Document:

EX-10.3

 Exhibit 10.3 

THE GYMBOREE CORPORATION 

500 Howard Street 
 San Francisco,
California 94105 
 October 14, 2014 
 Dear
Mr. Weikel, 
 On behalf of the entire Board of Directors (the “Board”) of Giraffe Holding, Inc. (the
“Company” and together with the Affiliates (as defined below), the “Companies”), we would like to invite you to join the Board as a director and as a member of the Board’s audit committee. This letter summarizes
certain of the terms and conditions related to such service. Please note that the offer contained herein is conditioned upon and subject to successful completion of a background check. 

I. Annual Retainer Fee. 

In consideration for your service as a member of the Board, you will receive a cash retainer fee of $60,000 for each fiscal year of the
Company, payable in arrears in four equal installments at the end of each fiscal quarter of the Company, subject to your continuing to serve on the Board through the end of each such fiscal quarter. 

II. Audit Committee Membership Fee. 

In consideration for your service as a member of the Audit Committee of the Board, you will receive a cash retainer fee of $10,000 for each
fiscal year of the Company, payable in arrears in four equal installments at the end of each fiscal quarter of the Company, subject to your continuing to serve on the Audit Committee of the Board through the end of each such fiscal quarter. 

III. Service on Boards of Company Affiliates. 

In addition to serving on the Board and on the Audit Committee of the Board, you are also invited to serve on the boards of directors of The
Gymboree Corporation, Giraffe Intermediate A, Inc. and Giraffe Intermediate B, Inc. (the “Affiliates”) and on the Audit Committee of the board of directors of each of the Affiliates. From time to time, you may be asked to serve on
the board of directors (or a similar managing board) or a committee of such board of certain other entities affiliated with the Company. You will not be entitled to any additional compensation for your service on the board of any Affiliate or of any
such other board or any committee. 

 V. Stock Option Grant 

In respect of your service on the Board, you will receive a one-time grant of 12,500 options to purchase units of the Company’s common
stock (with each unit consisting of nine shares of class A common stock and one share of class L common stock) on or promptly following the date of the first regularly scheduled board meeting you attend. The stock options will have a per unit
exercise price equal to the fair market value of a unit of Company’s common stock on the date of grant, and will vest over five years, subject to your continued service on the Board as of the applicable vesting date, and will be subject to such
other terms as are described in a definitive stock option agreement evidencing such grant. 
 V. Directors’ Liability Insurance
and Indemnification. 
 The Company will provide you with customary directors’ liability insurance. In addition, the
Company’s corporate documents include customary director’s indemnification provisions and you will be offered a separate indemnification agreement from the Company. 

VI. Expense Reimbursement. 

You will be eligible for reimbursement of reasonable travel and other expenses relating to your service on the Board and any committee of the
Board of each of the Companies pursuant to the terms of The Gymboree Corporation travel and expense reimbursement policy, as applicable and as amended from time to time. 

VII. Reelection to the Board; Term. 

You will be appointed to the Board to serve in accordance with the Company’s bylaws. Thereafter, you will be subject to reelection and may
be removed at any time, with or without cause, in accordance with the Company’s bylaws. Upon request by the Board, you agree that you will promptly resign from the boards of all entities affiliated with the Company and any committees of such
boards. 
 VIII. Other. 

The Board reserves the right to amend its compensation programs for directors from time to time in its sole discretion. 

[Remainder of Page Intentionally Left Blank] 

 If the terms of this Agreement are acceptable to you, please promptly sign, date and return it to
the General Counsel of the Company. 
  

	
	THE GYMBOREE CORPORATION:
	
	  

	Mark Breitbard
	Chief Executive Officer
	
	Accepted and Agreed:
	
	  

	Mark Weikel
	
	October     , 2014Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

The Employment Agreement is entered into
and effective this 1st  day of November, 2014, between Axion Power International, Inc., a Delaware corporation, having a
place of business at 3601 Clover Lane, New Castle, Pennsylvania 16105 (the "Company") and Charles Trego, having an address
of 6945 Silverton Glenn, Victor, New York 14564 (the “Executive”).

 

	The Company is engaged in research, development, manufacturing and sales relating to a novel technology
for a supercapacitor/battery hybrid that replaces the lead-based negative electrode in a lead-acid battery with a highly permeable
nanoporous carbon electrode; and in research, development, manufacturing and sales relating to both conventional and advanced lead
acid batteries including new grid technologies for the positive and potentially the negative lead and carbon additives to the standard
lead acid battery; and is exploring various other integration technologies for stationary and motive applications.

 

	The Company owns all of the proprietary interests in the Company's good will and its Confidential Information
(as hereinafter defined), all of which information is not publicly available and is considered by the Company to be confidential
trade secrets. The Company imparts to its Employees, and said Employees require during the course of their employment, access to
Confidential Information.

 

	Executive during the course of employment with the Company: (i) will obtain material knowledge and information
regarding the Company's Customers, including without limitation Customers' specialized requirements, preferences and financial
condition, all of which are materially important in the Company's business relationship with such Customers; (ii) may perform duties
for the Company, which duties themselves are of a highly confidential nature; (iii) is encouraged by the Company to develop personal
relationships with the Company's suppliers, Customers and prospective Customers; (iv) generally has access to Confidential Information;
and (v) has developed and will develop expertise in the field of lead-acid batteries, Axion's PbC Technology, battery testing,
carbon sheeting, and other technologies currently under development by Axion.

 

	The Company is vulnerable to unfair post-employment competition by Executive, since Executive has access
to Confidential Information and has personal relationships with the Company's suppliers, Customers and prospective Customers.

 

	Executive acknowledges the vulnerability of the Company to post-employment competition by Executive and
is willing to enter into this Agreement with the Company, pursuant to which Executive agrees not to disclose any of the Company's
Confidential Information and not to compete against the Company following termination of employment for the time periods and to
the limited extent set forth in this Agreement.

 

	The Company desires to employ Executive as its Chief Financial Officer and Executive desires to accept
such employment, pursuant to the terms set forth in this Agreement.

    	 

    	 

    

NOW, THEREFORE, in consideration of the promises and
of the mutual covenants and agreements herein contained, the parties hereto agree as follows:

 

		1)	Executive Representations and Warranties. The Executive represents and warrants to the Company that he is free to accept
employment hereunder and that he has no prior or other obligations or commitments of any kind to anyone that would in any way hinder
or interfere with his acceptance of the full, uninhibited and faithful performance of this Agreement, or the exercise of his best
efforts as an Executive of the Company.

