Document:

Exhibit 10-B

SHOE CARNIVAL, INC. 2006 EXECUTIVE
 INCENTIVE COMPENSATION PLAN

Section 1.    Purpose of Plan 

          The purpose of the Plan is to promote the success of the Company by providing to participating executives of the Company bonus incentives that qualify as performance-based compensation within the meaning of Section 162(m) of the Code. 

Section 2.    Definitions and Terms 

          2.1    Accounting Terms.    Except as otherwise expressly provided or the context otherwise requires, financial and accounting terms are used as defined for purposes of, and shall be determined in accordance with, generally accepted accounting principles, as from time to time in effect in the United States of America, as applied and reflected in the consolidated financial statements of the Company, prepared in the ordinary course of business. 

	
  
          2.2    Specific   Terms.    The following words and phrases as   used herein shall have the following meanings unless a different meaning is   plainly required by the context:
  

	
   
  	
  
          “Annual   Return To Shareholders” means the Company’s return to   shareholders as represented by share price appreciation plus dividends paid   on one share of Common Stock during any Year during a Performance Period.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Base   Salary” in respect of any Performance Period means the   aggregate base annualized salary of a Participant from the Company and all   affiliates of the Company at the time the Participant is selected to   participate for that Performance Period, exclusive of any commissions or   other actual or imputed income from any Company provided benefits or   perquisites, but prior to any reductions for salary deferred pursuant to any   deferred compensation plan or for contributions to a plan qualifying under   Section 401(k) of the Code or contributions to a cafeteria plan under Section   125 of the Code.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Bonus”   means a cash payment or payment opportunity as the context requires.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Business   Criteria” means any one or any combination of Annual Return   to Shareholders, Net Sales, Net Income, Net Income before Nonrecurring Items,   Operating Income, Return on Equity, Return on Assets, EPS, EBITDA or EBITDA   before Nonrecurring Items, in each case during any Year during a Performance   Period.  In addition, Business   Criteria includes any of the foregoing criteria calculated before any Bonus   expense for that Year.
  

	
  
 
  	
  
          “Code”   means the Internal Revenue Code of 1986, as amended from time to time.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Committee”   means the Compensation Committee of the Board of Directors or any successor   committee which will administer the Plan in accordance with Section 3 of the   Plan and Section 162(m) of the Code.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Common   Stock” means the Common Stock, par value $0.01 per share,   of the Company.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Company”   means Shoe Carnival, Inc. and its consolidated subsidiaries, and any   successor, whether by merger, ownership of all or substantially all of its   assets or otherwise.
  
	
   
  	
  
 
  
	
  
 
  	
  
          “EBITDA”   for any Year means the consolidated net income before interest, income taxes,   depreciation and amortization of the Company as reflected in the Company’s   audited consolidated financial statements for the Year.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “EBITDA   before Nonrecurring Items” for any Year means EBITDA of the   Company before any extraordinary or unusual one-time nonrecurring expenses or   other charges as reflected in the Company’s audited consolidated financial   statements for the Year.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “EPS”   for any Year means diluted Net Income per share of the Company, as reported   in the Company’s audited consolidated financial statements for the Year.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Executive”   means a key employee (including any officer) of the Company.
  
	
   
  	
  
 
  
	
  
 
  	
  
          “Net   Income” for any Year means the consolidated net income of   the Company, as reported in the Company’s audited consolidated financial   statements for the Year.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Net   Income before Nonrecurring Items” for any Year means the   Net Income of the Company before any extraordinary or unusual one-time   nonrecurring expenses or other charges as reflected in the Company’s audited   consolidated financial statements for the Year.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Net   Sales” for any Year means the Company’s total net sales as   reported in the Company’s audited consolidated financial statements for the   Year.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Operating   Income” for any Year means the operating income of the   Company as reflected in the Company’s audited consolidated financial   statements for the Year.
  

