Document:

EX-10.4

 Exhibit 10.4 

SUBORDINATION AGREEMENT 

Borrower: WORLD ENERGY SOLUTIONS, INC. 
 100 Front
Street, 20th Floor 
 Worcester, Massachusetts 01608 

Creditor: MASSACHUSETTS CAPITAL RESOURCE COMPANY 
 420
Boylston Street 
 Boston, Massachusetts 02116 
 Lender:
COMMERCE BANK & TRUST COMPANY 
 386 Main Street 

Worcester, Massachusetts 01608 
 THIS SUBORDINATION
AGREEMENT is entered into among WORLD ENERGY SOLUTIONS, INC., a Delaware corporation, (“Borrower”), whose address is 446 Main Street, Worcester, Massachusetts 01608; Commerce Bank & Trust Company
(“Lender”), a Massachusetts banking corporation whose address is 386 Main Street, Worcester, Massachusetts 01608; and Massachusetts Capital Resource Company (“Creditor”), whose address is 420 Boylston
Street, Boston, Massachusetts 02116. As of the date of this Agreement, Borrower is or will be indebted to Creditor and Lender. Borrower and Creditor each want Lender to provide financial accommodations to Borrower in the form of (a) new credit
or loan advances, (b) an extension of time to pay or other compromises regarding all or part of Borrower’s present indebtedness to Lender, or (c) other benefits to Borrower. Borrower and Creditor each represent and acknowledge to
Lender that Creditor will benefit as a result of these financial accommodations from Lender to Borrower, and Creditor acknowledge receipt of valuable consideration for entering into this Agreement. Based on the representations and acknowledgments
contained in this Agreement, Creditor and Borrower agree with Lender as follows: 
 1. Definitions. The following words shall
have the following meanings when used in this Agreement. Terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts in lawful
money of the United States of America. 
 Agreement. The word “Agreement” means this Subordination Agreement
together with all exhibits and schedules attached to this Subordination Agreement from time to time, if any, and as amended from time to time. 

Borrower. The word “Borrower” means World Energy Solutions, Inc. 

Creditor. The word “Creditor” means Massachusetts Capital Resource Company. 

Lender. The word “Lender” means Commerce Bank & Trust Company. 

 Security Interest. The words “Security Interest” mean and
include without limitation any type of collateral security, whether in the form of a lien, charge, mortgage, deed of trust, assignment, pledge, chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt,
lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law, contract or otherwise. 

Subordinated Indebtedness. The words “Subordinated Indebtedness” mean and include without limitation all
present and future indebtedness, obligations, liabilities, claims, rights and demands of any kind which may be now or hereafter owing from Borrower to Creditor. The term “Subordinated Indebtedness” is used in its broadest sense and
includes without limitation all principal, all interest, all costs and attorneys’ fees, all sums paid for the purpose of protecting the rights of a holder of security (such as a secured party paying for insurance on collateral if the owner
fails to do so), all contingent obligations of Borrower (such as a guaranty), and all other obligations, secured or unsecured, of any nature whatsoever. 

Superior Indebtedness. The words “Superior Indebtedness” mean and include without limitation all present
and future indebtedness, obligations, liabilities, claims, rights and demands of any kind which may be now or hereafter owing from Borrower to Lender. The term “Superior Indebtedness” is used in its broadest sense and includes without
limitation all principal, all interest, all obligations under letters of credit issued by the Lender for the benefit of the Borrower, all costs and attorneys’ fees, all sums paid for the purpose of protecting Lender’s rights in security
(such as paying for insurance on collateral if the owner fails to do so), all contingent obligations of Borrower (such as a guaranty), all obligations arising by reason of Borrower’s accounts with Lender (such as an overdraft on a checking
account), and all others obligations of Borrower to Lender, secured or unsecured, of any nature whatsoever. 
 2.
Subordination. All Subordinated Indebtedness of Borrower to Creditor is and shall be subordinated in all respects to all Superior Indebtedness of Borrower to Lender as provided for in this Agreement. If the Creditor holds one or more
Security Interests, whether now existing or hereafter acquired, in any of Borrower’s real property or personal property, the Creditor also subordinates all its Security Interests to all such Security Interests held by Lender, whether the
Lender’s Security Interest or interests exist now or are acquired later. 
 3. Payments to Creditor. Except as provided
below, Borrower will not make and Creditor will not accept, at any time while any Superior Indebtedness is owing to Lender or Lender has a commitment with Borrower to advance any Superior Indebtedness, (a) any payment upon any Subordinated
Indebtedness, (b) any advance, transfer or assignment of assets to Creditor in any form whatsoever that would reduce at any time or in any way the amount of Subordinated Indebtedness, or (c) any transfer of any assets as security for the
Subordinated Indebtedness, in each case except upon Lender’s prior written consent. Notwithstanding the foregoing, Borrower may make regularly scheduled payments of interest and principal to Creditor as long as Borrower is not prohibited from
doing so pursuant to Section 1.09(b) of that certain Note Purchase Agreement, dated as of October 3, 2012, between Borrower and Creditor. 
 In
the event of any distribution, division or application, whether partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of Borrower’s assets, or the 

