Document:

Exhibit 10.1

 

HUDSON GLOBAL, INC.

RESTRICTED STOCK AWARD AGREEMENT

 

RESTRICTED STOCK AWARD
AGREEMENT (“Agreement”) made as of the___ day of October, 2014 and effective as of the seventh calendar day following
the date of the third quarter 2014 earnings release of the Company (the “Grant Date”), by and between HUDSON GLOBAL,
INC., a Delaware corporation (the “Company”) and «First_Name» «Last_Name» (the “Grantee”).

 

WITNESSETH:

 

WHEREAS, pursuant
to the Hudson Global, Inc. 2009 Incentive Stock and Awards Plan (the “Plan”), the Company desires to grant to the Grantee
and the Grantee desires to accept an award of shares of common stock, $.001 par value, of the Company (the “Common Stock”)
upon the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE,
the parties hereto agree as follows:

 

1.Award. Subject
to the terms and conditions set forth herein, the Company hereby awards the Grantee on the Grant Date «Number_Shares_Regular__Regular_SLT_Agre»
shares of Common Stock (the “Restricted Stock”).

 

2.Restrictions;
Vesting. Except as otherwise provided herein, the Restricted Stock may not be sold, transferred, pledged, encumbered, assigned
or otherwise alienated or hypothecated, if at all, until such shares of Restricted Stock have vested upon satisfaction of both
the performance vesting conditions and the service vesting conditions set forth below. The performance vesting conditions with
respect to the Restricted Stock shall be satisfied as follows:

 

(a)50.0% of the
shares of Restricted Stock (the ”Return on Gross Margin Ratio Restricted Stock”) shall vest on the determination by
the Committee that, for the year ending December 31, 2014, the Company achieved a “target” Return on Gross Margin Ratio
(as defined below) of ______%, subject to satisfaction of the service vesting conditions; and

 

(b)50.0% of the
shares of Restricted Stock (the “Net Cash Position from Operations Restricted Stock”) shall vest upon the determination
by the Committee that the Company achieved for the year ending December 31, 2014 “target” Net Cash Position from Operations
(as defined below) of $____million; provided that 80.0% to 99.9% of the shares of Net Cash Position from Operations Restricted
Stock will vest if the Net Cash Position from Operations is between $___ million and $_____ million (such vesting percentage determined
pro rata for Net Cash Position from Operations achievement within such range), and a number of shares equal to 100.1% to 120.0%
of the Net Cash Position from Operations Restricted Stock will vest (in the case of a number of shares up to 100.0% of the Net
Cash Position from Operations Restricted Stock) or be granted (in the case of shares in excess of 100.0% of the Net Cash Position
from Operations Restricted Stock) if the Net Cash Position from Operations is between $____ million and $____ million (such vesting
percentage determined pro rata for Net Cash Position from Operations achievement within such range), subject in each case to satisfaction
of the service vesting conditions; and provided further that any such newly granted shares in excess of 100.0% of the Net Cash
Position from Operations Restricted Stock shall be deemed Restricted Stock subject to all of the terms and conditions of this Agreement.

 

    	 

    	 

    

 

The Grantee shall forfeit
the number of shares of Return on Gross Margin Ratio Restricted Stock and Net Cash Position from Operations Restricted Stock that
do not vest or are not granted (subject to satisfaction of the service vesting conditions) pursuant to the preceding provisions.
To the extent the performance vesting conditions above have been satisfied, the service vesting conditions with respect to the
Restricted Stock shall be satisfied as follows: (i) 33-1/3% of the shares of Restricted Stock shall vest on the later of the determination
of the satisfaction of the performance vesting conditions or March 1, 2015, (ii) 33-1/3% of the shares of Restricted Stock shall
vest on March 1, 2016, and (iii) 33-1/3% of the shares of Restricted Stock shall vest on March 1, 2017; provided that, in each
case, the Grantee remains employed by the Company or an affiliate (as defined below) of the Company from the Grant Date through
the applicable service vesting date. As used in this Agreement, the term “affiliate” means an affiliate of the Company
within the meaning of Rule 405 under the Securities Act of 1933, as amended. If any fractional shares would result from the strict
application of the incremental vesting percentages described above, then the actual number of shares of Restricted Stock that vest
on any specific date will cover only the full number of shares determined by rounding the number of shares to be issued from the
strict application of the incremental percentages set forth above to the nearest whole number.

