Change in Control of the Company to any executive of the Employer of comparable status and position
to the Executive.

 

    	8

    	 

    

 

(d)              
The Executive shall annually be entitled to not less than the amount of paid vacation and not fewer than the highest number
of paid holidays to which the Executive was entitled annually at any time during the 180-day period immediately prior to the Change
in Control of the Company or such greater amount of paid vacation and number of paid holidays as may be made available annually
to other executives of the Employer of comparable status and position to the Executive at any time during the Employment Period.

 

(e)               
The Executive shall be included in all plans providing additional benefits to executives of the Employer of comparable status
and position to the Executive, including but not limited to deferred compensation, split-dollar life insurance, supplemental retirement,
stock option, stock appreciation, stock bonus and similar or comparable plans; provided, that, (i) in no event shall the
aggregate level of benefits under such plans be less than the highest aggregate level of benefits under plans of the Employer of
the type referred to in this Section 5(e) in which the Executive was participating at any time during the 180-day period
immediately prior to the Change in Control of the Company; (ii) in no event shall the aggregate level of benefits under such plans
be less than the aggregate levels of benefits under plans of the type referred to in this Section 5(e) provided at any time
after the Change in Control of the Company to any executive of the Employer comparable in status and position to the Executive;
and (iii) the Employer’s obligation to include the Executive in bonus or incentive compensation plans shall be determined
by Section 5(f).

 

(f)               
To assure that the Executive will have an opportunity to earn incentive compensation after a Change in Control of the Company,
the Executive shall be included in a bonus plan of the Employer which shall satisfy the standards described below (such plan, the
“Bonus Plan”). Bonuses under the Bonus Plan shall be payable with respect to achieving such financial or other goals
reasonably related to the business of the Employer as the Employer shall establish (the “Goals”), all of which Goals
shall be attainable, prior to the end of the Employment Period, with approximately the same degree of probability as the most attainable
goals under the Employer’s bonus plan or plans as in effect at any time during the 180-day period immediately prior to the
Change in Control of the Company (whether one or more, the “Company Bonus Plan”) and in view of the Employer’s
existing and projected financial and business circumstances applicable at the time. The amount of the bonus (the “Bonus Amount”)
that the Executive is eligible to earn under the Bonus Plan shall be no less than the amount of the Executive’s maximum award
provided in such Company Bonus Plan (such bonus amount herein referred to as the “Targeted Bonus”), and in the event
the Goals are not achieved such that the entire Targeted Bonus is not payable, the Bonus Plan shall provide for a payment of a
Bonus Amount equal to a portion of the Targeted Bonus reasonably related to that portion of the Goals which were achieved. Payment
of the Bonus Amount shall not be affected by any circumstance occurring subsequent to the end of the Employment Period, including
termination of the Executive’s employment.

 

    	9

    	 

    

 

6.                 
Termination For Cause or Without Good Reason. If there is a Covered Termination for Cause or due to the Executive’s
voluntarily terminating his or her employment other than for Good Reason (any such terminations to be subject to the procedures
set forth in Section 12), then the Executive shall be entitled to receive only Accrued Benefits.

 

7.                 
Termination Giving Rise to a Termination Payment. If there is a Covered Termination by the Executive for Good Reason,
or by the Company other than by reason of (i) death, (ii) disability pursuant to Section 11, or (iii) Cause (any such terminations
to be subject to the procedures set forth in Section 12), then the Executive shall be entitled to receive, and the Company
shall promptly pay, Accrued Benefits and, in lieu of further base salary for periods following the Termination Date, as liquidated
damages and additional severance pay and in consideration of the covenant of the Executive set forth in Section 13(a),
the Termination Payment pursuant to Section 8(a).

 

8.                 
Payments Upon Termination.

 

(a)               
Termination Payment.

