Document:

<PAGE>

                                                                   Exhibit 10.1

                                                                    Page 1 of 7

                              COMMUTATION AGREEMENT

This Agreement is made effective as of September 30, 2004 (the "Commutation
Date") by and between PXRE Reinsurance Company, PXRE Reinsurance Ltd. and PXRE
Group Ltd. (hereinafter, separately and collectively, referred to as the
"Reinsured") and Select Reinsurance Ltd. (hereinafter referred to as the
"Reinsurer") and such entities collectively hereinafter, (the "parties").

         WHEREAS, the parties hereto desire to effect a full and final
commutation and release of all agreements and other obligations between the
parties, whether written or verbal, including without limitation, the
reinsurance agreements set forth in Schedule A hereto, (all such contracts and
obligations hereunder the "Commuted Contracts"); other than those set forth in
Schedule B hereto (the "Non-Commuted Contracts") upon the terms and conditions
set forth below:

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

1. The Reinsurer shall pay to PXRE Reinsurance Ltd., as agent for the Reinsured,
upon the Effective Date as defined in Schedule C, the amount of $23,054,154
(hereinafter referred to as the "Funds") for commutation of the Commuted
Contracts. The payment of the Funds shall constitute the "Commutation Payment",
which amount represents the mutually agreed upon amount to completely discharge
all liabilities and obligations of the parties in respect of the Commuted
Contracts.

The Commutation Payment shall be affected in accordance with the arrangements
set out in Schedule C to this Agreement.

The Reinsured shall, simultaneously with the giving of instructions for the
payment referred to in Schedule C, authorize the prompt release to the Reinsurer
of all amounts in the United States based Regulation 114 Trust account at JP
Morgan Chase, account number 311699 (the "Chase Trust"), in excess of
$6,110,665, which is the collateral requirement for the Aggregate Excess of Loss
Reinsurance Agreement, dated July 1, 2001, between PXRE Reinsurance Company and
Select Reinsurance Ltd. which is listed in Schedule B to this Agreement as a
Non-Commuted Contract.

The Reinsured shall, simultaneously with the giving of instructions for the
payment referred to in Schedule C, authorize the prompt release to the Reinsurer
of all amounts in the Bermuda based Patriot 2002 Trust Account, account number
102-08097 (Bear Stearns) (the Patriot 2002 Trust"), in excess of $22,373,000,
which is the collateral requirement for the Specific Retrocessional Aggregate
Excess Contract, dated as of June 30, 2001, by and between PXRE Reinsurance
Company and Select Reinsurance Ltd. which is listed in Schedule B to this
Agreement as a Non-Commuted Contract.

The Reinsured shall, simultaneously with the giving of instructions for the
payment referred to in Schedule C, authorize the prompt release to the Reinsurer
of all amounts in the Bermuda based Patriot 2004 Trust Account (Appleby Trust
(Bermuda) Ltd. client trust account number 1510 803 225) (the "Patriot 2004
Trust"), in excess of $10,000,000, which is the collateral requirement for the
Excess of Loss Reinsurance Treaty, dated as of April 1, 2004, by and between
PXRE Reinsurance Ltd. and Select Reinsurance Ltd. which is listed in Schedule B
to this Agreement as a Non-Commuted Contract.

<PAGE>

                                                                    Page 2 of 7

All payments to the Reinsurer hereunder shall be made by wire transfer to the
following account of the Reinsurer.

The Bank of Bermuda Limited
6 Front Street
Hamilton
Bermuda

Account Name: Select Reinsurance Ltd.
Account Number: 1010 730206

2. The Reinsured and Reinsurer do hereby irrevocably and unconditionally release
and forever discharge each other, and their affiliates, parents, subsidiaries
and other related or associated companies (the "Entities"), and the Entities'
officers, directors, agents and shareholders, and their heirs, executors,
administrators, successors, predecessors and assigns from all past, present and
future obligations, losses, offsets, actions, causes of action, suits, debts,
sums of money, accounts, damages, judgments, claims, demands or other liability
whatsoever, known or unknown, at law or in equity, in contract or in tort,
arising under, or in connection with the Commuted Contracts, including, without
limitation, any obligation for loss, loss adjustment expenses, reinsurance
premiums due, reinsurer's margin, commutation amounts, termination amounts,
profit sharing, adjustments, offsets, taxes and any other obligation which might
be claimed or demanded by reason of any matter whatsoever arising out of, or in
connection with, the Commuted Contracts; it being the intention of the parties
that this release operate as a full and final settlement of each party's current
and future obligations and liabilities to the other parties hereto with respect
to the Commuted Contracts and discharge of any claim by one party against any
other party whatsoever arising out of, or in connection with, the Commuted
Contracts. For the avoidance of doubt, this Agreement shall not release, modify
or affect any party's obligations under the Non-Commuted Contracts.