  
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proceeds of Borrower’s assets, in whatever form, to Creditor of Borrower or upon any indebtedness of Borrower, whether by reason of liquidation, dissolution or other winding-up of Borrower,
or by reason of any execution sale, receivership, insolvency, or bankruptcy proceeding, assignment for the benefit of Creditor, proceedings for reorganization, or readjustment of Borrower or Borrower’s properties, then and in such event,
(a) the Superior Indebtedness shall be paid in full before any payment is made upon the Subordinated Indebtedness, and (b) all payments and distributions, of any kind or character and whether in cash, property, or securities, which shall
be payable or deliverable upon or in respect of the Subordinated Indebtedness shall be paid or delivered directly to Lender for application in payment of the amounts then due on the Superior Indebtedness until the Superior Indebtedness shall have
been paid in full. For purposes of this Agreement, “payment in full” of the Superior Indebtedness shall mean payment in full in cash or cash equivalents. 

In order that Lender may establish its right to prove claims and recover for its own account dividends based on the Subordinated Indebtedness, the Creditor
does hereby assign all its right, title and interest in such claims to Lender. The Creditor further agrees to supply such information and evidence, provide access to and copies of such of Creditor’s records as may pertain to the Subordinated
Indebtedness. For such purposes, the Creditor hereby irrevocably authorize Lender in its discretion to make and present for or on behalf of the Creditor such proofs of claims on account of the Subordinated Indebtedness as Lender may deem expedient
and proper and to receive and collect any and all dividends, payments or other disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of the Superior Indebtedness. 

Should any payment, distribution, security, or proceeds thereof be received by the Creditor at any time on the Subordinated Indebtedness contrary to the terms
of this Agreement, the Creditor immediately will deliver the same to Lender in precisely the form received (except for the endorsement or assignment of the Creditor where necessary), for application on or to secure the Superior Indebtedness, whether
it is due or not due, and until so delivered the same shall be held in trust by the Creditor as property of Lender. In the event the Creditor fails to make any such endorsements or assignment, Lender, or any of its officers on behalf of Lender, is
hereby irrevocably authorized by the Creditor to make the same. 
 4. Creditor’s Notes. The Creditor agrees not to sell,
assign, pledge or otherwise transfer, in whole or in part, any of its Subordinated Notes or any other document or instrument evidencing its Subordinated Indebtedness, or any interest therein, to any other person or entity unless such transferee
expressly acknowledges to the Lender in writing the subordination provided for herein and agrees to be bound by all of the terms hereof. 

5. Creditor’s Representations and Warranties. The Creditor represents and warrants to Lender that: 

(a) no representations or agreements of any kind have been made to the Creditor which would limit or qualify in any way the terms of this
Agreement; 
 (b) this Agreement is executed at Borrower’s request and not at the request of Lender; 

  
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 (c) Lender has made no representation to the Creditor as to the creditworthiness of Borrower; and

 (d) The Creditor has established adequate means of obtaining from Borrower on a continuing basis information regarding Borrower’s
financial condition. The Creditor agrees to keep adequately informed from such means of any facts, events, or circumstances which might in any way affect the Creditor’s risks under this Agreement and the Creditor further agrees that Lender
shall have no obligation to disclose to the Creditor information or material acquired by Lender in the course of its relationship with Borrower. 