 

		2)	Employment and Duties. The Company shall employ the Executive as its Chief Financial Officer. The Executive will report
directly to the Company’s Chief Executive Officer. The Executive’s responsibilities shall include all of the duties
and responsibilities of the Chief Financial Officer with such executive duties and responsibilities consistent with such positions
and stature as the Chief Executive Officer of the Company may from time to time determine.

 

		3)	Conduct of Executive. During the entire Term of this Agreement, the Executive shall devote his business time, effort,
skill and attention to the affairs of the Company and its subsidiaries, will use his best efforts to promote the interests of the
Company, and will discharge his responsibilities in a diligent and faithful manner, consistent with sound business practices. In
furtherance of the foregoing:

 

		a)	The Executive understands and agrees that he owes the Company a fiduciary duty, without limiting any other obligations or requirements
that are imposed on the Executive by this Employment Agreement or by law. As such, the Executive shall occupy a position of and
commit to the highest degree of trust, loyalty, honesty and good faith in all of his dealings with and on behalf of the
Company.

 

		b)	The Executive represents that his employment by the Company will not conflict with any obligations which he has to any other
person, firm or entity. The Executive specifically represents that he has not brought to the Company (during the period before
the signing of this Agreement) and he will not bring to the Company any materials or documents of a former or present employer,
or any confidential information or property of any other person, firm or entity.

 

		c)	The Company does not offer, pay, or receive payments in exchange for the referral of a customer. The Executive shall not receive
any remuneration from any outside person or entity related to the services performed by the Executive for the Company or the products
purchased or sold by the Company.

 

		d)	The Executive shall comply with all applicable federal, state and local laws. The Executive understands that failure to do
so exposes the Company, its officers, directors, Executives and agents to possible sanctions, monetary penalties, criminal prosecution
and other disciplinary actions. The Executive shall seek appropriate guidance from the Company when the application of a law is
unclear.

 

    	 

    	 

    

 

		4)	Conditions of Employment. 

 

		a)	Term of Employment. Unless terminated earlier in accordance with the provisions of this Agreement, the Company will
employ the Executive for a period commencing on November 1, 2014 and terminating on October 31, 2016 (the “Term”).

 

		b)	Place of Employment. The Executive shall have an office at the Company's facility in New Castle, PA. The Executive shall
not be required to relocate to any other business location maintained by the Company although the Executive expressly agrees that
regular travel shall be necessary as part of his duties. It is acknowledged that the Executive makes his permanent residence in
the Victor,, NY area, and will only be required to be onsite in New Castle, PA on average for 10 business days ( defined as Monday
through Friday ) per month (deducting therefrom any required Company travel to other locations).

 

		c)	Ownership of Company Records and Reports. The Executive shall not, except in the performance of his duties hereunder,
at any time or in any manner make or cause to be made any copies, pictures, duplicates, facsimiles, or other reproductions or recordings
or any abstracts or summaries of any reports, studies, memoranda, correspondence, manuals, records, plans or other written or otherwise
recorded materials of any kind whatever belonging to or in the possession of the Company, or of any subsidiary or affiliate of
the Company, including but not limited to materials describing or in any way relating to the Company's business activities including,
but not limited to, its proprietary techniques and technologies, its operational and financial matters, its business and financial
and development plans, its personnel training and development programs and its industry relationships. The Executive shall have
no right, title or interest in any such material, and the Executive agrees that, except in the performance of his duties hereunder,
he will not, without the prior written consent of the Company remove any such material from any premises of the Company, or any
subsidiary or affiliate of the Company, and immediately upon the termination of his employment for any reason whatsoever Executive
shall return to the Company all such material in his possession.

 

		d)	It is expressly agreed and understood that the Executive shall execute and be bound by the terms and conditions of the Executive
Agreement which is attached hereto and made a part hereof as Exhibit A.

 

		5)	Compensation. 

 

		a)	The Company shall compensate the Executive for all services to be rendered by him during the Term as follows:

 

		b)	The Executive shall receive an annualized salary of $225,000.00, ($8,653.85 bi weekly) paid on a regular basis according to
company payroll practice which at the time of signing is bi-weekly (subject to change) for services rendered during the period
commencing on November 1, 2014 and terminating on October 31, 2016. The Executive's salary shall be reviewed on an annual basis.
The amount of such Salary shall be eligible for adjustment, if any, subject to renegotiation based on the performance of the Executive
and the performance of the Company. The Executive will also be eligible for 2014 and thereafter cash and option bonus awards, based
on plans, programs and/or milestones established by the t Compensation Committee of the Board of Directors with input from the
Chief Executive Officer and the Executive. Both of these determinations will be made in writing within 45 days of the execution
of this agreement.

 

    	 

    	 

    

 

In addition, The Executive shall be allowed an automobile
allowance of $750.00 per month ( $346.15 by-weekly )to be applied to the car of his choice.

 

		c)	During the term of this Agreement, the Company will reimburse the Executive for all reasonable business expenses incurred by
him on behalf of the Company in the performance of his duties hereunder upon presentation of vouchers, receipts or other evidence
of such expenses in accordance with the policies of the Company, and provided that Executive shall incur no expenses that exceed
$2,500.00 per occurrence without prior notice to the Chief Executive Officer of the Company.

 

		d)	As partial compensation for the execution  of this Agreement, the Company will pay
the Executive a  stipend as an  additional  inducement to retain the services of the Executive  over the term
of this Agreement as follows :

 

		i)	Provided the Executive is an employee in good standing in the position of Chief Financial Officer
on October 31, , 2015, the Executive will be paid a stipend of Twenty Two Thousand Five Hundred Dollars ($22,500),
subject to normal withholdings and deductions on the first regularly scheduled payroll following October 31, , 2015.

		ii)	Provided the Executive is an employee in good standing in the position of Chief Financial Officer
on October 31, 2016 and has an obligation to continue as Chief Financial Officer either as an executive or employee of the Company
or in a consulting role as Chief Executive Officer of the Company, for at leasts six (6) months after October 31, 2016, the Executive
will be paid a stipend of Twenty Two Thousand Five Hundred Dollars ($22,500), subject to normal withholdings and
deductions on the first regularly scheduled payroll following October 31, 2016.

 

 

		e)	In addition to the Company options granted in connection herewith, the Executive shall participate in any Executive compensation
plans adopted by the shareholders of the Company; provided, however, that the discretionary authority to determine the level of
the Executive's participation therein and the terms and conditions of such participation shall remain vested in the Chief Executive
Officer and the Compensation Committee of the Board of Directors and the Compensation Committee shall have the authority to adjust
such participation upward or downward from time to time in its sole discretion.