3. REPRESENTATIONS AND WARRANTIES. Each of the parties hereto expressly
severally warrants and represents to each of the other parties hereto that it is
a corporation in good standing in its respective place of domicile; that the
execution, giving effect to and performance of its obligations under this
Agreement is fully authorized by it; that the person executing this Agreement
has the necessary and appropriate authority to do so; that this Agreement
constitutes a valid and binding obligation of it (except as limited by
applicable bankruptcy or other laws for the protection of debtors); that it
derives a benefit and will not assert a lack of benefit by reason of its
execution of this Agreement; that there are no existing or pending agreements,
transactions or negotiations to which it is a party that would render this
Agreement or any part thereof void, avoidable or unenforceable; that there is no
authorization, consent or approval of any government or regulatory entity which
is required to make this Agreement valid and binding upon it; that no claim or
account being paid or settled hereunder has previously been assigned or
transferred to another person or entity; that no order has been made or petition
presented or other step taken for it to be wound up or for the appointment of a
liquidator, provisional liquidator, receiver, administrator or other like office
holder under the laws of any jurisdiction whatsoever; and that the execution,
giving effect to and performance of its obligations under, this Agreement does
not contravene or fail to comply with a direction given by any governmental
authority having regulatory authority over it.

<PAGE>

                                                                    Page 3 of 7

4. GOVERNING LAW. This Agreement shall be interpreted under and be governed by
the laws of New York, without regard to any choice of law principles that would
apply the law of any other jurisdiction.

5. ENTIRE AGREEMENT. This Agreement shall constitute the entire Agreement
between the parties with respect to the commutation of the Commuted Contracts
and may not be amended orally or in writing except by written addendum signed by
each of the parties hereto.

6. NO THIRD PARTY BENEFICIARIES. This Agreement shall be binding upon and shall
inure solely to the benefit of the parties hereto and their respective assigns;
it being the intent of the parties not to create any third party beneficiaries
hereunder.

7. NO RELIANCE. The parties acknowledge that they have entered into this
Agreement in reliance upon their own independent investigation and analysis and
not on the basis of any representation or warranty by the other parties hereto
other than those representations and warranties set forth above.

8. COUNTERPARTS. This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original, but all of
which shall constitute one and the same Agreement.

9. NO WAIVER. The failure of the parties to enforce any provision of this
Agreement shall not be construed as a waiver of such provision or any other
provision of this Agreement. No waiver of any provision of this Agreement shall
be deemed a waiver of any of its other terms, nor shall such waiver constitute a
continuing waiver.

10. ILLEGALITY. In the event that any part of this Agreement should for any
reason become or be found to be null, void, illegal or otherwise unenforceable,
it shall be struck out to the extent that it is so null, void, illegal or
unenforceable in the jurisdiction or jurisdictions affected, and the remaining
provisions of this Agreement shall remain in full force and effect; provided
that the part struck does not leave any of the parties without the essence of
their bargain and if so, the parties shall negotiate in good faith to replace
such part with provisions that will restore such essential bargain. In the event
that any court of competent jurisdiction renders a final, non-appealable order
or ruling declaring this Agreement null and void in its entirety, it is mutually
agreed by the Reinsured and the Reinsurer that this Agreement shall be
immediately rescinded and that each of the parties hereto shall be restored to
the position it was in just prior to the making of this Agreement.

<PAGE>

                                                                    Page 4 of 7

IN WITNESS WHEREOF, the Reinsurer and the Reinsured have caused this Agreement
to be executed by their duly authorized representatives.

-------------------------------------------------------------------------------
PXRE REINSURANCE LTD.                        SELECT REINSURANCE LTD.

