Document:

EXHIBIT 10.01

                        Baldwin Technology Company, Inc.
                                2 Trap Falls Road
                                    Suite 402
                                Shelton, CT 06484
                                Tel: 203 402-1000
                                Fax: 203 402-5500

February 22, 2007

Mr. John P. Jordan
5 Lake Wind Road
New Canaan, CT 06840

Dear Mr. Jordan:

This Agreement sets forth the terms of your employment  with Baldwin  Technology
Company,  Inc.,  a  Delaware  corporation  (the  "Company").  The  term  of your
employment  hereunder  will commence  effective as of March 8, 2007,  and if not
extended or unless sooner terminated, shall expire on March 8, 2010.

1. DUTIES: During the term of your employment  hereunder,  you shall be employed
as the Vice President, Chief Financial Officer and Treasurer of the Company, and
you  shall  direct  and  manage  the  financial,   accounting,  tax,  reporting,
budgeting,  audit,  treasury,  investor relations,  risk management,  insurance,
IT-infrastructure,  human resources, legal financial strategic planning, and the
communication  of these  matters to the  Company's  Board of  Directors  and the
Company's  Audit  Committee,  subject to the  direction of the  President of the
Company. Periodically and from time-to-time,  the Company may change your duties
and  responsibilities by adding to them or subtracting from them. You shall also
be a member of the Baldwin Executive Team.

2.  COMPENSATION:  As  compensation  for your  services  during the term of your
employment hereunder:

     A.  Salary:  You shall be paid a salary at the annual  rate of two  hundred
fifty  thousand  dollars  ($250,000)  (hereinafter  referred  to as  your  "base
salary"),  payable in appropriate  installments  to conform with regular payroll
dates for salaried personnel of the Company.

     B. Reviews and  Adjustments:  Consistent with the anniversary  date of your
employment,  your performance and attainment of mutually agreed-upon  objectives
shall be evaluated by the President of the Company.  As an Executive  Officer of
the Company  your base salary for the ensuing  twelve (12) months  period may be
increased,  subject to approval by the  Compensation  Committee  of the Board of
Directors  of the  Company  and the Board of  Directors  of  Baldwin  Technology
Company,  Inc.,  in  accordance  with  your  level of  performance.  In no case,
however,  will any such  adjustment  to your  salary  ever be a negative  amount
unless you expressly agree to such a reduction.

     C. Management  Incentive  Compensation Plan (MICP): You will be eligible to
participate in the Baldwin Technology Company,  Inc.'s MICP at a level of 50% of
your  base  salary.  All  (100%)  of your  bonus  opportunity  will be  based on
achievement  of  corporate  (Baldwin  Technology  Co.,  Inc.) MICP AOP  targets.
Complete terms and payments of the incentive  compensation will be in accordance
with the MICP document,  which will be provided to you under separate cover. For
fiscal year 2007 your  participation  and any  subsequent  bonus payment will be
pro-rated based on your date of hire.

     D.  Sign-on  Bonus:  You will be provided a sign-on  bonus in the amount of
$50,000,  which will be paid at a rate of 50%  ($25,000)  in August 2007 and 50%
($25,000) in January 2008  provided you are employed by the Company on August 1,
2007 and January 1, 2008, respectively.

     E. Equity  Compensation:  Your position of Vice President,  Chief Financial

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Officer  and  Treasurer  is  considered  at a level  that  provides  for  future
consideration for participation in the Baldwin Technology  Company,  Inc.'s 2005
Equity Compensation Plan. The Compensation  Committee of the Board of Directions
of the Company  administers this plan and  recommendations  for equity awards to
the full Board of Directors under the Plan are usually considered at the time of
the Board's November meeting.

     F. Supplemental  Retirement Benefit:  Beginning with your hire date, on the
first day of each month that you are still providing services under the terms of
this  Agreement,  the  Company  shall  accrue  for your  benefit a  supplemental
retirement  benefit in an amount necessary to ensure that, when 100% vested, the
amount accrued would be sufficient to support  monthly  payments equal to twenty
percent  (20%) of your average  base salary for the previous  three (3) years of
continuous   employment  with  the  Company.   Following  your   termination  of
employment,  these payments (the  "Supplemental  Retirement  Benefit") are to be
paid to you in equal monthly  installments over a ten (10) year period beginning
the first month  following your 65th birthday or beginning with the first day of
the seventh (7th) month following your  termination of employment,  whichever is
later. The Supplemental  Retirement  Benefit will vest in each case assuming you
are then  employed by the Company,  as follows:  as of March 8, 2008 it shall be
vested  to the  extent  of 20%,  as of March 8,  2009 it shall be  vested to the
extent of 40%,  as of March 8, 2010 it shall be vested to the extent of 60%,  as
of March 8,  2011 it shall be vested  to the  extent of 80%,  and as of March 8,
2012 it shall be vested to the extent of 100% so that as of the latter  date the
full amount of the Aggregate  Supplemental  Retirement  Benefit shall be due and
payable in the instances set forth elsewhere in this Agreement.

