Document:

Employment Agreement - Michael Hartmann

 Exhibit 10.52 
 EMPLOYMENT AGREEMENT 
 ENTERED INTO IN MONTREAL, as of the 1st day of July, 2009.

  

			
	BETWEEN:	  	 DNP GT CANADA INC., a corporation duly incorporated under the Canada Business Corporations Act, having its corporate office
located at 2000, McGill College Avenue, Suite 2000, Montreal, Quebec, H3A 3H3, represented for the purposes hereof by Jean-Francois Huc, President, duly authorized as he so declares;

 
 (hereinafter referred to as the “Corporation”)

		
	AND:	  	 MR. MICHAEL HARTMANN, domiciled and residing at ***

 
 (hereinafter referred to as the “Employee”)

 WHEREAS the Corporation is the wholly owned subsidiary of DNP Green Technology, Inc.
(“DNPGT”); 
 WHEREAS the Corporation wishes to employ the Employee as its Vice President, Corporate Development
(“VP CD”); 
 WHEREAS the Corporation intends to provide DNPGT with the services of the Employee in order for the
latter to also act as VP CD for DNPGT; 
 WHEREAS the Employee wishes to act as the Corporation’s and DNPGT’s VP CD;

 WHEREAS the parties hereto wish to determine the terms and conditions pertaining to the employment of the Employee;

 THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: 

 

	1.	EMPLOYMENT 

  

	 	1.1.	 The Employee shall serve as VP CD of the Corporation and of DNPGT, and perform the functions and duties attached to such position in all of the
Corporation’s and DNPGT’s sectors of activity, as well as the tasks and duties that the President of the Corporation and of DNPGT may delegate to him from time to 

  
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time, which are not inconsistent with the Employee’s position as a senior executive of the Corporation and of DNPGT, it being understood that the Employee shall at all times report to the
President of the Corporation and of DNPGT. 

  

	 	1.2.	The Employee shall be based in the Corporation’s office in Montreal, Quebec. 

 

	2.	REMUNERATION 

  

	 	2.1.	In consideration of the Employee’s services pursuant to this Agreement, the Corporation shall: 

 

	 	2.1.1.	pay to the Employee, annually, the amount of two hundred thousand dollars ($200,000), as annual base salary, payable in accordance with the Corporation’s
remuneration policy; 

  

	 	2.1.2.	review and adjust the annual base salary described in section 2.1.1 at the end of each fiscal year end, such salary adjustment being at the discretion of the President
and Board of Directors of DNPGT. 

  

	 	2.1.3.	pay to the Employee, in the first quarter of each fiscal year, a cash bonus equal to up to 25% of the base salary provided in Section 2.1.1., based on the
Employee’s, the Corporation’s and DNPGT’s performance during the previous fiscal year, such performance evaluation and bonus determination being at the discretion of the President and the Board of Directors of DNPGT.

  

	3.	STOCK OPTIONS 

  

	 	3.1.	As additional consideration for the Employee’s services pursuant to this Agreement, DNPGT shall grant the Employee, in the first quarter of each fiscal year, stock
options to purchase shares in DNPGT based on the Employee’s, the Corporation’s and DNPGT’s performance during the previous fiscal year, such grant of stock options and its related terms and conditions being at the discretion of the
Board of Directors of DNPGT. All grants of stock options shall be in accordance with DNPGT’s stock option plan. 

  

	 	3.2.	In the event (i) of the Employee’s death, or (ii) the Corporation terminates the employment of the Employee for any reason whatsoever, except for the
following grounds: 

  

	 	3.2.1.	embezzlement, fraud or similar conduct involving the Corporation or DNPGT, 

 

	 	3.2.2.	the commission of any indictable offence, or 

  

	 	3.2.3.	 the persistent failure of Employee to perform his duties hereunder after notices to do so by the Corporation,

  
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(collectively, a “Cause”), 
 then the Board of Directors of
DNPGT shall cause (i) all stock options and restricted stock that has been granted to the Employee to immediately vest in their entirety from the death of the Employee or the termination date of the employment of the Employee and be exercisable
for a period of two (2) years following the Employee’s death or the termination of his employment, and (ii) allow the assignment of all stock options and restricted stock to the Employee’s estate in the event of the
Employee’s death. 
  

	4.	FRINGE BENEFITS 

  

	 	4.1.	The Employee shall be entitled, as an employee of the Corporation, to the insurance and benefits (including at a minimum health, dental, accident, disability) approved
from time to time by the Board of Directors of the Corporation. 