 

For purposes of this
Section 2, the following definitions apply:

 

(1)“Return
on Gross Margin Ratio” means the percentage of (i) gross margin minus selling, general and administrative expenses for the
year ending December 31, 2014 divided by the (ii) gross margin for the year ending December 31, 2014, in each case as determined
by the Committee.

 

(2)“Net Cash
Position from Operations” means the Company’s net cash position from operations for the year ending December 31, 2014,
excluding any proceeds from divestitures, in each case as determined by the Committee.

 

3.Evidence of
Restricted Stock. The shares of Restricted Stock awarded under this Agreement initially will be evidenced by book entries on
the Company’s stock transfer records. If and when the shares of Restricted Stock vest pursuant to Section 2, 5 or 8 and the
restrictions imposed by Section 2 terminate, the Company will deliver to the Grantee one or more stock certificates for the appropriate
number of shares, free of any restrictions imposed under this Agreement.

 

4.Tax Withholding.
Notwithstanding anything herein to the contrary, certificates for shares of Restricted Stock that have vested shall not be delivered
to the Grantee unless and until the Grantee has delivered to the Executive Vice President, Human Resources of the Company (or such
other executive officer of the Company performing a similar function), at its corporate headquarters in New York, New York, cash
payment, if any, deemed necessary by the Company to enable it to satisfy any federal, foreign or other tax withholding obligations
with respect to the shares of Restricted Stock that have vested (the “Tax Amount”) (unless other arrangements acceptable
to the Company in its sole discretion have been made). Notwithstanding anything herein to the contrary, in the event that a Grantee
has not satisfied the conditions outlined in the immediately preceding sentence within twenty (20) days after the shares of Restricted
Stock have vested, the Company may (but shall not be required to), in its sole discretion, at any time by notice to the Grantee,
choose to satisfy the conditions outlined in the immediately preceding sentence by unilaterally revoking the Grantee’s right
to receive that number of shares of Restricted Stock that have vested with an aggregate value equal to 150% of the Tax Amount.
For purposes of the preceding sentence, each share of Restricted Stock shall be deemed to have a value equal to the average closing
price of a share of the Common Stock on the Nasdaq Global Market (or such other U.S. exchange or market on which the Common Stock
is then primarily traded) on the five (5) trading days up to and including the date of vesting. The Company may from time to time
change (or provide alternatives to) the method of tax withholding on the Restricted Stock granted hereunder by notice to the Grantee,
it being understood that from and after such notice the Grantee will be bound by the method (or alternatives) specified in any
such notice. The Company (in its sole and absolute discretion) may permit all or part of the Tax Amount to be paid with shares
of Common Stock owned by the Grantee, or in installments (together with interest) evidenced by the Grantee’s secured promissory
note.

 

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5.Termination
of Employment. If the Grantee’s employment or service with the Company or its Affiliates is terminated for any reason
other than death, including but not limited to by reason of disability, then the shares of Restricted Stock that have not yet become
fully vested in accordance with Section 2 will automatically be forfeited by the Grantee (or the Grantee’s successors) and
any book entry with respect thereto will be canceled. If the Grantee’s employment terminates by reason of the Grantee’s
death, then the shares of Restricted Stock that have not yet become fully vested as a result of a service vesting condition contained
in Section 2 not being satisfied will automatically become fully vested and the restrictions imposed upon the Restricted Stock
by Section 2 will be immediately deemed to have lapsed, but only if and to the extent that the performance vesting conditions contained
in Section 2 shall have been achieved on or prior to the date of such termination of employment.

 

6.Voting Rights; Dividends and Other
Distributions.

 

(a)While
the Restricted Stock is subject to restrictions under Section 2 and prior to any forfeiture thereof, the Grantee may exercise full
voting rights for the Restricted Stock registered in his name.