6. Creditor’s Waivers. The Creditor waives any right to require Lender: 

(a) to make, extend, renew, or modify any loan to Borrower or to grant any other financial accommodations to Borrower whatsoever; 

(b) to make any presentment, protest, demand, or notice of any kind, including notice of any nonpayment of the Superior Indebtedness or of any
nonpayment related to any Security Interests, or notice of any action or nonaction on the part of Borrower, Lender, any surety, endorser, or other guarantor in connection with the Superior Indebtedness, or in connection with the creation of new or
additional Superior Indebtedness; 
 (c) to resort for payment or to proceed directly or at once against any person, including Borrower;

 (d) to proceed directly against or exhaust any Security Interests held by Lender from Borrower, any other guarantor, or any other person;

 (e) to give notice of the terms, time, and place of any public or private sale of personal property security held by Lender from Borrower
or to comply with any other applicable provisions of the Uniform Commercial Code; 
 (f) to pursue any other remedy within Lender’s
power; or 
 (g) to commit any act or omission of any kind, at any time, with respect to any matter whatsoever. 

7. Lender’s Rights. Lender may take or omit any and all actions with respect to the Superior Indebtedness or any Security
Interests for the Superior Indebtedness without affecting whatsoever any of Lender’s rights under this Agreement. In particular, without limitation, Lender may, without notice of any kind to Creditor: 

(a) make one or more additional secured or unsecured loans to Borrower; 

(b) repeatedly alter, compromise, renew, extend, accelerate, or otherwise change the time for payment or other terms of the Superior
Indebtedness or any part thereof, including increases and decreases of the rate of interest on the Superior Indebtedness; extensions may be repeated and may be for longer than the original loan term; 

  
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 (c) take and hold Security Interests for the payment of the Superior Indebtedness, and exchange,
enforce, waive, and release any such Security Interests, with or without the substitution of new collateral; 
 (d) release, substitute,
agree not to sue, or deal with any one or more of Borrower’s sureties, endorsers, or guarantors on any terms or manner Lender chooses; 

(e) determine how, when and what application of payments and credits shall be made on the Superior Indebtedness; 

(f) apply such security and direct the order or manner of sale thereof, as Lender in its discretion may determine; and 

(g) assign this Agreement in whole or in part. 

8. Default by Borrower. If Borrower becomes insolvent or bankrupt, this Agreement shall remain in full force and effect. In the
event of a corporate reorganization or corporate arrangement of Borrower under the provisions of the Bankruptcy Code, as amended, this Agreement shall remain in full force and effect and the court having jurisdiction over the reorganization or
arrangement is hereby authorized to preserve such priority and subordination in approving any such plan of reorganization or arrangement. Any payment default under the terms of the Subordinated Indebtedness or any other event of default which could
result in an acceleration of the Subordinated Indebtedness also shall be a default under the terms of the Superior Indebtedness to Lender. 

9. Duration and Termination. This Agreement will take effect when received by Lender, without the necessity of any acceptance by
Lender, in writing or otherwise, and will remain in full force and effect until Creditor shall notify Lender in writing by facsimile transmission (with confirmation of complete delivery), reputable overnight courier or by first-class mail, postage
prepaid, at the address shown above (or such other address as Lender shall notify Creditor of by the same method) to the contrary, which notice shall be effective upon receipt by Lender. Any such notice shall not affect the Superior Indebtedness
owed Lender by Borrower at the time of such notice, nor shall such notice affect Superior Indebtedness thereafter granted in compliance with a commitment made by Lender to Borrower prior to receipt of such notice, nor shall such notice affect any
renewals of or substitutions for any of the foregoing. Such notice shall affect only indebtedness of Borrower to Lender arising after receipt of such notice and not arising from financial assistance granted by Lender to Borrower in compliance with
Lender’s obligations under a commitment. 
 10. Miscellaneous Provisions. The following miscellaneous provisions are a
part of this Agreement: 
 No provision contained in this Agreement shall be construed: 

(a) as requiring Lender to grant to Borrower or to Creditor any financial assistance or other accommodations, or 

  
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 (b) as limiting or precluding Lender from the exercise of Lender’s own judgment and
discretion about amounts and times of payment in making loans or extending accommodations to Borrower including, without limitation, the exercise of Lender’s judgment and discretion as to whether or not to permit Borrower to incur additional
Subordinated Indebtedness. 
 Amendments. This Agreement constitutes the entire understanding and agreement of the parties as
to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless made in writing and signed by Lender, Borrower, and Creditor. 