 

		f)	Notwithstanding any other provision of this Agreement, it is agreed that the Executive shall be entitled to receive such incentive
bonuses, stock options and other benefits as the Compensation Committee of the Board of Directors may grant from time to time,
and any income tax liabilities arising there from shall be due and payable at the Executive's sole expense, and the Executive acknowledges
that the Company may make appropriate withholding from salary for such grants.

 

		g)	Benefits. During the Term, Executive shall be entitled to the benefits approved by the Board or the Compensation Committee,
as such benefits may be adjusted by the Board or the Compensation Committee from time to time in their sole and absolute discretion.
Upon termination of the Employment Period, benefits for periods subsequent to such termination shall cease. Executive will be entitled
to four (4) weeks paid vacation per full year of employment to be given and accrued as set forth in the Company employee
handbook.

 

    	 

    	 

    

 

		h)	Health Benefits. Executive and his qualifying family members will be eligible to participate in the Company's health benefit
plans, as may be in effect from time to time at the sole discretion of the Company,so long as those plans by their terms are capable
of providing benefits to persons who are residents of the State of New York. The effective date for all benefits shall be November
1, 2014.

 

i) Deductions, Taxes and Withholding. All amounts
payable or which become payable hereunder shall be subject to any deductions authorized by Executive, any set-off or reimbursement
deemed appropriate by the Company and permitted by law and any deductions or set-offs permitted by this Agreement and all deductions
and withholding authorized by law. Executive is responsible for payment of all taxes related to Executive's compensation, whether
cash or equity compensation or otherwise.j)Executive shall receive a grant of options to purchase 40,000 shares of the Company’s
common stock as set forth in Exhibit B hereto.

 

		6)	Termination of Employment. 

 

		a)	This Agreement and the compensation payable to Executive hereunder shall terminate and cease to accrue forthwith upon Executive's
death.

 

		b)	If the Executive's employment is terminated (i) other than for cause (as defined below) by the Company, or (ii) by the
Executive for good reason (as defined below), the Company shall pay to Executive an aggregate severance amount equal to
his base salary for the remainder of the term of this Agreement or one year, whichever is shorter but in no event less than six
(6) months plus any accrued and unused vacation and accrued but unpaid bonus (i.e., such amount being referred to as the "Severance
Amount"). The Severance Amount may be paid in as part of the regular ongoing payroll for the specified time, provided
that payment of the Severance Amount shall be contingent upon the Executive signing the Separation Agreement and Release attached
hereto as Exhibit C. Upon a termination as set forth in (i) or (ii) above, all unvested options granted to Employee with respect
to his employment with the Company shall immediately vest.

 

		c)	Executive agrees to give the Company 30 calendar days prior written notice before terminating his employment with the Company
pursuant to this Agreement.

 

		d)	For the purposes of this Agreement, "cause" for termination by the Company shall mean (i) a material breach of this
Agreement by Executive; (ii) a breach of Executive's duty of loyalty to the Company or any act of dishonesty with respect to the
Company or its stockholders, customers or suppliers; (iii) Executive's continued failure or refusal to perform, in any material
respect, any duty or responsibility to the Company which is normally attached to Executive's position(after notice and a 10-day
cure period), provided, however, any subsequent failure or refusal to perform such duty or responsibility shall entitle the Company
to terminate employment for Just Cause without notice or an opportunity to cure; (iv) Executive's gross negligence or willful misconduct
in performing those duties which are normally attached to Executive's position; (v) the commission by Executive of an act of fraud,
conversion, misappropriation (including the unauthorized use or disclosure of confidential or proprietary information of the Company)
or embezzlement or crime of moral turpitude; (vi) a conviction of or guilty plea or confession by Executive to any fraud, conversion,
misappropriation, embezzlement or felony; (vii) the exposure of the Company to any criminal liability or loss of business opportunity
or reduction in revenues or increase in losses substantially caused by the conduct of Executive which results in a material adverse
effect upon the Company's business, operations, financial condition or results of operations or the exposure of the Company to
any bona fide claims which may result in civil liability caused by Executive's unlawful harassment in employment; or (viii) the
repeated taking of any action prohibited (a) by the Board or any of the Executive Officers, provided that Executive has received
at least one written notice of having taken an action so prohibited, or (b) by this Agreement. For purposes of this Agreement,
"Executive's duty of loyalty to the Company" shall include Executive's fiduciary obligation to place the interests of
the Company ahead of Executive's personal interests and thereby not knowingly profit personally at the expense of the Company,
and shall also include specifically the affirmative obligation to disclose promptly to the Board any known conflicts of interest
Executive may have with respect to the Company, and the negative obligations not to usurp corporate opportunities of the Company,
not to engage in any "conflict-of-interest" transactions with the Company (without the approval of the Board), and not
to compete directly with the Company (without the approval of the Board). Good Reason shall mean the occurrence or failure to cause
the occurrence, as the case may be, without your express written consent, of any of the following circumstances: (i) material demotion
(except in connection with the termination of your employment for Cause or as a result of your death, or temporarily as a result
of your illness or other absence), (ii) a relocation of the Company's executive office in New Castle, PA to a location more than
70 miles from its current location; (iii) any material breach by the Company of any provision of this Agreement; or (iv) failure
of any successor to the Company (whether direct or indirect and whether by merger, acquisition, consolidation or otherwise) to
assume in a writing delivered to you upon the assignee becoming such, the obligations of the Company hereunder.

 

    	 

    	 

    

 

		7)	Specific Performance. 

 

If any portion of this Agreement is found by a court of competent
jurisdiction to be too broad to permit enforcement of such restriction to its full extent, then such restriction shall be enforced
to the maximum extent permitted by law, and the Executive hereby consents and agrees that such scope may be judicially modified
accordingly in any proceeding brought to enforce such restriction. All provisions of this Agreement are severable, and the unenforceability
or invalidity of any single provision hereof shall not affect any remaining provision. The Executive acknowledges and agrees that
the Company's remedy at law for any breach of any of his obligations hereunder would be inadequate, and agrees and consents that
temporary and permanent injunctive relief may be granted in any proceeding that may be brought to enforce any provision of this
Agreement without the necessity of proof of actual damage and without any bond or other security being required. Such remedies
shall not be exclusive and shall be in addition to any other remedy which the Company may have.

 

    	 

    	 

    

 

		8)	Miscellaneous.

 

		a)	The failure of a party to insist on any occasion upon strict adherence to any Term of this Agreement shall not be considered
to be a waiver or deprive that party of the right thereafter to insist upon strict adherence to that Term or any other Term of
this Agreement. Any waiver must be in writing.