 

(b)While
the Restricted Stock is subject to the restrictions under Section 2 and prior to any forfeiture thereof, the Grantee shall be entitled
to receive all dividends and other distributions paid with respect to the Restricted Stock. If any such dividends or distributions
are paid in shares of Common Stock, then such shares shall be subject to the same restrictions as the shares of Restricted Stock
with respect to which they were paid.

 

(c)Subject
to the provisions of this Agreement, the Grantee shall have, with respect to the Restricted Stock, all other rights of holders
of Common Stock.

 

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7.Securities Law
Restrictions. Notwithstanding anything herein to the contrary, shares of Restricted Stock shall not be issued hereunder if,
in the opinion of counsel to the Company, such exercise and/or issuance may result in a violation of federal or state securities
laws or the securities laws of any other relevant jurisdiction.

 

8.Change in Control.
Effective upon a Change in Control (as defined in the Plan), if the Grantee is employed by the Company or an Affiliate immediately
prior to the date of such Change in Control, the shares of Restricted Stock will fully vest and the restrictions imposed upon the
Restricted Stock by Section 2 will be immediately deemed to have lapsed.

 

9.No Employment
Rights. Nothing in this Agreement shall give the Grantee any right to continue in the employment of the Company or any Affiliate,
or interfere in any way with the right of the Company or any Affiliate to terminate the employment of the Grantee.

 

10.Plan Provisions.
The provisions of the Plan shall govern if and to the extent that there are inconsistencies between those provisions and the provisions
hereof. The Grantee acknowledges receipt of a copy of the Plan prior to the execution of this Agreement. Capitalized terms used
in this Agreement but not defined herein shall have the meaning given to them in the Plan.

 

11.Administration.
The Committee will have full power and authority to interpret and apply the provisions of this Agreement and act on behalf of the
Company and the Board in connection with this Agreement, and the decision of the Committee as to any matter arising under this
Agreement shall be binding and conclusive as to all persons.

 

12.Binding Effect;
Headings. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and permitted assigns. The subject headings of Sections of this Agreement are included for the purpose of convenience only and
shall not affect the construction or interpretation of any of its provisions. All references in this Agreement to “$”
or “dollars” are to United States dollars.

 

13.Employee Handbook
and Arbitration Agreements. As a material inducement to the Company to grant this award of Restricted Stock and to enter into
this Agreement, the Grantee hereby expressly agrees to (a) comply with and abide by the terms and conditions of, and rules relating
to, such Grantee’s employment with the Company or an Affiliate set forth in the applicable employee handbook and (b) be bound
by the terms and provisions of any arbitration or similar agreement to which the Grantee is or becomes a party with the Company
or an Affiliate.

 

14.Confidentiality,
Non-Solicitation and Work Product Assignment. As a material inducement to the Company to grant this award of Restricted Stock
and enter into this Agreement, the Grantee hereby expressly agrees to be bound by the following covenants, terms and conditions:

 

(a)Definition.
“Confidential Information” consists of all information or data relating to the business of the Company, including but
not limited to, business and financial information; new product development and technological data; personnel information and the
identities of employees; the identities of clients and suppliers and prospective clients and suppliers; client lists and potential
client lists; development, expansion and business strategies, plans and techniques; computer programs, devices, methods, techniques,
processes and inventions; research and development activities; trade secrets as defined by applicable law and other materials (whether
in written, graphic, audio, visual, electronic or other media, including computer software) developed by or on behalf of the Company
which is not generally known to the public, which the Company has and will take precautions to maintain as confidential, and which
derives at least a portion of its value to the Company from its confidentiality. Additionally, Confidential Information includes
information of any third party doing business with the Company (actively or prospectively) that the Company or such third party
identifies as being confidential. Confidential Information does not include any information that is in the public domain or otherwise
publicly available (other than as a result of a wrongful act by the Grantee or an agent or other employee of the Company). For
purposes of this Section 14, the term “the Company” also refers to each of its officers, directors, employees and agents,
all subsidiary and affiliated entities, all benefit plans and benefit plans’ sponsors and administrators, fiduciaries, affiliates,
and all successors and assigns of any of them.