  

	5.	EXPENSES 

  

	 	5.1.	The Corporation agrees to reimburse the Employee, for all the reasonable fees, expenses and disbursements incurred by him in the performance of his duties, on behalf
and for the benefit of the Corporation and of DNPGT. The Employee shall submit to the Corporation a periodic report together with supporting documents concerning the fees, disbursements and expenses incurred by him in the performance of his duties
during the said period. 

  

	6.	UNDERTAKINGS OF THE EMPLOYEE 

  

	 	6.1.	The Employee undertakes, during the term of this Agreement: 

  

	 	6.1.1.	on a full-time basis, to devote and to use all his efforts and professional knowledge in the exercise of his functions; and 

 

	 	6.1.2.	to act at all times within the scope of his employment and in the best interests of the Corporation and of DNPGT, to perform his duties to the best of his ability,
faithfully, honestly and diligently and to conform at all times to the instructions and directives that may be given to him, on occasion, by the President of the Corporation and of DNPGT; provided same are not inconsistent with the Employee’s
position as a senior executive of the Corporation and DNPGT. 

  
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	7.	INTELLECTUAL PROPERTY 

  

	 	7.1.	The Employee hereby: 

  

	 	7.1.1.	transfers and assigns to the Corporation, without any compensation other than the remuneration provided in Section 2 hereof, all property rights he might own on
all documents or works done by the Employee, alone or in collaboration, in the framework of the services rendered pursuant to this Agreement (the “Works”), and more particularly, but without limitation, all property rights on any material
support of the Works and all intellectual property rights on the Works; 

  

	 	7.1.2.	renounces to any right, and more particularly, but without limitation, to any intellectual property rights which may arise during the execution of the Works, including
any moral rights; and 

  

	 	7.1.3.	agrees that the Corporation may dispose of or modify the Works and the rights pertaining to the Works, at its sole discretion, and without any obligation on its part to
consult, notify or compensate the Employee. 

  

	8.	UNDERTAKINGS IN THE EVENT OF A TRANSACTION OR AN IPO 

  

	 	8.1.	Notwithstanding Section 10.2, in the event of a Transaction or an IPO by the Corporation or DNPGT, the Employee undertakes, at the choice of the Corporation, if so
requested by the Corporation or DNPGT, either: 

  

	 	8.1.1.	to remain in the employment of the Corporation or the entity resulting from the Transaction or IPO, for at least one year following the closing of such Transaction or
IPO, upon terms and conditions at least as advantageous to him as set out in this Agreement; or 

  

	 	8.1.2.	to continue on a consulting basis with the entity that is involved in the Transaction or IPO, in a non-management role, for at least one year following the closing of
such Transaction or IPO, upon terms and conditions at least as advantageous to him as set out in this Agreement; or 

  
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	 	8.1.3.	notwithstanding any other provision of this Agreement, to execute a one year undertaking not to compete in any way, whether directly or indirectly, with the Corporation
and DNPGT and/or the entity having acquired the assets of the Corporation or DNPGT pursuant to the Transaction or the IPO, as the case may be. 

  

	 	8.2.	In the event of a Transaction or IPO, during the term of the Agreement, the Corporation and DNPGT undertake to deploy commercially reasonable efforts to cause the
Employee to participate, in a manner consistent with the Employee’s senior executive position, in the stock option plan and senior management benefits plan in force leading up to and following such Transaction or IPO. 

 

	 	8.3.	For the purposes of this Agreement: 

  

	 	8.3.1.	“Transaction” means (a) the sale or merger of all or substantially all of the assets of DNPGT, or (b) the sale, assignment, transfer or issuance of
shares of DNPGT such that one shareholder of DNPGT holds either (i) 50% plus one shares of the issued shares of DNPGT or (ii) the right to designate a majority of the directors to the Board of DNPGT; 

 

	 	8.3.2.	“IPO” means a business combination pursuant to which all or substantially all of the assets of DNPGT become the property of an entity, the shares of which
entity or its parent are or, in the context of a Transaction, become publicly traded. 

  

	9.	VACATION 

  

	 	9.1.	The Employee shall be entitled to four weeks of vacation per year, the duration of which and the dates of which shall be established reasonably and professionally
managed by the Employee taking into account his functions and duties. 

