Document:

Amended and Restated Stock Option Agreement

 Exhibit 10.3 
 EXECUTION COPY 
 AMENDED AND RESTATED 

STOCK OPTION AGREEMENT 
 This AMENDED AND RESTATED STOCK OPTION AGREEMENT (this “Agreement”) is dated as of June         , 2004, between TD Holding Corporation, a
Delaware corporation (the “Company”), and Michael Graff (the “Holder”). 
 W I
T N E S S E T H 
 WHEREAS, the Holder serves on the Board of
Directors of the Company (the “Board”); and 
 WHEREAS, in connection with such service, the Company has
previously granted the Holder an option to purchase 883 shares of Stock (as hereinafter defined), subject to the terms and conditions contained in that certain Stock Option Agreement, dated as of July 22, 2003 (the “Date of
Grant”), between the Company and the Holder (the “Prior Agreement”); and 
 WHEREAS, prior to the date
hereof, the Company has amended and restated its 2003 Stock Option Plan in its entirety to clarify certain provisions relating to the vesting of certain performance based options (as so amended and restated, the “Option Plan”); and

 WHEREAS, the parties hereto desire to amend and restate the Prior Agreement in its entirety for purposes of aligning certain
provisions relating to the vesting of certain performance based options with the terms contained in the Option Plan and otherwise to change certain provisions set forth in the Prior Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual promises contained herein, the parties hereto hereby agree that the
terms and conditions of the Options (as hereinafter defined) are as follows: 
 1. Definitions. Capitalized terms not
otherwise defined herein shall have the same meaning as ascribed to such terms in the Option Plan, a copy of which is attached hereto. 
 2. Grant of Option. Subject to the terms and conditions set forth herein, effective as of the Date of Grant, the Company hereby grants to the Holder (i) options to purchase 177 shares of
Stock, at an exercise price equal to $1,000 per share, and subject to the vesting requirements set forth in Section 3(a) below (the “Time Vested Options”) and (ii) options to purchase 706 shares of Stock, at an exercise
price equal to $1,000 per share, and subject to the vesting requirements set forth in Section 3(b) below (the “Performance Vested Options” and, together with the Time Vested Options, the “Options”). Subject to
Section 4 below, the Options shall expire on the tenth (10th) anniversary of the Date of Grant (the “Expiration Date”). 

 3. Vesting. Options shall vest and become exercisable in such manner and on such date
or dates set forth in subsections (a) and (b) below; provided, however, the Committee may in its sole discretion accelerate the vesting of any Option, which acceleration shall not affect the terms and conditions of any such
Option other than with respect to vesting. 
 (a) Time Vested Options. Twenty percent (20%) of the Time Vested
Options shall be fully vested and exercisable on the Date of Grant, and an additional twenty percent (20%) shall vest and become exercisable on each of the first, second, third and fourth anniversaries of the Date of Grant. All Time Vested
Options shall become fully vested and exercisable upon a Change in Control. 
 (b) Performance Vested Options.

 (i) Vesting Based on Annual Performance. For each fiscal year of the Company beginning with
fiscal year 2004 and ending with fiscal year 2008, ten percent (10%) of the Performance Vested Options shall be eligible to become vested and exercisable, provided that the Company has achieved an Annual EBITDA equal to, or in excess of, the
Annual EBITDA Target for such fiscal year. Such Performance Vested Options shall become vested and exercisable as of the date that the Committee verifies that such Annual EBITDA Target has been achieved. For each such fiscal year, the Committee
shall verify whether the Annual EBITDA Target has been achieved, and shall notify the Company’s Chief Executive Officer of its determination with respect thereto, within ten (10) business days after the Committee receives the
Company’s audited financial statements for that fiscal year. If the Company does not achieve the required Annual EBITDA Target for a fiscal year, but in the immediately following fiscal year, the Company has achieved a Cumulative EBITDA equal
to, or in excess of, the Cumulative EBITDA Target for such immediately following fiscal year, in addition to any Performance Vested Options that vest and become exercisable in such immediately following fiscal year in accordance with the preceding
sentence, the Performance Vested Options that were eligible for vesting in the immediately prior fiscal year shall also vest and become exercisable as of the date that the Committee verifies (in the manner specified above) that such Cumulative
EBITDA Target has been achieved. 
 (ii) Cumulative Target. Provided that the Cumulative EBITDA
for fiscal year 2008 is equal to, or in excess of, the Cumulative EBITDA Target for fiscal year 2008, fifty percent (50%) of the Performance Vested Options shall become vested and exercisable as of the date that the Committee verifies that the
Cumulative EBITDA Target for fiscal year 2008 has been achieved. If the Cumulative EBITDA for fiscal year 2008 is in excess of ninety (90%) of the Cumulative EBITDA Target for fiscal year 2008 but less than one hundred percent (100%) of
the Cumulative EBITDA Target for fiscal year 2008, for each whole percentage point between ninety percent (90%) and one hundred percent (100%), five (5%) of the Performance Vested Options shall become vested and exercisable as of the date
that the Committee verifies that such percentage of the Cumulative EBITDA Target for fiscal year 2008 has been achieved. If the Cumulative EBITDA for fiscal year 2008 is less than ninety (90%) of the Cumulative EBITDA Target for such fiscal
year, no Performance Vested Options shall vest and become exercisable based upon achievement of the Cumulative EBITDA Target for

  