 

(i)                
The “Termination Payment” shall be an amount equal to the Annual Base Salary (determined as of the time of
the Change in Control of the Company or, if higher, immediately prior to the date the Notice of Termination is given). Subject
to Section 8(a)(ii), the Termination Payment shall be paid to the Executive in cash equivalent on the first day of
the seventh month following the month in which the Executive’s Separation from Service occurs, and the Termination Payment
shall be accompanied by a payment of interest calculated at the applicable federal rate, such rate to be determined on the Termination
Date, compounded quarterly. Notwithstanding the foregoing, subject to Section 8 (a)(ii), in the event the Executive’s
Termination Date is pursuant to Section 2(b), the Termination Payment shall be paid on the sixtieth (60th) calendar
day after the date of the Change in Control of the Company (as defined without reference to Section 2(b)), without interest.
Such lump sum payment shall not be reduced by any present value or similar factor, and the Executive shall not be required to
mitigate the amount of the Termination Payment by securing other employment or otherwise, nor will such Termination Payment be
reduced by reason of the Executive securing other employment or for any other reason. The Termination Payment shall be in lieu
of, and acceptance by the Executive of the Termination Payment shall constitute the Executive’s release of any rights of
the Executive to, any other cash severance payments under any Company severance policy, practice or agreement.

 

    	10

    	 

    

 

(ii)               It
is a condition of payment of the Termination Payment that the Executive deliver a full release to the Company, in such form
as is reasonably determined by the Company, no later than eight (8) days prior to the date the Termination Payment is to be
paid pursuant to Section 8 (a)(i). If the Executive does not timely deliver a full release to the Company, or if
the Executive delivers such a release but revokes it (to the extent he is able to do so) prior to the date the Termination
Payment is due, then the Executive shall not be entitled to the Termination Payment.

 

(b)              
Application of Limits on Payments.

 

(i)                
Determination of Cap or Payment. Notwithstanding any other provision of this Agreement, if any portion of the Termination
Payment or any other payment under this Agreement, or under any other agreement with the Executive or plan of the Company or its
Affiliates (in the aggregate, “Total Payments”), would constitute an “excess parachute payment” and would,
but for this Section 9(b), result in the imposition on the Executive of an excise tax under Code Section 4999 or any successor
provision, then the Total Payments to be made to the Executive shall either be (A) delivered in full, or (B) delivered in such
amount so that no portion of such Total Payment would be subject to the Excise Tax, whichever of the foregoing results in the receipt
by the Executive of the greatest benefit on an after-tax basis (taking into account the applicable federal, state and local income
taxes and the excise tax).

 

(ii)              
Procedures. Upon the reasonable request of either party, the Executive and the Company, at the Company’s expense,
shall engage nationally recognized tax counsel (“National Tax Counsel”), selected by the Company’s independent
auditors and reasonably acceptable to the Executive (which may be regular outside counsel to the Company), to make the determination
(which need not be unqualified) The determination of National Tax Counsel shall be addressed to the Company and the Executive and
shall be binding upon the Company and the Executive. If such National Tax Counsel so requests, the Company shall obtain, at the
Company’s expense, and the National Tax Counsel may rely on, the advice of a firm of recognized executive compensation consultants
for any matters relevant to such determination

 

(iii)             Costs
of Determinations. The Company agrees to bear all costs associated with, and to indemnify and hold harmless, the National
Tax Counsel of and from any and all claims, damages, and expenses resulting from or relating to its determinations pursuant
to this Section 8 (b), except for claims, damages or expenses resulting from the gross negligence or willful
misconduct of such firm.

 

9.                 
Death.

 

(a)                Except
as provided in Section 9 (b), in the event of a Covered Termination due to the Executive’s death,
the Executive’s estate, heirs and beneficiaries shall receive all the Executive’s Accrued Benefits through the
Termination Date.

