Document:

EXHIBIT 4.1

 

Axion
International Holdings, Inc.

 

DEMAND PROMISSORY NOTE

 

 

	$____________	____________

 

FOR VALUE RECEIVED,
Axion International Holdings, Inc., a Colorado corporation (the “Payor”), hereby promises to pay
to the order of ____________ or assigns, residing at __________________________________________ (the “Payee”),
the principal amount of __________________________________________ ($______________), plus all accrued and unpaid interest from
the date of this note (this “Note”) on the unpaid principal balance hereof, upon the terms and conditions
specified below.

 

1.                 
Term. The principal balance of this Note, together with all accrued and unpaid interest to date, shall be
due and payable at anytime after June 30, 2012 on demand.

 

2.                 
Interest Rate. Interest shall accrue on the unpaid principal balance of this Note at the rate equal to 8.00% per
annum.

 

3.                 
Repayment. This Note is one of the Payor’s Demand Promissory Notes (“Notes”) referred to in the
Memorandum of Understanding dated as of April 25, 2012 (the “Memorandum of Understanding”), among Payor,
Payee, ____________, and ____________. The Memorandum of Understanding contains provisions, among others, for the outstanding principal
balance on this Note to be applied against payment by the Payee for the Convertible Promissory Notes to be issued by the Payor
pursuant to the terms thereof.

 

4.                 
Prepayment. This Note may be prepaid in whole or in part without penalty or additional fees. Any prepayment shall
be applied proportionately against the outstanding balances due under all the Notes.

 

5.                 
Defenses. The obligations of the Payor under this Note shall not be subject to reduction, limitation, impairment,
termination, defense, set-off, counterclaim or recoupment for any reason.

 

6.                 
Replacement of Note. Upon receipt by the Payor of evidence satisfactory to it of the loss, theft, destruction, or
mutilation of this Note and, in the case of loss, theft or destruction, of an indemnity reasonably satisfactory to it, and, if
mutilated, upon surrender and cancellation of this Note, the Payor will deliver a new Note of like tenor in lieu of this Note.
Any Note delivered in accordance with the provisions of this Section 6 shall be dated as of the date of this Note.

 

7.                 
Amendments and Waivers. No previous waiver and no failure or delay by the Payee or the Payor in acting with respect
to the terms of this Note shall constitute a waiver of any breach, default or failure of condition under this Note. Any amendment
or waiver of any term of this Note must be made in writing and signed by the Payee and shall be limited to the express terms of
such amendment or waiver, as applicable. The Payor hereby expressly waives presentment and demand for payment at such time as payment
is due under this Note.

 

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8.                 
Governing Law. This Note is made and delivered in, and will be governed by and construed in accordance with the laws
of, the State of Delaware without reference or regard to the conflicts of law rules thereof.

 

9.                 
Notices. All notices or other communications required or permitted to be given hereunder shall be in writing and
shall be deemed given to the Payor or the Payee in accordance with the provisions of the Memorandum of Understanding.

 

10.             
Enforcement.  In the event that the Payee is required to take any action with respect to this Note, including,
but not limited to, any enforcement action taken with respect to the collection of the amounts owed by Payor, Payor shall pay all
fees or expenses incurred by Payee with regard to any such action.

 

11.             
Subordination. This Note shall not be made subordinate or subject in right of payment to the prior payment to any
other indebtedness of the Payor.

 

[Signature page follows]

 

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IN WITNESS WHEREOF,
the Payor has caused this Note to be duly executed by its duly authorized officer as of the date first written above.

 

 
 

	 	AXION INTERNATIONAL HOLDINGS, INC.
	 	 
	 	By: 	  
	 	 	Name: Steve Silverman
Title: CEOTIME ESSENCE, INC.

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (the “Agreement”)
is made as of June 23, 2010 by and between Time Essence, Inc., a Nevada corporation (the “Company”), and Mark
E. Crone, the (“Purchaser”).

 

In consideration of the mutual covenants
and representations set forth below, the Company and Purchaser agree as follows:

 

1.            Purchase
and Sale of the Shares. Subject to the terms and conditions of this Agreement, the Company agrees to sell to Purchaser and
Purchaser agrees to purchase from the Company on the Closing (as defined below) 100,000 shares of the Company’s Common Stock
(the “Shares”) in exchange for past services rendered to the Company, which the Company acknowledges constitutes
full and adequate consideration for the Shares. The Company agrees that the Shares when issued will be fully-paid and nonassessable.

 

2.            Representations
and Warranties of Purchaser. Purchaser understands that the Company’s sale of the Shares to Purchaser has not been registered
under the Securities Act of 1933, as amended, because the Company believes, relying in part on Purchaser’s representations
in this Agreement, that an exemption from such registration requirement is available for such sale. Purchaser understands that
the availability of this exemption depends upon the truth and accuracy of Purchaser’s representations in this Agreement.