Attorneys’ Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s costs and expenses, including
attorneys’ fees and legal expenses, incurred in connection with enforcement of this Agreement. Lender may pay someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses
include Lender’s attorneys’ fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy proceedings (and including efforts to modify or vacate any automatic stay or
injunction), appeals, and any anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may be directed by the court. 

Successors. This Agreement shall extend to and bind the respective successors and assigns of the parties to this Agreement, and
the covenants of Borrower and Creditor respecting subordination of the Subordinated Indebtedness in favor or Lender shall extend to, include, and be enforceable by any transferee or endorsee to whom Lender may transfer any or all of the Superior
Indebtedness. 
 Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall
constitute one and the same instruments, and each of the parties hereby may execute this Agreement by signing any such counterpart. 

Waiver. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and
signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of
Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Creditor, shall constitute a waiver of any of
Lender’s rights or of the Creditor’ obligations as to any further transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent
to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. 

  
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 BORROWER AND CREDITOR ACKNOWLEDGE HAVING READ ALL OF THE PROVISIONS OF THIS SUBORDINATION AGREEMENT, AND BORROWER
AND CREDITOR AGREE TO ITS TERMS. THIS AGREEMENT IS DATED AS OF DECEMBER 30, 2013. THIS AGREEMENT IS EXECUTED UNDER SEAL. 
  

							
	BORROWER:	 		 	WORLD ENERGY SOLUTIONS, INC.
				
		 		 	By:	 	 /s/ James Parslow

		 		 		 	James Parslow, Chief Financial Officer and Treasurer
			
	CREDITOR:	 		 	MASSACHUSETTS CAPITAL RESOURCE COMPANY
				
		 		 	By:	 	 /s/ Paul Bolger

		 		 		 	Paul Bolger, President
			
	LENDER:	 		 	COMMERCE BANK & TRUST COMPANY
				
		 		 	By:	 	 /s/ Thomas Moschos

		 		 		 	Thomas Moschos, Commercial Loan Officer

  
 7EX-10.1

 Exhibit 10.1 

Darling International Inc. 

2012 Omnibus Incentive Plan 

PERFORMANCE UNIT AWARD AGREEMENT 

SECTION 1. GRANT OF AWARD. 
 On the terms and conditions
set forth in this Performance Unit Award Agreement (this “Agreement”), the Company hereby grants to the undersigned individual (the “Grantee”) a number of Performance Units (the “Performance Units”)
as specified below, each of which represents a contingent right to receive a share of common stock of the Company, $0.01 par value per share (a “Share”) at a future date after such Performance Unit has become earned and vested. 

[In addition, the Company hereby grants to the Grantee a number of fully vested, unrestricted Shares (the “Other Stock-Based Award”) as
specified below, to be issued to the Grantee on the Grant Date, but conditioned on the Grantee first executing and accepting the terms of this Agreement.]1 

This award is granted under and subject to the terms of the Darling International Inc. 2012 Omnibus Incentive Plan (the “Plan”), which is
incorporated herein by this reference. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan. 
 SECTION 2.
VESTING. 
  

	(a)	Vesting—General. Subject to the requirements of Section 2(b), the Grantee shall vest in his or her Performance Units pursuant to this Section 2(a): 

 

	 	i.	General; Performance Measures Achieved. As of the first, second, and third anniversaries of the Grant Date (each, a “Vesting Date”), the Grantee shall become vested in one-third (1/3) of the
Performance Units (subject to the rounding provisions of Section 2(d)), if the following performance condition has been met: the Company and VION Ingredients each must have achieved at least the target level of Adjusted EBITDA for the most
recently completed fiscal year of the Company, as set forth on Appendix A to this Agreement. For example, as of the first Vesting Date, the Grantee shall become vested in one-third of the Performance Units (subject to rounding) if the target level
of Adjusted EBITDA was achieved by both the Company and VION Ingredients for the 2014 fiscal year. For purposes of this Agreement, each such fiscal year of the Company is referred to as a “Performance Period.” 