 

(b)              
In the event the Executive dies after a Notice of Termination is given (i) by the Company or (ii) by the Executive for
Good Reason, the Executive’s estate, heirs and beneficiaries shall be entitled to the benefits described in Section 9(a)
and, subject to the provisions of this Agreement, to such Termination Payment as the Executive would have been entitled to had
the Executive lived, except that the Termination Payment shall be paid within ninety (90) days following the date of the Executive’s
death, without interest thereon. For purposes of this Section 9(b), the Termination Date shall be the earlier of thirty
days following the giving of the Notice of Termination or one day prior to the end of the Employment Period.

 

    	11

    	 

    

 

10.             
Retirement. If, during the Employment Period, the Executive and the Employer shall execute an agreement providing
for the early retirement of the Executive from the Employer, or the Executive shall otherwise give notice that he is voluntarily
choosing to retire early from the Employer, the Executive shall receive Accrued Benefits through the Termination Date; provided,
that if the Executive’s employment is terminated by the Executive for Good Reason or by the Company other than by reason
of death, disability or Cause and the Executive also, in connection with such termination, elects voluntary early retirement, the
Executive shall also be entitled to receive a Termination Payment pursuant to Section 8.

 

11.             
Termination for Disability. If, during the Employment Period, as a result of the Executive’s disability due
to physical or mental illness or injury (regardless of whether such illness or injury is job-related), the Executive shall have
been absent from the Executive’s duties hereunder on a full-time basis for a period of six consecutive months and, within
thirty days after the Company notifies the Executive in writing that it intends to terminate the Executive’s employment
(which notice shall not constitute the Notice of Termination contemplated below), the Executive shall not have returned to the
performance of the Executive’s duties hereunder on a full-time basis, the Company may terminate the Executive’s employment
for purposes of this Agreement pursuant to a Notice of Termination given in accordance with Section 12. If the Executive’s
employment is terminated on account of the Executive’s disability in accordance with this Section, the Executive shall receive
Accrued Benefits through the Termination Date and shall remain eligible for all benefits provided by any long term disability
programs of the Company in effect at the time of such termination.

 

12.             
Termination Notice and Procedure. Any Covered Termination by the Company or the Executive (other than a termination
of the Executive’s employment that is a Covered Termination by virtue of Section 2(b)) shall be communicated by a
written notice of termination (“Notice of Termination”) to the Executive, if such Notice is given by the Company, and
to the Company, if such Notice is given by the Executive, all in accordance with the following procedures and those set forth in
Section 22

 

:

(a)               
If such termination is for disability, Cause or Good Reason, the Notice of Termination shall indicate in reasonable detail
the facts and circumstances alleged to provide a basis for such termination.

 

(b)              
Any Notice of Termination by the Company shall have been approved, prior to the giving thereof to the Executive, by a resolution
duly adopted by a majority of the directors of the Company (or any successor corporation) then in office.

 

(c)               
If the Notice is given by the Executive for Good Reason, the Executive may cease performing his duties hereunder on or after
the date fifteen days after the delivery of Notice of Termination and shall in any event cease employment on the Termination Date.
If the Notice is given by the Company, then the Executive may cease performing his duties hereunder on the date of receipt of the
Notice of Termination, subject to the Executive’s rights hereunder.

 

    	12

    	 

    

 

(d)              
The Executive shall have thirty days, or such longer period as the Company may determine to be appropriate, to cure any
conduct or act, if curable, alleged to provide grounds for termination of the Executive’s employment for Cause under this
Agreement pursuant to Section 1(f)(iii).

 

(e)                The
recipient of any Notice of Termination shall personally deliver or mail in accordance with Section 22 written notice
of any dispute relating to such Notice of Termination to the party giving such Notice within fifteen days after
receipt thereof; provided, however, that if the Executive’s conduct or act alleged to provide grounds for
termination by the Company for Cause is curable, then such period shall be thirty days. After the expiration of such period,
the contents of the Notice of Termination shall become final and not subject to dispute.