 

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(b)Agreement
to Maintain the Confidentiality of Confidential Information. The Grantee acknowledges that, as a result of his/her employment
by the Company, he/she will have access to such Confidential Information and to additional Confidential Information which may be
developed in the future. The Grantee acknowledges that all Confidential Information is the exclusive property of the Company, or
in the case of Confidential Information of a third party, of such third party. The Grantee agrees to hold all Confidential Information
in trust for the benefit of the owner of such Confidential Information. The Grantee further agrees that he/she will use Confidential
Information for the sole purpose of performing his/her work for the Company, and that during his/her employment with the Company,
and at all times after the termination of that employment for any reason, the Grantee will not use for his/her benefit, or the
benefit of others, or divulge or convey to any third party any Confidential Information obtained by the Grantee during his/her
employment by the Company, unless it is pursuant to the Company’s prior written permission.

 

(c)Return
of Property. The Grantee acknowledges that he/she has not acquired and will not acquire any right, title or interest in any
Confidential Information or any portion thereof. The Grantee agrees that upon termination of his/her employment for any reason,
he/she will deliver to the Company immediately, but in no event later that the last day of his/her employment, all documents, data,
computer programs and all other materials, and all copies thereof, that were obtained or made by the Grantee during his/her employment
with the Company, which contain or relate to Confidential Information and will destroy all electronically stored versions of the
foregoing.

 

(d)Disclosure
and Assignment of Inventions and Creative Works. The Grantee agrees to promptly disclose in writing to the Company all inventions,
ideas, discoveries, developments, improvements and innovations (collectively “Inventions”), whether or not patentable
and all copyrightable works, including but limited to computer software designs and programs (“Creative Works”) conceived,
made or developed by the Grantee, whether solely or together with others, during the period the Grantee is employed by the Company.
The Grantee agrees that all Inventions and all Creative Works, whether or not conceived or made during working hours, that: (1)
relate directly to the business of the Company or its actual or demonstrably anticipated research or development, or (2) result
from the Grantee’s work for the Company, or (3) involve the use of any equipment, supplies, facilities, Confidential Information,
or time of the Company, are the exclusive property of the Company. The Grantee hereby assigns and agrees to assign all right, title
and interest in and to all such Inventions and Creative Works to the Company. The Grantee understands that he/she is not required
to assign to the Company any Invention or Creative Work for which no equipment, supplies, facilities, Confidential Information
or time of the Company was used, unless such Invention or Creative Work relates directly to the Company’s business or actual
or demonstrably anticipated research and development, or results from any work performed by the Grantee for the Company.

 

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(e)Non-Solicitation
of Clients. During the period of the Grantee’s employment with the Company and for a period of one year from the date
of termination of such employment for any reason, the Grantee agrees that he/she will not, directly or indirectly, for the Grantee’s
benefit or on behalf of any person, corporation, partnership or entity whatsoever, call on, solicit, perform services for, interfere
with or endeavor to entice away from the Company any client to whom the Grantee provides services at any time during the 12 month
period proceeding the date of termination of the Grantee’s employment with the Company, or any prospective client to whom
the Grantee had made a presentation at any time during the 12 month period preceding the date of termination of the Grantee’s
employment with the Company.

 

(f)Non-Solicitation
of Employees. For a period of one year after the date of termination of the Grantee’s employment with the Company for
any reason, the Grantee agrees that he/she will not, directly or indirectly, hire, attempt to hire, solicit for employment or encourage
the departure of any employee of the Company, to leave employment with the Company, or any individual who was employed by the Company
as of the last day of the Grantee’s employment with the Company.

 

(g)Enforcement.
If, at the time of enforcement of this Section 14, a court holds that any of the restrictions stated herein are unreasonable under
circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area deemed reasonable under
such circumstances will be substituted for the stated period, scope or area as contained in this Section 14. Because money damages
would be an inadequate remedy for any breach of the Grantee’s obligations under this Agreement, in the event the Grantee
breaches or threatens to breach this Section 14, the Company, or any successors or assigns, may, in addition to other rights and
remedies existing in its favor, apply to any court of competent jurisdiction for specific performance, or injunctive or other equitable
relief in order to enforce or prevent any violations of this Section 14.