 - 2 - 

 
fiscal year 2008. The Committee shall verify whether the Cumulative EBITDA Target for fiscal year 2008 has been achieved, and shall notify the Company’s Chief Executive Officer of its
determination with respect thereto, within ten (10) business days after the Committee receives the Company’s audited financial statements for fiscal year 2008. 
 (iii) Change in Control. In the event of a Change in Control, (1) if the annualized net rate of return to
the Company’s shareholders (excluding any Participants) immediately following the Effective Time from the Effective Time until the date of consummation of such Change in Control (the “NRR”), equals, or is in excess of, twenty
five percent (25%), all Performance Vested Options shall vest and become exercisable on the Change in Control; (2) if the NRR is twenty percent (20%), an additional number of Performance Vested Options shall vest and become exercisable such
that, in the aggregate, seventy five percent (75%) of the Performance Vested Options shall be vested and exercisable on the Change in Control, and (3) in addition to the number of Performance Vested Options that shall vest in accordance
with clause (2) above, for each additional one percent (1%) of NRR in excess of twenty percent (20%) to and including 24.9%, an additional number of Performance Vested Options shall vest and become exercisable such that, in the
aggregate, an additional five percent (5%) of the Performance Vested Options shall be vested and exercisable on the Change in Control. Any Performance Vested Options which have not vested prior to, or upon, a Change in Control, shall terminate.
For purposes of determining NRR, securities of the Company purchased by the Company’s shareholders at the Effective Time shall be valued at the face amount of such securities at such time. In addition, and for the avoidance of doubt, NRR shall
be determined before the dilutive effect of any management fees or carried interest paid to Warburg Pincus by the Fund. 
 (iv) Expiration of Unvested Options. Performance Vested Options which do not vest in accordance with the provisions of this Section 3(b) shall terminate. 
 4. Termination of Service. 
 (a) If prior to the Expiration Date, and except as provided in Section 4(b) below, the Holder shall cease to be a member of the Board for any reason, including in the event the Holder ceases to be a
member of the Board due to his death or Disability, (i) all unvested Options held by the Holder as of the date he ceases to be a member of the Board shall continue to vest (or be eligible for vesting, in the case of Performance Vested Options)
in accordance with the terms hereof and (ii) notwithstanding the fact that the Holder has ceased to be a member of the Board, and except as provided in Section 4(b) below, any vested Options held by the Holder as of the date he ceased to
be a member of the Board or any other Options that thereafter become vested in accordance with the terms hereof, shall remain exercisable in accordance with the terms hereof. 
 (b) If prior to the Expiration Date, the Holder shall cease to be a member of the Board by reason of the Holder’s voluntary resignation
from the Board or by reason of the Holder’s removal from the Board for Cause (as hereinafter defined), (i) all vesting with respect to the Options shall cease, (ii) any unvested Options shall expire as of the date the Holder ceases to
be a member of the Board and (iii) any vested Options shall expire on the earlier of the

  

 - 3 - 

 
Expiration Date or the date that is thirty (30) calendar days after the date that the Holder ceases to be a member of the Board. For purposes hereof, the term “Cause” shall mean
(x) the repeated failure by the Holder, after written notice from the Board, substantially to perform his material duties and responsibilities as a member of the Board or as a member of the board of directors of any of the Company’s
subsidiaries (other than any such failure resulting from incapacity due to reasonably documented physical or mental illness), or (y) any willful misconduct by the Holder that has the effect of materially injuring the business of the Company or
any of its subsidiaries, including, without limitation, the disclosure of material secret or confidential information of the Company or any of its subsidiaries. 
 5. Method of Exercising Options. The Options may be exercised by the delivery to the Company at its principal office or at such other address as may be established by the Committee of written
notice of the number of shares of Stock with respect to which the Options are being exercised accompanied by payment in full of the purchase price of such shares. Payment for shares of Stock acquired pursuant to Options granted hereunder shall be
made in full, upon exercise of the Options (i) in immediately available funds in United States dollars, by certified or bank cashier’s check, (ii) by surrender to the Company of shares of Stock which either (A) have been held by
the Holder for at least six-months, or (B) were acquired from a person other than the Company, (iii) by a combination of (i) and (ii), (iv) prior to an IPO, by delivery of a notice of “net exercise” to the Company,
pursuant to which the Holder shall receive the number of shares of Stock underlying the Options so exercised reduced by the number of shares of Stock equal to the aggregate exercise price of the Options divided by the Fair Market Value on the date
of exercise, or (v) following an IPO, by any other means approved by the Committee. 
 6. Company; Holder.

 (a) The term “Company” as used in this Agreement with reference to employment shall include the Company and its
Affiliates. 
 (b) Whenever the word “Holder” is used in any provision of this Agreement under circumstances where the
provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the Options may be transferred by will or by the laws of descent and distribution, the word “Holder” shall be deemed to
include such person or persons. 
 7. Transferability of Options. Options shall not be transferable except by will or by
the laws of descent and distribution and shall be exercisable during the lifetime of the Holder only by the Holder; provided, however, that subject to the consent of the Committee (such consent not to be unreasonably withheld), a
Nonqualified Stock Option may be transferred for legitimate estate planning purposes to immediate family members and/or trusts or partnerships of which such family members are the sole beneficiaries. The Committee may impose reasonable and customary
conditions on any such transfers. 
 8. Rights as Stockholder. The Holder or a permitted transferee of the Options shall
have no rights as a stockholder with respect to any share covered by the Options until the Holder or such transferee shall have become the holder of record of such share, and no adjustment shall be made for dividends or distributions or other rights
in respect of such share for which the record date is prior to the date upon which Holder shall become the holder of record thereof. 
  