By: /s/ Robert P. Myron                      By:  /s/ Brant Kizer
    -------------------------------               -----------------------------
Title: SVP & CFO                             Title: President
Date:  October 20, 2004                      Date:  October 19, 2004

-------------------------------------------------------------------------------
PXRE REINSURANCE COMPANY

By: /s/Bruce J. Byrnes
    -------------------------------
Title: General Counsel
Date:  October 20, 2004

-------------------------------------------------------------------------------
PXRE GROUP LTD.

By: /s/  Robert P. Myron
    -------------------------------
Title: SVP and Treasurer
Date:  October 20, 2004

-------------------------------------------------------------------------------

<PAGE>

                                                                    Page 5 of 7

                                   SCHEDULE A

                         SCHEDULE OF COMMUTED CONTRACTS

1.       Amended And Restated Facultative Obligatory Quota Share Retrocessional
         Agreement by and between Select Reinsurance Ltd., PXRE Reinsurance
         Company and PXRE Reinsurance Ltd. dated October 1, 1997 and all
         amendments, addendums and letter agreements related thereto;

2.       Variable Quota Share Retrocessional Agreement by and between Select
         Reinsurance Ltd., PXRE Reinsurance Company and PXRE Reinsurance Ltd.
         dated April 1, 1997 and all amendments, addendums and letter agreements
         related thereto;

3.       Aggregate Excess of Loss Retrocessional Reinsurance Agreement, dated as
         of February 19, 2001, by and between PXRE Reinsurance Ltd, and Select
         Reinsurance Ltd. (aka, the Kemper Contract);

4.       The Specific Retrocessional Quota Share Agreement, dated as of January
         1, 2004, by and between PXRE Reinsurance Ltd. and Select Reinsurance
         Ltd. (aka, the Amlin Contract);

5.       Specific Retrocessional Aggregate Excess Contract, dated as of January
         3, 2002, by and between PXRE Reinsurance Company and Select Reinsurance
         Ltd. (aka, the 2002 Tower Contract)

6.       Section A of the Reinsurance Contract between Select Reinsurance Ltd.
         and PXRE Group Ltd., dated as of June 29, 2000, covering Realm National
         Insurance Company Treaty and Royal Insurance Co. Risk Excess
         Treaty;

7.       Section A of the Reinsurance Contract between Select Reinsurance Ltd.
         and PXRE Group Ltd., dated of June 29, 2000, covering the Royal
         Insurance Treaty and Kemper Aggregate Treaty.

8.       Retrocession contract, by and between PXRE Reinsurance Company and
         Select Reinsurance Ltd., dated July 10, 2001, and all amendments,
         addendums and letter agreements thereto;

9.       Retrocession contract, by and between PXRE Reinsurance Company and
         Select Reinsurance Ltd., dated January 1, 2002, and all amendments,
         addendums, and letter agreements thereto;

10.      Retrocession contract, by and between PXRE Reinsurance Ltd. and Select
         Reinsurance Ltd., dated January 1, 2003 and all amendments, addendums
         and letter agreements thereto.

<PAGE>

                                                                    Page 6 of 7

                                   SCHEDULE B

                       SCHEDULE OF NON-COMMUTED CONTRACTS

1.       Excess of Loss Reinsurance Treaty, dated as of April 1, 2004, by and
         between PXRE Reinsurance Ltd. and Select Reinsurance Ltd.;

2.       Specific Retrocessional Aggregate Excess Contract, dated as of June 30,
         2001, by and between PXRE Reinsurance Company and Select Reinsurance
         Ltd. (aka, the 2001 Tower Contract)

3.       Aggregate Excess of Loss Reinsurance Agreement, dated July 1, 2001,
         between PXRE Reinsurance Company and Select Reinsurance Ltd.

<PAGE>

                                                                    Page 7 of 7

                                   SCHEDULE C

                               COMMUTATION PAYMENT

1.       The effective date of all payments referred to in this Schedule, which
         together constitute the Commutation Payment, shall be October 26, 2004.

2.       The Reinsurer and to the extent required, the Reinsured, shall provide
         instructions to the Trustees of the Chase Trust, Patriot 2002 Trust and
         Patriot 2004 Trust, as required, to facilitate the payments referred to
         below.

3.       PXRE Reinsurance Company, as beneficiary, shall withdraw the sum of
         $19,000,000 from the Chase Trust by wire transfer to the account
         indicated below.

