Document:

EXHIBIT 4.2

 

HUDSON GLOBAL, INC.

STOCK OPTION AGREEMENT

 

STOCK OPTION AGREEMENT
(“Agreement”) made as of the [DAY]th day of [MONTH], [YEAR] (the “Grant Date”), by and between HUDSON
GLOBAL, INC., a Delaware corporation (the “Company”) and [FIRST NAME LAST NAME] (the “Optionee”).

 

WITNESSETH:

 

WHEREAS, pursuant
to the Hudson Global, Inc. 2009 Incentive Stock and Awards Plan (the “Plan”), the Company desires to grant to the Optionee
and the Optionee desires to accept an option to purchase shares of common stock, $.001 par value, of the Company (the “Common
Stock”) upon the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE,
the parties hereto agree as follows:

 

1.          Grant.
Subject to the terms and conditions set forth herein, the Company hereby grants to the Optionee an option to purchase up to [OPTIONS]
shares of Common Stock at a purchase price per share of $[PRICE]. This option is intended to be treated as an option that does
not qualify as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

 

2.          Vesting.
Except as specifically provided otherwise herein, the option will vest and become exercisable, if at all, in accordance with the
following schedule based upon the number of full years of the Optionee’s continuous employment with the Company or an Affiliate
(as defined in the Plan) of the Company following the Grant Date.

 

	Full Years of Continuous
 Employment	 	Incremental
 Percentage of
 Option
 Exercisable	 	 	Cumulative
 Percentage of
 Option
 Exercisable	 
	 	 	 	 	 	 	 
	Less than      1	 	 	___	%	 	 	___	%
	1	 	 	___	%	 	 	___	%
	2	 	 	___	%	 	 	___	%
	3	 	 	___	%	 	 	___	%
	  [4]	 	 	___	%	 	 	___	%

 

If any fractional shares would result from
the strict application of the incremental percentages set forth above, then the actual number of shares vesting on any specific
date will cover only the full number of shares determined by rounding the number of shares to be issued from the strict application
of the incremental percentages set forth above to the nearest whole number. Unless sooner terminated, the option will expire on
the tenth anniversary of the Grant Date.

 

    	 

    	 

    

 

3.          Exercise.
Any portion of the option which has vested and is exercisable may be exercised in whole or in part by delivering to the Executive
Vice President, Human Resources of the Company (or such other executive officer of the Company performing a similar function) at
its corporate headquarters in New York, New York (a) a written notice specifying (1) the number of shares to be purchased, (2)
the Grant Date and the specific number of shares referred to in Section 1 of this Agreement, (3) the Optionee’s home address
and, if the Optionee has one, the Optionee’s social security or U.S. taxpayer identification number and (4) delivery instructions
with respect to the shares of Common Stock issuable upon exercise, and (b) cash payment in full of the exercise price, together
with the amount, if any, deemed necessary by the Company to enable it to satisfy any federal, foreign or other tax withholding
obligations with respect to the exercise (unless other arrangements acceptable to the Company in its sole discretion have been
made). The Company may from time to time change (or provide alternatives to) the method of exercise of the option granted hereunder
by notice to the Optionee, it being understood that from and after such notice the Optionee will be bound by the method (or alternatives)
specified in any such notice. The Company (in its sole and absolute discretion) may permit all or part of the exercise price to
be paid with shares of Common Stock owned by the Optionee, or in installments (together with interest) evidenced by the Optionee’s
secured promissory note.

 

4.          Issuance
of Shares. No shares of Common Stock shall be delivered hereunder until full payment for such shares and all related withholding
taxes has been made. The Optionee shall have no rights as a stockholder with respect to any shares covered by the option until
a stock certificate for such shares is issued to the Optionee. Except as otherwise provided herein, no adjustment shall be made
for dividends or distributions of other rights for which the record date is prior to the date such stock certificate is issued.

 

5.          No
Assignment of Option. This option is not assignable or transferable except upon the Optionee’s death to a beneficiary
designated by the Optionee in a written beneficiary designation filed with the Company or, if no duly designated beneficiary shall
survive the Optionee, pursuant to the Optionee’s will and/or by the laws of descent and distribution, and is exercisable
during the Optionee’s lifetime only by the Optionee or the Optionee’s guardian or legal representative.