 - 4 - 

 9. Tax Withholding. As a condition of this Agreement, the Holder agrees that at the
time of exercise the Holder shall pay to the Company in cash, or make such other arrangements satisfactory to the Committee regarding payment to the Company of, the aggregate amount of federal, state and local income and payroll taxes that the
Company is required to withhold in connection with the exercise of the Options, if any. 
 10. Representations and Warranties
of the Holder. The Holder hereby represents and warrants to the Company that: 
 (a) the Holder understands that neither the
Options nor the Stock issuable upon exercise thereof has been registered under the Securities Act of 1933, as amended (the “Securities Act”), nor qualified under any state securities laws, and that they are being offered and sold
pursuant to an exemption from such registration and qualification based in part upon such Holder’s representations contained herein; 
 (b) the Holder has such knowledge and experience in financial and business matters that the Holder is capable of evaluating the merits and risks of the investment contemplated by this Agreement; and the
Holder is able to bear the economic risk of this investment in the Company (including a complete loss of this investment); 
 (c) the Holder recognizes that no public market exists for the Stock, and none will exist in the future; that it must bear the economic risk of this investment indefinitely unless the Stock is registered pursuant to the Securities Act or an
exemption from such registration is available, and unless the disposition of such Stock is qualified under applicable state securities laws or an exemption from such qualification is available, and that the Company has no obligation or present
intention of so registering the Stock; understands that there is no assurance that any exemption from the Securities Act will be available, or, if available, that such exemption will allow the Holder to transfer any or all of the Stock, in the
amounts, or at the times the Holder might propose; understands that at the present time Rule 144 (“Rule 144”) promulgated under the Securities Act by the Securities and Exchange Commission is not applicable to sales of the Stock
because it is not registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and there is not publicly available the information concerning the Company specified in Rule 144;
acknowledges that the Company is not presently under any obligation to register under Section 12 of the Exchange Act or to make publicly available the information specified in Rule 144 and that it may never be required to do so; 
 (d) the Holder is acquiring the Options (and the Stock issuable upon exercise thereof) solely for his own account for investment and not
with a view toward the resale, transfer, or distribution thereof, nor with any present intention of distributing the Options or the Stock. Except as specifically provided herein, and except pursuant to agreements previously entered into by the
Holder with the Company, no other person has any right with respect to, or interest in, the Options or the Stock to be purchased by the Holder upon exercise thereof, nor has the Holder agreed to give any person any such interest or right in the
future; 
  

 - 5 - 

 (e) except as specifically provided herein, and except for contracts or agreements with the
Company, the Holder has no contract, undertaking, understanding, agreement or arrangement, faunal or informal, with any person to sell, transfer or pledge all or any portion of the Options or Stock, and has no current plans to enter into any such
contract, undertaking, understanding, agreement or arrangement; 
 (f) the Holder has not seen, received, been presented with,
or been solicited by any leaflet, public promotional meeting, article or any other form of advertising or general solicitation as to the Company’s sale to such Holder of the Options or Stock; and 
 (g) the Holder is familiar with the business and operations of the Company and has been afforded full and complete access to the books,
financial statements, records, contracts, documents and other information concerning the Company and its proposed activities, and has been afforded an opportunity to ask such questions of the Company’s agents, accountants and other
representatives concerning the Company’s proposed business, operations, financial condition, assets, liabilities and other relevant matters as he has deemed necessary or desirable, and has been given all such information as has been requested,
in order to evaluate the merits and risks of the investment contemplated herein. 
 11. Adjustment for Recapitalization,
Merger, etc. 
 (a) Capitalization Adjustments. The aggregate number of shares of Stock which may be purchased
pursuant to Options granted hereunder, the number of shares of Stock covered by each Option, and the price per share thereof in each such Option may be subject to adjustment or substitution, as determined by the Committee in its sole discretion, as
to the number, price or kind of a share of Stock or other consideration subject to such Options or as otherwise determined by the Committee to be equitable (i) in the event of changes in the outstanding Stock or in the capital structure of the
Company by reason of stock dividends, stock splits, reverse stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes in capitalization occurring after the Date of Grant,
(ii) in the event of any change in applicable laws or any change in circumstances which results in or would result in any substantial dilution or enlargement of the rights granted to, or available for, the Holder, or (iii) for any other
reason which the Committee, in its sole discretion, determines otherwise warrants equitable adjustment because it interferes with the intended operation of the Plan or the Options granted hereunder. Any adjustment shall be conclusively determined by
the Committee; provided, in each case, the fair value of the Options immediately following any such adjustment shall be equal to the fair value of the Options immediately prior to such adjustment. 
 (b) Corporate Events. Notwithstanding subsection (a) above, in the event of (i) a merger or consolidation such that after
such merger or consolidation the Company is not the surviving entity or the ultimate parent of the surviving entity, (ii) the sale of all or substantially all of the assets of the Company, or (iii) the reorganization or liquidation of the
Company (a “Corporate Event”), the Company shall require the successor entity or parent thereof to assume all outstanding Options; provided, however, the Committee may, in its discretion and in lieu of requiring such
assumption, provide that all outstanding Options shall terminate as of the consummation of such Corporate Event, and (x) accelerate the exercisability of, or cause all

  

