Document:

LIMITED LIABILITY COMPANY AGREEMENT

OF

[●]

(A DELAWARE LIMITED LIABILITY COMPANY)

Dated as of [●] [●], 20[●]

  

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[●]

 

LIMITED LIABILITY COMPANY
AGREEMENT dated as of [●] [●], 20[●], adopted by CEF Equipment Holding, L.L.C., as a member (the “Initial
Member”).

 

Preliminary Statement

 

The Initial Member desires
to form a limited liability company under the Delaware Limited Liability Company Act (currently Chapter 18 of Title 6 of the Delaware
Code), as amended from time to time (the “Act”).

 

Accordingly, the Initial
Member hereby adopts the following as the “Limited Liability Company Agreement” of the Company within the meaning
of Section 18-101(7) of the Act.

 

ARTICLE
I

 

Section
1.1 Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings
assigned to such terms in the “Definitions Addendum” attached to this Agreement and incorporated herein and
shall otherwise have the meanings assigned to such terms in the Act.

 

ARTICLE
II

 

Section
2.1 Formation. The Company was formed as a limited liability company pursuant to the provisions of the Act on [●]
[●], 20[●] by the filing of the Certificate of Formation, substantially in the form of Exhibit A, with
the office of the Secretary of State of Delaware. The Initial Member hereby adopts, confirms and ratifies said Certificate of Formation
and all acts taken in connection therewith. [●] is hereby designated as an “authorized person” within the meaning
of the Act, and has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the
State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers
as an “authorized person” ceased, and the Member thereupon became the designated “authorized person” and
shall continue as the designated “authorized person” within the meaning of the Act. The Member shall execute, deliver
and file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do
business in any other jurisdiction in which the Company may wish to conduct business. The existence of the Company as a separate
legal entity shall continue until cancellation of the Certificate of Formation as provided in the Act.

 

ARTICLE
III

 

Section
3.1 Name. The name of the Company is [●].

 

ARTICLE
IV

 

Section
4.1 Purpose and Limitations on Activities. The Company shall limit its purposes and activities to (i) the issuance
and sale of Membership Interests, on the terms and

 

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conditions set forth herein;
(ii) acquiring (through purchase or otherwise) from CEF Equipment Holding, L.L.C. or any of its subsidiaries or affiliates (collectively,
the “Seller”), holding, servicing, transferring and pledging equipment loan and lease receivables, the related
equipment and any related rights, documents, assets, and interests therein, including any beneficial rights in special units of
beneficial interest and any certificates evidencing such interests (“Assets”); (iii) entering into any agreement
providing for the acquisition, sale, financing, servicing, managing, hedging or transfer of the Assets or interests in the Assets;
(iv) retaining or reacquiring an interest in the Assets; (v) lending or otherwise investing proceeds from Assets and any other
income; and (vi) any purposes and activities necessary, convenient or incidental to the conduct, promotion or attainment of the
business purposes and activities of the Company as set forth in clauses (i) through (v) above; provided,
that, in connection with the permitted activities specified above, the purpose and activities of the Company shall be further
limited as follows:

 

(vii) the Company may
only hold (a) financial assets transferred to it from the Seller (the “Transferred Assets”), (b) cash obtained
from collections of the Transferred Assets and temporary cash equivalent investments of that cash pending distribution, and (c)
[(1) equipment related to lease receivables and (2)] other nonfinancial assets that may be acquired from time to time
in connection with foreclosure and related servicing activities associated with the financial assets acquired under clause (a)
above. Temporary cash investments are intended to include money market accounts and certificates of deposits with maturities no
later than the next scheduled Distribution Date;

 

(viii) the servicing [and
the managing] of assets held by the Company shall be conducted in a manner that is consistent with the servicing agreement to which
the Company shall become a party coincident with the initial transfer of assets from the Seller (the “Servicing Agreement”);

 

(ix) the Company may sell
or assign assets only as specified in the Servicing Agreement; and

 

(x) the Company may enter
into derivative contracts or hedges that have the following characteristics: (a) are interest rate swap arrangements, (b) have
a fair value at inception of zero, and (c) commence on a date within two (2) days of the effective date of the receipt by the Company
of Transferred Assets.