 

(h)Miscellaneous.
The Grantee acknowledges and agrees that the provisions of this Section 14 are in addition to, and not in lieu of, any confidentiality,
non-solicitation, work product assignment and/or similar obligations that the Grantee may have with respect to the Company and/or
its Affiliates, whether by agreement, fiduciary obligation or otherwise and that the grant and the vesting of the Restricted Stock
contemplated by this Agreement are expressly made contingent on the Grantee's compliance with the provisions of this Section 14.
Without in any way limiting the provisions of this Section 14, the Grantee further acknowledges and agrees that the provisions
of this Section 14 shall remain applicable in accordance with their terms after the Grantee's termination of employment with the
Company, regardless of whether (1) the Grantee's termination or cessation of employment is voluntary or involuntary or (2) the
Restricted Stock has not or will not vest.

 

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15.Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard
to conflict of law principles thereof. This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof and controls and supersedes any prior understandings, agreements or representations by or between the parties,
written or oral with respect to its subject matter and may not be modified except by written instrument executed by the parties.
The Grantee has not relied on any representation not set forth in this Agreement.

 

IN WITNESS WHEREOF, this Agreement has been
executed as of the date first above written.

 

	 	HUDSON GLOBAL, INC.
	 	 
	 	By:  	/s/ Tracy Noon
	 	 	Name: 	Tracy Noon
	 	 	Title: 	Global Chief People Officer
	 	 	 	 
	 	 
	 	Grantee – Signature
	 	 
	 	 
	 	Grantee – Print Name

 

    	7Exhibit 10.11

 

SIGNATURE COPY

	
2nd ADDENDUM TO RENTAL AGREEMENT OFFICE SPACE

	
 

	
and other business premises within the meaning of Article

	
 

	7:230a BW [Dutch Civil Code] dated August 4, 2007	

KAOANS

BIOFACILITIES

Nieuwe Kanaal 7 6709 PA Wageningen PO Box 143

 

5260 AC Vught

 

T 0411 625 628 F 0411 625 620 info@biofacilities.nl

Visionaries in Real Estate

The undersigned:

Kadans Biopartner B.V., located in the Netherlands at the Nieuwe Kanaal 7 (6709 PA) in Wageningen, registered in the Trade Register under number 09113198, duly represented by Mr. J.Th. Gielen, hereafter referred to as “Landlord”;

and

Dyadic Nederland B.V., located at the Nieuwe Kanaal 7a (6709 PA) in Wageningen, registered in the Trade Register under number 30186473, VAT nr. NL8117.99.128.B.O1, duly represented by Dyadic International Inc., located in Jupiter, Florida 33477, United States of America at the 140 Intracoastal Point Drive, Suite 404, registered in the Trade Register in the Department of State, Florida, under number p96000018919, in turn duly represented by Mr. W. van der Wilden, hereafter referred to as “Tenant”;

considering that:

on August 4, 2007, Tenant concluded a rental agreement with BioPartner Center Wageningen B.V. which has changed its name in January 1, 2010 to Kadans Biopartner B.V.;

the rental agreement concerns the rental of space within the BioPartner Center Wageningen;

on July 1, 2009 parties signed an addendum to the rental agreement of August 4, 2007;

parties want to extend the current rental agreement to November 1, 2017;

parties have reached an agreement about the rental conditions of this extension and would like to record this in this (2nd) addendum.

hereby agree that in the rental agreement dated August 4, 2007 or the addendum dated July 1, 2009, the following articles are amended or supplemented: 3.1, 4.1 and 4.8.

Term, extension, and cancelation

	
3.1

	
Parties agree to extend the existing rental agreement incl. addendum through October 31, 2017.

2nd addendum Dyadic Nederland 8 B.v. Tenant initials

 

	
Landlord initials

	
[illegible]

	
 

	
 

	
CoC 01920.72.82

	
 

 

SIGNATURE COPY

Rent, rent adjustment, payment obligation, payment period 4.1            The rent is $141,478.02 annually, excl. VAT.

