Document:

Exhibit 10.15

 

Director Compensation Arrangements

 

Compensation of Non-Employee Directors Upon Initial Election to the Board

 

Each non-employee director will be entitled to receive a non-qualified
stock option having an aggregate Black-Scholes cash value of $120,000, rounded to the nearest 100 shares, provided that in no case
shall such stock option be less than 25,000 shares (so long as 25,000 shares are required to be granted under the equity incentive
plan of the Corporation). Such option shall be for the purchase of common stock of the Corporation and shall vest annually over
three years and be granted on the fifth business day following his or her initial election to the Board.

 

Annual Compensation of Non-Employee Directors

 

The annual retainers described herein shall each be satisfied by
the issuance of deferred stock awards of restricted stock units (each a “Retainer Award”) in accordance herewith. Each
non-employee director will be entitled to receive an annual retainer valued at $31,500. The Chairman will also be entitled to receive
an additional annual retainer valued at $31,500. Each non-employee director member of the Audit Committee will be entitled to receive
an additional annual retainer valued at $8,100. Each non-employee director member of the Compensation Committee will be entitled
to receive an additional annual retainer valued at $5,400. Each non-employee member of the Governance Committee will be entitled
to receive an additional annual retainer valued at $4,500. The Committee Chairman of the Audit Committee will be entitled to receive
an additional annual retainer valued at $16,200. The Committee Chairman of the Compensation Committee will be entitled to receive
an additional annual retainer valued at $10,800. The Committee Chairman of the Governance Committee will be entitled to receive
an additional annual retainer valued at $4,500. The Retainer Awards for individuals that are non-employee directors of the Corporation
as of the first trading day of January of the corresponding year, are granted on the first trading day of January (the “Grant
Date”) and vest quarterly over the calendar year (on each March 31, June 30, September 30 and December 31) and subject to
continued service as a non-employee director on the applicable vesting dates. The number of shares of common stock subject to a
Retainer Award is equal to the amount of cash that would have been received had the retainers all been paid in cash, divided by
the average daily closing market price of the common stock for the month of November, rounded to the nearest 100 shares.

 

In the event that a non-employee director is named Chairman or joins
any committees of the Board of Directors during a fiscal year after the Grant Date, such director shall be granted a Retainer Award
(the “Additional Retainer Award”), in relation to such additional roles and respective retainer amounts pro-rated for
the remainder of such year, on the first trading day of the month after the individual is appointed to such roles. The Additional
Retainer Award shall vest in equal amounts spread over the remaining quarterly vesting dates of the Retainer Awards for such calendar
year subject to continued service as a non-employee director on the applicable vesting dates (i.e. if the Additional Retainer Award
is granted on September 1, one half would vest on September 30 and the remaining half would vest on December 31). The number of
shares of common stock subject to an Additional Retainer Award is equal to the amount of cash that would have been received had
the retainers all been paid in cash, divided by the average daily closing market price of the common stock for the calendar month
that is two months prior to the month the director was appointed to the additional roles, rounded to the nearest 100 shares (i.e.,
the month of June if the director was appointed to the additional roles on August 15).

 

     

     

    

Each non-employee director will also be entitled to receive an equity
award having an aggregate cash value of $72,000, rounded to the nearest 100 shares, vesting fully on the earlier to occur of (i)
the date of the Corporation’s next Annual Meeting of Stockholders after the grant date, immediately prior to the commencement
of such meeting, and (ii) one year from the date of grant and granted on the fifth business day following the Corporation’s
Annual Meeting of Stockholders, with such award to be evidenced by a grant of deferred stock awards of restricted stock units.
In addition, non-employee directors shall be reimbursed for their expenses incurred in connection with attending Board and Committee
meetings.EXHIBIT 10.42

 

LIMITED CONSENT AND WAIVER

 

This LIMITED CONSENT AND WAIVER (this “Limited Consent”)
is dated as of November 1, 2016, and is effective as of October 26, 2016 and is made by and among HARVARD BIOSCIENCE, INC. (the
“Borrower”), BANK OF AMERICA N.A., as Administrative Agent (“Agent”) L/C Issuer and Lender, and BROWN BROTHERS
HARRIMAN & CO. (“BBH”).