 

Section
4.2 Authority. The Company, by or through the Member, or any Manager on behalf of the Company, may enter into and
perform under the Indenture, Transaction Documents and all documents, agreements, certificates, or financing statements contemplated
thereby or related thereto, together with any amendments or supplements thereto, all without any further act, vote or approval
of any other Person notwithstanding any other provision of this Agreement, the Act or applicable law, rule or regulation. The foregoing
authorization shall not be deemed a restriction on the powers of any Member or any Manager to enter into other agreements on behalf
of the Company.

 

ARTICLE
V

 

Section
5.1 Registered Office; Other Offices. The address of the registered office of the Company in the State of Delaware
is c/o [●]. The Manager may establish other

  

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offices of the Company at
such locations within or outside the State of Delaware as the Initial Member may determine.

 

ARTICLE
VI

 

Section
6.1 Registered Agent. The name and address of the registered agent of the Company for service of process on the Company
in the State of Delaware is [●].

 

ARTICLE
VII

 

Section
7.1 Admission of Members. (a) By execution of this Agreement, the Initial Member is hereby admitted as a Member of
the Company and shall have a Membership Interest in the Company including, without limitation, such rights in and to the profits
and losses of the Company and rights to receive distributions of the Company’s assets, and such other rights and obligations,
as provided herein.

 

(b)        Without
the consent of any Member or other Person, the Manager may cause the Company to issue additional Membership Interests and thereby
admit a new Member or new Members, as the case may be, to the Company, only if such new Member (i) has delivered to the Initial
Member its capital contribution, (ii) has agreed in writing to be bound by the terms of this Agreement by becoming a party hereto
and (iii) has delivered such additional documentation as the Initial Member shall reasonably require to so admit such new Member
to the Company.

 

Section
7.2 Initial Member. The name and the address of the Initial Member of the Company is as follows:

 

CEF Equipment
Holding, L.L.C.

10 Riverview Drive

Danbury, Connecticut 06810

 

ARTICLE
VIII

 

Section
8.1 Management. Subject to Section 16.1, management of the Company is initially vested in the Initial Member.
The Initial Member shall be a “manager” within the meaning of the Act (a “Manager”) until such time
as the Initial Member appoints one or more Managers to replace the Initial Member in its capacity as manager of the Company. Each
Manager shall perform duties, on behalf of the Company as Manager as set forth in this Agreement and in the Act and may enter into
contracts with Persons on behalf of the Company and engage in activities on behalf of the Company, including issuing, delivering
and executing contracts, agreements and other documents in connection therewith, in each case in accordance with Section 4.1.

 

Section
8.2 Managers to Provide Information to the Initial Member. It shall be the duty of each Manager, to keep the Initial
Member reasonably informed as to material events relating to the Company, including, without limitation, all claims pending or
threatened against the Company and the execution by such Manager on behalf of the Company of any material agreements or instruments.

  

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Section
8.3 Accounting and Tax Reports; Tax Matters. The Manager shall: (i) maintain (or cause to be maintained) the
books of the Company on a calendar year basis on the accrual method of accounting, (ii) deliver to each Member, as may be required
by the Code and applicable Treasury Regulations, such information as may be required to enable each Member to prepare its federal,
state and local income tax returns, (iii) file such tax returns relating to the Company, and make such elections as may from time
to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to prevent
the Company from being characterized as an entity treated as a corporation under Section 301.7701-3 of the Treasury Regulations
for federal income tax purposes, (iv) cause such tax returns to be signed in the manner required by law and (v) collect or cause
to be collected any withholding tax with respect to income or distributions to Members.

 

ARTICLE
IX

 

Section
9.1 Initial Capital Contributions. The initial cash capital contribution to be made by the Initial Member promptly
hereafter is $[10,000].

 

ARTICLE
X

 

Section
10.1 Additional Contributions. The Members shall have no obligation to make any additional capital contribution to
the Company after the date hereof, but the Initial Member may elect to do so from time to time.

 

ARTICLE
XI

 

Section
11.1 Distributions. Distributions shall be made to the Members at the times and in the aggregate amounts determined
by the Manager, subject to the limitations of the Act or other applicable laws.

 

Section
11.2 Distribution upon Withdrawal. Upon withdrawal, any withdrawing Member shall not be entitled to receive any distribution
and shall not otherwise be entitled to receive the fair market value of its Membership Interest.