	
  
 
  	
  
          “Participant”   means an Executive selected to participate in the Plan by the Committee.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Performance   Period” means the Year or Years with respect to which the   Performance Targets are set by the Committee.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Performance   Target(s)” means the specific objective goal or goals   (which may be cumulative and/or alternative) that are timely set in writing   by the Committee for each Executive for the Performance Period in respect of   any one or more of the Business Criteria.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Plan”   means this Shoe Carnival, Inc. 2006 Executive Incentive Compensation Plan, as   amended from time to time.
  
	
   
  	
  
 
  
	
  
 
  	
  
          “Return   on Assets” for any Year means Net Income divided by the   average of the total assets of the Company at the end of the fiscal quarters   of the Year, as reflected in the Company’s audited consolidated financial   statements for the Year.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Return   on Equity” for any Year means the Net Income divided by the   average of the shareholders equity of the Company at the end of each of the   fiscal quarters of the Year, as reflected in the Company audited consolidated   financial statements for any Year.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Section   162(m)” means Section 162(m) of the Code, and the   regulations promulgated thereunder, all as amended from time to time.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
          “Year”   means any one or more fiscal years of the Company commencing on or after   January 28, 2006 that represent(s) the applicable Performance Period and   end(s) no later than January 29, 2011.
  

Section 3.    Administration of the Plan 

          3.1    The Committee.    The Plan shall be administered by the Committee, which shall consist of at least three members of the Board of Directors of the Company, duly authorized by the Board of Directors of the Company to administer the Plan, who (i) are not eligible to participate in the Plan and (ii) are “outside directors” within the meaning of Section 162(m). 

          3.2    Powers of the Committee.    The Committee shall have the sole authority to establish and administer the Performance Target(s) and the responsibility of determining from among the Executives those persons who will participate in and receive Bonuses under the Plan and, subject to Sections 4 and 5 of the Plan, the amount of such Bonuses and shall otherwise be responsible for the administration of the Plan, in accordance with its terms. The Committee shall have the authority to construe and interpret the Plan (except as otherwise provided herein) and any agreement or other document relating to any Bonus under the Plan, may adopt rules and regulations governing the administration 

of the Plan, and shall exercise all other duties and powers conferred on it by the Plan, or which are incidental or ancillary thereto. For each Performance Period, the Committee
shall determine, at the time the Business Criteria and the Performance Target(s) are set, those Executives who are selected as Participants in the Plan.

          3.3    Requisite Action.    A majority (but not fewer than two) of the members of the Committee shall constitute a quorum. The vote of a majority of those present at a meeting at which a quorum is present or the unanimous written consent of the Committee shall constitute action by the Committee. 

          3.4    Express Authority (and Limitations on Authority) to Change Terms and Conditions of Bonus.    Without limiting the Committee’s authority under other provisions of the Plan, but subject to any express limitations of the Plan and Section 5.8, the Committee shall have the authority to accelerate a Bonus (after the attainment of the applicable Performance Target(s)) and to waive restrictive conditions for a Bonus (including any forfeiture conditions, but not Performance Target(s)), in such circumstances as the Committee deems appropriate. In the case of any acceleration of a Bonus after the attainment of the applicable Performance Target(s), the amount payable shall be discounted to its present value using an interest rate equal to Moody’s Average Corporate Bond Yield for the month preceding the month in which such acceleration occurs. 

Section 4.    Bonus Provisions

          4.1    Provision for Bonus.    Each Participant may receive a Bonus if and only if the Performance Target(s) established by the Committee, relative to the applicable Business Criteria, are attained. The applicable Performance Period and Performance Target(s) shall be determined by the Committee consistent with the terms of the Plan and Section 162(m). Notwithstanding the fact that the Performance Target(s) have been attained, the Company may pay a Bonus of less than the amount determined by the formula or standard established pursuant to Section 4.2 or may pay no Bonus at all, unless the Committee otherwise expressly provides by written contract or other written commitment. 

          4.2    Selection of Performance Target(s).    The specific Performance Target(s) with respect to the Business Criteria must be established by the Committee in advance of the deadlines applicable under Section 162(m) and while the performance relating to the Performance Target(s) remains substantially uncertain within the meaning of Section 162(m). At the time the Performance Target(s) are selected, the Committee shall provide, in terms of an objective formula or standard for each Participant, and for any person who may become a Participant after the Performance Target(s) are set, the method of computing the specific amount that will represent the maximum amount of Bonus payable to the Participant if the Performance Target(s) are attained, subject to Sections 4.1, 4.3, 4.7, 5.1 and 5.8.

