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Exhibit 10.20  

REGULATIONS FOR ENTREPRENEUR WARRANTS BONS DE SOUSCRIPTION DE PARTS DE CREATEUR D'ENTREPRISE (BSPCE OR BCE WARRANTS) ISSUED ON
30 OCTOBER 2003 BY THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS OF THE SOCIETE ANONYME EARTH DECISION SCIENCES WHOSE REGISTERED OFFICE IS AT 22
ALLÉE DE LA FORÊT DE LA REINE 54500 VANDOEUVRE LES NANCY (RCS B 410 087 159)

Whereas:

	•
	Over
25% of the capital of the company issuing the BSPCE warrants must be directly and continuously held by natural persons or by legal entities which are themselves held by
natural persons.

	•
	The
BSPCE warrants are subject to article 163 bis G of the French General Tax Code and by reference from the said article 163 bis G to
article 228-95 of the French Commercial Code. 

 
 

1.     BENEFICIARIES         

        Only
salaried employees of EARTH DECISION SCIENCES SA and its managers who are subject to the tax system for salaried employees can be beneficiaries of the BSPCE. Employees and managers
of other companies within the group (subsidiaries etc.) are excluded from the scheme. 

 
 

2.     TIMETABLE FOR THE EXERCISE OF OPTIONS AND LOSS OF RIGHTS TO EXERCISE OPTIONS        

        Each
warrant is non-transferable and gives the holder the right to subscribe to one category A ordinary share in the company. 

        Each
warrant is issued free of charge. 

        The
BSPCE warrants cannot be exercised until four years after the date on which they were granted. 

        The
BSPCE warrants may be exercised on one or more occasions within the twelve months following the end of the above-mentioned four-year lock-in period, i.e. up
to and including the fifth anniversary of the date on which the BSPCE warrants were granted to the holder concerned, subject to the following exceptions. 

        The
right to exercise options will legally expire if the beneficiary of the BSPCE warrants leaves the Company as a result of resignation, redundancy for gross or serious misconduct or
dismissal for misconduct defined as gross or serious under labour law. 

        In
the event of retirement, redundancy or dismissal not resulting from gross or serious misconduct, the beneficiary of the BSPCE warrants will be entitled to a period of six months from
notification of retirement, redundancy or dismissal to exercise the BSPCE warrants. If the beneficiary of the BSPCE warrants fails to exercise the BSPCE warrants within the prescribed
six-month period, the BSPCE warrants will become void and the beneficiary will not be entitled to receive any indemnity. 

        In
the event of the beneficiary's death, his/her heirs will be entitled to exercise the BSPCE warrants within six months of the beneficiary's death. In the event of resignation, loss of
the right to exercise the BSPCE warrants will take effect from the date that the resignation is notified. 

        In
the event of redundancy for gross or serious misconduct, or dismissal for misconduct defined as gross or serious under labour law, loss of the right to exercise the BSPCE warrants
will take effect from the date of the dismissal decision or notice of redundancy. 

        In
the event of control (within the meaning of clause II of article 233-3 of the French Commercial Code) of the Company being transferred, the BSPCE warrant
options period will be automatically and without formality brought forward. In this case, the Management Board will inform each BSPCE 

 

warrant
holder that he/she has twenty days to exercise his/her entire holding of BSCPE warrants, if he/she so wishes. If the BSPCE warrant holder fails to exercise their BSPCE warrants within the
prescribed twenty days, the non-exercised options will become void with no indemnity payable by the Company. 

        In
the event of the Company merging with another company, the lock-in period before the exercise of options will be automatically and without formality brought forward. In
this case, the Management Board will inform each options beneficiary of the proposed merger, at least twenty days before the extraordinary general meeting of shareholders which will be called to
resolve on the merger and will give him/her twenty days from notice of the merger to exercise all of his/her options if he/she so wishes. 

        If
the beneficiary fails to exercise his/her options within the prescribed twenty day period the options which are not exercised will become void with no indemnity payable by EDS.
Failing notice from the beneficiaries, the options will be retained and in the event of a takeover of EDS, will be transferred to the absorbing company's shares. 

        The
Management Board may suspend the right to exercise options if needed. This will take place primarily whenever an operation on the capital of EDS requires exact and prior knowledge of
the number of shares composing the capital. 

        The
company will inform the options beneficiary at least eight days in advance by indicating the date on which the options exercise will be suspended, and the date on which it will
resume. In any event, this period may not exceed three months. 

        If
the end of the options exercise period occurs during the suspension period, the options exercise period will be extended by three months. 