  

	10.	TERM 

  

	 	10.1.	 This Agreement shall take effect on July 1st, 2009 and continue in force for an undetermined period thereafter. 

 

	 	10.2.	Subject to Section 8.1, the Employee shall have the right to terminate this Agreement at any time by giving a four (4) months written notice to this effect to
the Corporation. 

  

	 	10.3.	Subject to Section 10.4, in the event that the Corporation terminates the employment of the Employee for any reason whatsoever (other than resulting from a Cause
or as a result of the death or disability of the Employee), the Employee shall be entitled to receive a severance payment in lieu of notice of an amount equal to six (6) months’ base salary (as set out in Section 2.1.1).

  
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	 	10.4.	This Agreement shall terminate (i) upon the termination of the employment of the Employee resulting from a Cause, (ii) upon the death of the Employee or
(iii) following a period of six (6) consecutive months or an aggregate of six (6) months during any twelve (12) consecutive month period during which the Employee will have been unable to perform his duties provided hereunder due
to sickness or disability, in any case without any severance payment in lieu of notice being due. 

  

	11.	CONFIDENTIALITY AND NON-COMPETITION 

  

	 	11.1.	The Employee agrees that he shall not, as long as he is employed by the Corporation and for a period of ten (10) years thereafter, disclose and/or reveal in any
manner whatsoever and to whomever, confidential information obtained during his employment on and about the business of the Corporation, of DNPGT and their affiliated companies, to use his commercially reasonable efforts in order to maintain the
confidentiality of this information and to prevent any inopportune disclosure including but not limited to, information regarding the financial situation of the Corporation, of DNPGT and their affiliated companies, their operations and their
projects of operation, and undertakes not to use for his own benefit or for purposes other than those of the Corporation, of DNPGT and their affiliated companies, to the detriment of the Corporation, of DNPGT and their affiliated companies, any
information thus obtained. The disclosure of confidential information shall be restricted to the officers, directors and shareholders and, on a need to know basis, employees, agents and professional advisors of the Corporation, of DNPGT and of their
affiliated companies. Any confidentiality undertaking made under this subsection shall continue to be in full force after the termination of this Agreement. The confidentiality undertakings provided in this section shall not apply to information
that: i) is already known to the Employee without having been obtained from the Corporation, DNPGT or their affiliated companies, directly or indirectly, ii) was in the public domain before its disclosure to the Employee, iii) becomes in the
public domain after its disclosure to the Employee without breach of any obligation under this Agreement, and iv) is required to be disclosed by operation of law or a judicial order. 

 

	 	11.2.	The Employee agrees, for so long as he is employed by the Corporation and, until the expiry of a period of six (6) months thereafter, that he shall not, directly or
indirectly, alone or through a company, or jointly with any person, firm, corporation, partnership, company or other business organization whether as principal or as agent, mandater, mandatory, officer, partner, director, employee, consultant,
shareholder or in any other manner except for the benefit and in the interests of the Corporation, DNPGT or their affiliated companies: 

  

	 	11.2.1.	encourage or attempt to bring any person employed by the Corporation or DNPGT or any of their affiliated companies to leave his employment with the Corporation or DNPGT
or their affiliated companies; and 

  
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	 	11.2.2.	carry on a business engaged in, involved in or interested in the Corporation’s or DNPGT’s sectors of activities, within the territories in which the
Corporation or DNPGT does business. 

  

	 	11.3.	In the event the Employee terminates this Agreement in accordance with section 10.2 hereof, during the four (4) month notice provided for there, the Corporation
may require that the six (6) month period mentioned in section 11.2 hereof be increased to eighteen (18) months, in which case the Employee will be entitled to receive, as compensation, a payment of an amount equal to one (1) year
base salary at the latest on the date of termination of his employment. 

  

	 	11.4.	The Employee acknowledges that his failure to respect his undertakings and obligations mentioned in 11.1 and 11.2 would be detrimental to the Corporation so as to
justify, without prejudice to any other recourse of the Corporation, an injunction and a seizure before judgment, all recourses of the Corporation being cumulative and non-alternative. 

 

	 	11.5.	The Employee acknowledges and agrees that all the restrictions contained in 11.1 and 11.2 are reasonable and valid, in particular in respect of their duration, their
scope and the persons they affect, and that these restrictions are essential in order to allow the Corporation, DNPGT and their affiliated companies to adequately protect their position in the field in which they carry on business and operate.