          4.3    Maximum Individual Bonus.    Notwithstanding any other provision hereof, no Executive shall receive a Bonus under the Plan for any Year in excess of $2 million or, if less, 200% of his or her Base Salary for the Year. No Executive shall receive aggregate bonuses under this Plan in excess of $10.0 million. 

          4.4    Selection of Participants.    For each Performance Period, the Committee shall determine, at the time the Business Criteria and the Performance Target(s) are set, those Executives who will participate in the Plan. 

          4.5    Effect of Mid-Year Commencement of Service.    To the extent compatible with Sections 4.2 and 5.8, if an Executive commences employment with the Company after the adoption of the Plan and the Performance Target(s) are established for a Performance Period, the Committee may grant to that Executive a Bonus for that Performance Period that is proportionately adjusted based on the period of actual service during such Performance Period. 

          4.6    Accounting Changes.    Subject to Section 5.8, if, after the Performance Target(s) are established for a Performance Period, a change occurs in the applicable accounting principles or practices, the amount of the Bonuses paid under this Plan for such Performance Period shall be determined without regard to such change. 

          4.7    Committee Discretion to Determine Bonuses.    The Committee has the sole discretion to determine the standard or formula pursuant to which each Participant’s Bonus shall be calculated (in accordance with Section 4.2), whether all or any portion of the amount so calculated will be paid, and the specific amount (if any) to be paid to each Participant, subject in all cases to the terms, conditions and limits of the Plan and of any other written commitment authorized by the Committee. In addition to the establishment of Performance Targets as provided in Section 4.2, the Committee may at any time establish additional conditions and terms of payment of Bonuses (including but not limited to the achievement of other financial, strategic or individual goals, which may be objective or subjective) as it may deem desirable in carrying out the purposes of the
Plan and may take into account such other factors as it deems appropriate in administering any aspect of the Plan. The Committee may not, however, increase the maximum amount permitted to be paid to any individual under Section 4.2 or 4.3 of the Plan or award a Bonus under this Plan if the applicable Performance Target(s) have not been satisfied. 

          4.8    Committee Certification.    No Participant shall receive any payment under the Plan unless the Committee has certified, by resolution or other appropriate action in writing, that the amount thereof has been accurately determined in accordance with the terms, conditions and limits of the Plan and that the Performance Target(s) and any other material terms previously established by the Committee or set forth in the Plan were in fact satisfied. 

          4.9    Time of Payment.    Any Bonuses granted by the Committee under the Plan shall be paid as soon as practicable following the Committee’s determinations under this Section 4 and the certification of the Committee’s findings under Section 4.8, but in no 

event later than two and one half months following the last day of the year. Any such payment shall be in cash or cash equivalent, subject to applicable withholding requirements.

Section 5.    General Provisions 

          5.1    No Right to Bonus or Continued Employment.    Neither the establishment of the Plan nor the provision for or payment of any amounts hereunder nor any action of the Company (including, for purposes of this Section 5.1, any predecessor or subsidiary), the Board of Directors of the Company or the Committee in respect of the Plan, shall be held or construed to confer upon any person any legal right to receive, or any interest in, a Bonus or any other benefit under the Plan, or any legal right to be continued in the employ of the Company unless otherwise provided by the Committee by contract or agreement. The Company expressly reserves any and all rights to discharge an Executive in its sole discretion, without liability of any person, entity or governing body under the Plan or otherwise. Notwithstanding any other provision hereof and notwithstanding the
fact that the Performance Target(s) have been attained and/or the individual maximum amounts pursuant to Section 4.2 have been calculated, the Company shall have no obligation to pay any Bonus hereunder nor to pay the maximum amount so calculated, unless the Committee otherwise expressly provides by written contract or other written commitment. 