 - 6 - 

 
vesting restrictions to lapse on, all outstanding Time Vested Options to a date at least ten days prior to the date of such Corporate Event and/or (y) provide that holders of vested Options
will receive a cash payment in respect of cancellation of their Options based on the amount (if any) by which the per share consideration being paid for the Stock in connection with such Corporate Event exceeds the applicable exercise price. If a
Corporate Event occurs which does not constitute a Change in Control, the Committee shall take such actions with respect to unvested Performance Vested Options as it considers reasonable and equitable under the circumstances, and to the extent
practicable will require the successor entity or parent thereof to assume such options and adjust the vesting schedule thereon in a manner that is designed to ensure treatment thereof that is consistent with Section 3(b) above. 
 (c) Assumption. For purposes of subsection (b) above, Options shall be considered assumed, without limitation, if, at the time
of issuance of the stock or other consideration upon a Corporate Event, the Holder would be entitled to receive upon exercise of the Options the same number and kind of shares of stock or the same amount of property, cash or securities as the Holder
would have been entitled to receive upon the occurrence of the transaction if the Holder had been, immediately prior to such transaction, the holder of the number of shares of Stock covered by the Options at such time; provided, that if such
consideration received in the transaction is not solely equity securities of the successor entity and the successor entity’s equity securities are listed on a national securities exchange or quoted in the National Market System of the National
Association of Securities Dealers Automated Quotation System, the Committee may, with the consent of the successor entity, provide for the consideration to be received upon exercise of the Options to be solely such equity securities of the successor
entity equal to the Fair Market Value of the per share consideration received by holders of Stock in the Corporate Event. 
 (d)
Fractional Shares. Any such adjustment may provide for the elimination of any fractional share which might otherwise become subject to an option. 
 (e) Dividend Equivalent. In the event of a dividend paid in connection with a recapitalization or similar corporate event, the Holder shall be entitled to receive a dividend equivalent payment
equal to the amount such Holder would otherwise have been entitled to receive had any vested Options held by the Holder at such time been fully exercised immediately prior to such transaction. In no event shall the dividend equivalent be tied to or
otherwise dependent upon the exercise of the Options. 
 12. No Right to Continued Service. This Agreement does not
confer upon the Holder any right to continue as a member of the Board. 
 13. Binding Effect. This Agreement shall be
binding upon the heirs, executors, administrators and successors of the parties hereto. 
 14. Waiver and Amendments. Any
waiver, alteration, amendment or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by the parties hereto; provided, however, that any such waiver, alteration, amendment or modification
is consented to on the Company’s behalf by the Committee. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless
such waiver specifically states that it is to be construed as a continuing waiver. 
  

 - 7 - 

 15. Governing Law. This Agreement shall be construed and interpreted in accordance
with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof. 
  

 - 8 - 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
written above. 
  

							
	TD HOLDING CORPORATION	  		  	MICHAEL GRAFF
				
	By:	 	 /s/ W. Nicholas Howley
	  		  	 /s/ Michael Graff

		 	Signature	  		  	Signature
				
	Title:	 	 CEO
	  		  	 Date: October 10, 2004

				
	Date:	 	 10/6/04
	  		  	

  

 - 9 - 

 FIRST AMENDMENT TO 
 AMENDED AND RESTATED 
 STOCK OPTION AGREEMENT 

 This Amendment, dated October 5, 2009, amends the Amended and Restated Stock Option Agreement between TransDigm Group
Incorporated, a Delaware corporation formerly known as TD Holding Corporation (the “Company”), and Michael Graff (“Holder”) dated as of June 2004 (the “Agreement”). Capitalized terms used but not
defined herein shall have the meanings ascribed to them in the Agreement. 
 WHEREAS, the Agreement provides for dividend
equivalent rights, which were consistent with the dividend equivalent rights afforded to holders of options under the Company’s 2003 Stock Option Plan (as amended, the “Plan”) as of the date of the Agreement; 
 WHEREAS, the dividend equivalent rights afforded to the holders of options under the Plan have since been amended; 
 WHEREAS, the Company and Holder desire to amend the Agreement to provide for dividend equivalent rights consistent with those provided to
holders of options under the Plan. 
 NOW, THEREFORE, for good and valuable consideration, the parties hereby agree as follows:

 Section 11(b) of the Agreement is deleted in its entirety and replaced with the following: 
 “In the event the Company declares a dividend on common stock of the Company, Holder shall be eligible to receive a cash dividend
equivalent payment with respect to any vested Options equal to the amount that Holder would otherwise have been entitled to receive had his Option been fully exercised immediately prior to such declaration. The cash dividend equivalent payment shall
be paid to Holder no later than (A) December 31 of the year in which the dividend is declared or (B) two and one-half months following the end of the calendar month in which the dividend is declared.” 

 IN WITNESS WHEREOF, the parties have set their hands as of the date first above written.

  

									
	TRANSDIGM GROUP INCORPORATED	 		 	
				
	By:	 	 /s/ Gregory Rufus
	 		 	 /s/ Michael Graff

		 	Name:	 	Gregory Rufus	 		 	Michael Graff
		 	Title:	 	Chief Financial Officerf8k100109ex10i_310.htm

    Exhibit
10.1

     

    EMPLOYMENT
AGREEMENT

    

    This Employment Agreement (the
“Agreement”), dated as of October 1, 2009 (the “Effective Date”), is made by and
between 310 Holdings, Inc., a Nevada corporation (the “Company”), and Ronald
Baldwin, Jr. (the “Executive”) (each, a “Party” and collectively, the
“Parties”).