 

	 	ii.	Certain Performance Measures Achieved. Notwithstanding anything to the contrary herein, if the target Adjusted EBITDA for a Performance Period for either the Company or VION Ingredients is achieved for one
entity, but is not achieved for the other entity, a portion of the Performance Units that would otherwise vest on the related Vesting Date will be vested as follows (rounded up to the next whole Performance Unit): 

	 	

  

	1 	Additional language to be included for European Executives only. 

  
 1 

					
	 Percentage of Performance Goals
Achieved
	 	 Percentage of Installment

Vesting on the Vesting Date

	 Company achieves target

Adjusted EBITDA, VION

Ingredients Adjusted EBITDA

achieved at the following

percentage of target
	 	 VION Ingredients achieves

target Adjusted EBITDA,

Company Adjusted EBITDA

achieved at the following

percentage of target
	 
	98%	 	99%	 	90%
	96%	 	98%	 	80%
	94%	 	97%	 	70%
	Below 94%	 	Below 97%	 	0%

  

	 	iii.	Written Certification of Performance Results. Vesting of Performance Units as of a Vesting Date is conditioned on the Committee first certifying in writing the performance results for the applicable Performance
Period. 

  

	(b)	Employment Requirement. No Performance Units shall become earned and vested following the Grantee’s separation from Service, except as expressly provided in Section 2(c) below. 

 

	(c)	Termination of Service—Death or Disability. If the Grantee’s Service terminates as a result of the Grantee’s death or Disability, on each Vesting Date following such termination of Service, the
Grantee shall vest in a number of Performance Units equal to the number of Performance Units subject to vesting on such Vesting Date, based upon the Company and VION Ingredient’s achievement of the Adjusted EBITDA goals as described in
Section 2(a), multiplied by the Pro-Rata Fraction. 

  

	(d)	Fractional Shares. Only a whole number of Performance Units will become vested as of any given Vesting Date. If the number of Performance Units scheduled to vest as of a Vesting Date under
Section 2(a)(i) is a fractional number, the number of Performance Units schedule to vest on that Vesting Date will be rounded down to the nearest whole number with any fractional portion carried forward. 

 

	(e)	Cancellation of Rights. To the extent any of the Performance Units fail to become earned and vested under this Section 2, then such Performance Units shall be immediately forfeited as of the date of such
failure and all of the Grantee’s rights to such Performance Units shall immediately terminate without any payment of consideration by the Company. 

SECTION 3. SETTLEMENT. 
  

	(a)	Settlement in Shares. Upon the Grantee vesting in some or all of his or her Performance Units, he or she will be issued Shares representing the whole number of Performance Units in which the Grantee has vested.
Such Shares shall be issued as soon as administratively practicable (generally not more than 30 days) after the applicable Vesting Date. 

  

	(b)	Withholding Requirements.  

  

	 	i.	 Regardless of any action the Company takes with respect to any or all income tax, payroll tax or other tax-related withholding (“Tax-Related
Items”), the Grantee acknowledges that the ultimate liability for all Tax-Related Items owed by the Grantee is and remains the Grantee’s responsibility and that the Company (i) makes no representations or undertakings regarding
the treatment of any Tax-Related Items in connection with any aspect of the award made under this Agreement, including the 

  
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grant or vesting of the Performance Units, [the Other Stock-Based Award,] or the subsequent sale of Shares; and (ii) does not commit to structure the terms of the grant or any aspect of this
award to reduce or eliminate the Grantee’s liability for Tax-Related Items. 

  

	 	ii.	Prior to vesting of the Performance Units [and the Other Stock-Based Award], the Grantee shall pay or make adequate arrangements satisfactory to the Company to satisfy all withholding obligations of the Company. In
this regard, the Grantee authorizes the Company to withhold all applicable Tax-Related Items legally payable by the Grantee from the Grantee’s wages or other cash compensation paid to the Grantee by the Company or from proceeds of the sale of
the Shares. Alternatively, or in addition, to the extent permissible under applicable law, the Company may (i) sell or arrange for the sale of Shares that the Grantee acquires to meet the withholding obligation for Tax-Related Items,
and/or (ii) withhold in Shares to be issued to the Grantee under this Agreement, provided that the Company only withholds the amount of Shares necessary to satisfy the minimum withholding amount. Finally, the Grantee shall pay to the
Company any amount of Tax-Related Items that the Company may be required to withhold as a result of the Grantee’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue and
deliver Shares in payment of any earned and vested Performance Units [or Other Stock-Based Award] if the Grantee fails to comply with the Grantee’s obligations in connection with the Tax-Related Items as described in this Section 3(b).