  

	12.	ASSIGNMENT 

  

	 	12.1.	Except in the event of a merger or change in control involving the Corporation, the Corporation may not transfer or assign in whole or in part its rights and
obligations hereunder without the prior written consent of the Employee. The Employee may not transfer or assign in whole or in part its rights and obligations hereunder. 

 

	13.	PREAMBLE 

  

	 	13.1.	The preamble forms an integral part of this Agreement. 

  

	14.	NOTICES 

  

	 	14.1.	Any notice or other communication which is required or permitted to be given hereunder shall be given in writing and shall be deemed properly given when delivered to
its recipient, either by bailiff, by courier, messenger or by mail, or by fax, in which latter case said notice shall immediately thereafter be confirmed by mail copy, when sent to the addresses set out on the first page hereof.

  

	 	14.2.	 Any notice sent in accordance with this Agreement shall be deemed to be received by its recipient at the time of its delivery, if delivered by courier,
messenger or by bailiff, or the fifth (5th) business day following its sending by mail, or the business day after its sending by fax. However, if ordinary postal or fax service is interrupted and such interruption is by reason of force majeure,
the party sending 

  
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said notice shall use a service that has not been interrupted or send said notice by courier or messenger to ensure prompt delivery of same. Any change of address may be given in the manner above
described. 

  

	15.	ARBITRATION PROVISION 

  

	 	15.1.	This Agreement shall in all respects be interpreted in accordance with and its performance governed by the laws of the Province of Quebec without regard to any
principle of conflict of laws. 

  

	 	15.2.	Any disputes which cannot be amicably resolved between the parties shall be settled by arbitration in the city of Montreal as follows according to the Rules of the
International Chamber of Commerce (ICC) as the appointing authority in UNCITRAL arbitration proceedings: 

  

	 	15.2.1.	The arbitration shall take place in the city of Montreal, according to the laws of the Province of Quebec. 

 

	 	15.2.2.	The decision of arbitration shall be final. Enforcement of the award may be requested by either party through application to any court having jurisdiction.

  

	16.	GENERAL PROVISIONS 

  

	 	16.1.	The parties agree to sign all documents and to do all things required to give effect to the provisions of this Agreement. 

 

	 	16.2.	All amounts referred to in this Agreement are so in Canadian Dollars (CDN$). 

 

	 	16.3.	The waiver by a party hereto to the breach of any provision of this Agreement by the other party shall not prevent said party from exercising any of its rights as a
result of a subsequent breach of said provision or of any other provision of this Agreement. A waiver by a party to any provision of this Agreement shall be made in writing; otherwise it shall not be deemed to be a waiver. 

 

	 	16.4.	This Agreement expresses the entire agreement between the parties hereto with respect to all matters contained herein and supersedes any other agreement, proposal,
representation, negotiation, oral or written, among the parties concerning such matters. 

  

	 	16.5.	The headings and captions contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation hereof.

  

	 	16.6.	The invalidity of all or any part of any section of this Agreement shall not render invalid the remainder of that section or of this Agreement. If any provision of this
Agreement is so broad as to be unenforceable, such provision shall be interpreted and enforced only to the extent that such provision is enforceable. 

  
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	 	16.7.	Any modification, amendment or qualification hereof shall be null and void and shall not be binding upon any party unless recorded by written instrument duly signed by
the parties hereto. 

  

	 	16.8.	This Agreement shall be governed by, construed and interpreted in accordance with the laws in force in the Province of Quebec. 

 

	 	16.9.	This Agreement may be executed in one or more counterparts, each of which so executed shall constitute an original and all of which together shall constitute one and
the same Agreement. 

  

	 	16.10.	Subject to section 15, each of the parties attorns and submits to the non-exclusive jurisdiction of the courts of the Province of Quebec with respect to any matter or
dispute pertaining to this Agreement. 

  

	 	16.11.	This Agreement shall be binding upon and enure to the benefit of the parties hereto together with their respective heirs, executors, successors and permitted assigns.

 IN WITNESS WHEREOF, THE PARTIES HAVE SIGNED THIS AGREEMENT AT THE PLACE AND AT THE DATE HEREINABOVE FIRST MENTIONED.

  

			
		 	DNPGT CANADA INC.
		