	
4.8

	
Per payment period of one calendar month, the Tenant shall owe the Landlord, from March 1, 2012:

	
- the rent per month

	 	
$

	
11,789.83

	 
	
- the VAT owed over the rent

	 	
$

	
2,240.06

	 
	
- the advance compensation for supplies and services by or on behalf of the Landlord

	 	
$

	
2,337.29

	 
	
- the advance compensation for supplies and services by or on behalf of the Landlord, for electricity, gas and water (incl. VAT)

	 	
$

	
2,381.57

	 
	
- OZB (other) (incl. VAT)

	 	
$

	
193.12

	 
	
Total (incl. VAT):

	 	
$

	
18,941.90

	 

In words: Eighteen thousand nine hundred forty-one dollars and 90 cents.

The other provisions in the rental agreement dated August 4, 2007 and addendum dated July 1, 2009 shall remain unaffected.

This addendum and the rental agreement dated August 4, 2007 and addendum dated July 1, 2009 with associated annexes are inextricably linked.

Thus prepared and signed in duplicate.

	
/s/ W. van der Wilden

	
 

	
/s/ J. Th. Gielen

	
 

	
W. van der Wilden

	
 

	
J. Th. Gielen

	
 

	
Dyadic Nederland B.V.

	
 

	
Kadans Biopartner B.V.

	
 

 

Wageningen, January 31, 2012

 

RENTAL AGREEMENT OFFICE SPACE

and other business premises within the meaning of Article 7:230a SW dated August 4, 2007

	
2nd addendum Dyadic Nederland B.V.

	
 

	
	
 

	
 

	
	
Tenant initials

	
 

	
	
08/13/2014

	
Landlord initials:

	
	
 

	
Bing Translator

	

(Conversion per x-rates.com of 09/21/2014: 1 EUR = $1.282)

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4.4

	
The financial year of the Tenant runs from January 1 through December 31.

	4.5	The rent is adjusted annually, per January 1, for the first time on January 1, 2008, in accordance with Articles 9.1 through 9.4 of the general terms and conditions.

	4.6	The compensation owed by the Tenant for supplies and services by or on behalf of the Landlord are determined in accordance with Article 16 of the general terms and conditions. A system of advance payments with later settlement is applied to this compensation, as determined therein.

	4.7.1	The payment obligation of the Tenant consists of:

the rent;

the VAT owed over the rent;

the advance compensation for the additional supplies and services to performed by or on behalf of the Landlord – without striving for completeness as described in Article 5 of this agreement – including the VAT owed on such;

the advance energy expenses;

the owed property taxes.

	4.7.2	Tenant will no longer owe VAT over the rent if the rental object may no longer be rented with VAT, while parties had agreed to such. If this is the case, the VAT payments referred to in 19.3a of the general terms and conditions shall replace these, and the payment referred to in 19.3a sub I is set in advance at the relevant VAT rate of the actual rent.

	4.8	Per payment period of a calendar month, at the start of the rental agreement, the following payments are owed:

	
The rent

	 	
$

	
10,732.72

	 
	
The advance for service costs

	 	
$

	
1,994.90

	 
	
The advance for energy costs

	 	
$

	
1,924.34

	 
	
O.Z.B. [Property Tax] users part

	 	$	pm	 
	
Total

	 	
$

	
14,651.98

	 

In words: fourteen thousand six hundred fifty one dollars and 98 cents.

These amounts are exclusive of VAT.

	4.9	In view of the start date of the rent, and the tenant-specific investments to be carried out by the Landlord, the first payment of the Tenant concerns the period from September 1, 2007 through September 30, 2007, and the amount owed for this period is $14,651.98, excl. VAT. Tenant will pay this amount including the sales tax within one week after the signing of this agreement.

	4.10	With the exception of the first period as described in Article 4, paragraph 9 of this agreement which must be paid within one week after the signing of the agreement, the other periodic payments owed by the Tenant to the Landlord under this rental agreement, as outlined in 4.8, are owed as advance payment in dollars and must be paid in full before or on the first day of the relevant payment period to bank account 85.24.29.479, by means of a direct debit order.