 SECTION 4. MISCELLANEOUS PROVISIONS. 
  

	(a)	Data Privacy and Other Acknowledgments. By accepting the award provided for in this Agreement, the Grantee acknowledges and agrees that such award is subject to the provisions regarding data privacy and
additional acknowledgments set forth in Appendix B. The Grantee shall review the provisions of Appendix B carefully, as this award shall be null and void absent the Grantee’s acceptance of such provisions. The Company reserves the right to
impose other requirements on the award to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the award and to require the Grantee to sign any additional agreements or
undertakings that may be necessary to accomplish the foregoing. 

  

	(b)	No Right to Continued Service. Nothing in this Agreement or the Plan shall confer upon the Grantee any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in
any way the rights of the Company (or any affiliated entity employing or retaining the Grantee) or of the Grantee, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without
cause. 

  

	(c)	No Right as a Shareholder. 

  

	 	i.	 The Performance Units constitute an unfunded and unsecured obligation of the Company. The Grantee shall not have any rights of a stockholder of the
Company with respect to the Shares underlying the Performance Units unless and until the Performance Units become earned and vested and are settled by the issuance of Shares. Upon issuance of Shares in connection with the settlement of vested

  
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Performance Units, the Grantee shall be the record owner of the Shares unless and until such Shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a
stockholder of the Company (including voting rights). 

  

	 	ii.	If a cash dividend is paid with respect to the Shares underlying the Performance Units, the Grantee shall be credited as of the applicable dividend payment date with an additional number of whole Performance Units (the
“Dividend Units”) equal to (A) the total cash dividend the Grantee would have received had the Performance Units (and any previously credited Dividend Units with respect thereto) been actual Shares divided by (B) the Fair
Market Value of a Share as of the applicable dividend payment date, such amount rounded to the nearest whole number. Dividend Units shall be subject to the same vesting conditions as applicable to the underlying Performance Units as provided in this
Agreement. 

  

	(d)	Beneficiary. The Grantee may designate a beneficiary to receive settlement in connection with the Performance Units in the event of the Grantee’s death in accordance with the Company’s beneficiary
designation procedures, as in effect from time to time. If the Grantee does not designate a beneficiary, or if the Grantee’s designated beneficiary does not survive the Grantee, then the Grantee’s beneficiary will be the Grantee’s
estate. 

  

	(e)	Notification. Any notification required by the terms of this Agreement shall be given in writing and shall be deemed effective (i) upon personal delivery; (ii) upon deposit with the United States Postal
Service, by registered or certified mail, with postage and fees prepaid; or (iii) upon the Company’s sending of an email to the Grantee. A notice shall be addressed to the Company at its principal executive office and to the Grantee at the
postal address that he or she most recently provided to the Company or at his or her Service email address, if any. 

  

	(f)	Entire Agreement. This Agreement and the Plan constitute the entire contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or
understandings (whether oral or written and whether express or implied) relating to the subject matter hereof. In the event of a conflict between any provision of the Plan and this Agreement, the Plan shall control. 

 

	(g)	Waiver. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. 

 

	(h)	Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and upon the Grantee, the Grantee’s assigns and the
legal representatives, heirs and legatees of the Grantee’s estate, whether or not any such person shall have become a party to this Agreement and have agreed in writing to be joined herein and be bound by the terms hereof. 

 

	(i)	Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Texas, as such laws are applied to contracts entered into and performed in such state, without regard
to principles of conflict of law. 

  
 4 

 SECTION 5. DEFINITIONS. 
  