 

6.          Termination
of Employment for Cause. If the Optionee’s employment or service is terminated by the Company or its Affiliates for cause
(as defined below), or at a time when grounds for a termination for cause exist, then any option held by the Optionee, whether
or not otherwise exercisable on the termination date, shall immediately terminate and cease to be exercisable. For purposes hereof,
the term “cause” means (a) in the case where there is no employment, consulting or similar service agreement between
the participant and the Company or its Affiliates or where such an agreement exists but does not define “cause” (or
words of like import), a termination classified by the Company or its Affiliates, in their sole discretion, as a termination due
to the participant’s dishonesty, fraud, insubordination, willful misconduct, refusal to perform services or materially unsatisfactory
performance of duties, or (b) in the case where there is an employment, consulting or similar service agreement between the participant
and the Company or its Affiliates that defines “cause” (or words of like import), a termination that is or would be
deemed for “cause” (or words of like import) as classified by the Company or its Affiliates, in their sole discretion,
under such agreement.

 

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7.          Other
Termination of Employment. If the Optionee ceases to be employed by the Company or any of its Affiliates for any reason other
than death or for cause (as defined in Section 6), then, unless sooner terminated, that portion of the option which is exercisable
on the date of the Optionee’s termination of employment will remain exercisable for a period of six months after such date
(one year in the case of an Optionee whose employment terminates by reason of disability (as defined below)) but in no event after
the expiration of the option in accordance with Section 2, and the remaining portion of the option will automatically expire on
such date. If the Optionee’s employment terminates by reason of the Optionee’s death, then, unless sooner terminated,
the option will become fully vested (to the extent it was not vested on the date of death) and will remain exercisable by the Optionee’s
beneficiary for a period of one year after the date of the Optionee’s death but in no event after the expiration of the option
in accordance with Section 2. Any vested option which is not exercised within the applicable six month or one-year period following
termination of employment will automatically expire. For purposes hereof, the term “disability” means the inability
of the Optionee to perform the customary duties of the Optionee’s employment with the Company or an Affiliate of the Company
by reason of a physical or mental incapacity which is expected to result in death or be of indefinite duration as determined by
the Committee (as defined in the Plan).

 

8.          Securities
Law Restrictions. Notwithstanding anything herein to the contrary, the option shall in no event be exercisable and shares shall
not be issued hereunder if, in the opinion of counsel to the Company, such exercise and/or issuance may result in a violation of
federal or state securities laws or the securities laws of any other relevant jurisdiction.

 

9.          Capital
and Corporate Changes.

 

(a)          Adjustments
Upon Changes in Capitalization. The number and type of shares covered by this option and, if applicable, the exercise price
per share shall be adjusted if and to the extent provided in Section 17 of the Plan.

 

(b)          Change
in Control. Effective upon a Change in Control (as defined in the Plan), if the Optionee is employed by the Company or an Affiliate
immediately prior to the date of such Change in Control, the option will fully vest and will immediately become exercisable. If,
in connection with a Change in Control, the stockholders of the Company will receive capital stock of another corporation (“Exchange
Stock”) in exchange for their shares of Common Stock (whether or not such Exchange Stock is the sole consideration), and
if the Board of Directors of the Company so directs, then this option will be converted into an option to purchase shares of Exchange
Stock; provided that such conversion shall not effect the exercisability of the option pursuant to the foregoing sentence. The
number of shares and exercise price under the converted option will be determined by adjusting the number of shares and exercise
price under this option on the same basis as the determination of the number of shares of Exchange Stock the holders of Common
Stock will receive in connection with the Change in Control.

 

(c)          Fractional
Shares. In the event of any adjustment in the number of shares covered by this option pursuant to the provisions hereof, any
fractional shares resulting from such adjustment will be disregarded, and the option, as adjusted, will cover only the number of
full shares resulting from the adjustment.

 

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(d)          Determination
of the Committee to be Final. All adjustments under this Section shall be made by the Committee, and its determination as to
what adjustments shall be made, and the extent thereof, shall be final, binding and conclusive.

 

10.         No
Employment Rights. Nothing in this Agreement shall give the Optionee any right to continue in the employment of the Company
or any Affiliate, or interfere in any way with the right of the Company or any Affiliate to terminate the employment of the Optionee.

