Document:

Unassociated Document

Exhibit 10.1

 

AXION INTERNATIONAL HOLDINGS, INC.

180 South Street

New Providence, New Jersey 07974-1991

 

May 10, 2011

 

Steven Silverman

100 Old Palisades Road, Apt. 4006

Fort Lee, New Jersey 07024

Re:           Amendment of Employment Letter

Steven:

This letter shall serve to amend the terms and conditions of your offer letter dated September 23, 2010.  Effective May 1, your Base Salary shall be increased to $210,000 per annum, payable in accordance with the Company’s payroll practices.  Your Base Salary will be further increased to $300,000 and $375,000 upon the Company achieving $15,000,000 in sales during any fiscal year and the Company achieving $25,000,000 in sales during any fiscal year, respectively.  This shall replace the Base Salary increases set forth in the original offer letter.

 

You are hereby awarded 150,000 options at an exercise price of $1.20 per share, which shall be exercisable for a period of up to seven (7) years from May 10, 2011.  In addition, you shall be entitled to (i) an option to purchase an additional 150,000 shares of common stock exercisable at $1.75 per share upon the Company achieving $20,000,000 in sales during any fiscal year and (ii) option to purchase an additional 100,000 shares of common stock exercisable at $2.00 per share upon the Company achieving $50,000,000 in sales during any fiscal year.  Such options shall have a term of seven (7) years from May 10, 2011.  Except as set forth in the original offer letter, all vested Options shall be forfeited upon termination of your employment with the Company.

 

The compensation committee of the Board of Directors shall establish, in conjunction with you, certain designated management objectives.  Upon your attainment of such objectives, you shall be entitled to an additional 200,000 options exercisable for a period of seven (7) years from May 10, 2011.  The exercise price of such options shall be at the market price of the Company’s common stock upon achieving those designated management objectives.

 

If this correctly sets forth the agreement between you and the party, please sign in the space provided below, at which it will become a binding agreement between you and the Company.

 

	  	
Sincerely,

	  	  	  
	  	
Axion International Holdings, Inc.

	  	  	  
	  	  	  
	  	
By:  

	/s/ Perry Jacobson
	  	  	
Perry Jacobson, Chairman of the Board

 

 

	
I hereby accept the terms and conditions of

	  
	
this amended condition of employment this

	  
	
10th day of May 2011

	  
	  	  
	  	  
	
/s/ Steven Silverman

	  
	
Steven SilvermanUnassociated Document

Exhibit 10.2

 

AXION INTERNATIONAL HOLDINGS, INC.

180 South Street

New Providence, New Jersey 07974-1991

 

May 10, 2011

 

James J. Kerstein

30 Cory Lane

Watchung, New Jersey 07069

Re:           Amendment of Employment Letter

James:

This letter shall serve to amend the terms and conditions of your Employment Agreement between Axion International Holdings, Inc. and James J. Kerstein.  Your Base Salary shall be adjusted to $185,000, which will increase to $220,000 and $250,000 at such time the Company achieves annual revenue of $15,000,000 and $25,000,000, respectively.

 

You are hereby awarded 100,000 options at an exercise price of $1.20 per share, which options shall have a term of seven (7) years from May 10, 2011.  In addition, 285,779 options held by you are hereby revised to vest when the Company achieves annual revenues of $20,000,000 (from the previous vesting condition of $15,000,000) and 285,779 options held by you are hereby revised to vest upon the Company achieving annual revenues of $15,000,000 (from the previous vesting condition of $25,000,000).

 

In addition, you hereby agree to enter into a lock-up agreement with respect to 2,000,450 shares of common stock which you currently own for a period of one (1) year commencing on May 10, 2011.  150,000 shares of the Company’s common stock owned by you may be transferred free of lock-up restrictions.  The remaining shares may be transferred as follows:  no shares may be transferred until the Company’s common stock has closed at a price of at least $3.99.  Twenty percent (20%) of the shares may be transferred upon the Company’s common stock obtaining the price of $4.00.  An additional Thirty percent (30%) of the shares may be transferred if the Company’s common stock reaches $10.00.  There is no restriction if the Company’s common stock trades at a price above $19.99 per share.  The lock-up shall terminate on May 10, 2012.

 

If this correctly sets forth the agreement among the parties, please sign in the space indicated below, at which it will become a binding agreement between you and the Company.

 

	  	
Sincerely,

	  	  	  	  
	  	
Axion International Holdings, Inc.