4.       PXRE Reinsurance Ltd., as beneficiary, shall withdraw the sum of
         $449,511 from the Patriot 2002 Trust by wire transfer to the account
         indicated below.

5.       PXRE Reinsurance Ltd., as beneficiary, shall withdraw the sum of
         $3,000,000 from the Patriot 2004 Trust by wire transfer to the account
         indicated below.

6.       The Reinsurer shall pay PXRE Reinsurance Ltd., as agent for the
         Reinsured, the sum of $604,643. Payment shall be made by wire transfer
         to the account indicated below.

         Credit To:                         JP Morgan Chase
                                            270 Park Avenue
                                            New York, NY 10017
                                            ABA #:  021000021
         Further Credit to:                 JPMorgan Chase Bank, New York
                                            PXRE REINSURANCE LTD.
                                            PXRE House
                                            110 Pitts Bay Road
                                            Pembroke HM 08
                                            Bermuda
         DDA Account                        323-957-080THIS WARRANT AND THE SECURITIES  ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN
REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED (THE "ACT"),  OR ANY
STATE  SECURITIES  LAWS,  AND  MAY  NOT  BE  SOLD,   TRANSFERRED,   ASSIGNED  OR
HYPOTHECATED UNLESS (i) THERE IS AN EFFECTIVE  REGISTRATION  STATEMENT UNDER THE
ACT COVERING SUCH SECURITIES OR (ii) THE COMPANY  RECEIVES AN OPINION OF COUNSEL
FOR THE  HOLDER  OF THESE  SECURITIES  REASONABLY  SATISFACTORY  TO THE  COMPANY
STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE
REGISTRATION  REQUIREMENTS OF THE ACT AND IS IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.

THIS WARRANT IS ISSUED PURSUANT TO THAT CERTAIN  SUBSCRIPTION  AGREEMENT BETWEEN
THE INITIAL HOLDER OF THIS WARRANT (THE  "INVESTOR")  AND DYADIC  INTERNATIONAL,
INC.,  A  DELAWARE  CORPORATION  FORMERLY  KNOWN  AS CCP  WORLDWIDE,  INC.  (THE
"COMPANY").

                                                         Dated: November 1, 2004

                           DYADIC INTERNATIONAL, INC.

                     WARRANT ("WARRANT") TO PURCHASE SHARES
                                       OF
                    COMMON STOCK, $0.001 PAR VALUE PER SHARE
                                 _______ SHARES

      1. Number of Shares Subject to Warrant. This is to certify that, FOR VALUE
RECEIVED,  _____________  (the  "Investor"),  is entitled  to purchase  from the
Company,  at any time before the termination of this Warrant pursuant to Section
3 hereof,  at an exercise  price equal to $5.50 per share (the exercise price in
effect from time to time  hereafter  being  called the "Warrant  Price"),  _____
shares ("Warrant  Shares") of the Company's  common stock,  $0.001 par value per
share ("Common Stock"),  upon such Investor's  exercise of this Warrant pursuant
to Section 7 hereof. The number of Warrant Shares  purchaseable upon exercise of
this Warrant and the Warrant Price shall be subject to  adjustment  from time to
time as described herein.

      2.  Definitions.  As used in this Warrant,  the following terms shall have
definitions ascribed to them below:

                                      D-1
<PAGE>

      (a) "Business Day" shall mean any day except Saturday,  Sunday and any day
      which shall be a legal holiday or a day on which banking  institutions  in
      the  state  of New  York  are  authorized  or  required  by  law or  other
      government  actions to close  between the hours of 9:30 a.m. and 5:00 p.m.
      Eastern Standard Time.

      (b) "Holder" shall mean the Investor and any permitted transferees.

      (c) "Trading Market" means the following markets or exchanges on which the
      Warrant  Shares are listed or quoted for trading on the date in  question:
      the  American  Stock  Exchange,  the New York Stock  Exchange,  the Nasdaq
      National Market,  the Nasdaq SmallCap Market or the NASD  Over-The-Counter
      Bulletin Board (the "OTC Bulletin Board").