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	4.11	Unless otherwise stated, all amounts in this rental agreement and the relevant general terms and conditions are exclusive of VAT.

Supplies and services

	5.	Parties agree to the following additional supplies and services to be performed by or on behalf of the Landlord:

Energy costs according to actual use:

electricity consumption;

gas consumption;

heat for the ventilation of the laboratory;

heat for the central heating system;

water consumption;

fixed fee including consumption metering.

Operation, failure remediation, inspection costs, energy consumption, insurances and such of installations associated with the building for:

elevator system;

air treatment system;

central heating system;

warm water system;

intercom system;

entry doors;

sunscreen system;

fire extinguishing equipment (and the fillings);

sweeping of chimneys and ventilation channels, cleaning of boilers and burners;

joint heat supply, water usage and lighting, including the costs of fixtures, tubes ad

		lamps;

glass insurance of all exterior glass and window frames;

surveillance and security service;

cleaning of the windows and window frames of the general/joint and operation areas on the inside and outside;

waste disposal household waste and old paper, and everything necessary for this purpose (container rental, county taxes, etc.);

waste water drainage;

maintenance of gardens;

cleaning of the general/joint areas and operating areas, general terrains, parking areas, snow removal including the maintenance and replacement of planters, furniture and upholstery in the general/joint areas;

officers who perform services for the building which the rental object is part of;

service fee for towel dispensers, soap dispensers and such;

joint promotional costs of the BioPartner Center Wageningen;

6% management and administration expenses over the abovementioned supplies and services.

Bank guarantee

	6.	The amount of the bank guarantee as referred to in 12.1 of the general terms and conditions, is set between parties at €52,310.17, in words; fifty-two thousand three hundred ten dollars and 17 cents. The bank guarantee must be submitted to the Landlord within one week after the signing of this agreement.

Manager

	7.1	Until the Landlord determines otherwise, the Landlord shall act as manager.

	7.2	Unless otherwise determined in writing, the Tenant must contact the manager with regard to the content and all other issues concerning this rental agreement.

Special provisions

	8.1	The Tenant must comply with all bylaws. The Bylaws (attached as annex) and the now known annexes are an integral part of this agreement. It shall also inform its personnel and the employees about these bylaws and supervise the compliance therewith.

	8.2	In deviation of Article 6.7.1 of the General Terms and Conditions, parties agree that the Landlord will become the applicant and holder of the required permits, namely: Wvo (Clean Water Act), WM (Environmental Act) and the user permit. Tenant shall provide all information that is required for the application to the Landlord in a timely manner. Tenant also agrees to strictly comply with all associated conditions, costs and all other obligations resulting from the permit(s), without prejudice to the provisions in Articles 6.8.1 through 6.8.3 and 6.11.1 through 6.11.7 of the General Terms and Conditions, and to assume any consequences resulting thereof unconditionally as if the permit was issued in name of the Tenant. It shall indemnify the Landlord against such in and outside of court. To monitor that what is agreed here, the Landlord or a designated third party shall have access to the rental object at all times, after prior appointment. In order to comply with the law or the conditions of the permit, the Landlord may also review all documents of the Tenant and third parties employed by Tenant, and if necessary can also give unilateral directions and further instructions. Tenant must give its full cooperation in this. The latter does not release the Tenant from its obligation to immediately provide the Landlord with all information that is necessary for the permits and/or application and changes within its organization that could impact the permit. The costs associated with the changes are fully borne by the Tenant.

The refusal of a change or extension of the issued permit and/or refusal of a – new – application or required permit and/or revocation of a permit shall not give rise to the termination of the rental agreement or to any other or further action against Landlord. The Landlord only has an obligation with regard to the provisions in this article. Insofar as the government requires that the Tenant itself applies for the permit and/or exemption, the provisions of Articles 6.7.1 cf of the General Terms and Conditions shall apply in full.