	Per:	 	 /s/ Jean-Francois Huc

		 	JEAN-FRANCOIS HUC
		
		 	 /s/ Michael Hartmann

		 	MICHAEL HARTMANN

  
 -9-Employment Agreement - Babette Pettersen

 Exhibit 10.53 
 EMPLOYMENT AGREEMENT 
  

			
	BETWEEN :	  	BIOAMBER, INC., a corporation duly incorporated in Delaware, having its corporate office located at 1250 Rene Levesque Blvd West, Suite 4110, Montreal, Quebec, H3B 4W8,
represented for the purposes hereof by Jean-Francois Huc, its President and CEO, duly authorized as he so declares;
		
		  	Hereinafter referred to as         “the Company”.
		
	AND:	  	MS. BABETTE PETTERSEN , residing and domiciled at ***
		
		  	Hereinafter referred to as          “the Employee”,

 Hereinafter jointly referred to as “the Parties”. 
 It has been agreed and accepted as follows: 
 Article 1 

The Company engages the Employee in virtue of an employment agreement in the capacity of Vice President Marketing & Sales. 

The Employee shall serve as Vice President Marketing & Sales of the Company, and perform the functions and duties attached to such position in
all of the Company’s sectors of activity, as well as the tasks and duties that the CEO and Board of Directors of the Company may delegate to her from time to time, which are not inconsistent with the Employee’s position as the senior
commercial manager of the Company, it being understood that the Employee does not have the authority to bind the Company. 
 Provided that her
function remains of a similar nature, the Employee acknowledges and agrees that such function is not an essential term of this employment agreement. Therefore, according to the objective operational needs of the Company the Employee may be entrusted
with the execution of any other function compatible with her professional abilities. 
 The Employee will report to the CEO of the Company. The
Employee acknowledges and agrees that the Company’s organization and person to whom she is required to report do not constitute essential terms of this employment agreement. Therefore, the Employee may not object to any modification in this
organization or of this person. 
 The Employee shall be based in Brussels, but will travel as needed, and will consider within a reasonable
framework relocating in the future, if it is important for the Company and achievable from a work permitting perspective, at no cost to the Employee, it being specified that the Company will not have a business place in Belgium nor will operate any
commercial activities in Belgium other than employing the Employee who has her primary residence in Belgium. 

  
 1 

 Such reassignments and modifications shall never result in any reduction in the remuneration as provided for
in article 4 of this employment agreement nor shall constitute a unilateral breach of this employment agreement on the account of the Company. 

Article 2 
 This
employment agreement commences on at the latest April 1st, 2011, pending the closing of the round of financing of the Company expected to be completed in the coming months, and is concluded for an indefinite duration. 

Article 3 
 Cash Remuneration

 Upon the entry into force of this Agreement, the Employee shall be entitled to receive a sign-on bonus for an amount to be agreed to
between the Employee and the Company. 
 The annual gross base remuneration is fixed at € 210,000, less social security contributions and
withholding tax prepayments being contributed by the employee according to Belgium laws (excluding the social security contributions being contributed by the employer according to Belgium laws), as well as any contributions resulting from the
application of this employment agreement or from other applicable legal stipulations, payable in accordance with the Company’s remuneration policy. 
 The Employee agrees that the remuneration will be paid every month by deposit on the Employee’s bank account having the number 310-0417080-66 (ING Bank). 

The annual gross base remuneration will be reviewed and adjusted at the end of each fiscal year end, such salary adjustment being at the discretion of
the Board of Directors of the Company. 
 The Company also undertakes to pay to the Employee, in the first quarter of each
fiscal year, a cash bonus equal to up to 35 % of the gross base remuneration, based on the Employee’s and the Company’s performance during the previous fiscal year, such performance evaluation and bonus being based on targets
determined at the discretion of the Board of Directors of the Company to be determined at the latest on
January 1st of the previous fiscal year, it being
understood that no detailed targets will be determined in advance for the year 2011. In order to be entitled to the bonus as mentioned in this article, the Employee needs to be on the payroll of the Company at the end of the period to which the
bonus is relating to and at the moment of the effective allocation of it. In case of a prior termination of this employment agreement, for whatever reason, the Employee shall not be entitled to a pro rate part of the bonus. 

  
 2 

 Stock Options 
 As additional consideration for the Employee’s services pursuant to this agreement, the Company shall grant the Employee, in the first quarter of each fiscal year, stock options to purchase shares in
the Company based on the Employee’s and the Company’s performance during the previous fiscal year, such grant of stock options and their related terms and conditions being at the discretion of the Board of Directors of the Company. All
grants of stock options shall be in accordance with the Company’s stock option plan. 
 The Company confirms to the
Employee that she will be granted, as of
January 12th, 2011 2,000 options pursuant to the
Company’s stock option plan, giving her the right to acquire 2,000 shares of Common Stock of the Company at a price of US$201 per share for a maximum period of ten years starting on January 12th, 2011, the whole according to the terms and conditions of the
company’s stock option plan; these options are vesting as follows: twenty-five percent (25%) vesting on December 1st, 2011, and the remaining seventy-five (75%) vesting on a monthly basis over the following three years.