      (d) "VWAP" shall mean for any date,  the price  determined by the first of
      the following clauses that applies: (a) if the Common Stock is then listed
      or quoted on a Trading  Market,  other that the OTC  Bulletin  Board,  the
      daily volume  weighted  average trading price of the Common Stock for such
      date on the  primary  Trading  Market  on which the  Common  Stock is then
      listed or quoted as  reported  by  Bloomberg  Financial  L.P.  (based on a
      Trading  Day from 9:30 a.m.  Eastern  Standard  Time to 4:02 p.m.  Eastern
      Standard Time) using the AQR function; (b) if the Common Stock is not then
      listed or quoted on a Trading Market other than the OTC Bulletin Board and
      if prices for the Common Stock are then quoted on the OTC Bulletin  Board,
      the volume  weighted  average  trading  price of the Common Stock for such
      date on the OTC  Bulletin  Board or if there are no  trades on that  date,
      then the average of the closing bid and ask prices of the Common  Stock as
      reported by the OTC Bulletin  Board for that date; (c) if the Common Stock
      is not then  listed or quoted on a Trading  Market or on the OTC  Bulletin
      Board and if prices for the Common  Stock are then  reported  in the "Pink
      Sheets"  published by the National  Quotation  Bureau  Incorporated  (or a
      similar  organization  or agency  succeeding to its functions of reporting
      prices),  the most  recent  bid  price per  share of the  Common  Stock so
      reported for that date;  or (d) in all other cases,  the fair market value
      of  a   share   of   Common   Stock   as   determined   by  a   nationally
      recognized-independent  appraiser  selected  in good faith by the Board of
      Directors of the Company.

      3. Termination.  Unless terminated sooner under the terms of this Warrant,
this Warrant shall terminate and no longer be exercisable at 5:00 p.m.,  Eastern
Standard Time, on October 29, 2009.

      4. Fractional Shares. No fractional shares shall be issuable upon exercise
of this Warrant and the number of shares to be issued shall be rounded up to the
nearest whole share.

                                      D-2
<PAGE>

      5. No Shareholder  Rights.  This Warrant, by itself, as distinguished from
any  shares  purchased  hereunder,  shall not  entitle  the Holder to any of the
rights of a shareholder of the Company.

      6.  Reservation of Stock. The Company will reserve from its authorized and
unissued Common Stock a sufficient  number of shares to provide for the issuance
of Warrant  Shares upon the exercise or conversion of this Warrant.  Issuance of
this Warrant shall  constitute full authority to the Company's  officers who are
charged  with the duty of executing  stock  certificates  to execute,  issue and
deliver the necessary  certificates  for shares of Warrant Shares  issuable upon
the exercise or conversion of this Warrant.

      7. Exercise of Warrant. This Warrant may be exercised at any time prior to
its  termination  by the surrender of this Warrant,  together with the Notice of
Exercise  and the  Investment  Representation  Statement  in the forms  attached
hereto as Attachments 1 and 2, respectively, duly completed and executed, at the
principal  office of the Company,  specifying  the portion of this Warrant to be
exercised and  accompanied by payment in full of the Warrant Price in cash or by
check with respect to the shares of Warrant Shares being purchased. This Warrant
shall be  deemed  to have  been  exercised  immediately  prior  to the  close of
business on the date of its  surrender for exercise as provided  above,  and the
person  entitled to receive the shares of Warrant Shares  issuable upon exercise
shall be treated  for all  purposes as the holder of such shares of record as of
the close of business on such date. As promptly as practicable  after such date,
the Company shall issue and deliver to the person or persons entitled to receive
the same a certificate or certificates  for the number of full shares of Warrant
Shares  issuable upon such exercise.  If the Warrant shall be exercised for less
than the total number of shares of Warrant  Shares then issuable upon  exercise,
promptly  after  surrender of the Warrant upon such  exercise,  the Company will
execute and deliver a new Warrant,  dated the date hereof,  evidencing the right
of the Holder to the balance of the Warrant  Shares  purchasable  hereunder upon
the same terms and conditions set forth herein.

      8. Adjustment of Exercise Price and Number of Shares. The number of shares
issuable  upon  exercise  of this  Warrant  (or any  shares  of  stock  or other
securities or property at the time  receivable or issuable upon exercise of this
Warrant)  and the Warrant  Price  therefor  are subject to  adjustment  upon the
occurrence of the following events:

            (a) Adjustment for Stock Splits, Stock Dividends, Recapitalizations,
etc. The Warrant  Price and the number of shares  issuable upon exercise of this
Warrant  shall each be  proportionally  adjusted to reflect any stock  dividend,
stock split,  reverse  stock  split,  combination  of shares,  reclassification,
recapitalization  or other  similar  event  altering  the number of  outstanding
shares of the Company's common stock.