3. INSURANCE: During the term of your employment hereunder, the Company, subject
to your  insurability,  shall (i) pay the premiums on a contract or contracts of
life  insurance on your life  providing  for an aggregate  death benefit of five
hundred thousand dollars  ($500,000),  which contract or contracts will be owned
by you,  your spouse or such other party as may be  designated  by you; and (ii)
purchase key person term life insurance on your life in the aggregate  amount of
one million dollars  ($1,000,000),  which contract or contracts will be owned by
the Company.

4.  REIMBURSEMENT  OF  EXPENSES:  In addition to the  compensation  provided for
herein, the Company shall reimburse to you, or pay directly,  in accordance with
the policies of the Company as in effect at the time,  all  reasonable  expenses
incurred  by you in  connection  with  the  business  of the  Company,  and  its
Subsidiaries (as defined in Section 5 of this Agreement) and affiliates, subject
to documentation in accordance with the Company's policy.

5.  EXTENT OF SERVICES:

     A. In  General:  During  the term of your  employment  hereunder  you shall
devote  your best and  full-time  efforts  to the  business  and  affairs of the
Company.

     B.  Limitation  on  Other  Services:  During  the  term of your  employment
hereunder,  you shall not  undertake  employment  with,  or  participate  in the
conduct of the business  affairs of, any other person,  corporation,  or entity,
except at the  direction or with the written  approval of the Board of Directors
of the Company.

     C. Personal  Investments:  Nothing  herein shall  preclude you from having,
making,  or  managing  personal  investments  which do not  involve  your active
participation in the affairs of the entities in which you so invest, but, unless
approved in writing by the Board of Directors of the Company, during the term of
your  employment  hereunder,  you shall not have  more than a one  percent  (1%)
ownership interest in any entity which is directly competitive with any business
conducted by the Company at that time. The phrase  "conducted by the Company" as
used in this  Paragraph  5C and in  Paragraph  12 hereof shall mean the business
conducted  by the  Company or by any  corporation  or other  entity in which the
Company  owns  fifty  percent  (50%) or more of the  stock or  equity  interests
(either voting or non-voting) in such other entity (a "Subsidiary").

6. LOCATION:  Your office shall be located at the Company's current headquarters
located in Shelton,  Connecticut.  This location may change in the future.  Your
duties hereunder shall be performed for the Company worldwide.

                                      -2-

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7. VACATION; OTHER BENEFITS:

     A. Vacation:  During the term of your  employment  hereunder,  you shall be
entitled to a vacation or vacations,  with pay, in accordance with the Company's
vacation policy as in effect at the time.  Your yearly vacation  accrual will be
three (3) weeks of annual vacation per year in year one and all subsequent years
until your time with the Company  eventually  triggers,  in accordance  with the
Company's  vacation  policy as in effect at the time,  a larger  annual  accrual
beyond  three (3) weeks per year.  You may  accumulate  up to twelve  (12) weeks
vacation, but not more than three (3) weeks from any single prior year. Any such
accumulated  vacation may be used in any  subsequent  year or years (but no more
than two (2) weeks of such accumulated  vacation in any one year) in addition to
the vacation to which you are entitled for each such year.

     B.  The  Company's  Benefit  Plans:  During  the  term of  your  employment
hereunder,  you shall be eligible for inclusion, to the extent permitted by law,
as a  full-time  employee of the  Company,  in any and all (i)  pension,  profit
sharing,  savings,  and other  retirement plans and programs as in effect at the
time, (ii) life and health  (medical,  dental,  hospitalization,  short-term and
long-term  disability)  insurance  plans and  programs as in effect at the time,
(iii) equity  compensation  programs as in effect at the time,  (iv)  accidental
death and dismemberment  protection plans and programs as in effect at the time,
(v) travel  accident  insurance plans and programs as in effect at the time, and
(vi) other plans and programs at the time sponsored by the Company for employees
or executives of the Company  generally as in effect at the time,  including any
and all plans and programs that  supplement any or all of the foregoing types of
plans or programs.

     C. Automobile:  During the term of your employment  hereunder,  the Company
shall provide you an automobile  for your use pursuant to the Company's  written
policy on company autos as in effect at that time.

8.  TERMINATION OF EMPLOYMENT:  For purposes of this Agreement,  "termination of
employment"  shall mean a  separation  from  service  from the  Company  and any
affiliates of the Company as defined under Section 409A of the Internal  Revenue
Code of 1986, as amended.  In the event your employment is terminated for any of
the reasons set forth under this  Paragraph  8, the Company  shall pay to you or
your legal  representatives,  estate or heirs, as the case may be, the following
amounts,  which are in addition to the amounts stipulated under any subparagraph
of this Paragraph 8:

          (i)  A single lump sum payment, no later than the last day of your
               employment, of:

               (a)  Any accrued but unpaid salary set forth in Paragraph 2A (as
                    adjusted By Paragraph 2B) hereof, including salary in
                    respect of any accrued and accumulated vacation, due to you
                    at the date of such termination; and

               (b)  Any amounts owing, but not yet paid, pursuant to paragraph 4
                    hereof.

          (ii) Any accrued but unpaid incentive compensation as set forth in
               Paragraph 2C hereof due to you at the date of such termination
               for the fiscal year ending on or immediately prior to the date of
               such termination which shall be paid within three (3) months of
               the end of such fiscal year.