	(a)	“Adjusted EBITDA” for a Performance Period, solely for purposes of this Agreement, shall mean with respect to the Company and VION Ingredients, respectively, the earnings before interest, taxes,
depreciation, and amortization reported for the applicable entity for the Performance Period, which shall be adjusted for each of the following items occurring during the Performance Period that would have the effect of increasing Adjusted EBITDA
for the Performance Period: (A) asset write-downs; (B) litigation or claims judgments or settlements; (C) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results; (D) any
reorganization and restructuring programs; (E) acquisitions or divestitures; (F) foreign exchange gains; and (G) Extraordinary Items; provided, however, that the Committee may determine to not make one or more of such adjustments,
consistent with Section 12.4 of the Plan regarding the Committee’s right to adjust awards downwards. 

  

	(b)	“Disability” shall mean that the Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment as determined by the Board of
Directors in its sole discretion. 

  

	(c)	“Grant Date” shall mean the date of the closing date of such transactions contemplated by that certain Sale and Purchase Agreement dated October 5, 2013 and entered into by and among the Company
and VION Holding N.V., relating to the Company’s acquisition of VION Ingredients Nederland (Holding) B.V., VION Ingredients International (Holding) B.V., and VION Ingredients Germany GmbH.

 

	(d)	“Pro-Rata Fraction” shall mean, as of each Vesting Date, a fraction with the numerator equal to the Grantee’s days of employment during the period of Service from the Grant Date through the date of
termination of Service due to death or Disability (as applicable) and the denominator equal to the total number of days between the Grant Date and the Vesting Date.

 

	(e)	“Service” shall mean service as an employee of the Company or any of its Subsidiaries or Affiliates or as a member of the Board of Directors. 

 

	(f)	“VION Ingredients” shall mean the business unit of the Company designated as VION Ingredients resulting from the transaction described in the definition of “Grant Date.” 

This Award is conditioned upon the Grantee’s acceptance of the provisions set forth in this Agreement within 90 days after the Agreement is
presented to the Grantee for review. If the Grantee fails to accept the Award within such 90-day period, the Award shall be null and void, and the Grantee’s rights in the Award shall immediately terminate without any payment of consideration by
the Company. 
 Darling International Inc. 
  

			
	 By:
	 	 
	 Title:
	 	 
	 Date:
	 	 

  
 5 

 Grantee 
  

			
	[type name]
	Date:	 	 

 No. of Performance Units:
                     
 [Other Stock-Based
Award:             Shares2] 

 

	2 	For European Executives only. 

  
 6 

 Appendix A 

[Adjusted EBITDA targets] 

  
 1 

 Appendix B 
  

	1.	DATA PRIVACY 

 By accepting the this award, you hereby explicitly and unambiguously consent to the
collection, use and transfer, in electronic or other form, of your personal data as described in this document by and among, as applicable, your employer and the Company and its Subsidiaries for the exclusive purpose of implementing, administering
and managing the Performance Units and/or Other Stock-Based Award which have been awarded to you under this Agreement (collectively, the “Stock Awards”). 

You understand that the Company and your employer hold certain personal information about you, including, but not limited to, your name, home address and
telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of any entitlement to shares of stock or equivalent benefits
awarded, canceled, vested, unvested or outstanding in your favor (“Data”), for the purpose of implementing, administering and managing the Stock Awards. You understand that Data may be transferred to any third parties assisting in
the implementation, administration and management of the Stock Awards, that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections from your country.
You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the recipients to receive, possess, use, retain and transfer the
Data, in electronic or other form, for the purposes of implementing, administering and managing the Stock Awards. You understand that Data will be held only as long as is necessary to implement, administer and manage the Stock Awards. You understand
that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing
your local human resources representative. Further, you understand that you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your employment status or service and
career with your employer will not be adversely affected; the only adverse consequence of refusing or withdrawing your consent is that the Company would not be able to grant you Stock Awards or other awards or administer or maintain such awards.
Therefore, you understand that refusing or withdrawing your consent may affect your ability to benefit from the Stock Awards. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may
contact your local human resources representative. 
  