 

11.         Plan
Provisions. The provisions of the Plan shall govern if and to the extent that there are inconsistencies between those provisions
and the provisions hereof. The Optionee acknowledges receipt of a copy of the Plan prior to the execution of this Agreement. Capitalized
terms used in this Agreement but not defined herein shall have the meaning given to them in the Plan.

 

12.         Administration.
The Committee will have full power and authority to interpret and apply the provisions of this Agreement and act on behalf of the
Company and the Board in connection with this Agreement, and the decision of the Committee as to any matter arising under this
Agreement shall be binding and conclusive as to all persons.

 

13.         Employee
Handbook and Arbitration Agreements. As a material inducement to the Company to grant this option and to enter into this Agreement,
the Optionee hereby expressly agrees to (a) comply with and abide by the terms and conditions of, and rules relating to, such Optionee’s
employment with the Company or an Affiliate set forth in the applicable employee handbook and (b) be bound by the terms and provisions
of any arbitration or similar agreement to which the Optionee is or becomes a party with the Company or an Affiliate.

 

14.         Confidentiality,
Non-Solicitation and Work Product Assignment. As a material inducement to the Company to grant this option and enter into this
Agreement, the Optionee hereby expressly agrees to be bound by the following covenants, terms and conditions:

 

(a)          Definition.
“Confidential Information” consists of all information or data relating to the business of the Company, including but
not limited to, business and financial information; new product development and technological data; personnel information and the
identities of employees; the identities of clients and suppliers and prospective clients and suppliers; client lists and potential
client lists; development, expansion and business strategies, plans and techniques; computer programs, devices, methods, techniques,
processes and inventions; research and development activities; trade secrets as defined by applicable law and other materials (whether
in written, graphic, audio, visual, electronic or other media, including computer software) developed by or on behalf of the Company
which is not generally known to the public, which the Company has and will take precautions to maintain as confidential, and which
derives at least a portion of its value to the Company from its confidentiality. Additionally, Confidential Information includes
information of any third party doing business with the Company (actively or prospectively) that the Company or such third party
identifies as being confidential. Confidential Information does not include any information that is in the public domain or otherwise
publicly available (other than as a result of a wrongful act by the Optionee or an agent or other employee of the Company). For
purposes of this Section 14, the term “the Company” also refers to each of its officers, directors, employees and agents,
all subsidiary and affiliated entities, all benefit plans and benefit plans’ sponsors and administrators, fiduciaries, affiliates,
and all successors and assigns of any of them.

 

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(b)          Agreement
to Maintain the Confidentiality of Confidential Information. The Optionee acknowledges that, as a result of his/her employment
by the Company, he/she will have access to such Confidential Information and to additional Confidential Information which may be
developed in the future. The Optionee acknowledges that all Confidential Information is the exclusive property of the Company,
or in the case of Confidential Information of a third party, of such third party. The Optionee agrees to hold all Confidential
Information in trust for the benefit of the owner of such Confidential Information. The Optionee further agrees that he/she will
use Confidential Information for the sole purpose of performing his/her work for the Company, and that during his/her employment
with the Company, and at all times after the termination of that employment for any reason, the Optionee will not use for his/her
benefit, or the benefit of others, or divulge or convey to any third party any Confidential Information obtained by the Optionee
during his/her employment by the Company, unless it is pursuant to the Company’s prior written permission.

 

(c)          Return
of Property. The Optionee acknowledges that he/she has not acquired and will not acquire any right, title or interest in any
Confidential Information or any portion thereof. The Optionee agrees that upon termination of his/her employment for any reason,
he/she will deliver to the Company immediately, but in no event later that the last day of his/her employment, all documents, data,
computer programs and all other materials, and all copies thereof, that were obtained or made by the Optionee during his/her employment
with the Company, which contain or relate to Confidential Information and will destroy all electronically stored versions of the
foregoing.

