Document:

EX-10.1

EXHIBIT 10.1

10.1 Executive Employment Agreement with Douglas E. Klint, dated December 15, 2002 (incorporated by
reference to Exhibit 10.14 of the Company’s Annual Report on Form 10-KSB for the year ended
December 31, 2002).gost_ex104.htm

    Exhibit
10.4

     

    MARZENA
KARCZEWSKA

    Via dei
Partigiani 67

    55049
Viareggio

    Lucca

    

    GIORGIO
MENDELLA

    Via dei
Partigiani 67

    55049
Viareggio

    Lucca

    

    The
undersigned Giorgio Mendella, born in Monza on 02/03/1953, an Italian citizen
residing in Viareggio at Via dei Partigiani 67 with tax code MNDGRG53C02F704L;
and Marzena Karczewska, an Italian citizen born in Stettino (Poland), residing
in Viareggio at Via dei Partigiani 67 with tax code
KRCMZN68M59Z127B;

     

    having
acknowledged that;

    

    01)  Mr
Nerio Montesel, holder of 100% of the Class A shares of the company GHOST
TECHNOLOGY Inc. of Miami, Florida, USA (formerly IAEG Inc.); as fully identified
from SEC documentation with the ticker code GHST on the OCT market in the United
States; has fulfilled the obligations which were verbally assumed in January
2008 in the context of the preliminary agreements to execute what is contained
in this deed, stated specifically as follows:

    

    01 a) The
company IAEG Inc. has changed its name to Ghost Technology Inc.

     

    01 b) Mr
Montesel has worked to ensure that Ghost Technology Inc. issues 100 million new
ordinary shares and registers them in the name of the parties indicated by Mrs
Marzena Karczewska, her co-holders in the Italian patent known as DEFENDER,
extended to the United States with the claim of 30/07/2003 Atty. Docket No.7106
confirmation No.6021; as well as in the name of her co-owner in the ownership of
Italian patent claim  BO2007A000708, extended to another 120 countries
with the claim referred to in International Application PCT/IB2008/002823 of
22/10/2008

     

    01 c)
That the shares referred to in point 01 b) have been issued and delivered to the
beneficiaries Having
acknowledged the above

     

    a) Mrs
Marzena Karczewska proposes to irreversibly and permanently assign to GHOST
TECHNOLOGY Inc., for the UNITED STATES only, ownership of the Italian patent
known as DEFENDER, relating solely to the patent’s extension to the United
States implemented with the claim of 30/07/2003 Atty. Docket No.7106
confirmation No.6021, thereby also committing her co-owners in the patent since
she is herself the complete, free and sole signatory, as certified by notarial
deeds which the parties acknowledge their awareness of. The patent claim is
assigned solely in relation to the UNITED STATES in fact and in law under its
current conditions, and without this implying that Mrs Marzena Karczewska could
be held in any way accountable for the final outcome of the claim
itself.

     

    b) Mrs
Marzena Karczewska and Mr Giorgio Mendella propose to permanently assign to
GHOST TECHNOLOGY Inc., solely for the UNITED STATES, CANADA and MEXICO, the
ownership of Italian patent claim BO2007A000708, in relation solely to its
extension to the United States, Canada and Mexico implemented with the claim
referred to in International Application PCT/1B2008/002823 of 22/10/2008. The
patent claim is being assigned solely in relation to the UNITED STATES, CANADA
and MEXICO in fact and in law under its current conditions, and without this
implying that Mrs Marzena Karczewska and/or Mr Giorgio Mendella could be held in
any way accountable for the final outcome of the claim itself.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    c) The
assignment of the partial ownership of the patents referred to in points a) and
b) is intended to relate solely to the part therein which refers to the UNITED
STATES for point a) and solely to the UNITED STATES, CANADA and MEXICO for point
b), with all ownership and/or exploitation rights in any nations other than
those expressly indicated in points a) and b) remaining under the absolute,
complete and free ownership of the current owners.