 

Background

 

The Borrower, the Agent and BBH entered into a Second Amended and
Restated Credit Agreement dated as of March 29, 2013, as amended by First Amendment to Second Amended and Restated Credit Agreement
dated May 30, 2013 with an effective date as of April 30, 2013, as amended by Second Amendment to Second Amended and Restated Credit
Agreement and Waiver dated October 31, 2013, as amended by Third Amendment to Second Amended and Restated Credit Agreement dated
April 24, 2015, as amended by Fourth Amendment to Second Amended and Restated Credit Agreement dated June 30, 2015, as amended
by Fifth Amendment to Amended and Restated Credit Agreement dated as of November 5, 2015, as amended by Sixth Amendment to Second
Amended and Restated Credit Agreement dated as of March 9, 2016, (collectively, the “Credit Agreement”). Capitalized
terms used herein but not defined herein will have the meaning given such term in the Credit Agreement.

 

The Borrower caused its wholly-owned subsidiary, Biochrom Ltd, a
company organized under the laws of England and Wales, to sell (the “German Subsidiary Sale”) its direct and indirect
subsidiaries, AHN Acquisition GmbH and AHN Biotechnologie GmbH. The German Subsidiary Sale constituted a Disposition under the
terms of the Credit Agreement. Section 2.05(b)(i) of the Credit Agreement requires that the Net Cash Proceeds of a Disposition
be used to prepay the Loans unless reinvested under certain conditions. The Borrower has requested that the Lenders waive such
prepayment requirement in the case of the German Subsidiary Sale.

 

NOW, THEREFORE, in consideration of the promises and the agreements,
provisions and covenants herein contained, the Borrower, the Agent and the Lenders hereby agree as follows:

 

1.                 
Limited Consent and Waiver; Covenant. Upon satisfaction of the conditions precedent contained in Section 2 below,
the Lenders hereby waive the requirement that the Net Cash Proceeds of the German Subsidiary Sale (the “German Subsidiary
Sale Proceeds”) be used to prepay the Loans or to be reinvested as provided in Section 2.05(b)(i) of the Credit Agreement.
The foregoing waiver of the application of the German Subsidiary Sale Proceeds is limited to the application of the German Subsidiary
Sale Proceeds and to no other matter. By providing the forgoing waiver the Lenders are not agreeing to provide any waivers or consents
in the future.

 

The parties agree that the references in the text of Section 2.05(b)(i)
of the Credit Agreement, in two places, to “Section 2.05(b)(ii)” shall be deemed to be to “Section 2.05(b)(i).”

 

2.                 
Conditions Precedent. The following conditions shall be satisfied as conditions precedent hereto:

 

(a)               
the Borrower shall have delivered to the Agent a fully executed counterpart of this Limited Consent;

 

(b)              
the Borrower shall have paid all fees, costs and expenses owing to the Agent and its counsel on or before the date hereof;
and

 

     

     

    

(c)               
the Lenders shall have indicated their consent and agreement by executing this Limited Consent.

 

3.                 
Miscellaneous.

 

(a)               
Expenses of the Agent. As provided in the Credit Agreement, the Borrower agrees to pay all reasonable costs
and expenses incurred by the Agent in connection with the preparation, negotiation, and execution of this Limited Consent, including
without limitation, the reasonable costs and fees of the Agent’s legal counsel.

 

(b)              
Applicable Law. This Limited Consent shall be governed by and construed in accordance with the laws of The
Commonwealth of Massachusetts and the applicable laws of the United States of America.

 

(c)               
Counterparts. This Limited Consent may be executed in one or more counterparts and on facsimile counterparts,
each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and
the same agreement.

 

(d)              
ENTIRE AGREEMENT. THIS LIMITED CONSENT EMBODIES THE ENTIRE AGREEMENT AMONG THE PARTIES HERETO WITH RESPECT
TO THE SUBJECT MATTER THEREOF, AND SUPERSEDES ANY AND ALL PRIOR REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING
TO THIS LIMITED CONSENT. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF.

 

 

 

[Remainder of Page Intentionally Left Blank]

 

     

     

    

IN WITNESS WHEREOF, this Limited Consent is effective as of October
26, 2016.

 

BORROWER

 

HARVARD BIOSCIENCE, INC.

 

 

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Chief Financial Officer

 

 

 

AGENT

 

BANK OF AMERICA, N.A., as Agent

 

 

 

By: /s/ Renee Marion

Name: Renee Marion

Title: Assistant Vice President

 

 

 

LENDERS

 

BANK OF AMERICA, N.A., as a Lender

 

 

 

By: /s/ Peter McCarthy

Name: Peter McCarthy

Title: Senior Vice President

 

 

 

BROWN BROTHERS HARRIMAN & CO., as a Lender

 

 

 

By: /s/ Daniel G. Head, Jr. 

Name: Daniel G. Head, Jr.

Title: Senior Vice President

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