 

13.             
Further Obligations of the Executive.

 

(a)               
Competition. The Executive agrees that, in the event of any Covered Termination where the Executive is entitled
to Accrued Benefits and the Termination Payment, the Executive shall not, for a period expiring one year after the Termination
Date, without the prior written approval of the Company’s Board of Directors, participate in the management of, be employed
by or own any business enterprise at a location within the United States or China that engages in substantial competition with
the Company or its subsidiaries, where such enterprise’s revenues from any competitive activities amount to 10% or more
of such enterprise’s net revenues and sales for its most recently completed fiscal year; provided, however, that
nothing in this Section 13(a) shall prohibit the Executive from owning stock or other securities of a competitor amounting
to less than five percent of the outstanding capital stock of such competitor.

 

(b)              
Confidentiality. During and following the Executive’s employment by the Company, the Executive shall hold in
confidence and not directly or indirectly disclose or use or copy or make lists of any confidential information or proprietary
data of the Company (including that of the Employer), except to the extent authorized in writing by the Board of Directors of the
Company or required by any court or administrative agency, other than to an employee of the Company or a person to whom disclosure
is reasonably necessary or appropriate in connection with the performance by the Executive of duties as an executive of the Company.
Confidential information shall not include any information known generally to the public or any information of a type not otherwise
considered confidential by persons engaged in the same business or a business similar to that of the Company. All records, files,
documents and materials, or copies thereof, relating to the business of the Company which the Executive shall prepare, or use,
or come into contact with, shall be and remain the sole property of the Company and shall be promptly returned to the Company upon
termination of employment with the Company.

 

14.             
Expenses and Interest. If, after a Change in Control of the Company, (a) a dispute arises with respect to the enforcement
of the Executive’s rights under this Agreement or (b) any legal or arbitration proceeding shall be brought to enforce or
interpret any provision contained herein or to recover damages for breach hereof, in either case so long as the Executive is not
acting in bad faith, then the Company shall reimburse the Executive for any reasonable attorneys’ fees and necessary costs
and disbursements incurred as a result of the dispute, legal or arbitration proceeding (“Expenses”), and prejudgment
interest on any money judgment or arbitration award obtained by the Executive calculated at the applicable federal rate from the
date that payments to him or her should have been made under this Agreement. Within ten days after the Executive’s written
request therefor (but in no event later than the end of the calendar year following the calendar year in which such Expense is
incurred), the Company shall reimburse the Executive, or such other person or entity as the Executive may designate in writing
to the Company, the Executive’s reasonable Expenses.

 

    	13

    	 

    
 

15.             
Payment Obligations Absolute. The Company’s obligation during and after the Employment Period to pay the Executive
the amounts and to make the benefit and other arrangements provided herein shall be absolute and unconditional and shall not be
affected by any circumstances, including, without limitation, any setoff, counterclaim, recoupment, defense or other right which
the Company may have against him or anyone else, except as provided in Section 19. Executive shall not be required to mitigate
damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, and compensation
earned from such employment or otherwise shall not reduce the amounts otherwise payable under this Agreement. Except as provided
in Section 8(b) and Section 14, all amounts payable by the Company hereunder shall be paid without notice or demand.
Each and every payment made hereunder by the Company shall be final, and the Company will not seek to recover all or any part
of such payment from the Executive, or from whomsoever may be entitled thereto, for any reason whatsoever.