 

		b)	All notices and other communications under this Agreement shall be in writing and shall be delivered personally or mailed by
registered mail, return receipt requested, and shall be deemed given when so delivered or mailed, to a party at such address as
a party may, from time to time, designate in writing to the other party.

 

		c)	Notwithstanding the termination of the Executive's employment hereunder, the provisions of this Agreement (to the extent that
provisions are clearly intended to survive post termination) and Exhibit A hereto survive such termination.

 

		d)	This Agreement shall be assigned to and inure to the benefit of and be binding upon, any successor to substantially all of
the assets and business of the Company as a going concern, whether by merger, consolidation, liquidation or sale of substantially
all of the assets of the Company or otherwise.

 

		e)	This Agreement constitutes the entire Agreement between the parties regarding the above matters, and each party acknowledges
that there are no other written or verbal Agreements or understandings relating to such subject matter between the Executive and
the Company or between the Executive and any other individuals or entities other than those set forth herein. No amendment to this
Agreement shall be effective unless it is in writing and signed by both the parties hereto.

 

		f)	This Agreement shall remain confidential between the parties and not disclosed to anyone unless agreed to by both parties or
otherwise required under law.

 

		g)	This Agreement shall be construed according to the laws of the Commonwealth of Pennsylvania pertaining to Agreements formed
and to be formed wholly within the Commonwealth of Pennsylvania. The Executive represents and warrants that he has reviewed this
Agreement in detail with his legal and other advisors, as he considers appropriate, and that he fully understands the consequences
to him of its provisions. The Executive is relying on his own judgment and the judgment of his advisors with respect to this Agreement.

 

		h)	In the event a dispute arises out of, in connection with, or with respect to this Agreement, or any breach thereof, such dispute
shall, on the written request of one party delivered to the other party, be submitted to and settled by binding arbitration before
a single arbitrator conducted in New Castle, Pennsylvania, United States in accordance with the Laws of the Commonwealth of Pennsylvania.
The award of such arbitrator shall be final and may be entered by any party hereto in any court of competent jurisdiction. The
party against whom the arbitrator's award is rendered shall pay all costs and expenses of such arbitration, unless the arbitrator
shall specifically allocate costs in a different manner because the award is not entirely in favor of either party.

 

		i)	This Agreement may be executed in any number of counterparts, which will each be deemed to be an original for all purposes
hereof.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have signed this Agreement intending
to be bound thereby.

 

AXION POWER INTERNATIONAL, INC.

 

	/s/David DiGiacinto	11/5/14	 
	David DiGiacinto	Date signed	 
	CEO	 	 
	/s/ Charles Trego	11/5/14	 
	Executive Signature	Date signed	 
	 	 	 
	Charles Trego	 	 
	Executive Printed Name	 	 

 

    	 

    	 

    

 

EXHIBIT A

 

Executive Agreement

 

AXION POWER INTERNATIONAL, INC.

 

EXECUTIVE AGREEMENT

 

 

	Trego	Charles	        
	EXECUTIVE’S LAST NAME	FIRST NAME	INITIAL

 

		A)	DEFINITIONS

 

		1)	AXION means Axion Power International, Inc., and any existing or future subsidiaries, owned or controlled, directly
or indirectly by Axion.

 

		2)	CONFIDENTIAL INFORMATION means information, not generally known, and proprietary to Axion, including trade secret information,
about Axion's processes and products, including information relating to research, development, manufacture, purchasing, accounting,
engineering, marketing, merchandising, selling, leasing, servicing, finance and business systems and techniques. All information
disclosed to me, or to which I have reasonable basis to believe to be Confidential Information, or which is treated by Axion as
being Confidential Information, shall be presumed to be Confidential Information.

 

		3)	INVENTIONS means discoveries, improvements and ideas (whether or not shown or described in writing or reduced to practice)
and works of authorship, whether or not patentable or copyrightable, (1) which relate directly to the business of Axion, or (2)
which relate to Axion’s actual or demonstrably anticipated research or development, or (3) which result from any work performed
by me for Axion, or (4) for which equipment, supplies, facility or trade secret information of Axion is used, or (5) which is developed
on any Axion time.

 

		4)	CONFLICTING PRODUCT means any product, process, system or service of any person or organization other than Axion, in
existence or under development, which is the same as or similar to or competes with, or has a usage allied to, a product, process,
system or service upon which I work (in either a sales or a non-sales capacity) during the last three years of my employment by
Axion, or about which I acquire Confidential Information

 

		5)	CONFLICTING ORGANIZATION means any person or organization which is

engaged in or about to become engaged in, research on or development, production, marketing, leasing, selling or servicing of a
Conflicting Product.

 

    	 

    	 

    

 

 

		B)	Agreement

 

I AM EMPLOYED OR DESIRE TO BE EMPLOYED BY AXION IN A CAPACITY
IN WHICH I MAY RECEIVE OR CONTRIBUTE TO CONFIDENTIAL INFORMATION. IN CONSIDERATION OF SUCH EMPLOYMENT OR CONTINUED EMPLOYMENT,
AND THE WAGES OR SALARY AND OTHER EXECUTIVE BENEFITS IN COMPENSATION FOR MY SERVICES, AND IN CONSIDERATION OF BEING GIVEN ACCESS
TO CONFIDENTIAL INFORMATION; I AGREE THAT:

 

		1)	With respect to Inventions made, authorized or conceived by me, either solely or

 

		2)	jointly with others, (1) during my employment, whether or not during normal working hours or whether or not at Axion's premises;
or (2) within one year after termination of my employment, I will:

 

		a)	Keep accurate, complete and timely records of such Inventions, which records shall be Axion property and be retained on Axion's
premises.

 

		b)	Promptly and fully disclose and describe such Inventions in writing to Axion.

 

		c)	Assign (and I do hereby assign) to Axion all of my rights to such Inventions and to applications for letters patent and/or
copyright in all countries and to letters patent and/or copyrights granted upon such Inventions in all countries,

 

		d)	Acknowledge and deliver promptly to Axion (without charge to Axion but at the expense of Axion) such written instruments and
to do such other acts as may be necessary in the opinion of Axion to preserve property rights against forfeiture, abandonment or
loss and to obtain and maintain letters patent and/or copyrights and to vest the entire right and title thereto in Axion.