     A.  Termination  by the Company  Without  Cause:  The Company may,  without
cause,  terminate  your  employment  hereunder at any time upon ten (10) or more
days' written  notice to you. In the event your  employment is terminated  under
this Paragraph 8A, the Company shall pay to you the following:

          (i)  A single lump sum payment, on the first day of the seventh (7th)
               month following your termination of employment, of severance pay
               in an amount equal to your then current annual base salary as
               defined in Paragraph 2A (as adjusted by Paragraph 2B) hereof;

          (ii) A single lump sum payment of any incentive compensation as set

                                      -3-

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               forth in Paragraph 2C hereof earned in the fiscal year of the
               termination of your employment, which incentive compensation
               shall be determined on the basis of the Company's operations
               through June 30 of such fiscal year, and shall be pro-rated
               through the last day of your employment, and shall be paid within
               the time period specified under the MICP;

          (iii) Continuation of medical benefits for a period of twelve (12)
               months; and

          (iv) Executive outplacement services for a period of six (6) months
               following your termination date not to exceed a total amount of
               fifteen thousand dollars ($15,000).

          (v)  To the extent vested, the monthly Supplemental Retirement Benefit
               with the first payment beginning the first month following your
               65th birthday or beginning with the first day of the seventh
               (7th) month following your termination of employment, whichever
               is later.

The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraph 11 and Paragraph 12 hereof.

     B.  Termination  by the  Company  With  Cause:  The  Company  may for cause
terminate your employment hereunder at any time by written notice to you. In the
event your  employment is terminated  under this Paragraph 8B, you shall forfeit
the incentive  compensation set forth in Paragraph 2C hereof for the fiscal year
in which such termination or resignation occurs. In the event your employment is
terminated  under this paragraph 8B, the Company shall pay to you, to the extent
vested,  the Monthly  Supplemental  Retirement  Benefit  with the first  payment
beginning  with the first month  following  your 65th birthday or beginning with
the  first  day of  the  seventh  (7th)  month  following  your  termination  of
employment, whichever is later. For purposes of this Agreement, the term "cause"
shall mean (1) a failure by you to remedy, within ten (10) days of the Company's
written  notice to you,  either (a) a continuing  neglect in the  performance of
your duties under this Agreement,  or (b) any action taken by you that seriously
prejudices the interests of the Company, or (2) your conviction of a felony.

The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraphs 11 and Paragraph 12 hereof.

     C.  Termination  by  Mutual  Consent:  You may  terminate  your  employment
hereunder at any time with the written consent of the Company. In the event your
employment is terminated pursuant to this Paragraph 8C, the Company shall pay to
you the following:

          (i)  A single lump sum payment, of any incentive compensation set
               forth in paragraph 2C hereof earned in the fiscal year of the
               termination of your employment, which incentive compensation
               shall be determined on the basis of the Company's operations
               through June 30 of such fiscal year, and shall be pro-rated
               through the last day of your employment, and shall be paid within
               the time period specified under the terms of the MICP.

          (ii) To the extent vested, the monthly Supplemental Retirement Benefit
               with the first payment beginning the first month following your
               65th birthday or beginning with the first day of the seventh
               (7th) month following your termination of employment, whichever
               is later.

The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraphs 11 and Paragraph 12 hereof.

                                      -4-

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     D. Disability: If you should suffer a Permanent Disability at any time, the
Company may  terminate  your  employment  hereunder  upon ten (10) or more days'
prior  written  notice to you.  For  purposes of this  Agreement,  a  "Permanent
Disability"  shall be deemed to have  occurred  only when you are  qualified for
benefits under the Company's Long Term Disability Insurance Policy. In the event
of  the  termination  of  your  employment  hereunder  by  reason  of  Permanent
Disability, the Company shall pay to you or your legal representative:

          (i)  In conformity with regular payroll dates for salaried personnel
               of the Company, an amount equal to fifty percent (50%) of the
               base salary you were receiving at the date of such termination
               under Paragraph 2A hereof (as adjusted by Paragraph 2B hereof),
               payable until you attain the age of 65 or die, whichever occurs
               first; provided, however, that the amount payable under this
               Paragraph 8D(i) shall be reduced to the extent of any payments
               made to you under any Company-sponsored group long term
               disability insurance policy (the "Supplemental LTD Policy") where
               the premiums for said Supplemental LTD Policy have either been
               paid by the Company or reimbursed to you by the Company. Payment
               hereunder shall commence on the first day of the seventh (7th)
               month following your termination due to disability and the first
               such payment shall include a lump sum payment equal to the
               payments that would have been made to you hereunder had such
               payments commenced immediately upon your termination.

          (ii) Any incentive compensation set forth in Paragraph 2C hereof
               earned in the fiscal year in which the termination of your
               employment occurs, which incentive compensation shall be
               determined on the basis of the Company's operations through June
               30 of such fiscal year, and shall be pro-rated through the last
               day of your employment, and shall be paid within the time period
               specified under the terms of the MICP.

          (iii) To the extent vested, the monthly Supplemental Retirement
               Benefit with the first payment beginning the first month
               following your 65th birthday or beginning with the first day of
               the seventh (7th) month following your termination of employment,
               whichever is later.

The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraphs 11 and Paragraph 12 hereof.