	2.	ADDITIONAL ACKNOWLEDGEMENTS 

 By entering into this award agreement and accepting the grant of Stock Awards
evidenced hereby, you acknowledge, understand and agree that: 
  

	(a)	the Stock Awards are granted voluntarily by the Company, are discretionary in nature and may be modified, suspended or terminated by the Company at any time; 

 

	(b)	the grant of Stock Awards is voluntary and occasional and does not create any contractual or other right to receive future awards of Stock Awards or benefits in lieu of Stock Awards, even if such awards have been
awarded in the past; 

  
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	(c)	all decisions with respect to future awards, if any, will be at the sole discretion of the Company; 

  

	(d)	the grant of Stock Awards shall not create a right to further employment with your employer and shall not interfere with the ability of your employer to terminate your employment relationship at any time, with or
without Cause; 

  

	(e)	you are voluntarily accepting the grant of Stock Awards; 

  

	(f)	the Stock Awards and any payment made pursuant to the Stock Awards are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation,
termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement benefits or welfare benefits or similar payments, and in no event should be considered as compensation for, or in any way relating to,
past services for the Company or any of its Subsidiaries; 

  

	(g)	in accepting the grant of Stock Awards, you expressly recognize that the Stock Awards are an award made solely by the Company, with principal offices at 251 O’Connor Ridge Blvd., #300, Irving, TX 75038, U.S.A., the
Company is solely responsible for the administration of the Plan and the Agreement (collectively, the “Plan Documents”) and your participation in the Plan Documents; in the event that you are an employee of a Subsidiary, the Stock
Awards and your participation in the Plan Documents will not be interpreted to form an employment contract or relationship with the Company; furthermore, the Stock Awards will not be interpreted to form an employment contract with any Subsidiary;

  

	(h)	the future value of the Company shares which may be delivered in settlement of the Stock Awards (to the extent earned) is unknown and cannot be predicted with certainty; 

 

	(i)	no claim or entitlement to compensation or damages shall arise from forfeiture of the Stock Awards resulting from failure to achieve performance goals as set forth in the Agreement, termination of your employment by the
Company or your employer (for any reason whatsoever and regardless of whether or not such termination is later found to be invalid or in breach of the employment laws in the jurisdiction where you are employed or the terms of your employment
agreement, if any) or recoupment of all or any portion of any payment made pursuant to the Stock Awards as provided by any applicable Company policy on recoupment of incentive compensation and, in consideration of the grant of the Stock Awards to
which you are not otherwise entitled, you irrevocably agree never to institute any claim against the Company or your employer, waive your ability, if any, to bring any such claim, and release the Company and your employer from any such claim; if,
notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan Documents, you shall be deemed irrevocably to have agreed not to pursue such claim, and you agree to execute any and
all documents necessary to request dismissal or withdrawal of such claim; 

  

	(j)	 for purposes of the Stock Awards, your employment will be considered terminated as of the date you are no longer actively employed and providing
services to the Company or one of its Subsidiaries, and your right, if any, to earn and be paid any portion of the Stock Awards (and any related dividend equivalents) pursuant to this Agreement after such termination of employment (for any reason
whatsoever and regardless of whether or not 

  
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such termination is later found to be invalid or in breach of the employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any) will be measured by
the date you cease to be actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of “garden leave” or similar period mandated under the employment laws in
the jurisdiction where you are employed or the terms of your employment agreement, if any); the Company, in its sole discretion, shall determine when you are no longer actively employed for purposes of the Stock Awards (including whether you may
still be considered actively employed while on an approved leave of absence); 

  

	(k)	you are solely responsible for investigating and complying with any exchange control laws applicable to you in connection with any payment made pursuant to Stock Awards and/or the payment of cash dividend equivalents,
if any; 

  

	(l)	unless otherwise provided in the Plan Documents or by the Company in its discretion, the Stock Awards and the benefits evidenced by this award agreement do not create any entitlement to have the Stock Awards or any such
benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Company’s common stock; 

 

	(m)	neither your employer, the Company nor any of its Subsidiaries shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Stock
Awards or any payment made pursuant to the Stock Awards; and 

  

	(n)	the Company is not providing any tax, legal, or financial advice, nor is the Company making any recommendations regarding the Stock Awards. You are hereby advised to consult with your personal tax, legal and financial
advisors regarding the Stock Awards before taking any action in relation thereto. 

  

	3.	LANGUAGE 

 If you have received this Agreement or any other document related to the Plan Documents translated
into a language other than English and if the meaning of the translated version differs from the English version, the English version shall control. 

  
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