 

ARTICLE
XII

 

Section
12.1 Transfers. (a) A Member other than the Initial Member may not Transfer any part of its Membership Interest without
(i) the prior written consent of the Initial Member, such consent not to be unreasonably withheld, and (ii) the determination
by the Initial Member that such transfer will not cause the Company to be treated as a publicly traded partnership within the meaning
of Section 7704 of the Code. Any purported Transfer of any Membership Interest in contravention of this Section 12.1
shall, to the fullest extent permitted by law, be null and void and of no force or effect whatsoever. No purchase or transfer of
a Membership Interest shall be made by or to a Benefit Plan Investor, no purchase or transfer of a Membership Interest by or to
a Benefit Plan Investor will be effective, and neither the Company nor the Initial Member will recognize any such purchase or transfer.
In addition, no purchase or transfer will be effective if it would cause the Company to (x) be classified as an association (or publicly
traded partnership) taxable as a corporation for U.S. federal income tax purposes or (y) be required to withhold on the transferee’s
distributions or distributive shares of income

  

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under Sections 871, 881
or 1446 of the Code, and neither the Manager nor the Company will recognize any purchase or transfer giving rise to such classification
or withholding.

 

(b)       The
Initial Member shall admit a transferee of a Member’s Membership Interest to the Company only if such transferee (i) has
agreed in writing to be bound by the terms of this Agreement by becoming a party hereto and (ii) has delivered such additional
documentation as the Initial Member shall reasonably require to so admit such transferee to the Company. Notwithstanding anything
contained herein to the contrary, both the Company and the Initial Member shall be entitled to treat the transferee of a Membership
Interest as the absolute owner thereof in all respects, and shall incur no liability for distributions of cash or other property
made in good faith to it, until such time as a written assignment or other evidence of the consummation of a Transfer that conforms
to the requirements of this Section 12.1 and is reasonably satisfactory to the Initial Member has been received by
the Company. The effective date of any Transfer permitted under this Agreement shall be the close of business on the day of receipt
thereof by the Company.

 

Section
12.2 Restrictions on Expulsion. No Member shall be expelled as a Member under any circumstances.

 

ARTICLE
XIII

 

Section
13.1 Liability of Members. Except as required by the Act, no Member or any Manager, agent, shareholder, director,
employee or incorporator of any Member solely by reason of its capacity as such will be liable for the debts, obligations and liabilities
of the Company, whether arising in contract, tort or otherwise, which debts, obligations and liabilities shall be solely the debts,
obligations and liabilities of the Company or such other Member, as applicable.

 

ARTICLE
XIV

 

Section
14.1 Exculpation and Indemnification of Members and Managers. (a)No Indemnified Party shall be liable to the
Company or any Member for any loss, damage or claim incurred by reason of any act performed or any act omitted by such Indemnified
Party in connection with any matter arising from, or related to, or in connection with this Agreement or the Company’s business
or affairs; provided, however, that the foregoing shall not eliminate or limit the liability of any Indemnified Party
if a judgment or other final adjudication adverse to the Indemnified Party establishes (i) that the Indemnified Party’s
acts or omissions were in bad faith or involved intentional misconduct or a knowing violation of law or (ii) that the Indemnified
Party personally gained in fact a financial profit or other advantage to which the Indemnified Party was not legally entitled.

 

(b)        The Company shall,
to the fullest extent permitted by the Act, indemnify and hold harmless, and advance expenses to, each Indemnified Party against
any losses, claims, damages or liabilities to which the Indemnified Party may become subject in connection with any matter arising
from, related to, or in connection with, this Agreement or the Company’s business or affairs; provided, however,
that no indemnification may be made to or on behalf of any Indemnified Party (and expenses advanced shall be returned) if a judgment
or other final

  

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adjudication adverse to
the Indemnified Party establishes (i) that the Indemnified Party’s acts or omissions were committed in bad faith or involved
intentional misconduct or a knowing violation of law or (ii) that the Indemnified Party personally gained in fact a financial
profit or other advantage to which the Indemnified Party was not legally entitled.

 

(c)          Notwithstanding
anything else contained in this Agreement, the indemnity obligations of the Company under paragraph (b) above shall:

 

(i)        be
in addition to any liability that the Company may otherwise have;

 

(ii)       inure
to the benefit of the successors, assigns, heirs and personal representatives of each Indemnified Party; and

 

(iii)      be
limited to the assets of the Company.