 

		e)	At the request of Axion and at its cost, the Executive shall assist Axion, or any person or persons from time to time designated
by it, to obtain the copyright, trademark and/or grant of patents in the United States and/or in such other country or countries
as may be designated by Axion, covering such improvements, discoveries, ideas and inventions and shall in connection therewith
and in connection with the defense of any patents execute such applications, statements or other documents, furnish such information
and data and take all such other action (including, but not limited to, the giving of testimony) as Axion may from time to time
reasonably request.

 

NOTICE: This is to notify you that paragraph A of this
Axion "Executive Agreement" you are being asked to sign as a condition of your employment does not apply to an Invention
for which no equipment, supplies, facility or trade secret information of Axion was used and which was developed entirely on your
own time, and (1) which does not relate (a) directly to the business of Axion or (b) to Axion's actual or demonstrably anticipated
research or development, or (2) which does not result from any work performed by you for Axion. If any exists, a detailed
list of it should be attached to this Agreement as an addendum.

 

    	 

    	 

    

 

		3)	EXCEPT as required in my duties to Axion, I will never, either during my employment by Axion or for a period of five
(5) years thereafter, use or disclose any Confidential Information as defined in paragraph 2 hereinabove.

 

		4)	UPON termination of my employment with Axion, all records and any compositions, articles, devices, and other items which
disclose or embody Confidential Information including all copies or specimens thereof in my possession, whether prepared or made
by me or others, will be left with Axion.

 

		5)	EXCEPT as listed at the end of this Agreement, I will not assert any rights under any Inventions as having been made,
conceived, authored or acquired by me prior to my being employed by Axion.

 

		6)	FOR a period of two years after termination of my employment with Axion:

 

		a)	I will inform any new employer, prior to accepting employment of the existence of this Executive Agreement and provide such
employer with a copy thereof.

 

		b)	Intentionally omitted.

 

		c)	If I have been or am employed by Axion in a non-sales capacity, I will not render, to any Conflicting Organization, services,
directly or indirectly, in North America a product upon which I work during my employment by Axion or in which Axion provides a
service in which I participate during my employment by Axion, except that I may accept employment with a large Conflicting Organization
whose business is diversified (and which has separate and distinct divisions), and which as to part of its business is not a Conflicting
Organization, provided Axion, prior to my accepting such employment, shall receive separate written assurances satisfactory to
Axion from such Conflicting Organization and from me, that I will not render services directly or indirectly in connection with
any Conflicting Product.

 

		d)	If I am unable to obtain employment consistent with my abilities and education, within one month after termination of my employment
with Axion, solely because of provisions of this paragraph, such provisions shall thereafter continue to bind me only as long as
Axion shall make payments to me equal to my monthly base pay at termination (exclusive of extra compensation, bonus or Employee
benefits) for each month of such unemployment commencing with the second month after termination of my employment with Axion.

 

		1)	I agree that I will, during each month of such unemployment, make conscientious and aggressive efforts to find employment;
and I will, within ten days after the end of each calendar month, give Axion a detailed written account of my efforts to obtain
employment. Such account will include a statement by me that although I aggressively sought employment, I was unable to obtain
it solely because of the provisions of this Agreement.

 

    	 

    	 

    

 

		2)	It is understood that Axion shall, at its option, be relieved of making a monthly payment to me for any month during which
I failed to seek employment conscientiously and aggressively, and to account to Axion, as provided for above.

 

		3)	Axion is obligated to make such payments to me, upon my fulfillment of the conditions set forth above, for 23 consecutive months
unless Axion gives me written permission to accept available employment, or gives me a written release from the obligations of
paragraph 6.

 

		4)	Axion's obligation to make such monthly payments shall terminate upon my death or upon my obtaining employment. I agree that
I will give prompt

written notice of such employment to Axion.

 

		5)	Axion shall not be liable, under this Agreement, or in any action relating thereto, for any amount greater than the equivalent
of 23 such monthly payments, less amounts paid to me by Axion pursuant to this Agreement; Axion not being obliged to make a payment
to me for the first month of such unemployment.

 

		e)	If, after termination of my employment with Axion, I obtain other employment but because of the provisions of paragraph 6,
my position is such that my gross monthly income will be less than that which I last received from Axion as monthly base pay at
termination, then Axion’s obligations to make payments to me for the period specified in paragraph 6, d. I will be limited
to the difference between my monthly base pay at Axion, at termination, and the gross monthly income I will receive in my subsequent
employment (6), d),1)).

 

		f)	ALL MY obligations under paragraphs A through D of this Agreement shall be binding upon my heirs, spouses, assigns and legal
representatives.

 

		g)	IF ANY provision of this Agreement shall contravene any statute of a particular state which I perform services for Axion, then
this Agreement shall be construed as if such provision is not contained herein insofar as enforcement of this Agreement against
me in such particular state is concerned.

 

		h)	THIS AGREEMENT replaces any existing Agreement entered into by me and Axion relating generally to the same subject matter;
but such replacement shall not affect rights and obligations of either party arising out of any such prior Agreement which shall
then continue to be in effect for that purpose.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have signed this Agreement intending
to be bound thereby.

 

	AXION POWER INTERNATIONAL, INC.	 
	 	 	 
	/s/ David DiGiacinto	11/5/14	 
	David DiGiacinto	Date signed	 
	CEO	 	 
	 	 	 
	 	 	 
	/s/ Charles Trego	11/5/14	 
	Executive Signature	Date signed	 
	 	 	 
	 	 	 
	Charles Trego	 	 
	Executive Printed Name	 	 

 

    	 

    	 

    

 

EXHIBIT "B"

 

NONQUALIFIED STOCK PURCHASE OPTION AGREEMENT
RECITALS

 

WHEREAS, the Company and Charles Trego (the “Optionee”)
have entered into an Employment Agreement that requires the Company to grant the Optionee an option to purchase shares of the Company's
common stock at a price of $3.00 per share as partial consideration for the services to be rendered under the agreement; and

 

WHEREAS, the Board of Directors (the "Board") has
determined that it would be in the best interests of the Company and its stockholders to grant the option provided for herein (the
"Option") as an inducement to serve as an employee of the Company and to provide Optionee with a proprietary interest
in the future of the Company;

 

NOW THEREFORE, in consideration of the mutual covenants hereinafter
set forth, the parties hereto agree as follows:

 

		1)	Grant of the Option. The Company hereby grants to Optionee the right and option to purchase, on the terms and conditions
hereinafter set forth, all or any part of an aggregate of 40,000 shares (the "Stock") of the presently authorized but
unissued common stock, par value $.005 per share, of the Company (the "Common Stock"). The purchase price of the Stock
subject to this Option shall be $ 3.00 per share.