          5.2    Discretion of Company, Board of Directors and Committee.    Any decision made or action taken by the Company or by the Board of Directors of the Company or by the Committee arising out of or in connection with the creation, amendment, construction, administration, interpretation and effect of the Plan shall be within the absolute discretion of such entity and shall be conclusive and binding upon all persons. No member of the Committee shall have any personal liability for actions taken or omitted under the Plan by the member or any other person. 

          5.3    Absence of Liability.    A member of the Board of Directors of the Company or a member of the Committee of the Company or any officer of the Company shall not be personally liable for any act or inaction hereunder, whether of commission or omission. 

          5.4    No Funding of Plan.    The Company shall not be required to fund or otherwise segregate any cash or any other assets which may at any time be paid to Participants under the Plan. The Plan shall constitute an “unfunded” plan of the Company. The Company shall not, by any provisions of the Plan, be deemed to be a trustee of any property, and any obligations of the Company to any Participant under the Plan shall be those of a debtor and any rights of any Participant or former Participant shall be limited to those of a general unsecured creditor. 

          5.5    Non-Transferability of Benefits and Interests.    Except as expressly provided by the Committee, no benefit payable under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and

any such attempted action shall be void and no such benefit shall be in any manner liable for or subject to debts, contracts, liabilities, engagements or torts of any Participant or former Participant. This Section 5.5 shall not apply to an assignment of a contingency or payment due after the death of the Executive to the deceased Executive’s legal representative or beneficiary. 

          5.6    Law to Govern.    All questions pertaining to the construction, regulation, validity and effect of the provisions of the Plan shall be determined in accordance with the internal laws of the State of Indiana. 

          5.7    Non-Exclusivity.    Subject to Section 5.8, the Plan does not limit the authority of the Company, the Board of Directors of the Company or the Committee, or any subsidiary of the Company, to grant awards or authorize any other compensation under any other plan or authority, including, without limitation, awards or other compensation based on the same Performance Target(s) used under the Plan. 

          5.8    Section 162(m) Conditions; Bifurcation of Plan.    It is the intent of the Company that the Plan and Bonuses paid hereunder satisfy and be interpreted in a manner, that, in the case of Participants who are or may be persons whose compensation is subject to Section 162(m), satisfies any applicable requirements as performance-based compensation. Any provision, application or interpretation of the Plan inconsistent with this intent to satisfy the standards in Section 162(m) of the Code shall be disregarded. Notwithstanding anything to the contrary in the Plan, the provisions of the Plan may at any time be bifurcated by the Board of Directors of the Company or the Committee in any manner so that certain provisions of the Plan or any Bonus intended (or required in order) to satisfy the applicable requirements of Section 162(m) are only applicable to persons
whose compensation is subject to Section 162(m). 

Section 6.    Amendments, Suspension or Termination of Plan 

          Except as otherwise expressly agreed to in writing by the Committee, the Board of Directors of the Company or the Committee may, from time to time amend, suspend or terminate, in whole or in part, the Plan, and if suspended or terminated, may reinstate any or all of the provisions of the Plan; provided no amendment, suspension or termination of the Plan shall in any manner affect any Bonus theretofore granted pursuant to the Plan (whether or not the applicable Performance Targets have been attained) without the consent of the Participant to whom the Bonus was granted. Notwithstanding the foregoing, no amendment may be effective without Board of Directors of the Company and/or shareholder approval if such approval is necessary to comply with the applicable rules under Section 162(m) of the Code. 

	
   
  	
  Approved   by the Board of
  
	
   
  	
  Directors   of Shoe Carnival, Inc.
  
	
   
  	
  as of   March 13, 2006
  
	
   
  	
   
  
	
   
  	
  Approved by the Shareholders of
  
	
   
  	
  Shoe Carnival, Inc.
  
	
   
  	
  as of   June 12, 2006Exhibit 10.1

    Exhibit
      10.1

    

      DYADIC
        INTERNATIONAL, INC.

      Form
        of
        

      Option
        Agreement

      for
        Amended and Restated 2001 Equity Compensation Plan

    

     

     

    

    DYADIC
      INTERNATIONAL, INC.

