AMENDMENT NO. 1 TO CONSULTING AGREEMENT October 31, 2007
Exhibit
10.2
AMENDMENT
NO. 1
TO
October
31, 2007
This
Amendment No. 1 (this “Amendment”)
to
that certain Consulting Agreement effective as of August 31, 2007 (the
“Agreement”)
is
made as of October 31, 2007 between Axion Power International, Inc., a
Delaware corporation (the “Company”),
and
Xxxxxx Xxxx Xxxxxx, Jr., an individual (the “Consultant”),
and
for the limited purposes of Section 1
hereof,
Xxxxxx Enterprises, LLC (“CE”
and
together with the Company and the Consultant, the “Parties”).
Capitalized terms used and not defined herein shall have the meanings set
forth
in the Agreement.
WHEREAS,
the
Parties previously entered into the Agreement by which the Consultant agreed
to
provide certain financial services to the Company and act as the Company’s Chief
Financial Officer; and
WHEREAS,
the
Parties, among other things, desire to amend certain provisions of the Agreement
to clarify the vesting schedule of the stock options granted to the Consultant
by the Company pursuant to the Agreement; and
WHEREAS,
Section 12
of the
Agreement provides that provisions of the Agreement may be amended or modified
pursuant to a signed, written agreement by the Company and the
Consultant.
NOW,
THEREFORE,
in
consideration of the premises and for other good and valuable consideration,
the
receipt and sufficiency of which hereby are acknowledged, the Parties hereby
agree as follows:
1. Consultant.
The
Parties agree and acknowledge that the parties to the Agreement are the Company
and the Consultant (as those terms are defined in this Amendment). The Parties
further agree that the Preamble of the Agreement is hereby amended to change
the
name of the Consultant to “Xxxxxx Xxxx Xxxxxx, Jr., an individual” and all
references to the term “Consultant” in the Agreement shall refer to “Xxxxxx Xxxx
Xxxxxx, Jr., an individual.”
2. Amendment.
Section 4
of the
Agreement is hereby amended and restated in its entirety to read as
follows:
“In
consideration of your agreement to devote the time to accomplish the
requirements listed in this contract, we will grant you an option to purchase
80,000 shares of our common stock at an exercise price of $4.50 per share.
The
option shall vest 30,000 shares upon execution of this contract and then
at the
rate of 10,000 shares per month commencing on October 1, 2007 and
continuing for the term of this contract. If your consulting relationship
with
us is terminated for any reason at any time during the first month, all vested
options will be forfeit. Subject to the foregoing minimum length of service
condition, vested options may be exercised at any time or from time to time,
in
whole or in part, for a period of two years. The option agreement attached
hereto as “Exhibit F” shall be executed currently with this
agreement.”
3. Counterparts.
This
Amendment may be executed in any number of counterparts, and each such
counterpart shall be deemed to be an original instrument, but all such
counterparts together shall constitute one and the same instrument.
4. Governing
Law.
This
Amendment, pursuant to Section 14
of the
Agreement, shall be governed and construed as to its validity, interpretation
and effect by the laws of the Commonwealth of Pennsylvania notwithstanding
the
choice of law rules of Pennsylvania or any other jurisdiction.
[Signature
Page Follows]
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IN
WITNESS WHEREOF, the Parties hereto have caused this Amendment to be duly
executed as of the day and year first above written.
COMPANY: | ||
AXION POWER INTERNATIONAL, INC. | ||
|
|
|
By: | /s/ Xxxxxx X. Xxxxxxxxx | |
Xxxxxx
X. Xxxxxxxxx
Chief
Executive Officer
|
CONSULTANT: | ||
|
|
|
/s/ Xxxxxx Xxxx Xxxxxx, Jr. | ||
XXXXXX XXXX XXXXXX, JR. |
FOR
THE LIMITED PURPOSES OF SECTION 1
AGREED
TO AND ACKNOWLEDGED:
XXXXXX
ENTERPRISES, LLC
By: | /s/ Xxxxxx Xxxx Xxxxxx, Jr. | |||
Xxxxxx
Xxxx Xxxxxx, Jr.
Sole
Member
|
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