 

(d)          This
Article XIV shall survive any termination of this Agreement and the dissolution of the Company.

 

ARTICLE
XV

 

Section
15.1 Duration and Dissolution. The Company shall be dissolved and its affairs shall be wound up upon the affirmative
vote or written consent of the Initial Member or as otherwise required by the Act.

 

ARTICLE
XVI

 

Section
16.1 Bankruptcy. Except by the unanimous consent of all Members, and Managers, the Company shall not file a voluntary
petition in bankruptcy or otherwise seek relief under Title 11 of the United States Code or any successor statute thereto, or under
any similar applicable state law.

 

Section
16.2 Amendments. (a) Except as is otherwise set forth in clause (b) below, this Agreement may be amended
only if all the Members execute and deliver a written instrument with respect to such modification, alteration, supplement or amendment;
provided, that so long as any rate debt obligation of the Company is outstanding, the Rating Agency Condition is satisfied.

 

(b)        This
Agreement may be modified, altered, supplemented or amended without satisfying the requirement of clause (a) above (i) to cure
any ambiguity or (ii) to convert or supplement any provision herein in a manner consistent with the intent of this Agreement and
other Transaction Documents.

 

Section
16.3 Headings. The titles of Sections of this Agreement are for convenience or reference only and shall not define
or limit any of the provisions of this Agreement.

  

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Section
16.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES THEREOF.

 

Section
16.5 Severability of Provisions. Each provision of this Agreement shall be considered severable and if for any reason
any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such
invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are
valid, enforceable and legal.

 

Section
16.6 Further Assurances. The Initial Member shall execute and deliver such further instruments and do such further
acts and things as may be required to carry out the intent and purposes of this Agreement.

 

Section
16.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original of this Agreement. Executed counterparts may be delivered electronically.

 

Section
16.8 Assignment; Third Party Beneficiaries. The parties hereto acknowledge and agree that the rights of the Company
under this Agreement may be pledged from time to time by the Company to creditors of the Company to secure the Company’s
obligations to such creditors. Nothing in this Agreement whether express or implied, shall be construed to give to any other Person
(other than a party hereto or an Indemnified Party) any legal or equitable right, remedy or claim under or in respect of this
Agreement or any covenants, conditions or provisions contained herein.

 

Section
16.9 Effectiveness. Notwithstanding any other provision of this Agreement, each Member agrees that this Agreement
constitutes a legal, valid and binding agreement of such Member, and is enforceable against such Member, in accordance with its
terms.

 

[Signature Follows]

  

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IN WITNESS WHEREOF, the
undersigned, intending to be legally bound hereby, has duly executed this Agreement as of the date first above written.

 

	 	CEF EQUIPMENT HOLDING, L.L.C., 
	 	as Initial Member
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 	S-1	Issuer LLC Agreement

    	 

    

 

DEFINITIONS ADDENDUM

TO THE

LIMITED LIABILITY COMPANY AGREEMENT

 

“Act”
is defined in the Preliminary Statement.

 

“Affiliate”
means, with respect to any Person, any Person or group of Persons acting in concert in respect of the Person in question that,
directly or indirectly, controls or is controlled by or is under common control with such Person. For the purposes of this definition,
“control” (including, with correlative meaning, the terms “controlled by” and “under common control
with”) as used with respect to any Person or group of Persons, shall mean the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement”
means this Limited Liability Company Agreement, as amended from time to time.

 

“Assets”
is defined in Section 4.1.

 

“Benefit Plan Investor”
means an “employee benefit plan” within the meaning of Section 3(3) of ERISA (which is subject to Title I of ERISA),
a “plan” described in Section 4975(e)(1) of the Code (which is subject to Section 4975 of the Code), or any entity
deemed to hold “plan assets” of any of the foregoing by reason of investment by an “employee benefit plan”
or “plan” in the entity.

 

“Business Day”
means any day that is not a Saturday, Sunday or a day on which banks are required or permitted to be closed in the State of New
York or the State of Connecticut.

 

“Certificate of
Formation” means the Certificate of Formation of the Company, as filed with the Secretary of State of the State
of Delaware on [●] [●], 20[●], or as amended and restated, from time to time.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

 

“Company”
means [●], a Delaware limited liability company.

 

“Distribution Date”
means the [●] day of each calendar month, or, if such day is not a Business Day, the next Business Day, commencing on [●]
[●], 20[●].