 

16.             
Successors.

 

(a)               
If the Company sells, assigns or transfers all or substantially all of its business and assets to any Person or if the Company
merges into or consolidates or otherwise combines (where the Company does not survive such combination) with any Person (any such
event, a “Sale of Business”), then the Company shall assign all of its right, title and interest in this Agreement
as of the date of such event to such Person, and the Company shall cause such Person, by written agreement in form and substance
reasonably satisfactory to the Executive, to expressly assume and agree to perform from and after the date of such assignment all
of the terms, conditions and provisions imposed by this Agreement upon the Company. Failure of the Company to obtain such agreement
prior to the effective date of such Sale of Business shall be a breach of this Agreement constituting “Good Reason”
hereunder, except that for purposes of implementing the foregoing the date upon which such Sale of Business becomes effective shall
be deemed the Termination Date. In case of such assignment by the Company and of assumption and agreement by such Person, as used
in this Agreement, “Company” shall thereafter mean such Person which executes and delivers the agreement provided for
in this Section 16 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law,
and this Agreement shall inure to the benefit of, and be enforceable by, such Person. The Executive shall, in his or her discretion,
be entitled to proceed against any or all of such Persons, any Person which theretofore was such a successor to the Company and
the Company (as so deemed) in any action to enforce any rights of the Executive hereunder. Except as provided in this Section
16(a), this Agreement shall not be assignable by the Company. This Agreement shall not be terminated by the voluntary or involuntary
dissolution of the Company.

 

    	14

    	 

    

 

(b)              
This Agreement and all rights of the Executive shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, heirs and beneficiaries. All amounts payable to the Executive under
Sections 6, 7, 8, 9, 10, 11 and 14 if the Executive had lived shall be paid, in the event of the Executive’s death,
to the Executive’s estate, heirs and representatives; provided, however, that the foregoing shall not be construed
to modify any terms of any benefit plan of the Employer, as such terms are in effect on the date of the Change in Control of the
Company, that expressly govern benefits under such plan in the event of the Executive’s death.

 

17.             
Severability. The provisions of this Agreement shall be regarded as divisible, and if any of said provisions or any
part hereof are declared invalid or unenforceable by a court of competent jurisdiction, the validity and enforceability of the
remainder of such provisions or parts hereof and the applicability thereof shall not be affected thereby.

 

18.             
Contents of Agreement; Waiver of Rights; Amendment. This Agreement sets forth the entire understanding between the
parties hereto with respect to the subject matter hereof and supersedes, and the Executive hereby waives all rights under, any
prior or other agreement or understanding between the parties with respect to such subject matter. This Agreement may not be amended
or modified at any time except by written instrument executed by the Company and the Executive.

 

19.             
Withholding. The Company shall be entitled to withhold from amounts to be paid to the Executive hereunder any federal,
state or local withholding or other taxes or charges which it is from time to time required to withhold; provided, that
the amount so withheld shall not exceed the minimum amount required to be withheld by law. The Company shall be entitled to rely
on an opinion of the National Tax Counsel if any question as to the amount or requirement of any such withholding shall arise.

 

20.             
Certain Rules of Construction. No party shall be considered as being responsible for the drafting of this Agreement
for the purpose of applying any rule construing ambiguities against the drafter or otherwise. No draft of this Agreement shall
be taken into account in construing this Agreement. Any provision of this Agreement which requires an agreement in writing shall
be deemed to require that the writing in question be signed by the Executive and an authorized representative of the Company.

 

21.             
Governing Law; Resolution of Disputes. This Agreement and the rights and obligations hereunder shall be governed
by and construed in accordance with the laws of the State of Massachusetts. Any dispute arising out of this Agreement shall, at
the Executive’s election, be determined by arbitration under the rules of the American Arbitration Association then in effect
(in which case both parties shall be bound by the arbitration award) or by litigation. Whether the dispute is to be settled by
arbitration or litigation, the venue for the arbitration or litigation shall be Boston, Massachusetts or, at the Executive’s
election, if the Executive is not then residing or working in the Boston, Massachusetts metropolitan area, in the judicial district
encompassing the city in which the Executive resides; provided, that, if the Executive is not then residing in the United
States, the election of the Executive with respect to such venue shall be either Boston, Massachusetts or in the judicial district
encompassing that city in the United States among the thirty cities having the largest population (as determined by the most recent
United States Census data available at the Termination Date) which is closest to the Executive’s residence. The parties consent
to personal jurisdiction in each trial court in the selected venue having subject matter jurisdiction notwithstanding their residence
or situs, and each party irrevocably consents to service of process in the manner provided hereunder for the giving of notices.

