Document:

EXHIBIT 4.4

                            EZCHIP SEMICONDUCTOR LTD.
                             2009 ISRAEL EQUITY PLAN

This Plan, as amended from time to time, shall be known as the EZchip
Semiconductor Ltd. 2009 Israel Equity Plan (the "PLAN").

1.   PURPOSE OF THE PLAN

     The Plan is intended to grant Participants (as defined below) options to
     purchase Ordinary Shares, par value NIS 0.02 per share, of EZchip
     Semiconductor Ltd. (the "COMPANY").

2.   DEFINITIONS

     For purposes of the Plan and related documents, including the Option
     Agreement, the following definitions shall apply:

     2.1  "ADMINISTRATOR" means the Board or any of its Committees as shall be
          administering the Plan, in accordance with Section 3 of the Plan.

     2.2  "AFFILIATE" means, with respect to the Company, any person or entity
          controlling, controlled by or under common control with the Company.

     2.3  "ARTICLES OF ASSOCIATION" means the Company's Articles of Association,
          as shall be amended by the Company from time to time.

     2.4  "BOARD" means the Board of Directors of the Company.

     2.5  "CAUSE" means (i) conviction of any felony involving moral turpitude
          or affecting the Company; (ii) any refusal to carry out a reasonable
          directive of the CEO which involves the business of the Company or its
          subsidiaries and was capable of being lawfully performed; (iii)
          embezzlement of funds of the Company or its subsidiaries; (iv) any
          breach of the Participant's fiduciary duties or duties of care of the
          Company, including without limitation disclosure of confidential
          information of the Company; and (v) any conduct (other than conduct in
          good faith) reasonably determined by the Administrator to be
          materially detrimental to the Company.

     2.6  "COMMITTEE" means a committee appointed by the Board in accordance
          with Section 3, which shall consist of no fewer than two members of
          the Board.

     2.7  "COMPANY" means EZchip Semiconductor Ltd., an Israeli company.

     2.8  "COMPANIES LAW" means the Israeli Companies Law 5759-1999 as in effect
          from time to time and any successor act or regulation, as in effect
          from time to time.

     2.9  "DATE OF GRANT" means, the date of grant of an Option, as determined
          by the Administrator and set forth in the Participant's Option
          Agreement.

     2.10 "EMPLOYEE" means a person who is employed by the Company or its
          Affiliates or provides services to the Company or its Affiliates as a
          consultant, including an individual who is serving as a director.

     2.11 "EXPIRATION DATE" means the date upon which an Option shall expire, as
          set forth in Section 8.2 of the Plan.

<PAGE>

     2.12 "FAIR MARKET VALUE" means as of any date, the value of a Share
          determined as follows:

          (i) If the Shares are listed on any established stock exchange or a
     national market system, including without limitation the NASDAQ Global
     Market system or the NASDAQ Capital Market, the Fair Market Value shall be
     the closing sales price for such Shares (or the closing bid, if no sales
     were reported), as quoted on such exchange or system for the last market
     trading day prior to time of determination, as reported in the Wall Street
     Journal, or such other source as the Administrator deems reliable;

          (ii) If the Shares are regularly quoted by a recognized securities
     dealer but selling prices are not reported, the Fair Market Value shall be
     the mean between the high bid and low asked prices for the Shares on the
     last market trading day prior to the day of determination; or

          (iii) In the absence of an established market for the Shares, the Fair
     Market Value thereof shall be determined in good faith by the
     Administrator.

     2.13 "OPTION" means an option to purchase one or more Shares of the Company
          pursuant to the Plan.

     2.14 "OPTION AGREEMENT" means the agreement setting forth the terms and
          provisions applicable to each Option granted under the Plan. The
          Option Agreement is subject to the terms and conditions of the Plan.

     2.15 "ORDINANCE" means the Israeli Income Tax Ordinance (New Version),
          1961, as now in effect and as thereafter amended from time to time and
          the regulations, rules and orders of procedure promulgated thereunder
          from time to time.

     2.16 "PARTICIPANT" means an Employee or a former Employee of the Company or
          EZchip Technologies Ltd. ("EZCHIP TECHNOLOGIES") that was granted an
          Option under the Plan in return for his/her outstanding options to
          purchase Ordinary Shares, par value NIS 0.01 per share, of EZchip
          Technologies.

     2.17 "PURCHASE PRICE" means the price for each Share subject to an Option.

     2.18 "SHARE" means the Ordinary Shares, par value NIS 0.02 per share, of
          the Company.

     2.19 "SUCCESSOR COMPANY" means any entity the Company is merged to or is
          acquired by, in which the Company is not the surviving entity.

     2.20 "TRANSACTION" means (i) spin-off, merger, consolidation, amalgamation,
          acquisition or reorganization of the Company with one or more other
          entities in which the Company is not the surviving entity, (ii) a sale
          of all or substantially all of the assets of the Company.

     2.21 "VESTING DATES" means, as determined by the Administrator, the date as
          of which the Participant shall be entitled to exercise the Options or
          part of the Options, as set forth in Section 9 of the Plan.