    

    BACKGROUND

    

    WHEREAS, the Company is a
publicly traded company whose shares are quoted on the OTC Bulletin
Board;

     

               WHEREAS, the
Executive is to be employed by the Company as Chief Financial Officer as
described in Section 1; and

    

    WHEREAS, the Parties wish to
establish the terms of the Executive’s employment by the Company;

     

    NOW, THEREFORE, in
consideration of the foregoing, of the mutual promises contained herein and of
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties, intending to be legally bound, hereby agree as
follows:

    
 

    AGREEMENT

    

    1. POSITION/DUTIES.

    

    (a)           During
the Employment Term (as defined in Section 2 below), the Executive shall serve
as a Chief Financial Officer of the Company. In this capacity the Executive
shall be responsible to lead and manage all of the operations of the Company
that are related to finances, including, but is not limited to, providing
expertise in making financial plan and strategy, and working with the Company’s
U.S. legal counsel and auditors to implement, monitor and oversee the Company’s
compliance with the requirements of the Sarbanes-Oxley Act, Securities Act of
the 1933, Exchange Act of the 1934, and the listing rules of the OTC Bulletin
Board and to advise the Board of the Directors with respect to the Company’s
internal controls and procedures, including disclosure controls and
procedures.

    

    (b)           During
the Employment Term, the Executive shall report directly to the Board of
Directors of the Company. The Executive shall obey the lawful directions of the
Board of Directors to whom the Executive reports and shall use his diligent
efforts to promote the interests of the Company and to maintain and promote the
reputation thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    (c)           During
the Employment Term, the Executive shall assist the CEO in coordinating the
Company’s investor relations activities which shall include, but is not limited
to, communications with investors, analysts and media, and the Company’s public
disclosure, and shall implement and monitor the corporate governance of the
Company in compliance with the applicable laws and regulations. The Executive
shall work in conjunction with other members of the executive management team to
support the Company’s business growth.

    

    (d)           During
the Employment Term, in the event that the Company engages in any capital
markets activities, the Executive shall participate in such transactions by
assisting the CEO, underwriters, counsels and auditors, and preparing and/or
reviewing requisite documentations in connection with such
transactions.

    

    (e)           During
the Employment Term, the Executive shall use his best efforts to perform his
duties under this Agreement and shall devote all of his business time, energy
and skill in the performance of his duties with the Company. The Executive shall
not during the Employment Term (except as a representative of the Company or
with consent in writing of the Board) be directly or indirectly engaged or
concerned in any other business activity.

    

    (f)           During
the Employment Term, the Company shall maintain appropriate office space in
Pinellas County, Florida which shall be the principal place of employment of the
Executive. The Company shall provide appropriate furnishing and equipment at the
principal place of employment to allow the Executive to perform the duties under
this Agreement.

    

    2. EMPLOYMENT
TERM.  Except for earlier termination as provided in Section 5,
the Executive’s employment under this Agreement shall be for a three-year
term commencing on the Effective Date and ending on October 1, 2012 (the
“Employment Term”).

    

    3. COMPENSATION.  In
consideration of the services to be rendered hereunder, the Company agrees to
pay to the Executive a base salary at an annual base salary of $144,000, payable
in accordance with the regular payroll practices of the Company (the “Base
Salary”). The Executive will be responsible for his own income tax payable to
relevant federal and state authorities in the United States. The Executive’s
Base Salary shall be subject to annual review by the Board (or a committee
thereof) but shall not be less than the Base Salary for any annual
period.

    

    4. EMPLOYEE
BENEFITS.

    

    (a) Benefit Plans.  The
Executive shall be eligible to participate in any employee benefit plan of the
Company, including, but not limited to, equity, pension, thrift, profit sharing,
medical coverage, education, or other retirement or welfare benefits that the
Company has adopted or may adopt, maintain or contribute to for the benefit of
its senior executives, at a level commensurate with his positions, subject to
satisfying the applicable eligibility requirements. The Company may at any time
or from time to time amend, modify, suspend or terminate any employee benefit
plan, program or arrangement for any reason in its sole discretion.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    (b) Vacation.  The
Executive shall be entitled to an annual paid vacation in accordance with the
Company’s policy applicable to senior executives from time to time in effect,
but in no event less than three weeks per calendar year (as prorated for partial
years), which vacation may be taken at such times as the Executive elects with
due regard to the needs of the Company.  The carry-over of vacation
days shall be in accordance with the Company’s policy applicable to senior
executives from time to time in effect.

    

    (c) Business and Entertainment
Expenses.  Upon presentation of appropriate documentation, the
Executive shall be reimbursed for all reasonable and necessary business and
entertainment expenses incurred in connection with the performance of his duties
hereunder, all in accordance with the Company’s expense reimbursement policy
applicable to senior executives from time to time in effect.

    

    (d) Insurance. The Executive and
each individual family member of the Executive shall be entitled to heath and
insurance plan as determined by the Company after consultation with the
Executive.

    

    5. TERMINATION.  The
Executive’s employment and the Employment Term shall terminate on the first of
the following to occur:

    

    (a) Disability.  On the
thirtieth (30th) day
following written notice by the Company to the Executive of termination due to
Disability. For purposes of this Agreement, “Disability” shall mean a
determination  by the Company in accordance with applicable law that
due to a physical or mental injury, infirmity or incapacity, the Executive is
unable to perform the essential functions of his job with or without
accommodation for 180 days (whether or not consecutive) during any 12-month
period.

    

    (b) Death.  Automatically
on the date of death of the Executive.