 
 

3.     SETTING THE SHARE PURCHASE PRICE ON EXERCISE OF THE BSPCE WARRANTS        

        The
subscription price is set at 58 euros per share, representing 2.3 euros face value. 

        The
price may not be modified during the options period except within the conditions provided for by law and described hereafter: 

        In
the event that the company proceeds to carry out one of the operations listed in article L 225-181 of the French Commercial Code, the subscription price for the
option shares which was fixed before such operation, would be adjusted. However, if such adjustment were to reduce the subscription price below the share's face value, the new subscription price would
be fixed at face value. 

        In
the cases described below, the adjustment will be made as follows: 

        In
the event of the issuance of cash shares, without renunciation by shareholders of their preferential subscription rights, the subscription price will be reduced by an amount equal to
the result calculated using the ratio between the value of the subscription right and the share value before detachment of this right. 

        In
the event of the issuance of convertible or exchangeable bonds without renunciation by shareholders of their preferential subscription rights, the subscription price will be reduced
by an amount calculated using the same method as for the issuance of cash shares. 

        In
the event of a capital increase by capitalisation of reserves, profits or issuance premiums and allocation of free shares, or likewise for splitting or consolidation of shares, the
subscription price will be adjusted using the result obtained from the ratio between the number of old shares and the number of shares existing after the operation. 

2

 

        In
the event of distribution of reserves in cash (or in stocks) the subscription price will be reduced by an amount equal to the result obtained from the ratio between the amount of cash
(or the value of stocks distributed) and the value of the share before the distribution (article D.174-12, para. 1). 

        In
the event of a capital reduction resulting from losses, the subscription price will be adjusted by determining the price using the ratio between the number of old shares and the
number existing after the reduction (D.174-16, para. 1). 

        In
the event of capital depreciation or reduction not arising from losses, and carried out by distribution of asset items; or by reduction in the number of securities over which the
shares have rights; or by purchase of the company's own shares; or by modification to the distribution of profits (primarily through conversion of ordinary shares to dividend preference shares with no
voting rights); these cases being in addition to all other cases in which it would be fair and appropriate to neutralise as far as possible, the effects of the depreciation, the purchase or
reimbursement of shares in EARTH DECISION SCIENCES SA or all other operations on the share capital of EARTH DECISION SCIENCES SA, the company EARTH DECISION SCIENCES SA reserves the right to effect
any necessary adjustments in compliance with the provisions of the final paragraph of article L. 225-95 of the Commercial Code, with the objective of preserving interests covered
under that paragraph. 

        In
all the cases provided for above, the new number of option shares shall be equal to the ratio between the amount of unexercised options and the new share subscription price. This
figure will be rounded up to the next unit. 

        The
new ordinary shares issued as a result of the exercise of warrants must be fully paid up at the time of their subscription. 

        Payment
can be made in cash or by an offsetting claim against the company's liquid debt. 

 
 

4.     EXERCISING OPTION RIGHTS         

        In
order to exercise one or more warrants, the beneficiary must send the company a declaration by registered letter with receipt acknowledgement, together with a subscription form and
payment for the subscription in cash or offset to debts. 

 
 

5.     AVAILABILITY OF SHARES—OWNERSHIP OF SHARES         

        The
subscribed shares will be created with rights to receive dividends from the beginning of the financial year in which the option is exercised. They will receive entitlement in respect
of this financial year and subsequent years with the same face value and the same dividend as the dividend distributed to other shares with the same ownership rights. They will, consequently, be fully
integrated with the said shares after payment of the dividend relating to the previous financial year, or if none was distributed, after the holding of the annual meeting of shareholders which
approves the accounts for that year. 

 
 

6.     TAX TREATMENT FOR BENEFICIARIES         

        The
net profit realised when the actions subscribed by exercise of the BCE warrants, which is equal to the difference between the sale price (net of costs and taxes) received by the
seller and their purchase price, is taxable in the year the shares are sold, in accordance with the regime relating to profits on the sale of securities and shares and rights in companies. 

        However,
the profit is not actually taxable unless the total annual amount from sale of transferable securities realised by the seller and members of his/her tax unit, including within
this amount the securities acquired via the BCE warrants, exceeds the legal lower limit. 

3

 

        Furthermore
the tax rate applicable to beneficiaries of the BCE warrants differs, depending on whether they have been employed by the issuing company for more or less than three
(3) years at the time when they sell the shares subscribed as a result of exercising the BCE warrants. 