     E. Termination by Death: In the event of the termination by your employment
by reason  of your  death,  at any time,  the  Company  shall pay to your  legal
representatives, estate or heirs the following:

          (i)  Any incentive compensation set forth in Paragraph 2C hereof
               earned in the fiscal year in which the termination of your
               employment occurs, which incentive compensation shall be
               determined on the basis of the Company's operations through June
               30 of such fiscal year, and shall be pro-rated through the last
               day of your employment, and shall be paid within the time period
               specified under the terms of the MICP.

          (ii) To the extent vested, the monthly Supplemental Retirement Benefit
               with the first payment beginning the first month following your
               65th birthday or beginning with the first day of the seventh
               (7th) month following your termination of employment, whichever
               is later.

The Company shall have no further obligation to you under this Agreement and you
shall have no further  obligation to the Company under this Agreement  except as
provided in Paragraphs 11 and Paragraph 12 hereof.

                                      -5-

<PAGE>

     F. Termination Upon Expiration of Agreement:  If not previously terminated,
this  Agreement  and your  employment  with the Company  shall be  automatically
extended for additional  three-year renewal terms, unless and until either party
notifies  the other to the  contrary,  in writing,  six (6) months  prior to the
expiration of the  then-current  term or renewal term of this Agreement.  In the
event your  employment is terminated  under this paragraph 8F, the Company shall
pay to you, to the extent vested, the monthly Supplemental Retirement Benefit as
set forth in Paragraph 2F hereof with the first payment beginning with the first
month  following  your  65th  birthday  or  beginning  with the first day of the
seventh (7th) month  following  your  termination  of  employment,  whichever is
later.

The Company shall have no further obligation to you under this Agreement and you
shall have no further obligation to the Company under this Agreement except as
provided in Paragraphs 11 and Paragraph 12 hereof.

     G. Change of  Control:  If any of the  following  described  events  occurs
during the term of your employment hereunder,  you may terminate your employment
hereunder by written notice to the Company either prior to, or not more than six
(6) months after the  happening of such event.  In such event,  your  employment
hereunder  will be  terminated  effective as of the later of ten (10) days after
the notice or ten (10) days after the event,  and the Company  shall make to you
the same  payments  that the Company  would have been  obligated  to make to you
under  Paragraph  8A  hereof  if the  Company  had  terminated  your  employment
hereunder  effective on such date.  The events,  the  occurrence  of which shall
permit you to terminate your  employment  hereunder under this Paragraph 8G, are
as follows:

          (i)  Any merger or consolidation by the Company with or into any other
               entity or any sale by the Company of substantially all of its
               assets; provided, however, that such event shall be deemed to
               have not occurred under this clause if consummation of the
               transaction would result in at least fifty (50%) percent of the
               total voting power represented by the voting securities of the
               Company outstanding immediately after such transaction being
               beneficially owned by holders of outstanding voting securities of
               the Company immediately prior to the transaction.

          (ii) Any change of a majority of the directors of the Company
               occurring within any thirteen (13) month period.

          (iii) The adoption by the Company of any plan of liquidation providing
               for the distribution of all or substantially all of its assets.

          (iv) A material diminution in your duties, or the assignment to you of
               duties that are materially inconsistent with your duties or that
               materially impair your ability to function as the Chief Financial
               Officer of the Company if such diminution or assignment has not
               been cured within thirty (30) days after written notice thereof
               has been given by you to the Company.

     9. SOURCE OF PAYMENTS:  All payments  provided for hereunder  shall be paid
from the  general  funds of the  Company.  The  Company  may,  but  shall not be
required  to, make any  investment  or  investments  whatsoever,  including  the
purchase of a life  insurance  contract or contracts on your life, to provide it
with funds to satisfy its obligations hereunder; provided, however, that neither
you nor your beneficiary or beneficiaries,  nor any other person, shall have any
right,  title, or interest whatsoever in or to any such investment or contracts.
If the Company shall elect to purchase a life insurance contract or contracts on
your  life to  provide  the  Company  with  funds  to  satisfy  its  obligations
hereunder,  the Company  shall at all times be the sole and  complete  owner and
beneficiary of such contract or contracts, and shall have the unrestricted right
to use all  amounts  and to exercise  all  options  and  privileges  there under
without the knowledge or consent of you, your beneficiary or  beneficiaries,  or
any  other  person,  it  being  expressly  agreed  that  neither  you,  any such
beneficiary or beneficiaries,  nor any other person shall have any right, title,
or interest  whatsoever in or to any such contract or contracts unless expressly
provided otherwise in this Agreement.

                                      -6-

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     10. ENFORCEMENT OF RIGHTS:  Nothing in this Agreement,  and no action taken
pursuant to its terms,  shall create or be construed to create a trust or escrow
account of any kind,  or a fiduciary  relationship  between the Company and you,
your beneficiary or beneficiaries, or any other person. You, your beneficiary or
beneficiaries,  and any other person or persons claiming a right to any payments
or  interests  hereunder  shall  rely  solely on the  unsecured  promise  of the
Company,  and nothing herein shall be construed to give you, your beneficiary or
beneficiaries,  or any other person or persons, any right, title,  interest,  or
claim in or to any specific asset, fund,  reserve,  account,  or property of any
kind whatsoever  owned by the Company or in which it may have any right,  title,
or interest now or in the future,  but you or your  beneficiary or beneficiaries
shall  have the right to  enforce a claim for  benefits  hereunder  against  the
Company in the same manner as any unsecured creditor.