    

    (c) Cause.  Immediately
upon written notice by the Company to the Executive of a termination for Cause.
“Cause” shall mean, as determined by the Board (or its designee) (1) conduct by
the Executive in connection with his employment duties or responsibilities that
is fraudulent, unlawful or grossly negligent; (2) the willful misconduct of the
Executive; (3) the willful and continued failure of the Executive to perform the
Executive's duties with the Company (other than any such failure resulting from
incapacity due to physical or mental illness); (4) the commission by the
Executive of any felony  or any crime involving moral turpitude; (5)
violation of any material policy of the Company or any material provision of the
Company’s code of conduct, employee handbook or similar documents; or (6) any
material breach by the Executive of any provision of this Agreement or any other
written agreement entered into by the Executive with the Company.

    

    (d) Without Cause.  On
the sixtieth (60th) day following written notice by either Party to the other
Party without Cause, other than for death or Disability of the
Executive.  The Company may also terminate this Agreement for cause at
any time in the event of the failure of the Executive to perform duties assigned
by the Company in a correct, timely and expeditious manner or in the event of
material violation by the Executive of any term or condition of this
Agreement.   In the event that the Company elects to terminate
Executive pursuant to this paragraph then Executive shall be entitled to
severance of $144,000, said amount shall be deposited in the escrow account of
MacFarland, Ferguson & McMullen who shall act as Escrow Agent pursuant to
the escrow agreement attached hereto as Exhibit A and incorporated
herein.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
 

    (e) Good Reason.  On the
sixtieth (60th) day
following written notice by the Executive to the Company of a termination for
Good Reason. “Good Reason” shall mean, without the express written consent of
the Executive, the occurrence of any the following events unless such events are
cured (if curable) by the Company within fifteen days following receipt of
written notification by the Executive to the Company that he intends to
terminate his employment hereunder for one of the reasons set forth below: any
material reduction or diminution (except temporarily during any period of
incapacity due to physical or mental illness) in the Executive’s title,
authorities, duties or responsibilities or reporting requirements with the
Company.

    

    6. CONSEQUENCES
OF TERMINATION.

    

    (a) Disability.  Upon
termination of the Employment Term because of the Executive’s Disability, the
Company shall pay or provide to the Executive (1) any unpaid Base Salary and any
accrued vacation through the date of termination; (2) reimbursement for any
unreimbursed expenses properly incurred through the date of termination; and (3)
all other payments or benefits to which the Executive may be entitled under the
terms of any applicable employee benefit plan, program or arrangement
(collectively, “Accrued Benefits”).

    

    (b) Death.  Upon the
termination of the Employment Term because of the Executive’s death, the
Executive’s estate shall be entitled to any Accrued Benefits.

    

    (c) Termination for Cause. Upon
the termination of the Employment Term by the Company for Cause or by either
party in connection with a failure to renew this Agreement, the Company shall
pay to the Executive any Accrued Benefits.

    

    (d) Termination without Cause or for Good
Reason.  Upon the termination of the Employment Term by the
Company without Cause or by the Executive with Good Reason, the Company shall
pay or provide to the Executive (1) the Accrued Benefits, and (2) subject to the
Executive’s execution (and non-revocation) of a general release of claims
against the Company and its affiliates in a form reasonably requested by the
Company, (A) continued payment of his Base Salary for two (2) months after
termination, payable in accordance with the regular payroll practices of the
Company, but off the payroll; and (B) payment of the Executive's cost of
continued medical coverage for two (2) months after termination (subject to the
Executive’s co-payment of the costs in the same proportion as such costs were
shared immediately prior to the date of termination). Payments provided under
this Section 6(d) shall be in lieu of any termination or severance payments or
benefits for which the Executive may be eligible under any of the plans,
policies or programs of the Company.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    

    

    7. NO
ASSIGNMENT.

    

    (a) This
Agreement is personal to each of the Parties.  Except as provided
below, no Party may assign or delegate any rights or obligations hereunder
without first obtaining the written consent of the other Party hereto; provided, however, that the
Company may assign this Agreement to any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of
the business or assets of the Company.

    

    (b) The
Company may assign the rights, benefits, and obligations of this Agreement to
Pak-It, LLC a Florida Limited Liability Company (“Pak-It”)from the Effective
Date through December 31, 2009.  Such assignment shall make the
Company and Pak-It jointly and severally liable for the obligations of the
Company in this Agreement.

    

    8. NOTICES. For the purpose of
this Agreement, notices and all other communications provided for in this
Agreement shall be in writing and shall be deemed to have been duly given (1) on
the date of delivery if delivered by hand, (2) on the date of transmission, if
delivered by confirmed facsimile, (3) on the first business day following the
date of deposit if delivered by guaranteed overnight delivery service, or (4) on
the fourth business day following the date delivered or mailed by United States
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

    

    If to the Executive:

    

    Ronald C. Baldwin

    201 Cypress Pond Road

    Palm Harbor,
FL  34683

    

    If to the Company:

    

    310
Holdings, Inc.

    4536
Portage Road, Niagara Falls

    Ontario,
Canada L2E 6A8

    Tel:
(289) 668-7222

    

    With a copy to:

    

    Anslow + Jaclin, LLP

    195 Route 9 South, Suite
204

    Manalapan, New Jersey,
07726

    Attention: Gregg E. Jaclin,
Esq.

    Telephone: (732) 513-6162

    Facsimile: (732) 577-1188

    Email: gjaclin@anslowlaw.com

    

    or to
such other address as either Party may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be effective
only upon receipt.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    9. PROTECTION
OF THE COMPANY’S BUSINESS.