 

		2)	Vesting of the Option. As long as the Optionee remains an employee of the Company, the options granted hereby shall
vest based on the following schedule:

 

10,000 options shall vest upon signing this Option
Agreement; and

 

1,250 options shall vest on the last day of each
month commencing November 2014 through and including October 2016.

 

If the Optionee's employment is terminated by the
Company without cause or terminated by the Optionee for good reason, all unvested options shall immediately vest and become exercisable.
In all other cases, all unvested options shall immediately terminate. From and after the vesting dates, the vested options may
be exercised at any time or from time to time, in whole or in part, for a period of five (5) years. Notwithstanding the generality
of the foregoing, rights represented by vested options shall not be affected by the termination of the Optionee's employment because
of the disability or death of the Optionee.

 

		3)	Exercise of Option.

 

		a)	Vested Options may only be exercised by the Optionee who shall have the right to exercise such Option in whole or in part,
at any time or from time to time during the period commencing on a vesting date and terminating on the fifth anniversary of such
vesting date. The Option is not transferable or assignable by the Optionee other than by will, as a result of the laws of descent
and distribution or pursuant to a Qualified Domestic Relations Order, If the Option is transferred by will, as a result of the
laws of descent and distribution or pursuant to a Qualified Domestic Relations Order, the transferee shall have all of the rights,
powers and privileges that the Optionee would have had in the absence of such a transfer.

 

    	 

    	 

    

 

		b)	This Option may be exercised by written notice of intent to exercise the Option delivered to the Company at its principal office
no fewer than five days in advance of the effective date of the proposed exercise. Such notice shall be accompanied by this Agreement,
shall specify the number of shares of Common Stock with respect to which the Option is being exercised and shall specify the proposed
effective date of such exercise. Such notice shall also be accompanied by payment in full to the Company at its principal office
of the option price for the number of shares of the Common Stock with respect to which the Option is then being exercised. The
payment of the option price shall be made in cash or by certified check, bank draft, or postal or express money order payable to
the order of the Company or, with the consent of the Board, in whole or in part in Common Stock which is owned by the Optionee
and valued at its Fair Market Value on the date of exercise. Any payment in shares of Common Stock shall be effected by delivery
of such shares to the CFO of the Company, duly endorsed in blank or accompanied by stock powers duly executed in blank, together
with any other documents or evidence as the CFO of the Company shall require from time to time.

 

		c)	Upon the Company's determination that the Option has been validly exercised as to any of the Stock, the CFO of the Company
shall issue a certificate or certificates in the Optionee's name for the number of shares set forth in his written notice. However,
the Company shall not be liable to the Optionee for damages relating to any delays in issuing the certificate(s) to him, any loss
of the certificate(s), or any mistakes or errors in the issuance of the certificate(s) or in the certificate(s) themselves.

 

		4)	Term of Employment. This Option shall not grant to Optionee any right to continue serving as an employee of the Company.

 

		5)	Notices; Deliveries. Any notice or delivery required to be given under the terms of this Option Agreement shall be addressed
to the Company in care of its CFO at its principal office, 3601 Clover Lane, New Castle, Pennsylvania, 16105, and any notice or
delivery to be given to Optionee shall be addressed to him at such address as the Optionee may hereafter designate in writing.
Any such notice or delivery shall be effective as of the date of receipt.

 

		6)	Disputes. As a condition of the granting of the Option hereby, the Optionee and his heirs and successors agree that
any dispute or disagreement which may arise hereunder shall be determined by the Board in its sole discretion and judgment, and
that any such determination and any interpretation by the Board of the terms of this Option shall be final and shall be binding
and conclusive, for all purposes, upon the Company, Optionee, his heirs and personal representatives.

 

		7)	Legend on Certificates. The certificate(s) representing the shares of Stock purchased by exercise of this Option will
be stamped or otherwise imprinted with a legend in such form as the Company or its counsel may require with respect to any applicable
restrictions on the sale or transfer of such shares and the stock transfer records of the Company will reflect stop-transfer instructions
with respect to such shares. The Company is under no obligation to remove this legend for any reason whatsoever.

 

    	 

    	 

    

 

		8)	Miscellaneous.

 

		a)	All decisions of the Board upon any questions arising under the Plan or under this Option Agreement shall be conclusive.

 

		b)	Nothing herein contained shall affect Optionee's right to participate in and receive benefits from and in accordance with the
then current provisions of any pension, insurance or other employee welfare plan or program of the Company.

 

		c)	Optionee agrees to make appropriate arrangements with the Company for satisfaction of any applicable federal, state or local
income tax, withholding requirements or like requirements, including the payment to the Company at the time of exercise of the
Option of all such taxes and requirements.

 

		d)	Whenever the term "Optionee" is used herein under circumstances applicable to any other person or persons to whom
this Option, in accordance with the provisions hereof, may be transferred, the word "Optionee" shall be deemed to include
such person or persons.

 

		e)	Notwithstanding any of the other provisions hereof, Optionee agrees that he will not exercise this Option and that the Company
will not be obligated to issue any of the Stock pursuant to this Option Agreement, if the exercise of the Option or the issuance
of such shares of Common Stock would constitute a violation by the Optionee or by the Company of any provision of any law or regulation
of any governmental authority or national securities exchange. Upon the acquisition of any Stock pursuant to the exercise of the
Option herein granted, Optionee will enter into such written representations, warranties and agreements as the Company may reasonably
request in order to comply with applicable securities laws or with this Agreement.

 

		f)	This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company. The interpretation,
performance and enforcement of this Option Agreement shall be governed by the laws of the State of Delaware.

 

 

The parties have fully read and understand this STOCK PURCHASE
OPTION AGREEMENT in its entirety and have signed it on the dates indicated in the spaces provided below.

 

AXION POWER INTERNATIONAL, INC.

 

	/s/ David DiGiacinto	11/5/2014	 
	David DiGiacinto, Chief Executive Officer 	Date signed	 
	 	 	 
	/s/ Charles Trego	11/5/2014	 
	Executive Signature	Date signed	 
	 	 	 
	 	 	 
	Charles Trego	 	 
	Employee Printed Name	 	 

 

    	 

    	 

    

 

Exhibit C

 

Sample SEPARATION AGREEMENT AND RELEASE

 

AXION POWER INTERNATIONAL,
INC. and AXION POWER BATTERY MANUFACTURING, INC. (“Employer”), and ___________ (“Executive”)
hereby agree that:

 

1.Separation Date.
Executive’s last day of employment with Employer shall be (insert date) (the “Separation Date”). Executive and
Employer agree that Executive’s separation from Employer is by mutual agreement. Executive shall have no duty to report to
work after the Separation Date.