     11.  INVENTIONS  AND  CONFIDENTIAL  INFORMATION:  So long as you  shall  be
employed  by the  Company,  you agree  promptly to make known to the Company the
existence of any and all creations,  inventions,  discoveries,  and improvements
made or conceived  by you,  either  solely or jointly  with others,  during your
employment by the Company and for three (3) years after the  termination of your
employment  by the  Company , and to assign to the  Company  the full  exclusive
right to any and all such creations,  inventions,  discoveries, and improvements
relating  to any subject  matter  with which the Company is now or shall  become
concerned,  or relating to any other subject  matter if made with the use of the
Company's time,  materials,  or facilities.  To the fullest extent  permitted by
law,  any  and  all of the  foregoing  creations,  inventions,  discoveries  and
improvements shall be considered as  "work-made-for-hire"  and the Company shall
be the owner thereof.  You further  agree,  without charge to the Company but at
its expense, if requested to do so by the Company, to execute,  acknowledge, and
deliver  all  papers,   including   applications  or  assignments  for  patents,
trademarks, and copyrights relating thereto, as may be considered by the Company
to be  necessary  or  desirable  to obtain or assign to the  Company any and all
patents,  trademarks, or copyrights for any and all such creations,  inventions,
discoveries,  and  improvements  in any and  all  countries,  and to vest  title
thereto  in the  Company in all such  creations,  inventions,  discoveries,  and
improvements as indicated above conceived during your employment by the Company,
and for three (3) years thereafter. You further agree that you will not disclose
to any third person any trade secrets or proprietary information of the Company,
or use any trade  secrets  or  proprietary  information  of the  Company  in any
manner,  except in the pursuit of your duties as an employee of the Company, and
that you will return to the Company all materials  (whether originals or copies)
containing  any such  trade  secrets or  proprietary  information  (in  whatever
medium) on termination of your  employment by the Company.  The  obligations set
forth in this Paragraph 11 shall survive the  termination of your  employment by
the Company.

     12.  RESTRICTIVE  COVENANT:  For a period  of three  (3)  years  after  the
termination  of  your  employment  by  the  Company,   you  shall  not,  in  any
geographical  location in which there is at that time business  conducted by the
Company  which was  conducted  by the  Company at the date of such  termination,
directly  or  indirectly,   own,  manage,  operate,  control,  be  employed  by,
participate  in, or be connected in any manner with, the ownership,  management,
operation,  or control  of, any  business  similar to or  competitive  with such
business  conducted by the Company  without the written  consent of the Company;
provided,  however, that you may have an ownership interest of up to one percent
(1%) in any entity,  notwithstanding  that such  entity is directly  competitive
with any business conducted by the Company at the date of such termination.

     13.  ARBITRATION:  Any  controversy  or claim arising out of or relating to
this Agreement,  or the breach or asserted  breach thereof,  shall be settled by
arbitration to be held in New York,  New York in accordance  with the rules then
obtaining of the American  Arbitration  Association,  and the judgment  upon the
award  rendered may be entered in any court  having  jurisdiction  thereof.  The
arbitrator shall determine which party shall bear the costs of such arbitration,
including attorneys' fees.

     14.  NON-ASSIGNABILITY:  Your rights and benefits hereunder are personal to
you,  and shall not be  alienated,  voluntarily  or  involuntarily,  assigned or
transferred.

     15.  BINDING  EFFECT:  This  Agreement  shall be binding  upon the  parties
hereto, and their respective assigns, successors, executors, administrators, and
heirs. In the event the Company becomes a party to any merger, consolidation, or

                                      -7-

<PAGE>

reorganization,  this  Agreement  shall  remain in full  force and  effect as an
obligation of the Company or its  successors  in interest.  None of the payments
provided  for by this  Agreement  shall be subject to seizure for payment of any
debts or judgments against you or your beneficiary or  beneficiaries,  nor shall
you or any such  beneficiary  or  beneficiaries  have any right to  transfer  or
encumber any right or benefit hereunder.

     16. ENTIRE AGREEMENT: This Agreement contains the entire agreement relating
to your employment by the Company.  It may only be changed by written  agreement
signed  by  the  party  against  whom   enforcement   of  any  waiver,   change,
modification, extension, deletion, or revocation is sought.

     17. NOTICES: All notices and communications  hereunder shall be in writing,
sent by certified or registered mail, return receipt requested, postage prepaid;
by  facsimile  transmission,  time  and date of  receipt  noted  thereon;  or by
hand-delivery  properly  receipted.  The actual  date of receipt as shown by the
receipt  therefore  shall  determine  the time at which  notice was  given.  All
payments required hereunder by the Company to you shall be sent postage prepaid,
or, at your election, shall be transferred to you electronically to such bank as
you designate in writing to the Company, including designation of the applicable
electronic  address.  The foregoing items (other than any electronic transfer to
you) shall be addressed  as follows (or to such other  address as the Company or
you may designate in writing from time to time):

       To you:                       To the Company:
       John P. Jordan                Baldwin Technology Company, Inc.
       5 Lake Wind Road              2 Trap Falls Rd., Suite 402
       New Canaan, CT 06840          Shelton, CT 06484

     18. LAW TO GOVERN:  This Agreement  shall be governed by, and construed and
enforced  according  to, the domestic laws of the State of  Connecticut  without
giving effect to the principles of conflict of laws.