     

    d) This
assignment is subordinate to the obligation of the company Ghost Technology Inc.
to exploit the patents referred to in points a) and b) by implementing and
managing the equipment relating to the aforesaid patents through the suppliers
and technical structures which shall be indicated by Mrs Marzena Karczewska,
except where these parties decline the request insofar as they are not able to
do this, in which case GHOST TECHNOLOGY Inc. may proceed to entrust this task
and function to other parties. The parties agree that GHOST TECHNOLOGY must
provide Mrs Karczewska or whoever is indicated by her, with all financial means
necessary to fulfil any possible requests for the technical and managerial
organisation referred to in this point. In the event that the patent(s) is or
are assigned, Ghost Technology Inc. must also transfer the obligations referred
to in this point to the assignee.

     

    e) At a
separate session within 180 days of the date of this deed, the parties shall
agree the procedures and timeframes granted for any requests of a technical
nature that GHOST TECHNOLOGY Inc. shall consider it appropriate to show Mrs
Marzena Karczewska, with the purpose of triggering the technical and commercial
exploitation of the patents which she is currently the owner of for the United
States, Canada and Mexico, and shall also agree the implementation costs and
timeframes.

     

    f) No
amount is due to Mrs Marzena Karczewska or Mr Giorgio Mendella as a result of
the assignment of ownership for the United States, Canada and Mexico of the
patents referred to in this deed and under the terms and conditions specified in
this deed. From now on, Mrs Marzena Karczewska and Mr Giorgio Mendella
permanently renounce any claim whatsoever along such lines, even in the future,
by stating that their interest is made specific in their role as suppliers of
systems and technologies which shall be necessary for the company to
commercially exploit the patent claims which are subject to partial assignment
in this deed.

     

    g) This
deed must be translated into English and published on the publication “forms”
which listed companies are required to file with the USA OTC
market.

    

    Piacenza
20/11/2008

    Giorgio
Mendella

    Marzena
Karczewska

    

    INDEX
NO.   S.855

    CERTIFIED BY SIGNATURE

    THE ITALIAN REPUBLIC

     

    -  I, Mr
MARZIO VILLARI, undersigned below, a Notary in Seravezza inscribed on the rolls
of the District of Lucca, with a practice at Via Don Minzoni 175, certify that I
have witnessed the signature of the following
parties:

     

    Giorgio
Mendella, born in Monza (Milan province) on the second of March nineteen fifty
three, with domicile (including for tax purposes) in Viareggio (Lucca province),
Via dei Partigiani, street number 67, Tax Code: MND GRG 53C02
F704L,

     

    Marzena
Karczewska, an Italian citizen, born in Stettino – Poland (EE) on the nineteenth
of August nineteen seventy eight, with domicile (including for tax purposes) in
Viareggio (Lucca province), Via dei Partigiani, street number 67, Tax Code KRC
MZN 68M59 Z127B,

     

    -
 both of whom have satisfied me, as a Notary, of their personal
identity.

    Seravezza,
Via Don Minzoni, 175, on the twenty second of December two thousand and
eight.

    

    

    
      
         

      

      
        2ex10-1.htm

    
      Exhibit
10.1

      
 

    

    February
11, 2010

     

    
      Randall
J. Adleman

      12124
Betts Lane

      Raleigh,
NC 27614

       

    

    
    

    Reference:  Contingent
Employment Offer

    

    Dear
Randy:

    

    Valence
is pleased to extend a contingent offer of employment with you in the capacity
as Vice President of Sales & Marketing.  If it is agreeable to
you, please so indicate by executing a copy of this letter in the space provided
below, and returning it to Cheryl Logan, Director of Human
Relations.  This offer is contingent upon the occurrence of the
following condition precedent: (1) the acceptance by the CEO and Board of the
signed employment offer letter from you.  The key terms and conditions
are as follows:

    

    Capacity
and Duties:

    You shall
serve the Company as its Vice President of Sales & Marketing and shall
report to Robert L. Kanode, President and Chief Executive Officer.  In
this capacity, you will be expected, on a day to day basis, to oversee all sales
and marketing activities which include, but are not limited to:

    

    
      	
              ·  

            	
              Assume
      responsibility for identifying and understanding all Valence products,
      services, support capability and economic
  advantages.