	8.3	The Tenant shall properly use and maintain the tenant-specific installations referred to in Article 1.1, as well as the design of the spaces, in accordance with the statutory provisions and the recommendations of the suppliers or manufacturers. All maintenance costs of these tenant-specific installations and mentioned designs shall be for the account of the Tenant and are not settled in the rent referred to in Article 4.1 nor in the service costs as described in Article 5 of this agreement. The replacement of installations (or parts thereof) within ten years after the start of this agreement is considered maintenance and therefore shall take place for the account of the tenant. After the mentioned period of ten years, parties will make further arrangements regarding the maintenance and replacement of the installations. As long as parties did not reach an agreement about this, the maintenance and replacement of installations are entirely for the account of Tenant.

	8.4	Without prejudice to its liability for lost rental income and the associated costs towards the Landlord, Tenant owes the following amounts as compensation for the tenant-specific investments financed by the Landlord, if the rental agreement is terminated (in the interim) for whatever reason.

	
Effective date termination:

	 	
Compensation

	 
	
The day of signing of this rental agreement through

	 	

	 
	
September 1, 2008:

	 	
$

	
250,165.17

	 
	
September 1, 2008 through September 1, 2009:

	 	
$

	
230,921.69

	 
	
September 1, 2009 through September 1, 2010:

	 	
$

	
211,678.22

	 
	
September 1, 2010 through September 1, 2011:

	 	
$

	
186,020.25

	 
	
September 1, 2011 through September 1, 2012:

	 	
$

	
160,362.29

	 
	
September 1, 2012 through September 1, 2013:

	 	
$

	
134,704.32

	 
	
September 1, 2013 through September 1, 2014:

	 	
$

	
109,046.35

	 
	
September 1, 2014 through September 1, 2015:

	 	
$

	
76,973.89

	 
	
September 1, 2015 through September 1, 2016:

	 	
$

	
44,901.44

	 
	
September 1, 2016 through September 1, 2017:

	 	
no fee.

	 
	
These amounts are excl. VAT

	 	 	 	 

Interim cancellation includes the right of the Landlord to dissolve the rental agreement without default effective immediately if in the opinion of the Landlord there are circumstances which severely hinder or threaten its redress against Tenant, such without prejudice to the right of Landlord to claim compliance of Tenant and/or compensation. A circumstance includes the application for a suspension of payment or bankruptcy of Tenant or if Tenant in any way loses the free disposal of all or part of its assets. In case of dissolution by the Landlord based on the aforementioned, all remaining rent installments and compensation for the tenant-specific investments are immediately payable: the rental period ends at the time of the dissolution. The compensation forfeited by the Tenant to the Landlord at any time is immediately payable and in case of the dissolution by the Landlord amounts to at least the sum of all remaining rent installments which would have occurred in the normal execution of the agreement, increased with the abovementioned compensation associated with the tenant-specific investments.

	8.5	The rental object is delivered including the tenant-specific investments, being – laboratory – installations and facilities, present floor coverings and light fixtures. No rights can be derived from this. This all remains the property of the Landlord. Tenant is responsible for normal use and maintenance. If Tenant is of the opinion that something must be replaced, the costs are for its own account. Replacement is only permitted after the written approval of the Landlord.

	8.6	This agreement is subject to Dutch law.

	
Thus prepared and signed in duplicate

	
 

	
 

	
City Jupiter, FL   Date 6/8/07

	
City

	
Date

	
 

	
 

	
 

	
[signature]

	
 

	
 

	
 

	
 

	
 

	
/s/ Wayne Moor

	
/s/ J.Th. Gielen

	
 

	
 

	
 

	
Dyadic Nederland B.V.

	
BioPartner Center Wageningen B.V.

	
Dyadic International Inc.

	
 

	
 

	
 

	
 

	
 

	
Mr. Wayne Moor, Interim CEO

	
J.Th. Gielen

Annexes:

general terms and conditions

drawing of the rented business premises

house rules

official report of acceptance

bank guarantee

Separate signature(s) of Tenant(s) for the receipt of an own copy of the “GENERAL TERMS AND CONDITIONS RENTAL AGREEMENT OFFICE SPACE and other business premises within the meaning of Article 7:230a BW” as referred to in 2.1.

Tenant signature:

/s/ Wayne Moor

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