Very truly yours,
BALDWIN TECHNOLOGY COMPANY, INC.                      AGREED TO AND ACCEPTED:

/s/ Karl S. Puehringer                                /s/ John P. Jordan
---------------------------------------               --------------------------
Karl S. Puehringer                                        John P. Jordan
Its President & Chief Operating Officer
Duly Authorized

Date: 2/23/07                                             Date: 3/8/07
      -------                                                   ------

                                      -8-EXHIBIT 10.34

                              ALFACELL CORPORATION
                            2004 STOCK INCENTIVE PLAN

                             STOCK OPTION AGREEMENT

      AGREEMENT,  made  and  entered  into on the date set  forth on  Exhibit  A
attached  hereto  ("Exhibit  A")  by  and  between  Alfacell   Corporation  (the
"Company") and the  employee/consultant  designated as the Optionee on Exhibit A
hereto (the "Optionee").

      WHEREAS,  the Optionee has been  designated to participate in the Alfacell
Corporation 2004 Stock Incentive Plan (the "Plan").

      NOW,  THEREFORE,  in  consideration  of the premises and mutual  covenants
contained herein, and for good and valuable  consideration,  the Company and the
Optionee agree as follows:

      (a) Grant.  Pursuant to the provisions of the Plan, the terms of which are
incorporated herein by reference,  the Company hereby grants to the Optionee the
right and option (the "Option") to purchase the number of shares of common stock
($.001 par value) of the Company (the  "Shares")  indicated on Exhibit A hereto,
The Option is granted as of the date  designated  the date of grant on Exhibit A
hereto  (the  "Date of  Grant")  and such  grant is  subject  to the  terms  and
conditions  herein and the terms and  conditions of the Plan.  Such Option shall
not be treated as an incentive  stock  option under  Section 422 of the Internal
Revenue Code of 1986, as amended.

      (b) Purchase Price.  Except as otherwise  provided in paragraph (i) below,
the  purchase  price of each Share  subject  to the  Option  shall be the amount
designated  the option price per share on Exhibit A hereto (the "Option  Price")
payable in full upon exercise of the Option in accordance with Section 6(a)(iii)
of the Plan.

      (c) Term of Option.  The Option may be  exercised  only  during the period
commencing on the Date of Grant and continuing through 10 years from the Date of
Grant (the "Option  Period").  The Optionee's  exercise rights during the Option
Period  shall be subject to  limitations  as  hereinafter  provided and shall be
subject  to  sooner  termination  in the  event of  death,  disability  or other
termination of employment,  as provided  below.  At the end of the Option Period
or, if earlier,  the termination of the period of  exercisability as provided in
paragraph (e), below, the Option shall terminate.

      (d) Exercisability.  Except as otherwise provided in paragraph (e), below,
the Option  shall  become  exercisable  and the  Optionee  shall be  entitled to
exercise the Option in increments over time as detailed in Exhibit A.

      (e) Termination

            (i) (A) Death in Service.  In the event the Optionee dies during his
or her period of  service  with the  Company,  all of his or her  Options  shall
become fully exercisable at the time of death and may be exercised by the estate
or other  legal  representative  of the  Optionee  during the period  ending six
months  following the month in which the Optionee's death occurs (but not beyond
the Option Period),

                                     - 1 -
<PAGE>

                  (B) Death after Service.  In the event the Optionee dies after
termination  of his or her  service  with  the  Company  for any of the  reasons
described in paragraph  (ii) or (iii) below,  at a time when all or a portion of
the Option remains exercisable,  the estate or other legal representative of the
Optionee shall be entitled to exercise the remaining  exercisable balance of the
Option during the same period  following  termination of employment as described
in paragraph (ii) or (iii) below, whichever is applicable, following the date of
the Optionee's termination of employment (but not beyond the Option Period).

            (ii)  Termination  Due to  Retirement  On or  After  Age 65 or Total
Disability.  In the event the Optionee's  service with the Company is terminated
by reason of the Optionee's Total  Disability or the Optionee's  retirement from
the Company on or after  reaching  age 65,  and,  in the case of the  Optionee's
retirement,  the  Optionee  has served  full-time  with the Company for at least
seven (7) years, all of his or her Options shall become fully exercisable at the
time of such  termination  and the  Optionee  shall be entitled to exercise  the
Option  during the period  ending  six months  following  the month in which the
Optionee's  termination of employment occurs (but not beyond the Option Period).
For this purpose "Total  Disability" means the complete and permanent  inability
of the  Optionee to perform  all of his or her duties  under the terms of his or
her employment with the Company,  as determined by the Committee upon the basis,
including   independent  medical  reports  and  data,  as  the  Committee  deems
appropriate.