            

    

    

    
      	
              ·  

            	
              Identify
      target markets and products (automotive, stationary, industrial and
      military) to determine where Valence products and services best fit to
      offer superior performance and economic
  advantages.

            

    

    

    
      	
              ·  

            	
               Develop
      “Valence
      Value Propositions” that best fulfill customer needs with Valence
      Solutions.

            

    

    
      	
              o  

            	
              Cooperatively
      work with the Valence R&D team to develop Valence custom
      energy storage and management solutions and off-the-shelf energy storage
      and management solutions.

            

    

    

    
      	
              ·  

            	
              Identify
      and assess target devices / applications that
      would most benefit from Valence technology, products and
      services.

            

    

    

    
      	
              ·  

            	
              Develop
      effective working relationships with
      customer executives and decision makers, Valence sales & marketing
      team, Valence management and the
BOD.

            

    

    

    
      	
              ·  

            	
              Develop
      and implement a high performance international sales & marketing
      business plan.

            

    

    

    
      	
              ·  

            	
              Effectively
      utilize and manage company resources
      to achieve goals with minimal
expense.

            

    

    

    
      	
              ·  

            	
              Assume
      responsibility for building, mentoring, motivating and managing a high
      performance global sales and marketing team to support the requirements of
      the Sales & Marketing
functions.

            

    

    

    
      	
              ·  

            	
              Create
      detailed proposals and estimates, develop and maintain a professional
      knowledge base, and continuously formulate and implement both near-term
      and long-term business strategies that will optimize revenues and
      profitability growth.

            

    

     

    
    

     

    
      	Confidential  	
              
                Valence Technology,
      Inc.  12303 Technology Blvd., Suite 950., Austin Texas
      78727

                Tel: 512-527-2900,
      Fax: 512-527-2901

              

            	 

    

     

    
    

    
      
        
          

        

      

    

    
    

    

    
      
        	
                Randall
      J. Adleman

              	
                
                  2

                

              	
                February
      11, 2010

              

      

       

    

     

    
      	
              ·  

            	
              Assist
      the CEO, BOD and executive team as required in the due diligence and
      development of partnership agreements, license contracts, supplier
      contracts, customer manufacturing contracts and any other business to
      business or business to customer relationships as
  required.

            

    

     

    
      	
              ·  

            	
              Assist
      with implementing Company-wide quality
  initiatives.

            

    

     

    
      	
              ·  

            	
              Assume
      responsibility for the assessment and management of the sales and
      marketing employee performances including the completion of performance
      and salary reviews and bonus
programs.

            

    

    

    Compensation:

    Your
starting salary will be at an annualized rate of $175,000, paid on a bi-weekly
basis.  Since this position is classified as exempt, you will not be
eligible for overtime pay.  The Company may make deductions from your
salary to cover applicable federal, state and/or local income tax withholdings
and any other amounts, which the Company is required to withhold by applicable
law.  In the event you or the Company terminates your employment, for
any reason, you will earn the base salary prorated to the date of
termination.

    

    Annual
Bonus:

    In
addition, you will be eligible for consideration of an annual bonus
of  fifty five percent (55%) of your base salary which will be awarded
on a quarterly basis and based on plan and targeted revenue growth and up to
seventy one point four percent (71.4%) of your base salary at one hundred twenty
five percent (125%) of plan.  This bonus will be at the discretion of
the Company and is based on specific goals set by and agreed to by the CEO
within 30 days of employment, as well as based on the Company’s financial
performance.  This bonus is not guaranteed.

    

    Stock
Options:

    Upon
acceptance of this contingent offer and your beginning employment, you will
receive an employee stock option in the amount of 200,000
shares.  The exercise
price of this option will be the closing value of Valence’s stock on your first
day of employment.  This option vests over a three-year period;
33% on your one year anniversary date and 67% vested pro ratably, quarterly over
the remaining two years.  The Stock Option benefit plan is described
in more detail in the enclosed outline.

    

    Benefits:

    You will
be eligible to receive medical, dental, vision, and life insurance coverage
provided under Valence’s group insurance plans, and will be eligible to
participate in Valence’s 401(k) plan.  You will be eligible for three
weeks of vacation per year, accrued on a bi-weekly basis.  These
benefit plans are described in more detail in the plan documents available from
the Human Resources Department.