	  	  	  	  
	  	  	  	  
	  	
By:  

	/s/ Perry Jacobson
	  	
 

	
Perry Jacobson, Chairman of the Board

 

 

	
I hereby accept the terms and conditions of

	  
	
this amended condition of employment this

	  
	
10th day of May 2011

	  
	  	  
	  	  
	
/s/ James J. Kerstein

	  
	
James J. KersteinUnassociated Document

LEASE CONTRACT

 

Land Lord (hereinafter called “Party A”):Ye Xiaoyan, Liu jiarong

 

Tenant (hereinafter called “Party B”): Chengdu Tian Ze Dao Qin Management Consulting Co., Ltd.

This contract is made and entered into by and between the Land Lord (Party A) and the Tenant (Party B) through friendly consultation. Whereby Party A agrees to lease  to Party B the under-mentioned premises on the terms and subject to the conditions set by the government.

 

* Party A shall guarantee the legality and the lease right of the premises.

 

* Location, Size of the premises

 

* Party A shall lease to Party B the premises owned by itself, which is located at Room 36, 3rd floor, 1st building, No.16, Jiangxi Str., Wuhou district, Chengdu, Sichuan.

 

* The registered size of the leased premises is 42.53 square meters. ( comprising construction area)

 

* Party A shall provide the property ownership certificate of the premises (or valid certificate document of its lease right) and its identity certificates. Party B shall provide its business license. Both parties may keep the duplicate of the counterpart’s documents which shall be used of this lease only.

 

* Lease term and Purpose

 

* The lease term shall be from March 1st, 2011 to August 31st, 2011.

 

* Party B shall undertake to Party A that the premises must be used only for commercial use.

 

* Party A may withdraw the premises when this contract expires, but under the same terms Party B has the priority to lease the premises. Within one month prior to this contract expires, Party B shall notify Party A if it intends to extend the lease. In this situation, two parties shall discuss matters over the extension.

 

  

1

  

 

* Rental and Payment

 

1、The rental shall be RMB 1500 yuan per month.

 

2、Payment of rental shall be one installment every 3 months and each installment shall be 4500 yuan. Party A shall issue a certificate of receipts to Party B after receiving the rental.

 

* Fee during the lease term

 

* Obligation of Party A:

 

Party A shall pay the Property Tax of the premises according to the law and any fee involved but not listed herein during the lease term.

 

* Obligation of Party B:

 

* Party B shall bear the cost of utilities such as management, water, electricity, gas, cable fees during the lease term.

 

* This contract covers the ban of increasing any fee which is not listed herein.

 

* Party B shall not transfer the lease of the premises or sub without Party A’s approval.

 

* Modification 、Termination and Dissolution of this contract

 

* Both parties shall discuss matters over the modification and dissolution of this contract.

 

* Party B has the right to terminate this contract, if Party A commits the following acts:

 

* Party A does not provide the premises or not as provided herein so that the living environment of Party B may be severely affected.

 

* Party A does not repair the damaged facilities so that Party B may not use the facilities normally.

 

* Party A has the right to terminate this contract and withdraw the premises, if Party B commits the following acts:

 

  

2

  

 

* Party B transfers the lease of the premises or subs without Party A’s approval. 

 

* Party B amends the purpose of the premises without Party A’s approval.

 

* Party B is 3 months behind with the rent.

 

* Within one month prior to this contract expires, Party B shall notify Party A if it intends to extend the lease.

 

* The lease term expires.

 

* This contract may not be performed by virtue of force majeure.

 

* Delivery and withdrawal of the premises

 

* Party A shall guarantee the normal condition of the premises and its attached facilities.

 

* Party B shall return the premises and attached facilities to Party A when the lease term expires

 

* Party B may take away the added facilities without changing the good conditions of the premises for normal use when this contract expires. Party A has the right to dispose the facilities left behind without permission.

 

* Miscellaneous shall be discussed by both parties. The annex is the integral part of this contract. The annex and this contract are equally valid.

 

* In witness whereof, this contract shall be executed effective as of being signed by both parties.

 

* There are 2 originals of this contract. Each party may hold 1 original.

	
Party A(Signature and Seal):

	
Party B(Signature and Seal):

	 	 
	
ID number:

	
ID number:

	 	 
	
Telephone:

	
Telephone:

	 	 
	
Fax:

	
Fax:

	 	 
	
Address:

	
Address:

	 	 
	
Zip code:

	
Zip code:

 

Property Certificate No.:

March 1st, 2011

 

  

3

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