    AMENDED
      AND RESTATED

    2001
      EQUITY COMPENSATION PLAN

    STOCK
      OPTION GRANT AGREEMENT

    

    This
      STOCK OPTION GRANT AGREEMENT (this “Agreement”),
      dated
      as of [INSERT
      DATE]
      (the
“Date
      of Grant”),
      is
      delivered by Dyadic International, Inc. (the “Company”)
      to
[INSERT
      NAME OF GRANTEE] (the
      “Grantee”).

    

    RECITALS

    

    A. The
      Dyadic International, Inc. Amended and Restated 2001 Equity Compensation Plan
      (as may be amended, restated or otherwise modified, the “Plan”)
      provides for the grant of options to purchase shares of common stock of the
      Company. A copy of the Plan has heretofore been furnished to the Grantee,
      receipt of which is hereby expressly acknowledged. Capitalized terms used but
      not otherwise defined herein shall have the meanings given such terms in the
      Plan.

    

    B. As
      contemplated in Section 1(a) of the Plan, the Board of Directors of the Company
      has appointed a committee (the “Committee”)
      to
      administer the Plan.

    

    C. To
      order
      to incentivize the Grantee to promote the best interests of the Company, the
      Committee has decided to Grant an Option to the Grantee under the Plan to
      purchase shares of Company Stock (“Shares”).
      

    

    AGREEMENT:

    

    NOW,
      THEREFORE, the parties to this Agreement, intending to be legally bound hereby,
      agree as follows:

    

    1. Grant
      of Option.
      Subject
      to the terms and conditions set forth in this Agreement and in the Plan, the
      Company hereby grants to the Grantee an Option to purchase [INSERT
      NUMBER OF OPTIONS BEING GRANTED] Shares
      at
      an exercise price of $[INSERT
      PRICE]
      per
      Share (which is the Fair Market Value of a Share on the date of Grant,
as
      fixed
      by the terms of the Plan).
      The
      Option shall become exercisable in accordance with the terms of Paragraph 2
      below. In accordance with Section 5(g) of the Plan, the Option shall be treated
      as an Incentive Stock Option except to the extent that the aggregate Fair Market
      Value of the Shares as of the date of the grant with respect to which Incentive
      Stock Option is for the first time by the Grantee during any calendar year
      under
      the Plan exceeds $100,000, then the Option, as to such excess, shall be treated
      as a Nonqualified Stock Option. 

    

    2. Exercisability
      of Option.
      The
      number of Shares in respect of which the Grantee shall be permitted to exercise
      the Option shall be determined by reference to the dates (each a “Vesting
      Date”)
      fixed
      in the table set forth below,

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    provided
      that:
      (a)
      exercisability of Shares is cumulative; and (b) there must not have occurred
      a
      termination of the Grantee’s employment with the Company (the “Employment
      Relationship”)
      for
      any reason whatsoever (the date of such termination being hereinafter referred
      to as the “Termination
      Date”)
      prior
      to a Vesting Date in order for the Option to be exercisable in respect of the
      Shares indicated opposite that Vesting Date:

    

    Vesting
      Date   Additional
      Shares for Which the Option is Exercisable

    

    [INSERT
      VESTING SCHEDULE]

    

    

    
      	
              3.

            	
              Term
                of Option.

            

    

    

    (a) The
      Option shall be exercisable for a term commencing with the Date of Grant and
      ending on the earlier of (i) [INSERT
      EXPIRATION DATE]
      or (ii)
      the termination of the Plan, unless the Option is terminated at an earlier
      date
      in accordance with the provisions of this Agreement or the Plan.

    

    (b) Any
      portion of the Option that is not exercisable on the Termination Date shall
      terminate on that date. 

    

    (c) The
      Option, to the extent exercisable, shall automatically terminate upon the
      earlier of (x) the expiration of the period fixed in Paragraph 3(a), above,
      or
      (y) the first to occur of any of the following events:

    

    (i) Subject
      to clause (v) below, the expiration of the 90 day period following the
      Termination Date, if the termination is for any reason other than the Disability
      of the Grantee, his death or for Cause.

    

    (ii) Subject
      to clause (v) below, the expiration of the one (1) year period after the
      Termination Date, to the extent the Option is then unvested, if the termination
      of the Employment Relationship was on account of the Grantee’s
      Disability.