            (iii) Termination Due to Voluntary  Resignation or For Cause. If the
Optionee's employment by the Company is terminated by voluntary resignation, his
or her Option,  to the extent  exercisable  at the time of such  termination  of
employment,  may be exercised during the period ending six months after the date
of  termination  of  employment  (but not  beyond  the  Option  Period).  If the
Optionee's employment by the Company is terminated for Cause, his or her Option,
to the extent exercisable at the time of such termination of employment,  may be
exercised  during the period ending thirty days after the date of termination of
employment (but not beyond the Option Period). For purposes hereof a termination
of  employment by the Optionee  shall not be  considered  voluntary if it occurs
within six months after the compensation,  authority or  responsibilities of the
Optionee  are  materially  diminished,  and Cause  shall mean (a)  frequent  and
unjustifiable  absenteeism other than solely by reason of the Optionee's illness
or physical or mental disability;  (b) fraud or dishonesty  materially injurious
to the  Company  or to its  business  operations,  assets  or  subsidiaries  (an
"Adverse Effect");  (c) gross or willful  misconduct,  or willful neglect to act
which misconduct or neglect is committed or omitted by the Optionee in bad faith
and  has an  Adverse  Effect;  (d)  gross  breach  of the  Optionee's  fiduciary
obligations  to the  Company  which has an Adverse  Effect;  (e) the  Optionee's
conviction as a felon;  or (f) the Optionee's  willful or continuous  neglect or
refusal to perform his or her duties or responsibilities.

            (iv) Other Termination.  If the Optionee's employment by the Company
is terminated for any other reason, his or her Option, to the extent exercisable
at the time of such  termination  of  employment,  may be  exercised  during the
period ending twelve months after the date of termination of employment (but not
beyond the Option Period).

            (v)   Forfeiture.   That  portion  of  the  Option   which   remains
unexercisable  following a termination of the Optionee's service as described in
paragraph (e)(i)(B), (e) (iii) and (e)(iv), above, shall be forfeited.

            (vi) Service with Subsidiaries.  For purposes of this paragraph (e),
service with a subsidiary  of the Company shall be considered to be service with
the Company.

                                     - 2 -
<PAGE>

      (f)  Change  in  Control.  Notwithstanding  any  other  provision  of this
Agreement,  the Option shall  become  immediately  exercisable  upon a Change in
Control of the Company and may be exercised  during the period ending six months
after the date of Change in Control (but not beyond the Option Period). For this
purpose,  a Change in Control of the Company shall be deemed to have occurred if
(i) any  "Person",  as such  term  is used in  Section  13 (d) and 14 (d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") (other than the
Company,  any trustee or other fiduciary  holding  securities  under an employee
benefit plan of the Company,  or any corporation owned,  directly or indirectly,
by the  stockholders  of the Company in  substantially  the same  proportions as
their ownership of stock of the Company),  is or becomes the "beneficial  owner'
(as defined in Rule 13d-3 under the Exchange Act),  directly or  indirectly,  of
securities of the Company  representing 20% or more of the combined voting power
of the Company's then outstanding  securities  (except with respect to ownership
of Company securities by the McCash Family Limited Partnership or its affiliates
(collectively,  "McCash"),  a Change of Control shall be deemed to have occurred
if McCash is or  becomes  the  beneficial  owner,  directly  or  indirectly,  of
securities of the Company  representing 50% or more of the combined voting power
of the Company's then  outstanding  securities),(ii)  during any 12-month period
(not including any period prior to the execution of this Agreement), individuals
who at the beginning of such period  constitute the Board,  and any new director
(other than a director  designated by a person who has entered into an agreement
with the company to effect a transaction  described in subclauses  (i), (iii) or
(iv) of this clause) whose  election by the Board or nomination  for election by
the  Company's  stockholders  was approved by a vote of at least 66 2/3 % of the
members  of the Board then still in office  who  either  were  directors  at the
beginning  of the  period or whose  election  or  nomination  for  election  was
previously  so approved,  cease for any reason to constitute at least a majority
thereof (iii) the Company's  stockholders  approve a merger or  consolidation of
the Company with any other corporation, other than (A) a merger or consolidation
which  would  result  in  the  voting  securities  of  the  Company  outstanding
immediately   prior  thereto   continuing  to  represent  (either  by  remaining
outstanding  or by being  converted  into  voting  securities  of the  surviving
entity) more than 50% of the combined  voting power of the voting  securities of
the Company or such surviving entity  outstanding  immediately after such merger
or  consolidation  or (B) a merger or  consolidation  effected  to  implement  a
recapitalization  of the  Company (or  similar  transaction)  in which no Person
acquires  more  than 50% of the  combined  voting  power of the  Company's  then
outstanding  securities,  or (iv) the stockholders of the Company approve a plan
of  complete  liquidation  of the  Company  or an  agreement  for  the  sale  or
disposition by the Company of all or substantially all of the Company's assets.

      (g)  Exercise of Option.  In order to exercise  the Option,  the  Optionee
shall submit to the Company or its  designated  agent an  instrument  in writing
specifying  the  number  of  Shares  in  respect  of which  the  Option is being
exercised,  accompanied by payment in a manner acceptable to the Company, of the
Option  Price of the Shares in  respect of which the Option is being  exercised.
Shares shall then be issued by the Company and a share certificate  delivered to
the Optionee; provided however, that the Company shall not be obligated to issue
any Shares hereunder if the issuance of such Shares would violate the provisions
of any applicable law, in which event the Company shall, as soon as practicable,
take whatever action it reasonably can so that such Shares may be issued without
resulting in such violation of law.