            (b) Adjustment for Other  Dividends and  Distributions.  In case the
Company shall make or issue, or shall fix a record date for the determination of
eligible  holders  entitled to receive,  a dividend or other  distribution  with
respect to the shares  payable in securities  of the Company  then,  and in each
such  case,  the  Holder,  on  exercise  of this  Warrant  at any time after the
consummation,  effective date or record date of such event,  shall  receive,  in
addition to the Warrant Shares (or such other stock or  securities)  issuable on
such exercise  prior to such date,  the  securities of the Company to which such
Holder would have been entitled upon such date if such Holder had exercised this
Warrant immediately prior thereto (all subject to further adjustment as provided
in this Warrant).

                                      D-3
<PAGE>

      9. Adjustment for Capital Reorganization,  Consolidation,  Merger or Sale.
If any  capital  reorganization  of the  capital  stock of the  Company,  or any
consolidation or merger of the Company with or into another corporation,  or the
sale of all or substantially all of the Company's assets to another  corporation
shall be effected in such a way that holders of the Company's capital stock will
be  entitled  to  receive  stock,  securities  or assets  with  respect to or in
exchange for the  Company's  capital  stock,  then in each such case the Holder,
upon the exercise of this Warrant,  at any time after the  consummation  of such
capital  reorganization,  consolidation,  merger,  or sale, shall be entitled to
receive,  in lieu of the stock or other securities and property  receivable upon
the  exercise of this  Warrant  prior to such  consummation,  the stock or other
securities  or property to which such Holder would have been  entitled upon such
consummation if such Holder had exercised this Warrant  immediately prior to the
consummation of such capital reorganization, consolidation, merger, or sale, all
subject to further  adjustment  as provided in this  Section 9; and in each such
case,  the terms of this Warrant  shall be  applicable to the shares of stock or
other securities or property  receivable upon the exercise of this Warrant after
such consummation.

      10.  Notice  of  Warrant.  On  the  happening  of an  event  requiring  an
adjustment of the Warrant Price or the Warrant  Shares  purchaseable  hereunder,
the Company  shall  forthwith  give a written  notice to the Holder  stating the
adjusted  Warrant Price and the adjusted  number and kind of securities or other
property  purchaseable  under this Warrant  resulting from the event and setting
forth in reasonable  detail the method of  calculation  and the facts upon which
the calculation is based. The Board of Directors of the Company,  acting in good
faith, shall determine the calculation.

      11. Call of Warrant.  At any time after the Closing Date as defined in the
Subscription  Agreement and from time to time thereafter (the "Effective Date"),
the Company shall have the right, upon 15 Business Days' prior written notice to
the Holder (the "Call Notice"),  to call all or any portion of this Warrant at a
price equal to $.001 per Warrant Share (the "Call Price") at any time,  provided
that (i) the Warrant Shares are  registered  for resale  pursuant to the Act and
shall  have been for at least  the  20-trading  day  period  preceding  the Call
Notice, (ii) the prospectus under which such Warrant Shares have been registered
has not been suspended at any time during the  20-trading  day period  preceding
the Call Notice,  (iii) the Warrant  Shares are  currently  listed (and have not
been  suspended from trading) on a Trading Market as of the date the Call Notice
is delivered to the Holder  through the  effective  date of such call,  (iv) the
Company is not in default  (or taken any action or failure to act which  through
the passage of time would result in a default) under the subscription  agreement
that the Warrant  Shares have been  registered  pursuant to, and (v) the average
VWAP for the  Common  Stock on a Trading  Market  for any  period of at least 10
consecutive  Business Days is equal to or greater than 150% of the Warrant Price
(subject  to  adjustment  to  reflect  forward or reverse  stock  splits,  stock
dividends,  recapitalizations and the like) (the "Threshold Price"). The Company
must  exercise  this right to call the Warrant  within 3 trading  days after the
satisfaction  of the last of the  conditions  in clauses  (i) through (v) of the
immediately  foregoing  sentence  to be  satisfied.  At any  time  prior  to the
Effective  Date of such call,  the Holder shall have the right to exercise  this
Warrant in accordance with its terms. As soon as practicable after the Effective
Date of such call,  the  Company  shall mail or deliver to the Holder a check in
the  amount of the Call  Price  times the  number of  Warrant  Shares  remaining
available for purchase under this Warrant at the Effective Date. Upon receipt of
such check,  the Holder shall surrender,  via mail or delivery,  this Warrant to
the  Company  for  cancellation.  After the  Effective  Date of such call,  this
Warrant shall no longer be exerciseable.