	—
	If
the beneficiary has been employed by the issuing company for at least three (3) years when the securities are sold: 

        In
this case, the net realised profit is subject to a tax rate of 16%, to which are added additional company deductions in respect of the  CSG and CRDS
(generalised social security levy and social debt reimbursement tax), and the company
deduction of 2% due on income from shareholders' equity, which brings the total rate of tax to 26%. 

	—
	If
the beneficiary has been employed by the issuing company for less than three years when the securities are sold: 

        In
this case, the net realised profit is subject to a tax rate of 30%, to which are added additional company deductions in respect of the  CSG and CRDS
(generalised social security levy and social debt reimbursement tax), and the company
deduction of 2% due on income from shareholders' equity, which brings the total rate of tax to 40%. 

 
 

7.     MANDATORY TAX DECLARATIONS         

	

	

 
 
    1/
     The company's obligations 

        The
company must inform the tax authority office where the company's earnings declaration is filed, by 15 February at the latest in the year following subscription of shares resulting
from the exercise of
warrants. The information to be provided includes the name and address of each subscriber, together with the dates, number and purchase price of the corresponding securities. 

        On
the same document, the company must also confirm that it has complied with the corresponding legal requirements, particularly in respect of the issuance and granting of these
warrants. 

        The
final items to be indicated in the document are the exercise date for the warrants and the length of service with the company of each beneficiary employee or manager. If the person
is no longer with the company, the date on which he/she left the company and his/her length of service up to that date are required. 

        The
company must also send each subscriber, the duplicate part of the document sent to the tax authorities, document which concerns him/her. This must be sent by the same deadline of 15
February, following the year in which the securities were subscribed as a result of exercising the warrants. 

	

	

 
 
    2/
     Obligations of each beneficiary 

	—
	In
respect of the year in which shares are subscribed as a result of exercising the BCE warrants: 

        The
beneficiary must attach the duplicate document received from the company to his/her income declaration. 

	—
	In
respect of the year in which shares are sold: 

        If
the profits fall within the taxable framework, the beneficiary is required to state on his/her income declaration for the year in which they are sold, the difference between the sale
price for the shares and the subscription price for the shares received on exercise of the BCE warrants. 

        For
this purpose, the beneficiary must complete annex no. 2074 on his/her income tax declaration. 

4

 

        Failure
by either the company or the beneficiary to comply with the above-mentioned tax declaration obligations constitutes default under the tax regime on account of article 163
bis-C of the French General Tax Code and leads to the imposition of tax under common law terms of the benefit obtained at the option exercise. Furthermore, the company is liable for a tax
fine for each document not sent to the tax authorities by the deadline, or for each omission, incorrect information or information lacking on the documents produced, as provided for within articles
1725 and 1726 of the French General Tax Code. 

	THE MANAGEMENT BOARD	 

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1. BENEFICIARIES

2. TIMETABLE FOR THE EXERCISE OF OPTIONS AND LOSS OF RIGHTS TO EXERCISE OPTIONS

3. SETTING THE SHARE PURCHASE PRICE ON EXERCISE OF THE BSPCE WARRANTS

4. EXERCISING OPTION RIGHTS

5. AVAILABILITY OF SHARES—OWNERSHIP OF SHARES

6. TAX TREATMENT FOR BENEFICIARIES

7. MANDATORY TAX DECLARATIONS

1/

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Exhibit 10.22  

 
 