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time and any regulations promulgated thereunder.

 

“Indemnified Party”
means a Member, Manager, employee, organizer or agent of the Company or any officer, agent, shareholder, director, employee or
incorporator of the Initial Member.

  

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“Indenture”
means the Indenture, dated [●] [●], 20[●], between the Company and the Indenture Trustee, as the same may be
amended and supplemented from time to time.

 

“Indenture Trustee”
means [●], not in its individual capacity but solely as indenture trustee under the Indenture, or any successor indenture
trustee under the Indenture.

 

“Initial Member”
has the meaning assigned in the preamble.

 

“Manager”
is defined in Section 8.1.

 

“Member”
means the Initial Member and any Person that is admitted as a member of the Company, in each case for so long as such Person continues
to be a member of the Company, in such Person’s capacity as a member of the Company.

 

“Membership Interest”
means the entire limited liability company interest of a Member in the Company at any particular time, including the right of a
Member to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the obligations of
such Member to comply with all the terms and provisions of this Agreement. A Membership Interest may be represented by a certificate.

 

“Person”
means an individual, partnership, corporation, trust (including a business trust), limited liability company, joint stock company,
association, joint venture, government or any agency or political subdivision thereof or any other entity of whatever nature.

 

“Rating Agency
Condition” means, with respect to any action, that (i) Moody’s Investors Service, Inc. shall have been given at
least 10 Business Days’ prior notice thereof and shall have not notified the Company and the Indenture Trustee that such
action will result in a reduction or withdrawal of the then current rating of any class of the notes, and (ii) Fitch Inc. shall
have been given at least 10 Business Days’ prior notice thereof, delivered electronically to notifications.abs@fitchratings.com.

 

“Seller”
is defined in Section 4.1.

 

“Servicing Agreement”
means the Servicing Agreement, dated as of [●] [●], 20[●], between the Company and General Electric Capital Corporation,
as servicer.

 

“Transaction Documents”
means this Agreement, the Related Documents as defined in the Indenture and all documents and certificates contemplated thereby
or delivered in connection therewith.

 

“Transfer”
means, (i) as a noun, any transfer, sale, assignment, exchange, charge, pledge, gift, hypothecation, conveyance, encumbrance
or other disposition whether direct or indirect, voluntary or involuntary, by operation of law or otherwise and, (ii) as a
verb, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, to transfer, sell, assign, exchange,
charge, pledge, give, hypothecate, convey, encumber or otherwise dispose of.

 

“Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated under the Code.

 

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EXHIBIT A

 

CERTIFICATE OF FORMATION

OF

[●]

 

This Certificate of Formation
of [●], dated as of [●] [●], 20[●], has been duly executed and is being filed by [●], as an authorized
person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C.§18-101, et
seq.).

 

		1.	The name of the limited liability company is [●]
(the “LLC”).

 

		2.	The address of the registered office of the LLC in the
State of Delaware is [●]. The name of the registered agent of the LLC at such address is Corporation Service Company.

 

		3.	The name and the address of the registered agent for
service of process on the LLC in the State of Delaware is [●].

 

		4.	The period of duration of the LLC is perpetual unless
otherwise dissolved in accordance with the Limited Liability Company Agreement of the LLC.

 

		5.	This Certificate of Formation shall be effective as of
its filing.

 

IN WITNESS WHEREOF, the
undersigned has executed this Certificate of Formation of the LLC this [●] day of [●], [●].

 

	By:	 
	 	Name:  [●]
	 	Title:    [●]

  

    	 	 	Issuer LLC AgreementExhibit 10.2

 

HUDSON GLOBAL, INC.

RESTRICTED STOCK AWARD AGREEMENT

 

RESTRICTED STOCK AWARD
AGREEMENT (“Agreement”) made as of the [DAY]th day of [MONTH], [YEAR] (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 «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 “Take-out Ratio Restricted Stock”) shall vest on the determination by the Committee
that, for the year ending December 31, 201___, the [Company/Grantee’s region/Grantee’s business unit/Grantee’s
group] achieved a “target” Take-out Ratio (as defined below) of [___], provided that 80.0% to 99.9% of the shares of
Take-out Ratio Restricted Stock will vest if the Take-out Ratio is between [__] and [__] (such vesting percentage determined pro
rata for Take-out Ratio achievement within such range), and a number of shares equal to 100.1% to 120.0% of the Take-out Ratio
Restricted Stock will vest (in the case of a number of shares up to 100.0% of the Take-out Ratio Restricted Stock) or be granted
(in the case of shares in excess of 100.0% of the Take-out Ratio Restricted Stock) if the Take-out Ratio is between [___] and [___]
(such vesting percentage determined pro rata for Take-out Ratio 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 Take-out
Ratio Restricted Stock shall be deemed Restricted Stock subject to all of the terms and conditions of this Agreement;