      (h) No Rights of  Shareholder  or  Employee.  The  Optionee  shall not, by
virtue of the Option, be entitled to any rights of a shareholder of the Company,
either at law or  equity,  and the grant of the  Option  shall not confer on the
Optionee  any right with respect to  continuance  of his or her service with the
Company nor shall such grant  interfere in any way with the right of the

                                     - 3 -
<PAGE>

Company to terminate the Optionee's service at any time.

      (i) Recapitalizations,  Dividends, and Adjustments.  In the event that the
Committee shall determine that any dividend in Shares,  recapitalization,  split
or reverse split of Shares,  reorganization,  merger,  consolidation,  spin-off,
combination,   repurchase,   or  share  exchange,  or  other  similar  corporate
transaction or event,  affects the Shares such that an adjustment is appropriate
in order to prevent  dilution or enlargement of the rights of the Optionee under
the Plan, then the Committee shall make such equitable changes or adjustments as
it deems  appropriate  and,  in such  manner as it may deem  equitable,  and may
adjust any or all of (i) the number and kind of Shares other securities or other
consideration issued or issuable on exercise of the Option and (ii) the exercise
price of the Option.

      (j)  Nontransferability.  The  Option  shall  not be  transferable  by the
Optionee except by will or the laws of descent and distribution, and it shall be
exercisable  during the lifetime of the Optionee  only by the Optionee or his or
her guardian or legal representative.

      (k) Restrictions  Transfer of Shares.  The Optionee will not offer,  sell,
contract to sell or otherwise  dispose of any Shares  received  upon exercise of
the Option during the period  beginning from the Date of Grant and continuing to
and  including  the date 180 days from the Date of Grant,  except with the prior
written consent of the Company.

      (1) Withholding. The Optionee agrees to make appropriate arrangements with
the Company or its  designated  agent for  satisfaction  of any  applicable  tax
withholding  requirements,   or  similar  requirements,   arising  out  of  this
Agreement.

      (m)  References.  References  herein  to  rights  and  obligations  of the
Optionee shall apply where appropriate,  to the Optionee's legal  representative
or  estate  without  regard  to  whether   specific   reference  to  such  legal
representative  or  estate  is  contained  in a  particular  provision  of  this
Agreement.  Capitalized  terms referred to herein but not defined shall have the
meanings given to them in the Plan.

      (n)  Notice.  Any notice  required  or  permitted  to be given  under this
Agreement  shall be in  writing  and shall be deemed  to have  been  given  when
delivered  personally or by courier,  or sent by certified or  registered  mail,
postage prepaid, return receipt requested, or by fax duly addressed to the party
concerned  at the address  (and fax number)  indicated  below or to such changed
address (or fax number) as such party may  subsequently  by similar process give
notice of:

If to the Company:

225 Belleville Avenue
Bloomfield, NJ 07003
Fax telephone number
If to the Optionee:

At the address and fax number indicated on Exhibit A hereto.

      (o) Governing  Law. This  Agreement  shall be governed by and construed in
accordance  with the laws of the State of New Jersey  without  reference  to the
principles of conflict of laws.

                                     - 4 -
<PAGE>

      (p) 2004 Option Plan Governs.  This option  agreement shall be governed by
the Plan.  In the event of any  conflict  between any of the terms of this Stock
Option Agreement and the Plan, the terms of the Plan shall control.

IN WITNESS WHEREOF, the undersigned have executed this Agreement effective
________, 200__.

                                            ALFACELL CORPORATION

                                            By: ___________________________

      Optionee  acknowledges  reviewing  this  Option  Agreement,  the  Plan and
Exhibit A, and represents  that he/she is familiar with the terms and provisions
hereof,  and  hereby  accepts  this  Option  subject  to all of  the  terms  and
provisions thereof.

                                    Print Name:

                                    Signature:  ____________________________

                                    Social Security No.:  ____________________

                                     - 5 -
<PAGE>

                                    Exhibit A

                              ALFACELL CORPORATION

              NOTICE OF GRANT OF STOCK OPTIONS AND OPTION AGREEMENT
--------------------------------------------------------------------------------

Name:                                           Option Number:
Address:                                        Plan: 2004 Stock Incentive Plan
Address:                                        ID:

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

You  have  been  granted  an  option  to  purchase  common  shares  of  Alfacell
Corporation (the "Company') stock as follows:

Date of Grant:
Vesting Commencement Date:
Term/Expiration Date:
Type (NQ/ISO):
Total Number Shares Granted:
Option (Exercise) Price:

So long as you remain in  continuous  employment  or service with the Company on
such date, shares in each period will become fully vested on the date shown:

Shares            Vest Date               Expiration
------            ---------               ----------

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

By your signature and the Company's  signature  below, you and the Company agree
that these options are granted under and governed by the terms and conditions of
the Company's 2004 Stock Incentive Plan and the Option  Agreement,  all of which
are attached and made a part of this document.

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

----------------------------------        ------
Alfacell Corporation                      Date

----------------------------------        ------
Optionee                                  Date

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