 

(a)          Purchasing
for Investment. Purchaser is purchasing the Shares solely for investment purposes, and not for further distribution. Purchaser’s
entire legal and beneficial ownership interest in the Shares is being purchased and shall be held solely for Purchaser’s
account. Purchaser is not a party to, and does not presently intend to enter into, any contract or other arrangement with any other
person or entity involving the resale, transfer, grant of participation with respect to or other distribution of any of the Shares.
Purchaser’s investment intent is not limited to Purchaser’s present intention to hold the Shares for the minimum capital
gains period specified under any applicable tax law, for a deferred sale, for a specified increase or decrease in the market price
of the Shares, or for any other fixed period in the future.

 

(b)          Purchaser
Can Protect His Own Interests. Purchaser can properly evaluate the merits and risks of an investment in the Shares and can
protect Purchaser’s own interests in this regard, whether by reason of Purchaser’s own business and financial expertise,
the business and financial expertise of certain professional advisors unaffiliated with the Company with whom Purchaser has consulted,
or Purchaser’s preexisting business or personal relationship with the Company or any of its officers, directors or controlling
persons.

 

(c)          Purchaser
is Informed About the Company. Purchaser is sufficiently aware of the Company’s business affairs and financial condition
to reach an informed and knowledgeable decision to acquire the Shares. Purchaser has had opportunity to discuss the plans, operations
and financial condition of the Company with its officers, directors or controlling persons, and has received all information it
deems appropriate for assessing the risk of an investment in the Shares.

 

    	 

    	 

    

 

(d)          Purchaser
Recognizes His Economic Risk. Purchaser realizes that the purchase of the Shares involves a high degree of risk, and that the
Company’s future prospects are uncertain. Purchaser is able to hold the Shares indefinitely if required, and is able to bear
the loss of Purchaser’s entire investment in the Shares.

 

(e)          Purchaser
Knows the Shares are Restricted Securities. Purchaser understands that the Shares are “restricted securities” in
that the Company’s sale of the Shares to Purchaser has not been registered under the Securities Act in reliance upon an exemption
for non-public offerings. In this regard, Purchaser also understands and agrees that:

 

(i)      Purchaser
must hold the Shares indefinitely, unless any subsequent proposed resale by Purchaser is registered under the Securities Act, or
unless an exemption from registration is otherwise available;

 

(ii)     the Company
is under no obligation to register any subsequent proposed resale of the Shares by Purchaser; and

 

(iii)    the certificate
evidencing the Shares will be imprinted with a legend which prohibits the transfer of the Shares unless such transfer is registered
or such registration is not required in the opinion of counsel for the Company.

 

3.            Restrictions
on Transfer. Purchaser understands and agrees that the Company shall cause the legends set forth below, or substantially equivalent
legends, to be placed upon any certificate(s) evidencing ownership of the Shares, together with any other legends that may be required
by the Company or by applicable state or federal securities laws:

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE
ACT.

 

(a)          Stop-Transfer
Notices. Purchaser agrees that to ensure compliance with the restrictions referred to herein, the Company may issue appropriate
“stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities,
it may make appropriate notations to the same effect in its own records.

 

(b)          Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord
the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

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4.           General
Provisions.

 

(a)          Choice
of Law; Entire Agreement. This Agreement shall be governed by the internal substantive laws, but not the choice of law rules,
of California.

 

(b)          Integration.
This Agreement represents the entire agreement between the parties with respect to the purchase of the Shares by the Purchaser
and supercedes and replaces any and all prior written or oral agreements regarding the subject matter of this Agreement including,
but not limited to, any representations made during any interviews, relocation discussions or negotiations whether written or oral.

 

(c)          Successors.
Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise)
to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and
agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would
be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company”
shall include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement
described in this Section or which becomes bound by the terms of this Agreement by operation of law. Subject to the restrictions
on transfer set forth in this Agreement, this Agreement shall be binding upon Purchaser and his heirs, executors, administrators,
successors and assigns.

 

(d)          Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same agreement. Facsimile copies of signed signature pages shall be binding originals.

 

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The parties represent that they have read
this Agreement in its entirety, have had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully
understand this Agreement. The Purchaser agrees to notify the Company of any change in his address below.

 

	PURCHASER	 	TIME ESSENCE, INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	/s/ Mark E. Crone	 	/s/ Mark E. Crone
	Print Name	 	Print Name
	 	 	 
	 	 	President and Chief Executive Officer
	 	 	Print Title

 

	Address:	 	 
	 	 	 
	101 Montgomery Street Suite 1950	 	 
	 	 	 
	San Francisco, CA  94104	 	 

 

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