 Undertakings in the event of a Transaction or an IPO 
 In the event of a Transaction or an IPO (as hereinafter defined) by the Company, the Employee undertakes, if so requested by the Company: 

 

	(i)	to remain in the employment of the Company or the entity resulting from the Transaction or IPO, for at least one (1) year following the closing of such Transaction
or IPO, upon terms and conditions at least as advantageous to her as set out in this Agreement; or 

  

	(ii)	notwithstanding any other provision of this Agreement, to execute a one (1) year undertaking not to compete in any way, whether directly or indirectly, with the
Company and/or the entity having acquired the assets of the Company pursuant to the Transaction or the IPO, as the case may be, following the termination of the employment of the Employee. During such one (1) year period, the Company will pay
the Employee a single compensatory lump-sum indemnity, unless the Company has waived the applicability of the non-competition clause within 15 days after the termination of the employment of the Employee. The amount of this indemnity shall be equal
to half the gross remuneration of the Employee corresponding to the duration of this clause. 

 In the event of a Transaction or
IPO, during the term of the Agreement, the Company undertakes to deploy commercially reasonable efforts to cause the Employee to participate, in a manner consistent with the Employee’s Vice President Marketing & Sales position, in the
stock option plan and senior management benefits plan in force leading up to and following such Transaction or IPO. 
 For the purposes of this
Agreement: 
  

	(i)	“Transaction” means (a) the sale or merger of all or substantially all of the assets of the Company, or (b) the sale, assignment, transfer or
issuance of shares of the Company such that one shareholder of the Company holds either (i) 50% plus one shares of the issued shares of the Company or (ii) the right to designate a majority of the directors to the Board of the Company;

  

	(ii)	“IPO” means a business combination pursuant to which all or substantially all of the assets of the Company become the property of an entity, the shares of
which entity or its parent are or, in the context of a Transaction, become publicly traded. 

  
 3 

 Article 4 
 Any fringe benefits which the Company might grant can in no case be considered as a vested right for the Employee. They shall not form part of her remuneration, but shall always retain their gratuitous
character and be revocable at any time. 
 As fringe benefits, the Company shall grant the following benefits at its sole discretion:

  

	(i)	The Company agrees to contribute (i) to a pension plan to the benefit of the Employee for an amount of approximately twenty thousand (20,000) euros per year,
and (ii) to a hospitalization insurance to the benefit of the Employee for an amount of approximately three hundred (300) euros per year; 

  

	(ii)	The Company puts at the disposal of the Employee a company car under the conditions of and in accordance with the car policy as in force within the Company and that
might be amended from time to time. The Employee may use this car for private purposes. The Company shall bear all the costs relating to the professional and private use of this car, up to a monthly amount of one thousand four hundred
(1,400) euros. For tax purposes, the parties agree that the private use of the car represents a benefit in kind; 

  

	(iii)	The Employee shall be entitled to an annual reimbursement of up to three thousand (3,000) Euros for tax advice; 

 

	(iv)	The Company puts at the disposal of the Employee a personal computer and a Blackberry phone and the Company will assume all costs related to the use of such Blackberry
phone by the Employee. 

 Article 5 
 All reasonable business expenses, wholly, exclusively and necessarily incurred by the Employee in the performance of this employment agreement, subject to prior approval of the Company and the submission
of appropriate supporting documentation, shall be borne by the Company and reimbursed to the Employee. 
 Article 6 

The Employee shall work a minimum of 38 hours per week. Being vested with management functions and a position of trust, the Employee shall however perform
any additional duties in line with her responsibilities. The Employee acknowledges and agrees that such additional duties are adequately remunerated and compensated by the remuneration as provided in article 4 of this employment agreement.
Therefore, no additional proportional remuneration, no overtime pay and no compensatory rest shall be due in respect of such additional duties. 