                                      D-4
<PAGE>

      11.  Additional  Restrictions  on Exercise.  In not event shall the Holder
hereof  have the right to  exercise  any  portion of this  Warrant for shares of
Common  Stock or to dispose of any  portion of this  Warrant to the extent  such
right to effect such exercise or disposition  would result in the Holder and its
affiliates  together  beneficially  owning  more than  4.99% of the  outstanding
shares of Common Stock.  For purposes of this Section 11,  beneficial  ownership
shall be determined in accordance with Section 13(d) of the Securities  Exchange
Act of 1934, as amended,  and  Regulation  13D-G  thereunder.  The  restrictions
contained in this Section 11 may not be altered,  ameded,  deleted or changed in
any matter  whatsoever  without the consent of the Holder and the holders of the
outstanding shares of Common Stock and the Holder shall approve, in writing such
alteration,  amendment,  deletion or change. Nothing in this Section 11 shall be
construed as limiting the exercise or  disposition of all or any portion of this
Warrant,  either by the  Holder or as may be  required  pursuant  to  Section 10
above,  to the extent such exercise or disposition of all or any portion of this
Warrant would not result in such Holder and its affiliates together beneficially
owning more than 4.99% as a result of such  disposition or exercise,  whether in
whole or in part.

      12.  Transfer of Warrant.  This Warrant may be  transferred or assigned by
the Holder hereof in whole or in part, provided that the transferor provides, at
the Company's  request,  an opinion of counsel  satisfactory to the Company that
such  transfer  does  not  require  registration  under  the Act  and any  other
applicable federal or state securities laws.

      13.  Amendments and Waivers.  This Warrant and any term hereof may only be
amended, waived,  discharged or terminated by a written instrument signed by the
Company and the Investor.

      14. Miscellaneous. This Warrant shall be governed by the laws of the State
of  Delaware,  as such laws are  applied to  contracts  to be  entered  into and
performed  entirely  in Delaware by  Delaware  residents.  The  headings in this
Warrant are for purposes of  convenience  and reference  only,  and shall not be
deemed to constitute a part hereof.  All notices and other  communications  from
the Company to the Holder of this  Warrant  shall be  delivered,  personally  or
mailed by first class mail,  postage  prepaid,  to the address  furnished to the
Company in writing by the last Holder of this  Warrant who shall have  furnished
an address to the Company in writing,  and if mailed shall be deemed given three
Business Days after deposit in the United States mail.

                                      D-5
<PAGE>

      IN  WITNESS  WHEREOF,  the  Company  has  caused  this  Warrant to be duly
executed as of the date first written above.

                                       DYADIC INTERNATIONAL, INC.
                                       (f/k/a CCP WORLDWIDE, INC.)

                                       By:
                                          --------------------------------------

                                       Name:
                                            ------------------------------------

                                       Title:
                                             -----------------------------------

                                      D-6
<PAGE>

                                  Attachment 1

                               NOTICE OF EXERCISE

TO: DYADIC INTERNATIONAL, INC.

      1. The undersigned  hereby elects to purchas  _________  Warrant Shares of
Dyadic International,  Inc. (f/k/a CCP Worldwide, Inc.) pursuant to the terms of
the attached  Warrant,  and tenders  herewith  payment of the purchase  price in
full, together with all applicable transfer taxes, if any.