    

    (iii) The
      expiration of the one (1) year period after the Termination Date, if the reason
      for the termination of the Employment Relationship was on account of the
      Grantee’s death.

    

    (iv) The
      Termination Date, if the termination of the Employment Relationship was for
      Cause.

    

    (v) The
      provisions of clauses (i) and (ii) above to the contrary notwithstanding, if
      the
      Grantee engages in conduct that constitutes Cause after the Termination Date,
      the Option shall immediately terminate to the extent then unexercised
      (regardless of vesting).

    

    (d) In
      accordance with Section 5(e)(ii) of the Plan, if the provisions of either clause
      (iv) or clause (v) of Paragraph 3(c) applied to the termination of the Option,
      the Grantee shall automatically forfeit all Shares underlying any exercised
      portion of the Option for which the Company has not yet delivered the share
      certificates, upon refund by the Company of the exercise price paid by the
      Grantee for such Shares.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    4. Exercise
      Procedures.
      

    

    (a) Subject
      to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part
      or
      all of the exercisable portion of the Option by giving the Committee written
      notice of intent to exercise in the manner provided in this Agreement,
      specifying the number of Shares as to which the Option is to be exercised.
      On
      the delivery date, the Grantee shall pay the exercise price (i) in cash, (ii)
      with the approval of the Committee, by delivering Shares of the Company which
      shall be valued at their fair market value on the date of delivery (such
      valuation to be determined in the manner fixed in the Plan), (iii) payment
      through a broker in accordance with procedures permitted by Regulation T of
      the
      Federal Reserve Board or (iv) by such other method as the Committee may approve,
      provided that the Committee may, in its absolute discretion, impose from time
      to
      time such limitations as it deems appropriate on the use of Shares of the
      Company to exercise the Option. 

    

    (b) The
      obligation of the Company to deliver Shares upon exercise of the Option shall
      be
      subject to all applicable laws, rules, and regulations and such approvals by
      governmental agencies as may be deemed appropriate by the Committee, including
      such actions as Company counsel shall deem necessary or appropriate to comply
      with relevant securities laws and regulations. The Company may require that
      the
      Grantee (or other person exercising the Option after the Grantee's death)
      represent that the Grantee is purchasing Shares for the Grantee's own account
      and not with a view to or for sale in connection with any distribution of the
      Shares, or such other representation as the Committee deems appropriate. All
      obligations of the Company under this Agreement shall be subject to the rights
      of the Company as set forth in the Plan to withhold amounts required to be
      withheld for any taxes, if applicable. Subject to Committee approval, in its
      absolute discretion, the Grantee may elect to satisfy any income tax withholding
      obligation of the Company with respect to the Option by having Shares withheld
      up to an amount that does not exceed the minimum applicable withholding tax
      rate
      for federal (including FICA), state and local tax liabilities.

    

    5. Change
      of Control.
      The
      provisions of the Plan applicable to a Change of Control shall apply to the
      Option, and, in the event of a Change of Control, the Committee may take such
      actions as it deems appropriate pursuant to the Plan.

    

    6. Restrictions
      on Exercise.
      Only
      the Grantee may exercise the Option during the Grantee's lifetime and, after
      the
      Grantee's death, the Option shall be exercisable (subject to the limitations
      specified in the Plan) solely by the legal representatives of the Grantee,
      or by
      the person who acquires the right to exercise the Option by will or by the
      laws
      of descent and distribution, to the extent that the Option is exercisable
      pursuant to this Agreement.

    

    7. Grant
      Subject to Plan Provisions.
      This
      grant is made pursuant to the Plan, the terms of which are incorporated herein
      by reference, and in all respects shall be interpreted in accordance with the
      Plan. The grant and exercise of the Option are subject to the provisions of
      the
      Plan and to interpretations, regulations and determinations concerning the
      Plan
      established from time to time by the Committee in accordance with the provisions
      of the Plan, including, but 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    not
      limited to, provisions pertaining to (i) rights and obligations with respect
      to
      withholding taxes, (ii) the registration, qualification or listing of the
      Shares, (iii) changes in capitalization of the Company and (iv) other
      requirements of applicable law. The Committee shall have the authority to
      interpret and construe the Option pursuant to the terms of the Plan, and its
      decisions shall be conclusive as to any questions arising
      hereunder.