 

(d)          Disclosure
and Assignment of Inventions and Creative Works. The Optionee agrees to promptly disclose in writing to the Company all inventions,
ideas, discoveries, developments, improvements and innovations (collectively “Inventions”), whether or not patentable
and all copyrightable works, including but limited to computer software designs and programs (“Creative Works”) conceived,
made or developed by the Optionee, whether solely or together with others, during the period the Optionee is employed by the Company.
The Optionee agrees that all Inventions and all Creative Works, whether or not conceived or made during working hours, that: (1)
relate directly to the business of the Company or its actual or demonstrably anticipated research or development, or (2) result
from the Optionee’s work for the Company, or (3) involve the use of any equipment, supplies, facilities, Confidential Information,
or time of the Company, are the exclusive property of the Company. The Optionee hereby assigns and agrees to assign all right,
title and interest in and to all such Inventions and Creative Works to the Company. The Optionee understands that he/she is not
required to assign to the Company any Invention or Creative Work for which no equipment, supplies, facilities, Confidential Information
or time of the Company was used, unless such Invention or Creative Work relates directly to the Company’s business or actual
or demonstrably anticipated research and development, or results from any work performed by the Optionee for the Company.

 

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(e)          Non-Solicitation
of Clients. During the period of the Optionee’s employment with the Company and for a period of one year from the date
of termination of such employment for any reason, the Optionee agrees that he/she will not, directly or indirectly, for the Optionee’s
benefit or on behalf of any person, corporation, partnership or entity whatsoever, call on, solicit, perform services for, interfere
with or endeavor to entice away from the Company any client to whom the Company provides services at any time during the 12 month
period proceeding the date of termination of the Optionee’s employment with the Company, or any prospective client to whom
the Company had made a presentation at any time during the 12 month period preceding the date of termination of the Optionee’s
employment with the Company.

 

(f)          Non-Solicitation
of Employees. For a period of one year after the date of termination of the Optionee’s employment with the Company for
any reason, the Optionee agrees that he/she will not, directly or indirectly, hire, attempt to hire, solicit for employment or
encourage the departure of any employee of the Company, to leave employment with the Company, or any individual who was employed
by the Company as of the last day of the Optionee’s employment with the Company.

 

(g)          Enforcement.
If, at the time of enforcement of this Section 14, a court holds that any of the restrictions stated herein are unreasonable under
circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area deemed reasonable under
such circumstances will be substituted for the stated period, scope or area as contained in this Section 14. Because money damages
would be an inadequate remedy for any breach of the Optionee’s obligations under this Agreement, in the event the Optionee
breaches or threatens to breach this Section 14, the Company, or any successors or assigns, may, in addition to other rights and
remedies existing in its favor, apply to any court of competent jurisdiction for specific performance, or injunctive or other equitable
relief in order to enforce or prevent any violations of this Section 14.

 

(h)          Miscellaneous.
The Optionee acknowledges and agrees that the provisions of this Section 14 are in addition to, and not in lieu of, any confidentiality,
non-solicitation, work product assignment and/or similar obligations that the Optionee may have with respect to the Company and/or
its Affiliates, whether by agreement, fiduciary obligation or otherwise and that the grant and exercisability of the option contemplated
by this Agreement are expressly made contingent on the Optionee's compliance with the provisions of this Section 14. Without in
any way limiting the provisions of this Section 14, the Optionee further acknowledges and agrees that the provisions of this Section
14 shall remain applicable in accordance with their terms after the Optionee's termination of employment with the Company, regardless
of whether (1) the Optionee's termination or cessation of employment is voluntary or involuntary, (2) the Optionee has exercised
the option in whole or in part or (3) the option has not or will not vest.

 

15.         Binding
Effect; Headings. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. The subject headings of Sections of this Agreement are included for the purpose of convenience
only and shall not affect the construction or interpretation of any of its provisions. All references in this Agreement to “$”
or “dollars” are to United States dollars.

 

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16.         Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard
to conflict of law principles thereof. This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof and controls and supersedes any prior understandings, agreements or representations by or between the parties,
written or oral with respect to its subject matter and may not be modified except by written instrument executed by the parties.
The Optionee has not relied on any representation not set forth in this Agreement.

 

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IN WITNESS WHEREOF, this
Agreement has been executed as of the date first above written.

 

	 	HUDSON GLOBAL, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	Optionee – Signature
	 	 
	 	 
	 	Optionee – Print Name

 

    	8EXHIBIT 4.3

 

HUDSON GLOBAL, INC.