    

    Relocation

    A
standard relocation package will be presented based on reasonable expenses and
in accordance with Valence’s current Relocation Policy.

    

    Miscellaneous:

    Because
of the nature of the Company’s business, you will be required to execute a
Confidentiality Agreement in the Company’s standard form as a condition of your
employment with the Company.  The Agreement may be modified by the
Company from time to time, and as a condition of continued employment you agree
to execute any amended Agreement.  Except as may be otherwise set
forth herein, your employment with the Company will be on an at-will basis,
meaning that either you or the Company may terminate the employment at any time,
with or without notice, and with or without Good Cause.  No employee
of the Company may alter your status as an at-will employee.

     

    Valence
reserves the right to terminate your employment agreement for Good
Cause:

    
      
         

        
        

         

        
          	Confidential  	
                  
                    Valence Technology,
      Inc.  12303 Technology Blvd., Suite 950., Austin Texas
      78727

                    Tel: 512-527-2900,
      Fax: 512-527-2901

                  

                	 

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

        

        
          
            
              	
                      Randall
      J. Adleman

                    	
                      
                        3

                      

                    	
                      February
      11, 2010

                    

            

             

             

          

        

      

    

    
      	
              ·  

            	
              For
      purposes of the Agreement, “Good Cause” shall mean and include termination
      by reason of (a) your conviction (including any plea of guilty or no
      contest) of (i) any felony or misdemeanor involving the embezzlement,
      theft or misappropriation of monies or other property of the Company and
      (ii) any felony involving the embezzlement, theft or misappropriation of
      monies or other property or crime of moral turpitude; (b)  your
      willful and continued neglect by you of your duties as Vice President of
      Sales & Marketing, but only if such neglect continues for 10 days
      following receipt by you of written notice from the Company specifying
      such breach and demanding that you cure such breach, and (c) your
      continued willful failure to abide by the Company’s policies applicable to
      your employment for 10 days following receipt by you of written notice
      from the Company specifying such breach.  In the event your
      employment is terminated in accordance for “Good Cause,” you shall be
      entitled to receive only your base salary then in effect, prorated to the
      date of termination, and any benefits and expense reimbursement to which
      you are entitled by virtue of your employment with the
      Company.

            

    

    

    In the
event the Company terminates your employment for other than Good Cause (as
defined above) Valence will provide you with 30 days notice and four (4) months
salary payable as of the date of termination.

    

    Resignation:

    In the
event you elect to terminate your employment and resign as the Vice President of
Sales & Marketing of the Company, you agree to provide the CEO and Board of
Directors with thirty (30) days advance notice of your resignation.

    

    As a
Valence employee you will be expected to abide by company rules and
regulations.  You will be expected to sign and comply with our
employee agreement which requires, among other provisions, the assignment of
patent rights to any invention made during your employment at Valence and
nondisclosure of proprietary information.  Upon any termination of
your employment you will agree not to disparage the Company, its officers, BOD
or other employees.

    

    This
offer is contingent upon successful completion of a background investigation and
reference checks.  Additionally, this offer is subject to your
submission of an I-9 form and satisfactory documentation respecting your
identification and right to work in the United States no later than three days
after your employment begins.

    

     If
you wish to accept employment at Valence under the terms set out above, please
sign and date this letter, and return it to Cheryl Logan at your earliest
convenience.

    

    We look
forward to your favorable reply and to a productive and exciting work
relationship.

    

    Sincerely,

    /s/ Robert L.
Kanode                                                        

    
    

    Robert L.
Kanode

    President
and Chief Executive Officer

    

    /s/ Randall J.
Adleman                                                                                                   
February 12,
2010                                                                 

    Approved
and
Accepted                                                                                                Date

    Randall
J. Adleman

    

    Cc:  Cheryl
Logan

     

    
       

      
        	Confidential  	
                
                  Valence Technology,
      Inc.  12303 Technology Blvd., Suite 950., Austin Texas
      78727

                  Tel: 512-527-2900,
      Fax: 512-527-2901

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