    

    8. No
      Employment or Other Rights.
      The
      grant of the Option shall not confer upon the Grantee any right to be retained
      by or in the employ or service of the Company and shall not interfere in any
      way
      with the right of the Company to terminate the Grantee's employment or service
      at any time. The right of the Company to terminate at will the Grantee's
      employment or service at any time for any reason is specifically
      reserved.

    

    9. No
      Shareholder Rights.
      Neither
      the Grantee, nor any person entitled to exercise the Grantee's rights in the
      event of the Grantee's death, shall have any of the rights and privileges of
      a
      shareholder with respect to the Shares subject to the Option, until certificates
      for Shares have been issued upon the exercise of the Option.

    

    10. Assignment
      and Transfers.
      The
      rights and interests of the Grantee under this Agreement may not be sold,
      assigned, encumbered or otherwise transferred except, in the event of the death
      of the Grantee, by will or by the laws of descent and distribution. In the
      event
      of any attempt by the Grantee to alienate, assign, pledge, hypothecate, or
      otherwise dispose of the Option or any right hereunder, except as provided
      for
      in this Agreement, or in the event of the levy or any attachment, execution
      or
      similar process upon the rights or interests hereby conferred, the Company
      may
      terminate the Option by notice to the Grantee, and the Option and all rights
      hereunder shall thereupon become null and void. The rights and protections
      of
      the Company hereunder shall extend to any successors or assigns of the Company
      and to the Company's parents, subsidiaries, and affiliates. This Agreement
      may
      be assigned by the Company without the Grantee's consent.

    

    11. Applicable
      Law.
      The
      validity, construction, interpretation and effect of this instrument shall
      be
      governed by and construed in accordance with the laws of the State of Florida,
      without giving effect to the conflicts of laws provisions thereof.

    

    12. Notice.
      Any
      notice to the Company provided for in this instrument shall be addressed to
      the
      Company in care of the Chief Executive Officer at the Company's principal
      executive offices,
      and
      any
      notice to the Grantee shall be addressed to such Grantee at the current address
      shown on the payroll of the Company, or to such other address as the Grantee
      may
      designate to the Company in writing. Any notice shall be delivered by hand,
      sent
      by telecopy or enclosed in a properly sealed envelope addressed as stated above,
      registered and deposited, postage prepaid, in a post office regularly maintained
      by the United States Postal Service.

    

    13. Counterparts.
      This
      Agreement may be signed in any number of counterparts and by facsimile
      signature, each of which shall be deemed to be an original, and all of which
      taken together shall be deemed to be one and the same instrument.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    14. Complete
      Understanding.
      This
      Agreement, together with the Plan, contains the entire agreement of the parties
      relating to the subject matter hereof and supersedes all prior agreements and
      understanding with respect to such subject matter, and the parties hereto have
      made no agreements, representations or warranties relating to the subject matter
      of this Agreement which are not set forth herein. Nothing contained in this
      Agreement shall be construed to limit or affect in any manner or to any extent
      the restrictions or prohibitions that are applicable to the Grantee under any
      employment agreement between the Company and the Grantee or the duration
      thereof. Similarly, except as expressly provided otherwise in this Agreement,
      nothing contained in any employment agreement between the Company and the
      Grantee shall be construed to limit or affect in any manner or to any extent
      the
      restrictions or prohibitions that are applicable to the Grantee under this
      Agreement.

     

    

    IN
      WITNESS WHEREOF, the Company has caused a duly authorized officer to execute
      this Agreement, and the Grantee has executed this Agreement, effective as of
      the
      Date of Grant.

    

    

    THE
      COMPANY:     GRANTEE:

    

    DYADIC
      INTERNATIONAL, INC.   

     

    By: _____________    Accepted: ______________ 

    President    [INSERT
      NAME OF GRANTEE]

    

    
      
        
        

      

      
        5

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