PROMISSORY NOTE    
    

	$1,000,000.00	 	New York, New York

July 15,
2005 

        FOR
VALUE RECEIVED, the undersigned (the "Maker") promises to pay to the order of Paradigm Geotechnology B.V., a company organized under the laws of The Netherlands ("Paradigm"), at its
principal executive offices, the principal sum of ONE MILLION DOLLARS ($1,000,000.00), in lawful money of the United States of America, which shall be legal tender in payment of all debts and dues,
public and private, at the time of payment. This Note shall bear a fixed rate of interest at the Applicable Federal Rate (as that term is defined in Section 1274(d) of the Internal Revenue
Code) as of the date of this Note, except as specifically set forth below in the event of default hereon. This Note shall be due and payable in full at the earlier of (a) nine years from the
date set forth above, (b) the date that the Maker is no longer employed by Paradigm (regardless of the reason for his termination of employment) or (c) the consummation of an initial
public offering in an amount not less than seventy five million                        Dollars ($75,000,000) involving the common
stock of Paradigm or its successor. The Maker shall have the right and
privilege of prepaying this Note at any time or times, in whole or in part, without notice or penalty, in principal amounts of no less than $5,000. All past due installments of principal shall bear
interest at the highest rate permitted by applicable law, or if no such maximum rate
is established by applicable law, then at the rate of eighteen percent (18%) per annum. The Maker, as well as any persons or entities to become liable for the payment of this Note, hereby expressly
waive demand or presentment for payment of this Note, notice of nonpayment, protest, suit, acceleration, intention to accelerate, diligence and/or any notice of, or defense on account of, the
extension of time of payment or change in the method of payments, and/or any modification of the terms hereof or any instrument securing or guaranteeing the payment hereof, and consent to any and all
renewals and extensions in the time of payment hereof, and/or any modification of the terms hereof or any instrument securing or guaranteeing the payment hereof, and to any substitutions, exchange or
release of any security herefor or the release of any party primarily or secondarily liable herefor, and further agree that the acceptance of late payment hereunder by Paradigm, waiver or other
forgiveness of any other defaults by the Maker, shall not constitute a waiver by Paradigm of any subsequent defaults, late payments or other violations of the Maker's obligations hereunder and/or in
the terms of any instrument securing or guaranteeing the payment hereof. If this Note is not paid when due (whether the same becomes due by acceleration or otherwise) and is placed in the hands of an
attorney for collection, or if suit is filed hereon, or if this Note shall be collected by legal proceedings or through a probate or bankruptcy court, the Maker agrees to pay all costs of collection,
including reasonable attorneys' fees. 

        This
Note shall be construed in accordance with the laws of the State of New York and the laws of the United States applicable to transactions in New York. 

        The
payment of this Note is secured by the pledge of 303,952 shares of Common Stock of Paradigm ("Common Stock") sold to the Maker (the "Shares") and options to purchase 2,355,623 shares
of Common Stock (the "Options") (and shares realized upon the exercise of such options) which were provided to the Maker pursuant to an executive employment agreement, dated as of the date hereof, by
and between Paradigm and the Maker, together with all proceeds, monies, income and benefits attributable or accruing to said property which the Maker is or may hereafter become entitled to receive on
account of said property, including, but not by way of limitation, all dividends and other distributions on or with respect thereto whether payable in cash, stock or other property and all
subscription and other rights, and any shares of Common Stock, as well as all of the Maker's interests in Fox Paine Capital Fund II International Fund, L.P. (the "Fund") (collectively, the
"Collateral"). The Maker hereby pledges, assigns, transfers, delivers and grants to Paradigm a security interest in the Collateral to secure performance and payment of all obligations and indebtedness
of the Maker 

 

hereunder,
and delivers the certificate representing the Collateral to Paradigm, together with a stock power endorsed in blank, to secure such pledge. A portion of the Collateral may be released from
this pledge upon partial payment of the Note without altering, varying or diminishing in any way the force, effect, lien, security interest or charge of this pledge as to the Collateral not expressly
released, and this pledge shall continue as a first and prior lien and charge on all of the Collateral not expressly released until this Note has been paid in full. Partial release of the Collateral
upon prepayment of a portion of the principal amount of the Note may be made in the sole discretion of Paradigm in the amounts deemed appropriate by it. 

        So
long as this Note is outstanding, then upon the direct or indirect sale by the Maker of any shares of Common Stock (including, but not limited to, any of the Shares held as part of
the Collateral), or the receipt by the Maker of any distributions or payments with respect to his interests in the Fund, the repayment of an amount due under this Note equal to the proceeds of such
sales, distributions or payments remaining after the payment by the Maker of any and all applicable taxes and reasonable fees and charges shall be accelerated and shall become immediately due and
payable, and the Maker shall deliver to Paradigm all of the proceeds of such sales, distributions or payments remaining after the payment of any and all applicable taxes and reasonable fees and
charges until this Note is repaid in full, including the amount of any interest that may become due hereunder. 

        In
addition to recourse against the Collateral, this Note shall be full recourse against the Maker, who shall remain fully liable for all payments due hereunder. All notices hereunder
shall be in writing and shall be deemed to have been delivered on the date personally delivered or on the date mailed, first class, registered or certified mail, postage prepaid, if addressed to the
respective parties hereto at their addresses as shown in the corporate records of Paradigm. 

        IN
WITNESS WHEREOF, the Maker has executed this Note as of the date first above written. 

	Maker: John W. Gibson	 	Name:	 	/s/  JOHN W. GIBSON      

	

Paradigm as secured party:	
 	

 	
 	

 

PARADIGM
GEOTECHNOLOGY B.V., a company organized under the laws of The Netherlands 

	By	 	/s/  ILLEGIBLE      
	 	 

2

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PROMISSORY NOTE

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