 

2.Return
of Company Property and Confidential Information. On or before the Separation Date, Executive shall return all property
of Employer (whether owned, leased or otherwise belonging to Employer) in her possession or under her control or in the possession
or control of a third party at her direction, including, but not limited to, keys, access cards, company credit cards, cell phones,
blackberry devices, documents, records, paper and electronic files (including computer disks, thumb drives, etc.). Executive specifically
agrees to return any and all confidential and/or proprietary information of the Employer in Executive possession, custody or control,
including, without limitation, trade secrets, policy and procedure manuals, customer lists and contact information, customer preferences
and specifications, other confidential customer data, supplier and vendor lists and other confidential supplier and vendor information,
sales and marketing information, business plans, business development reports, marketing strategies, computer processes and programs,
computer software, software designs and code, computer reports, cost and pricing data, financial information, worksheets, ledgers,
accounts, memoranda, correspondence, reports, profit information, financial data, drawings, engineering, product or process specifications
and documentation, customer and client proposals, techniques and systems, productivity reports, status reports, conference reports,
project cost estimates, project change orders, project cost analyses, invoices, unpublished designs, patterns and prospective trade
identification, employee compensation data, production processes, improvements, developments, designs and technologies, and any
other information or knowledge concerning the Employer, its customers, and its business or methods of doing business, whether or
not in tangible form, that is of a proprietary and/or confidential nature, and/or has been heretofore or hereafter will be treated
as confidential or secret by Employer (hereinafter collectively referred to as “Confidential Information”). By signing
this Agreement, Executive hereby represents and warrants that all such Confidential Information and other Employer property have
been returned to Employer, and that Executive has not retained any such Confidential Information or Employer property or any copies
thereof.

 

3.Consideration by
Employer. In consideration for signing this Separation Agreement and Release and compliance with promises made herein,
Employer agrees:

  

		a.	In accordance with section 6) of your employment agreement, Axion can terminate your employment without good reason at any
time upon 30 days’ prior written notice. Your employment is hereby terminated on (insert date).

		b.	The Employer shall pay to Employee an aggregate severance amount equal to his base salary for the remainder of the term of
this Agreement or one year, whichever is shorter but in no event less than six (6) months plus any accrued and unused vacation
and accrued but unpaid bonus (i.e., such amount being referred to as the "Severance Amount"). The Severance Amount
may be paid in as part of the regular ongoing payroll for the specified time commencing on the first regular pay date following
the expiration of the 7-day revocation period more fully described in paragraph 16 of this Agreement, provided that the Employer
has received this Agreement signed by Employee, and that Employee has not exercised his revocation rights under paragraph 16.

 

    	 

    	 

    

 

4.Payments
as Consideration. Executive understands and agrees that he/she
would not be entitled to receive severance monies specified in Paragraph 3 above, except for her execution of this Separation Agreement
and Release and the fulfillment of the promises contained herein.

 

5.Non-Disclosure.
Executive acknowledges that in the course of performing services for the Employer, Executive had access to, developed and/or contributed
certain Confidential Information, as defined above, concerning the Employer and its business. Executive hereby covenants and agrees
that he/she shall not directly or indirectly, at any time prior or subsequent to the Separation Date, disclose, divulge, disseminate,
publish, furnish or make accessible to any third party, or use for Executive’s own personal or professional purposes, profit
or benefit, any of the Employer’s Confidential Information.

 

6.Assignment.
The rights and protections of the Employer shall extend to any of its successors or assigns and this Agreement may be assigned
without Executive’s consent.

 

7.Taxes.
Executive is, and hereby agrees, to be responsible for the payment of any and all federal, state, and/or local taxes which may
be payable on the consideration paid for this Agreement. Executive agrees to indemnify and hold harmless the Employer and its insurers,
individually or collectively, from and against any and all claims for federal, state and/or local taxes which may be payable on
the consideration paid for this Agreement. Executive expressly acknowledges that the Employer has not made, nor herein makes, any
representation about the tax consequences of any consideration provided by the Employer to Executive pursuant to this Agreement,
and Executive represents and agrees that he/she is not relying on the advice of the Employer or its attorneys as to the legal,
tax, or other consequences of this Agreement.

 

8.Release.
In consideration of the payments referenced in paragraph 3, Executive hereby releases, remises and forever discharges Employer,
including its shareholders, directors, officers, employees, agents, predecessors, successors, parent companies, affiliates, subsidiaries,
assigns, attorneys and insurers from any and all claims, damages, demands, causes of action, suits, debts due, and sums of money
of whatever kind and nature which Executive ever had, could have in the future, or now has against Employer arising out of or in
any way related to or resulting from Executive’s employment with Employer and/or the cessation thereof. Executive knowingly
and voluntarily releases and forever discharges Employer from any and all claims that he/she has or may have against Employer as
of the date of her execution of this Separation Agreement and Release, including, but not limited to, any alleged violation of
Title VII of the Civil Rights Act of 1964, as amended; The Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of
the United States Code, as amended; The Employee Retirement Income Security Act of 1974, as amended; The Immigration Reform and
Control Act, as amended; The Americans with Disabilities Act of 1990, as amended; The Age Discrimination in Employment Act of 1967
(“ADEA”), as amended; The Older Workers Benefit Protection Act; The Worker Adjustment and Retraining Notification Act,
as amended; The Occupational Safety and Health Act, as amended; The Family and Medical Leave Act; The Fair Labor Standards Act;
The Vocational Rehabilitation Act of 1973; The Equal Pay Act; The Pennsylvania Human Relations Act, as amended; The Pennsylvania
Wage Payment and Collection Law, as amended; The Pennsylvania Minimum Wage Act, as amended; The Pennsylvania Equal Pay Law, as
amended; any other federal, state or local civil or human rights law or any other local, state or federal constitution, statute,
regulation or ordinance; any public policy, contract, tort, or common law; or any claim for costs, fees, or other expenses including
attorneys’ fees.

 

    	 

    	 

    

 

9.No Claim
Exists. Should Executive file any charge or complaint on his/her own behalf or participate in any charge or complaint which
may be made by any other person or organization on her behalf before any federal, state, or local court or administrative agency
against Employer, Executive agrees that he/she will not accept any relief or recovery therefrom. Executive confirms that no charge,
complaint or action exists in any forum or form.

 

10.Waiver of Right
to Assist. Executive understands that if this Agreement were not signed, Executive would have the right to voluntarily
assist other individuals or entities in bringing claims against Employer. Executive hereby waives that right and he/she will not
provide any such assistance other than assistance in an investigation or proceeding conducted by the United States Equal Employment
Opportunity Commission or as otherwise required by law.