      2. Please issue a certificate  representing  said shares of Warrant Shares
in the name specified below:

        ------------------------                     ---------------------------
        Name                                         Name

        ------------------------                     ---------------------------
        Street Address                               Street Address

        ------------------------                     ---------------------------
        State, City and Zip Code                     State, City and Zip Code

HOLDER:

-------------------------------
Signature of Holder of Warrant

-------------------------------
Name of Holder of Warrant (print)

--------------------------
Date

                                      D-7
<PAGE>

                                  Attachment 2

                       INVESTMENT REPRESENTATION STATEMENT

                            Shares of Warrant Shares
                     (as defined in the attached Warrant) of
                           DYADIC INTERNATIONAL, INC.

In connection with the purchase of the above-listed securities,  the undersigned
hereby represents to Dyadic International, Inc. (f/k/a CCP Worldwide, Inc.) (the
"Company") as follows:

      (a) The  securities  to be received  upon the exercise of the Warrant (the
"Warrant  Shares" as defined  in the  attached  Warrant)  will be  acquired  for
investment for the undersigned's own account; not as a nominee or agent, and not
with a view to the sale or distribution of any part thereof, and the undersigned
has no present  intention  of selling,  granting  participation  in or otherwise
distributing the same, but subject, nevertheless, to any requirement of law that
the disposition of the  undersigned's  property shall at all times be within the
undersigned's  control.  By executing this Statement,  the  undersigned  further
represents  that  the  undersigned  does not  have  any  contract,  undertaking,
agreement  or  arrangement  with  any  person  to  sell,   transfer,   or  grant
participation to such person or to any third person, with respect to any Warrant
Shares issuable upon exercise of the Warrant.

      (b) The  undersigned  understands  that the Warrant  Shares  issuable upon
exercise of the Warrant at the time of issuance may not be registered  under the
Act, and applicable  state  securities  laws, on the ground that the issuance of
such  securities  is exempt  pursuant  to Section  4(2) of the Act and state law
exemptions  relating to offers and sales not by means of a public offering,  and
that  the   Company's   reliance  on  such   exemptions  is  predicated  on  the
undersigned's representations set forth herein.

      (c) The undersigned  agrees that in no event will the  undersigned  make a
disposition  of any Warrant  Shares  acquired  upon the  exercise of the Warrant
unless and until (i) the  undersigned  shall have  notified  the  Company of the
proposed  disposition  and shall have  furnished the Company with a statement of
the circumstances surrounding the proposed disposition, and (ii) the undersigned
shall have furnished the Company with an opinion of counsel  satisfactory to the
Company  and  Company's  counsel  to the  effect  that  (A)  appropriate  action
necessary for compliance with the Act and any applicable  state  securities laws
has been taken or an exemption from the registration requirements of the Act and
such laws is  available,  and (B) the proposed  transfer will not violate any of
said laws.

      (d) The  undersigned  acknowledges  that an  investment  in the Company is
highly  speculative  and  represents  that the  undersigned  is able to fend for
himself,  herself or itself in the transactions  contemplated by this Statement,
has such  knowledge and  experience  in financial and business  matters as to be
capable of evaluating the merits and risks of the undersigned's investments, and
has the ability to bear the economic risks  (including the risk of a total loss)
of the undersigned's investment. The undersigned represents that the undersigned
has had the opportunity to ask questions of the Company concerning the Company's
business  and  assets  and  to  obtain  any  additional  information  which  the
undersigned  considered  necessary  to verify the  accuracy of or to amplify the
Company's  disclosures,  and  has had  all  questions  which  have  been  asked,
satisfactorily answered by the Company.

                                      D-8
<PAGE>

      (e) The  undersigned  acknowledges  that the Warrant Shares  issuable upon
exercise of the Warrant must be held indefinitely unless subsequently registered
under  the  Act  or an  exemption  from  such  registration  is  available.  The
undersigned  is aware of the  provisions of Rule 144  promulgated  under the Act
which permit limited resale of shares purchased in a private  placement  subject
to the satisfaction of certain  conditions,  including,  among other things, the
existence of a public market for the shares, the availability of certain current
public  information  about the Company,  the resale  occurring not less than one
year after a party has purchased and paid for the security to be sold,  the sale
being  through a  "broker's  transaction"  or in  transactions  directly  with a
"market  maker" (as provided by Rule 144(f)) and the number of shares being sold
during any three-month period not exceeding specified limitations.

HOLDER:

-------------------------------
Signature of Holder of Warrant

-------------------------------
Name of Holder of Warrant (print)

--------------------------
Date

                                      D-9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}]]