  
 4 

 The Employee agrees to devote her full and exclusive time and all her efforts to the interests of the
Company, and neither to accept any other employment nor to carry on any professional activity external to the Company, whether similar or not, during this employment agreement or its periods of suspension, without the prior written consent of the
Company. 
 Speeches and publications related to the Employee’s activities within the Company and the activities of the Company shall also
require the prior written approval of the Company. 
 Article 7 
 In the event of absence, the Employee shall immediately inform the Company. If this absence is due to work incapacity, the Employee shall send to the Company, before the end of the second working day
following the beginning of her incapacity and whatever the duration of such incapacity, a medical certificate indicating the probable duration of the work incapacity. The Company reserves the right to have the Employee counter-examined by a
physician appointed by the Company. 
 If not confirmed by a medical certificate, any absence can be considered by the Company as an unjustified
absence. 
 Article 8 
 The
Employee is entitled to statutory annual holiday in compliance with the legal provisions applicable to the Employee. The dates of annual holiday are fixed in agreement with the Company, so that the activities of the Company will not be compromised.

 The Employee is also entitled to 30 days per year of non-statutory holiday. If these haven’t been used before the end of the
holiday-year, they can not be transferred to the next year and they will not give rise to any compensation whatsoever. 
 Article 9

 During the course of this employment agreement as well as after its termination, the Employee undertakes to retain from engaging or
cooperating in any act of unfair competition. 
 The Employee shall not use and shall not disclose to anyone, except as may be required by the
law, during this employment agreement or after its termination, any confidential information of which she may become aware during the course of her employment. 

  
 5 

 Such information includes but is not limited to: 

 

	 	•	 	 all drawings, formulae, specifications, books, software, instruction manuals, daily reports, minutes of meetings, journals and accounts, business and
trade secrets, oral or written work instructions, concerning the business, methods, processes, techniques or equipment of the Company, its parent company, subsidiaries or branch offices; 

 

	 	•	 	 the identity of the clients of the Company, its parent company, subsidiaries, or branch offices and any other information relating to such clients;

  

	 	•	 	 the proceedings and information related to the Company (including the charged prices, discounts granted to clients or obtained from suppliers, product
development, marketing and advertising programs, costs, budgets, turnover, objectives and any other financial information); 

  

	 	•	 	 the lists of clients and the data of suppliers and/or clients of the Company and the contact persons at those suppliers and/or clients;

  

	 	•	 	 the contract conditions and the details of the contracts between the Company and suppliers and clients. 

Article 10 
 For a period of 2 years,
following the termination of this employment agreement, the Employee shall refrain from: 
  

	 	•	 	 inducing or attempting to induce, directly or indirectly, any staff or independent sub-contractor of the Company or of its affiliates, to end their
relationship with the Company or with any of its affiliates; 

  

	 	•	 	 inducing or attempting to induce, directly or indirectly, any purchaser, client, agent, franchiser or any other contract party, to end their
relationship with the Company or with any of its affiliates or to change the conditions of this relationship in a way that is disadvantageous to the Company or to any of its affiliates. 

This non-solicitation clause will only apply on those parties which, at the termination of this employment agreement, are bound to the Company or to its
affiliates during 1 year preceding the termination date. 
 Article 11 
 The notice period to be complied with by the latter shall be at least 3 months if the seniority of the Employee within the Company is less than 5 years. This duration shall be increased by at least 3
months upon commencement of each new 5 year period of seniority within the Company. 

  
 6 

 In accordance with article 35 of the Law of 3 July 1978 relating to employment agreements, this
employment agreement may, immediately and without notice or indemnity, be terminated for serious misconduct. 
 The Employee shall have the
right to terminate this Agreement at any time by giving a three (3) month written notice to this effect to the Company. 
 In the event
that the Company terminates the employment of the Employee for any reason whatsoever (other than resulting from a Cause or a serious misconduct or as a result of the death or disability of the Employee) in the twelve (12) months preceding or
following a Transaction or IPO, the Employee shall be entitled to receive a severance payment in lieu of notice of an amount equal to 12 months gross base remuneration (as set out in Article 3). 

Article 12 
 In view of the international
activities of the Company, after she has left the Company, during the period and on the territory specified below, the Employee shall be prohibited from exercising similar activities, either by running a personal enterprise or by being hired by a
competing employer and having thus the opportunity of causing a prejudice to the Company by using for herself or for the profit of a competitor her knowledge of any practice specific to the Company which she has acquired during her employment either
directly or indirectly. 
 The above-mentioned prohibition shall apply during a period of 12 months as of the termination of this employment
agreement, and shall cover the following territory: the world. 
 The Company will pay the Employee a single compensatory lump-sum indemnity,
unless the Company has waived the applicability of the non-competition clause within 15 days after the termination of this employment agreement. The amount of this indemnity shall be equal to half the gross remuneration of the Employee corresponding
to the duration of this clause. 
 In the event the Employee breaches this non-competition clause, she shall repay to the Company the
above-mentioned indemnity which the Company has paid. In addition, she shall pay an amount equivalent to this indemnity, without prejudice to any additional proven damages which may be claimed by the Company. 