 

(b)          25%
of the shares of Restricted Stock (the “Employee Engagement Restricted Stock”) shall vest upon the determination by
the Committee that the [Company/Grantee’s region/Grantee’s business unit/Grantee’s group] achieved for the year
ending December 31, 201__ a “target” Employee Engagement Score (as defined below) of [____%]; provided that 80.0% to
99.9% of the shares of Employee Engagement Restricted Stock will vest if the Employee Engagement Score is between [__%] and [__%]
(such vesting percentage determined pro rata for Employee Engagement Score achievement within such range), and a number of shares
equal to 100.1% to 120.0% of the Employee Engagement Restricted Stock will vest (in the case of a number of shares up to 100.0%
of the Employee Engagement Restricted Stock) or be granted (in the case of shares in excess of 100.0% of the Employee Engagement
Restricted Stock) if the Employee Engagement Score is between [__%] and [__%] (such vesting percentage determined pro rata for
Employee Engagement Score 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 Employee Engagement Restricted Stock shall be
deemed Restricted Stock subject to all of the terms and conditions of this Agreement; and

 

(c)          25%
of the shares of Restricted Stock (the “Cash Efficiency Restricted Stock”) shall vest upon the determination by the
Committee that the [Company/Grantee’s region/Grantee’s business unit/Grantee’s group] achieved for the year ending
December 31, 201__ a “target” Cash Efficiency Score (as defined below) of [____]; provided that 80.0% to 99.9% of the
shares of Cash Efficiency Restricted Stock will vest if the Cash Efficiency Score is between [___] and [___] (such vesting percentage
determined pro rata for Cash Efficiency Score achievement within such range), and a number of shares equal to 100.1% to 120.0%
of the Cash Efficiency Restricted Stock will vest (in the case of a number of shares up to 100.0% of the Cash Efficiency Restricted
Stock) or be granted (in the case of shares in excess of 100.0% of the Cash Efficiency Restricted Stock) if the Cash Efficiency
Score is between [__] and [__] (such vesting percentage determined pro rata for Cash Efficiency Score 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 Cash Efficiency Restricted Stock shall be deemed Restricted Stock subject to all of the terms and conditions
of this Agreement.

 

    	- 1 -

    	 

    

 

The
Grantee shall forfeit the number of shares of Take-out Ratio Restricted Stock, Employee Efficiency Restricted Stock and Cash Efficiency
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% of the shares of Restricted Stock shall vest on the
later of the determination of the satisfaction of the performance vesting conditions or the first anniversary of the Grant Date,
(ii) 33% of the shares of Restricted Stock shall vest on the second anniversary of the Grant Date and (iii) 34% of the shares of
Restricted Stock shall vest on the third anniversary of the Grant Date; 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)         “Take-out
Ratio” means the percentage of the direct, front line costs incurred for the year ending December 31, 201_ divided by the
gross margin for the year ending December 31, 201_, in each case as determined by the Committee.

 

(2)         “Employee
Engagement Score” means the employee engagement score for the year ending December 31, 201_, based on a survey to be conducted
by AonHewitt applying the same methodology as was applied in the employee engagement survey conducted for the prior year, as determined
by the Committee.

 

(3)         “Cash
Efficiency Score” means (i) cash flow from operations for the year ending December 31, 201_ divided by (ii) gross margin
minus selling, general and administrative expenses for the year ending December 31, 201_, 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.

 

    	- 2 -

    	 

    

 

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.

 

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:

 

    	- 3 -

    	 

    

 

(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.

 

(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.

 

(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 Company 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 Company 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.

 

    	- 4 -

    	 

    

 

(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.

 

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:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 
	 	Grantee – Signature	 
	 	 	 
	 	 	 
	 	Grantee – Print Name	 

 

    	- 5 -

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