    

    (a) Confidentiality.  The
Executive acknowledges that during the course of his employment by the Company
(prior to and during the Employment Term) he has and will occupy a position of
trust and confidence. The Executive shall hold in a fiduciary capacity for the
benefit of the Company and shall not disclose to others or use, whether directly
or indirectly, any Confidential Information regarding the Company, except (i) as
in good faith deemed necessary by the Executive to perform his duties hereunder,
(ii) to enforce any rights or defend any claims hereunder or under any other
agreement to which the Executive is a party, provided that such disclosure
is relevant to the enforcement of such rights or defense of such claims and is
only disclosed in the formal proceedings related thereto, (iii) when required to
do so by a court of law, by any governmental agency having supervisory authority
over the business of the Company or by any administrative or legislative body
(including a committee thereof) with jurisdiction to order him to divulge,
disclose or make accessible such information, provided that the Executive
shall give prompt written notice to the Company of such requirement, disclose no
more information than is so required, and cooperate with any attempts by the
Company to obtain a protective order or similar treatment, (iv) as to such
Confidential Information that shall have become public or known in the Company’s
industry other than by the Executive’s unauthorized disclosure, or (v) to the
Executive’s spouse, attorney and/or his personal tax and financial advisors as
reasonably necessary or appropriate to advance the Executive’s tax, financial
and other personal planning (each an “Exempt Person”), provided, however, that any disclosure
or use of Confidential Information by an Exempt Person shall be deemed to be a
breach of this Section 10(a) by the Executive.  The Executive shall
take all reasonable steps to safeguard the Confidential Information and to
protect it against disclosure, misuse, espionage, loss and theft.  The
Executive understands and agrees that the Executive shall acquire no rights to
any such Confidential Information. “Confidential Information” shall mean
information about the Company, its subsidiaries and affiliates, and their
respective clients and customers that is not disclosed by the Company and that
was learned by the Executive in the course of his employment by the Company,
including, but not limited to, any proprietary knowledge, trade secrets, data
and databases, formulae, sales, financial, marketing, training and technical
information, client, customer, supplier and vendor lists, competitive
strategies, computer programs and all papers, resumes, and records (including
computer records) of the documents containing such Confidential
Information.

    

    (b) Non-Competition.  During
the Employment Term and for the one-year period following the termination of the
Executive’s employment for any reason (the “Restricted Period”), the Executive
shall not, directly or indirectly, without the prior written consent of the
Company, provide employment (including self-employment), directorship,
consultative or other services to any business, individual, partner, firm,
corporation, or other entity that competes with any business conducted by the
Company or any of its subsidiaries or affiliates on the date of the Executive’s
termination of employment or within one year of the Executive’s termination of
employment in the geographic locations where the Company and its subsidiaries or
affiliates engage or propose to engage in such business (the “Business”).
Nothing herein shall prevent the Executive from having a passive ownership
interest of not more than 2% of the outstanding securities of any entity engaged
in the Business whose securities are traded on a national securities
exchange.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    (c) Non-Solicitation of
Employees.  The Executive recognizes that he possesses and will
possess confidential information about other employees of the Company and its
subsidiaries and affiliates relating to their education, experience, skills,
abilities, compensation and benefits, and inter-personal relationships with
customers of the Company and its subsidiaries and affiliates. The Executive
recognizes that the information he possesses and will possess about these other
employees is not generally known, is of substantial value to the Company and its
subsidiaries and affiliates in developing their business and in securing and
retaining customers, and has been and will be acquired by him because of his
business position with the Company. The Executive agrees that, during the
Restricted Period, he will not, directly or indirectly, (i) solicit or
recruit any employee of the Company or any of its subsidiaries or affiliates (a
“Current Employee”) or any person who was an employee of the Company or any of
its subsidiaries or affiliates during the twelve (12) month period immediately
prior to the date the Executive’s employment terminates (a “Former Employee”)
for the purpose of being employed by him or any other entity, or (ii) hire any
Current Employee or Former Employee.

    

    (d) Non-Solicitation of
Customers.  The Executive agrees that, during the Restricted
Period, he will not, directly or indirectly, solicit or attempt to solicit (i)
any party who is a customer or client of the Company or its subsidiaries, who
was a customer or client of the Company or its subsidiaries at any time during
the twelve (12) month period immediately prior to the date the Executive’s
employment terminates or who is a prospective customer or client that has been
identified and targeted by the Company or its subsidiaries for the purpose of
marketing, selling or providing to any such party any services or products
offered by or available from the Company or its subsidiaries, or (ii) any
supplier or vendor to the Company or any subsidiary to terminate, reduce or
alter negatively its relationship with the Company or any subsidiary or in any
manner interfere with any agreement or contract between the Company or any
subsidiary and such supplier or vendor.

    

    (e) Property.  The
Executive acknowledges that all originals and copies of materials, records and
documents generated by him or coming into his possession during his employment
by the Company or its subsidiaries are the sole property of the Company and its
subsidiaries (the “Company Property”).  During the Employment Term,
and at all times thereafter, the Executive shall not remove, or cause to be
removed, from the premises of the Company or its subsidiaries, copies of any
record, file, memorandum, document, computer related information or equipment,
or any other item relating to the business of the Company or its subsidiaries,
except in furtherance of his duties under this Agreement.  When the
Executive’s employment with the Company terminates, or upon request of the
Company at any time, the Executive shall promptly deliver to the Company all
copies of Company Property in his possession or control.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
 

    (f) Non-Disparagement.  Executive
shall not, and shall not induce others to, Disparage the Company or its
subsidiaries or affiliates or their past and present officers, directors,
employees or products. “Disparage” shall mean making comments or statements to
the press, the Company’s or its subsidiaries’ or affiliates’ employees or any
individual or entity with whom the Company or its subsidiaries or affiliates has
a business relationship which would adversely affect in any manner (1) the
business of the Company or its subsidiaries or affiliates (including any
products or business plans or prospects), or (2) the business reputation of the
Company or its subsidiaries or affiliates, or any of their products, or their
past or present officers, directors or employees.