STOCK OPTION AGREEMENT

 

STOCK OPTION AGREEMENT
(“Agreement”) made as of the [DAY]th day of [MONTH], [YEAR] (the “Grant Date”), by and between HUDSON
GLOBAL, INC., a Delaware corporation (the “Company”) and [FIRST NAME LAST NAME] (the “Optionee”).

 

WITNESSETH:

 

WHEREAS, pursuant
to the Hudson Global, Inc. 2009 Incentive Stock and Awards Plan (the “Plan”), the Company desires to grant to the Optionee
and the Optionee desires to accept an option to purchase shares of common stock, $.001 par value, of the Company (the “Common
Stock”) upon the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE,
the parties hereto agree as follows:

 

1.          Grant.
Subject to the terms and conditions set forth herein, the Company hereby grants to the Optionee an option to purchase up to [OPTIONS]
shares of Common Stock at a purchase price per share of $[PRICE]. This option is intended to be treated as an option that does
not qualify as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

 

2.          Vesting.
As of the date of this Agreement, 40% of the option will be vested and exercisable. Except as specifically provided otherwise herein,
the remainder of the option will vest and become exercisable, if at all, in accordance with the following schedule based upon the
number of full years of the Optionee’s continuous service with the Company or an Affiliate (as defined in the Plan) of the
Company following the Grant Date.

 

	Full Years of Continuous 
 Service	 	Incremental
 Percentage of
 Option
 Exercisable	 	 	Cumulative
 Percentage of
 Option
 Exercisable	 
	1	 	 	20	%	 	 	60	%
	2	 	 	20	%	 	 	80	%
	3	 	 	20	%	 	 	100	%

 

If any fractional shares would result from
the strict application of the incremental percentages set forth above, then the actual number of shares vesting on any specific
date will cover only the full number of shares determined by rounding the number of shares to be issued from the strict application
of the incremental percentages set forth above to the nearest whole number. Unless sooner terminated, the option will expire on
the tenth anniversary of the Grant Date.

 

    	 

    	 

    

 

3.          Exercise.
Any portion of the option which has vested and is exercisable may be exercised in whole or in part by delivering to the Executive
Vice President, Human Resources of the Company (or such other executive officer of the Company performing a similar function) at
its corporate headquarters in New York, New York (a) a written notice specifying (1) the number of shares to be purchased, (2)
the Grant Date and the specific number of shares referred to in Section 1 of this Agreement, (3) the Optionee’s home address
and, if the Optionee has one, the Optionee’s social security or U.S. taxpayer identification number and (4) delivery instructions
with respect to the shares of Common Stock issuable upon exercise, and (b) cash payment in full of the exercise price, together
with the amount, if any, deemed necessary by the Company to enable it to satisfy any federal, foreign or other tax withholding
obligations with respect to the exercise (unless other arrangements acceptable to the Company in its sole discretion have been
made). The Company may from time to time change (or provide alternatives to) the method of exercise of the option granted hereunder
by notice to the Optionee, it being understood that from and after such notice the Optionee will be bound by the method (or alternatives)
specified in any such notice. The Company (in its sole and absolute discretion) may permit all or part of the exercise price to
be paid with shares of Common Stock owned by the Optionee, or in installments (together with interest) evidenced by the Optionee’s
secured promissory note.

 

4.          Issuance
of Shares. No shares of Common Stock shall be delivered hereunder until full payment for such shares and all related withholding
taxes has been made. The Optionee shall have no rights as a stockholder with respect to any shares covered by the option until
a stock certificate for such shares is issued to the Optionee. Except as otherwise provided herein, no adjustment shall be made
for dividends or distributions of other rights for which the record date is prior to the date such stock certificate is issued.

 

5.          No
Assignment of Option. This option is not assignable or transferable except upon the Optionee’s death to a beneficiary
designated by the Optionee in a written beneficiary designation filed with the Company or, if no duly designated beneficiary shall
survive the Optionee, pursuant to the Optionee’s will and/or by the laws of descent and distribution, and is exercisable
during the Optionee’s lifetime only by the Optionee or the Optionee’s guardian or legal representative. Notwithstanding
the foregoing, this option may be transferred to (a) the spouse, children
or grandchildren (the “Immediate Family Members”) of the Optionee, (b) a trust established for the principal benefit
of the Optionee’s Immediate Family Members, or (c) a partnership in which the Optionee’s Immediate Family Members are
the only partners. The Optionee may not receive consideration for such transfer. The Optionee must notify the Company of any transfers
and any subsequent transfers must be approved by the Company. Following transfer, this option shall continue to be subject to the
same terms and conditions as were applicable immediately before the transfer, except that the transferee shall have the right to
exercise the option upon the terms and conditions described herein.