 

11.Confidentiality.
Executive and Employer recognize and acknowledge their mutual interests in maintaining the confidentiality of this Agreement, and
agree that each shall keep the fact and terms of this Agreement and the discussions leading to this Agreement strictly confidential.
Executive and Employer promise and agree not to disclose, either directly or indirectly, in any manner whatsoever, any information
of any kind regarding the terms and amounts paid under this agreement, to any person or organization, including but not limited
to representatives of local, state or federal agencies, present and former officers, employees and agents of Employer, and other
members of the public. The parties agree that the unauthorized disclosure of the existence or terms of this Agreement shall be
considered a material breach of this Agreement, that such breach shall provide a separate and independent cause of action to the
other Party to this Agreement, and that this Agreement may be used as evidence in a subsequent proceeding in which the other Party
alleges a breach of this Agreement. In the event of a breach of this Paragraph, the breaching party acknowledges that the non-breaching
party shall be entitled to injunctive or other equitable relief necessary to enforce this Paragraph. In the event that Employer
or Executive takes steps to seek relief from an alleged breach of this Paragraph, all of the remaining provisions of this Agreement
shall remain in full force and effect. Executive agrees to inform those persons who had knowledge of the fact and terms of this
Agreement on the date hereof that they are bound by the same terms of confidentiality in this Agreement that apply to Executive.
The provisions of this Paragraph shall not prohibit Executive from disclosing the fact and terms hereof to such accounting, legal,
or similar professional advisors as he/she may from time to time engage. This Paragraph shall not prohibit Employer from disclosing
the fact of and terms hereof to Employer’s accounting, legal, or similar professional advisors and to such employees of Employer
who, as part of their employment duties in terms of personnel functions at Employer are required to have this information; however,
all such employees shall be informed of the confidentiality of the fact of and terms of this Agreement, and they are bound by the
same terms of confidentiality as apply to Employer.

 

12.Severability. Should any part
of this Agreement be rendered or declared invalid by a court of competent jurisdiction of the Commonwealth of Pennsylvania, such
invalidation of such part or portion of this Agreement should not invalidate the remaining portions thereof, and they shall remain
in full force and effect. However, if, within two (2) years from the date of this Agreement, any portion of the general release
language is ruled to be unenforceable for any reason, the parties will enter into good faith discussions to amend the general release
language to conform to all applicable laws regarding enforceability. If the parties are unable to mutually agree on an appropriate
amendment to the general release language, Executive shall return the consideration paid hereunder to Employer.

 

    	 

    	 

    

 

13.No Admission of
Liability. Executive agrees that neither this Separation Agreement and Release nor the furnishing of the consideration
for this Release shall be deemed or construed at any time for any purpose as an admission by Employer of any liability or unlawful
conduct of any kind.

 

14.Non-Disparagement.
 The parties mutually agree that they shall not make any statements to third parties with the intent or effect of disparaging
the other party.

 

15.Right
to Review. Executive agrees that he/she has been given at least twenty-one (21) days after the receipt of this Separation
Agreement and Release to consider its terms and decide whether or not to sign it, but that he/she can freely and knowingly waive
the twenty-one (21) day period and execute the Agreement before the end of the twenty-one (21) day period, the effect of which
is to begin the running of the seven (7) day period described below.

 

16.Right to Revoke.
Executive is aware that he/she may change her mind and freely revoke this Release, only insofar as it applies to any claim
he/she may have under the Age Discrimination in Employment Act (ADEA), at any time during the seven (7) days after it is signed,
in which case, the provisions of the Release as to the ADEA, only, will have no force or effect. Executive understands and
agrees that, upon his/her execution of this Agreement, the payment of the severance sum specified herein will be held by Employer
until the expiration of this seven (7) day revocation period, after which the payment will be tendered to Executive if he/she has
not exercised her revocation rights under this paragraph. Executive understands and agrees that any revocation under this section
must be in writing and delivered to counsel for Employer, at the address, which follows, postmarked within seven (7) days of Executive’s
signing of this Agreement to be effective: Jolie Kahn, Esq., 1800 John F Kennedy Blvd., Suite 1400, Philadelphia, PA 19103. If
the last day of the revocation period is a Saturday, Sunday, or legal holiday, then the revocation period shall not expire until
the next following day which is not a Saturday, Sunday, or legal holiday. The parties acknowledge and agree that any revocation
by Executive under this paragraph shall apply only to any claims Executive may have or assert under the ADEA, and is not effective
to revoke Executive’s waiver and release of any other claims pursuant to this Release.

 

17.Right to Consult
with Counsel.  Executive has been and/or is hereby advised to review this Separation Agreement and Release with Executive
attorney, and expressly acknowledges that Executive has read and understands the Agreement and enters into the Agreement of Executive
own free will and as a competent adult.

 

18.Binding
Effect. This Separation Agreement and Release shall be binding upon and inure to the benefit of all the parties hereto
and their respective shareholders, partners, associates, members, officers, directors, employees, administrators, agents, predecessors,
successors, parent companies, affiliates, subsidiaries, insurers, assigns, representatives, executors and heirs.

 

19.Choice of Law.
This Separation Agreement and Release shall be interpreted, endorsed and governed in accordance with the laws of the Commonwealth
of Pennsylvania, without regard to its conflict of law rules.

 

    	 

    	 

    

 

 

20.Modification.
The terms or conditions of this Separation Agreement and Release may not be modified, altered or changed except upon express written
consent of both parties wherein specific reference is made to this Agreement. Any waiver of the terms or covenants hereof must
be in a writing executed by the party waiving compliance. Failure of any party at any time or times to require performance of any
provision hereof shall in no manner affect his/her or its right at a later time to enforce the same. No waiver by a party of a
breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances shall
be deemed to be or construed as a further or continuing waiver of such term or covenant.

 

21.Competency.
The parties declare that each has fully participated in the negotiation of this Agreement, that each has carefully read this Agreement
and reviewed its terms, that each has been given an opportunity to consult with legal counsel to the extent any party so desires,
and that each agrees to it for the purpose of making a full and final compromise as to all matters referenced herein.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Separation Agreement and Release to be executed on their behalf as of the day and year indicated
below.

 

AXION POWER INTERNATIONAL, INC.

 

 

	___________________________________
	                                                                               
	By: (name)	 (Title)
	 	 
	Dated: _____________________________	 
	 	 
	 	 
	________________________________	________________________
	Executive’s name	Dated
	 	 
	 	 
	________________________________	________________________
	WITNESS	Dated

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