 

    	15

    	 

    
 

22.             
Notice. Notices given pursuant to this Agreement shall be in writing and, except as otherwise provided herein, shall
be deemed given when actually received by the Executive or actually received by the Company’s Secretary or any officer of
the Company other than the Executive. If mailed, such notices shall be mailed by United States registered or certified mail, return
receipt requested, addressee only, postage prepaid, if to the Company, to AgFeed Industries, Inc., Attention: Secretary (or President,
if the Executive is then Secretary), 100 Bluegrass Commons Blvd., Suite 310, Hendersonville, Tennessee 37075, or if to the Executive,
at the address set forth below the Executive’s signature to this Agreement, or to such other address as the party to be notified
shall have theretofore given to the other party in writing.

 

23.             
Withholding. The Company shall be entitled to withhold from amounts to be paid to the Executive hereunder any federal,
state or local withholding or other taxes or charges which it is from time to time required to withhold; provided that the
amount so withheld shall not exceed the minimum amount required to be withheld by law. In addition, if prior to the date of payment
of the Termination Payment hereunder, the Federal Insurance Contributions Act (FICA) tax imposed under Sections 3101, 3121(a) and
3121(v)(2), where applicable, becomes due with respect to any payment or benefit to be provided hereunder, the Company may provide
for an immediate payment of the amount needed to pay the Executive’s portion of such tax (plus an amount equal to the taxes
that will be due on such amount) and the Executive’s Termination Payment shall be reduced accordingly. The Company shall
be entitled to rely on an opinion of the National Tax Counsel if any question as to the amount or requirement of any such withholding
shall arise.

 

24.             
Additional Section 409A Provisions. (a) If any payment amount or the value of any benefit under this Agreement is
required to be included in an Executive’s income prior to the date such amount is actually paid or the benefit provided as
a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under
Code Section 409A) to comply with Code Section 409A, then the Executive shall receive a distribution, in a lump sum, within 90
days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with
this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution shall equal the amount required to
be included in the Executives income as a result of such failure and shall reduce the amount of payments or benefits otherwise
due hereunder.

 

(b)              
The Company and the Executive intend the terms of this Agreement to be in compliance with Section 409A of the Code. The
Company does not guarantee the tax treatment or tax consequences associated with any payment or benefit, including but not limited
to consequences related to Section 409A of the Code. To the maximum extent permissible, any ambiguous terms of this Agreement shall
be interpreted in a manner which avoids a violation of Section 409A of the Code.

 

(c)               
The Executive acknowledges that to avoid an additional tax on payments that may be payable or benefits that may be provided
under this Agreement and that constitute deferred compensation that is not exempt from Section 409A of the Code, the Executive
must make a reasonable, good faith effort to collect any payment or benefit to which the Executive believes the Executive is entitled
hereunder no later than 90 days after the latest date upon which the payment could have been made or benefit provided under this
Agreement, and if not paid or provided, must take further enforcement measures within 180 days after such latest date.

 

    	16

    	 

    

 

 

25.             
No Waiver. No waiver by either party at any time of any breach by the other party of, or compliance with, any condition
or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same time or any prior or subsequent time.

 

26.             
Headings. The headings herein contained are for reference only and shall not affect the meaning or interpretation
of any provision of this Agreement.

 

IN WITNESS WHEREOF, the
parties have executed this Agreement as of the day and year first above written.

 

 

 

	 	AGFEED INDUSTRIES, INC.
	 	 
	 	By: 	   
	 	Name

Title
	 	 
	 	 
	 	Attest:
	 	 
	 	 
	 	EXECUTIVE:
	 	 
	 	 
	 	Name: [Executive]
	 	Address:

 

    	17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]