    

    (g) Cooperation.  Subject
to the Executive’s other reasonable business commitments, following the
Employment Term, the Executive shall be available to cooperate with the Company
and its outside counsel and provide information with regard to any past,
present, or future legal matters which relate to or arise out of the business
the Executive conducted on behalf of the Company and its subsidiaries and
affiliates, and, upon presentation of appropriate documentation, the Company
shall compensate the Executive for any out-of-pocket expenses reasonably
incurred by the Executive in connection therewith.

    

    (h) Equitable Relief and Other
Remedies.  The Executive acknowledges and agrees that the
Company’s remedies at law for a breach or threatened breach of any of the
provisions of this Section 10 would be inadequate and, in recognition of this
fact, the Executive agrees that, in the event of such a breach or threatened or
attempted breach, in addition to any remedies at law, the Company, without
posting any bond, shall be entitled to obtain equitable relief in the form of
specific performance, a temporary restraining order, a temporary or permanent
injunction or any other equitable remedy which may then be available. In
addition, without limiting the Company’s remedies for any breach of any
restriction on the Executive set forth in this Section 10, except as required by
law, the Executive shall not be entitled to any payments set forth in Section
7(d) hereof if the Executive has breached the covenants applicable to the
Executive contained in this Section 10, the Executive will immediately return to
the Company any such payments previously received under Section 5(d) upon such a
breach, and, in the event of such breach, the Company will have no obligation to
pay any of the amounts that remain payable by the Company under Section
5(d).

    

    (i) Reformation.  If it
is determined by a court of competent jurisdiction in any state that any
restriction in this Section 10 is excessive in duration or scope or is
unreasonable or unenforceable under the laws of that state, it is the intention
of the parties that such restriction may be modified or amended by the court to
render it enforceable to the maximum extent permitted by the law of that
state.  The Executive acknowledges that the restrictive covenants
contained in this Section 10 are a condition of this Agreement and are
reasonable and valid in temporal scope and in all other respects.

    

    (j) Survival of
Provisions.  The obligations contained in this Section 10 shall
survive in accordance with their terms the termination or expiration of the
Executive’s employment with the Company and shall be fully enforceable
thereafter.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    10. INDEMNIFICATION.  The
Executive shall be indemnified to the extent permitted by the Company’s
organizational documents which are attached hereto as Exhibit B and to the
extent required by law.

    

    11. SECTION HEADINGS AND
INTERPRETATION. The section headings used in this Agreement are included
solely for convenience and shall not affect, or be used in connection with, the
interpretation of this Agreement. Expressions of inclusion used in this
agreement are to be understood as being without limitation.

    

    12. SEVERABILITY.  The
provisions of this Agreement shall be deemed severable and the invalidity of
unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof.

    

    13. COUNTERPARTS.  This
Agreement may be executed in several counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same
Agreement.

    

    14. GOVERNING LAW AND
VENUE.  The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
Delaware without regard to its conflicts of law principles. The Parties agree
irrevocably to submit to the exclusive jurisdiction of the federal courts or, if
no federal jurisdiction exists, the state courts, located in the City of New
York, for the purposes of any suit, action or other proceeding brought by any
Party arising out of any breach of any of the provisions of this Agreement and
hereby waive, and agree not to assert by way of motion, as a defense or
otherwise, in any such suit, action, or proceeding, any claim that it is not
personally subject to the jurisdiction of the above-named courts, that the suit,
action or proceeding is brought in an inconvenient forum, that the venue of the
suit, action or proceeding is improper, or that the provisions of this Agreement
may not be enforced in or by such courts.  IN ADDITION, THE PARTIES AGREE TO
WAIVE A TRIAL BY JURY.

    

    15. ENTIRE AGREEMENT. This
Agreement contains the entire agreement between the Parties with respect to the
subject matter hereof and supersedes all prior agreements, written or oral, with
respect thereto. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party which are not expressly set forth in this Agreement.

    

    16. WAIVER AND
AMENDMENT.  No provision of this Agreement may be modified,
amended, waived or discharged unless such waiver, modification, amendment or
discharge is agreed to in writing and signed by the Executive and such officer
or director as may be designated by the Board. No waiver by either Party at any
time of any breach by the other Party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other Party
shall be deemed a waiver or similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time.

     

    
 

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    17. WITHHOLDING. The Company may
withhold from any and all amounts payable under this Agreement such federal,
state, local and foreign taxes as may be required to be withheld pursuant to any
applicable law or regulation.

    

    18. AUTHORITY AND
NON-CONTRAVENTION.  The Executive represents and warrants to
the Company that he has the legal right to enter into this Agreement and to
perform all of the obligations on his part to be performed hereunder in
accordance with its terms and that he is not a party to any agreement or
understanding, written or oral, which could prevent him form entering into this
Agreement or performing all of his obligations hereunder.

    

    19. COUNTERPARTS.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original but all of which shall constitute one and the same
instrument.

    

    

    

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the
Parties have executed this Agreement as of the date first written
above.

    

    310 HOLDINGS, INC.

    

    

    /s/ 
John Bordynuik            

    By:   John
Bordynuik

    Title:
President and Chief Executive Officer

    

    

    EXECUTIVE

    

    

    /s/  Ronald Baldwin

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]