Article 13 
 The personal data of the
Employee will be treated by the relevant responsible person in accordance with the Law of 8 December 1992 relating to data protection (person responsible for the treatment of these data: Mr. Cesar Contla, controller of the Company).

  
 7 

 Personal data will be used for the administration and the management of personnel and of the interim
employees, salary administration and the planning of work. The Company can, in its capacity as the responsible person, communicate these personal data to the payroll agency and to the allied companies within the framework of adequately managing
personnel and planning work. 
 By this employment agreement, the Company explicitly informs the Employee that she has the right to obtain free
of cost and at any time access to the database of her personal data and that she has the right to rectify her personal data. The Employee authorises the Company to consult her personal data within the framework of a merger, an acquisition or a
transfer of the concerned activities. 
 By concluding this employment agreement, the Employee agrees that her personal data can be transferred
to the branch offices of the Company, whether or not established in the European Union, for the above-mentioned reasons and in order to centralize and process these data for the proper functioning of the Company. 

Article 14 
 The Law of 10 February
1999 relating to the punishment of corruption prohibits any active or passive, public and private corruption or bribery. Therefore, the Employee may not offer any advantage, either in cash or in kind, to any third parties, in order to obtain
business for the Company or its affiliates. 
 The Employee may not accept, either directly or indirectly, any commission, discount,
gratification or benefit of any kind, either in cash or in kind, from any person who’s in a business relationship or could be in a business relationship with the Company or any of its affiliates. 

This provision does not apply to normal business gifts as for example New Year gifts or Christmas gifts. If the Employee receives a gift what value
exceeds € 75, she shall immediately report this to the Company. 
 Article 15 

The Employee must take care of the documents and objects which she receives from the Company. The Employee shall keep them in a good state of
preservation. 
 At the end of this employment agreement for whatever reason, or upon any earlier request by the Company during this employment
agreement, the Employee shall return to the Company all the documents and software relating to the Company, its parent company, subsidiaries or branch offices and their clients, and all copies thereof, as well as all objects belonging to the Company
which she has received for the performance of her work. 

  
 8 

 Article 16 
 The Employee acknowledges at the moment of the signing of this employment agreement, not being bound by another agreement, which might interfere with the provisions of this employment agreement

 The Employee shall observe the work regulations, a copy of which she acknowledges having received. 

Article 17 
 The Employee hereby:

  

	(i)	transfers and assigns to the Company, without any compensation other than the remuneration provided in Section 3 hereof, all property rights she might own on all
documents or works done by the Employee, alone or in collaboration, in the framework of the services rendered pursuant to this Agreement (the “Works”), and more particularly, but without limitation, all property rights on any material
support of the Works and all intellectual property rights on the Works; 

  

	(ii)	renounces to any right, and more particularly, but without limitation, to any intellectual property rights which may arise during the execution of the Works, including
any moral rights; and 

  

	(iii)	agrees that the Company may dispose of or modify the Works and the rights pertaining to the Works, at its sole discretion, and without any obligation on its part to
consult, notify or compensate the Employee. 

 Article 18 
 The nullity of one of the clauses of this employment agreement will not entail the nullity of the whole of this employment agreement. 
 In case of potential nullity of one of the clauses of this employment agreement, the Parties will consult in good faith to minimize the amendments to the clause in order to achieve the intended result by
the original clause which is affected by nullity. 
 Article 19 
 This employment agreement shall be governed by Belgian law. Any dispute arising in connection with this employment agreement and which cannot be settled on an amicable basis shall be submitted to the
Belgian courts of the district where the Company is located. 

  
 9 

 Executed in 2 original copies, each party acknowledging having received one copy, on
February 1st, 2011. 

For the Company 
 (read and approved)

  

	
	/s/ Jean-François Huc
	Jean-François Huc, President and CEO

 The Employee 

(read and approved) 
 Read and Approved

  

	
	/s/ Babette Pettersen
	Babette Pettersen

  
 10

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