 

6.          Termination
of Service. If the Optionee’s service as a director of the Company ceases for any reason other than death, then, unless
sooner terminated, that portion of the option which is exercisable on the date the Optionee ceases service will remain exercisable
for a period of two years after such date but in no event after the expiration of the option in accordance with Section 2, and
the remaining portion of the option will automatically expire on such date. If the Optionee’s service ceases by reason of
the Optionee’s death, then, unless sooner terminated, the option will become fully vested (to the extent it was not vested
on the date of death) and will remain exercisable by the Optionee’s beneficiary for a period of two years after the date
of the Optionee’s death but in no event after the expiration of the option in accordance with Section 2. Any vested option
which is not exercised within the two-year period following termination of service will automatically expire.

 

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7.          Securities
Law Restrictions. Notwithstanding anything herein to the contrary, the option shall in no event be exercisable and shares shall
not be issued hereunder if, in the opinion of counsel to the Company, such exercise and/or issuance may result in a violation of
federal or state securities laws or the securities laws of any other relevant jurisdiction.

 

8.          Capital
and Corporate Changes.

 

(a)          Adjustments
Upon Changes in Capitalization. The number and type of shares covered by this option and, if applicable, the exercise price
per share shall be adjusted if and to the extent provided in Section 17 of the Plan.

 

(b)          Change
in Control. Effective upon a Change in Control (as defined in the Plan), if the Optionee serves as a director of the Company
immediately prior to the date of such Change in Control, the option will fully vest and will immediately become exercisable. If,
in connection with a Change in Control, the stockholders of the Company will receive capital stock of another corporation (“Exchange
Stock”) in exchange for their shares of Common Stock (whether or not such Exchange Stock is the sole consideration), and
if the Board of Directors of the Company so directs, then this option will be converted into an option to purchase shares of Exchange
Stock; provided that such conversion shall not effect the exercisability of the option pursuant to the foregoing sentence. The
number of shares and exercise price under the converted option will be determined by adjusting the number of shares and exercise
price under this option on the same basis as the determination of the number of shares of Exchange Stock the holders of Common
Stock will receive in connection with the Change in Control.

 

(c)          Fractional
Shares. In the event of any adjustment in the number of shares covered by this option pursuant to the provisions hereof, any
fractional shares resulting from such adjustment will be disregarded, and the option, as adjusted, will cover only the number of
full shares resulting from the adjustment.

 

(d)          Determination
of the Committee to be Final. All adjustments under this Section shall be made by the Committee, and its determination as to
what adjustments shall be made, and the extent thereof, shall be final, binding and conclusive.

 

9.          Plan
Provisions. The provisions of the Plan shall govern if and to the extent that there are inconsistencies between those provisions
and the provisions hereof. The Optionee acknowledges receipt of a copy of the Plan prior to the execution of this Agreement. Capitalized
terms used in this Agreement but not defined herein shall have the meaning given to them in the Plan.

 

10.         Administration.
The Committee will have full power and authority to interpret and apply the provisions of this Agreement and act on behalf of the
Company and the Board in connection with this Agreement, and the decision of the Committee as to any matter arising under this
Agreement shall be binding and conclusive as to all persons.

 

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11.         Binding
Effect; Headings. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. The subject headings of Sections of this Agreement are included for the purpose of convenience
only and shall not affect the construction or interpretation of any of its provisions. All references in this Agreement to “$”
or “dollars” are to United States dollars.

 

12.         Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard
to conflict of law principles thereof. This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof and controls and supersedes any prior understandings, agreements or representations by or between the parties,
written or oral with respect to its subject matter and may not be modified except by written instrument executed by the parties.
The Optionee has not relied on any representation not set forth in this Agreement.

 

IN WITNESS WHEREOF, this
Agreement has been executed as of the date first above written.

 

	 	HUDSON GLOBAL, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	Optionee – Signature
	 	 
	 	 
	 	Optionee – Print Name

 

    	4

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