                                       2
<PAGE>

3.   ADMINISTRATION OF THE PLAN

     The Plan shall be administered by (A) the Board or (B) a Committee, which
     Committee shall be constituted to satisfy applicable law and the Company's
     Articles of Association. Notwithstanding the above, the Board shall
     automatically have a residual authority if no Committee shall be
     constituted or if such Committee shall cease to operate for any reason
     whatsoever.

     The Committee shall select one of its members as its chairman and shall
     hold its meetings at such times and places as the chairman shall determine.
     The Committee shall keep records of its meetings and shall make such rules
     and regulations for the conduct of its business as it shall deem advisable.

     Any member of such Committee shall be eligible to receive Options under the
     Plan while serving on the Committee, unless otherwise specified herein.

     Subject to the provisions of the Plan, and in the case of a Committee,
     subject to the specific duties delegated by the Board to such Committee,
     the Administrator shall have full power and authority (i) to designate
     Participants; (ii) to determine the terms and provisions of respective
     Option Agreements (which need not be identical) including, but not limited
     to, the number of Shares in the Company to be covered by each Option,
     provisions concerning the time or times when and the extent to which the
     Options may be exercised and the nature and duration of restrictions as to
     transferability or restrictions constituting substantial risk of
     forfeiture; (iii) to accelerate the right of a Participant to exercise, in
     whole or in part, any previously granted Option; (iv) to determine the Fair
     Market Value of the Shares covered by each Option; (v) to amend and rescind
     any restrictions and conditions relating to the Plan and to any Options or
     Shares subject to any Options; (vi) to interpret the provisions and
     supervise the administration of the Plan; and (vii) to determine any other
     matter which is necessary or desirable for, or incidental to administration
     of the Plan.

     The Administrator shall have the authority to grant, at its discretion, to
     the holder of an outstanding Option, in exchange for the surrender and
     cancellation of such Option, a new Option having a purchase price equal to,
     lower than or higher than the purchase price provided in the Option so
     surrendered and canceled, and containing such other terms and conditions as
     the Administrator may prescribe in accordance with the provisions of the
     Plan.

     Subject to the Company's Articles of Association, all decisions and
     selections made by the Administrator pursuant to the provisions of the Plan
     shall be made by a majority of its members except that no member of the
     Administrator shall vote on, or be counted for quorum purposes, with
     respect to any proposed action of the Administrator relating to any Option
     to be granted to that member. Any decision reduced to writing shall be
     executed in accordance with the provisions of the Articles of Association.

     The interpretation and construction by the Administrator of any provision
     of the Plan or of any Option thereunder shall be final and conclusive
     unless otherwise determined by the Board.

     Subject to the Articles of Association and the Company's decision, and to
     all approvals legally required, including, but not limited to the
     provisions of the Companies Law, each member of the Board or the Committee
     shall be indemnified and held harmless by the Company against any cost or
     expense (including counsel fees) reasonably incurred by him, or any
     liability (including any sum paid in settlement of a claim with the
     approval of the Company) arising out of any act or omission to act in
     connection with the Plan unless arising out of such member's own fraud or
     bad faith, to the extent permitted by applicable law. Such indemnification
     shall be in addition to any rights of indemnification the member may have
     as a director or otherwise under the Articles of Association, any
     agreement, any vote of shareholders or disinterested directors, insurance
     policy or otherwise.

                                       3
<PAGE>

4.   DESIGNATION OF PARTICIPANTS

     The persons eligible for participation in the Plan as Participants shall
     include any Employees and former Employees of the Company and EZchip
     Technologies who hold outstanding options to purchase Ordinary Shares, par
     value NIS 0.01 per share, of EZchip Technologies.

5.   SHARES RESERVED FOR THE PLAN; RESTRICTION THEREON

     5.1  Subject to adjustments as set forth in Section 5 below, a total of
          2,500,000 Shares shall be reserved and authorized for the purpose of
          the Plan. Any Shares which remain unissued and which are not subject
          to outstanding Options at the termination of the Plan shall cease to
          be reserved for the purpose of the Plan, but until termination of the
          Plan the Company shall at all times reserve sufficient number of
          Shares to meet the requirements of the Plan. Any Shares subject to
          Options shall be counted against the numerical limits of this Section
          5.1 as one Share for every Share subject thereto.

     5.2  Each Option granted pursuant to the Plan shall be evidenced by a
          written Option Agreement between the Company and the Participant, in
          such form as the Administrator shall from time to time approve. Each
          Option Agreement shall state, among other matters, the number of
          Shares to which the Option relates, the vesting dates, the Purchase
          Price per share, the Expiration Date and such other terms and
          conditions as the Administrator in its discretion may prescribe,
          provided that they are consistent with this Plan.

6.   PURCHASE PRICE

     6.1  The Purchase Price of each Share subject to an Option or any portion
          thereof shall be determined by the Administrator in its sole and
          absolute discretion in accordance with applicable law, subject to any
          guidelines as may be determined by the Board from time to time.

     6.2  The Purchase Price shall be payable upon the exercise of the Option in
          a form satisfactory to the Administrator, including without limitation
          by cash or check. The Administrator shall have the authority to
          postpone the date of payment on such terms as it may determine.

7.   ADJUSTMENTS

     Upon the occurrence of any of the following described events, Participant's
     rights to purchase Shares under the Plan shall be adjusted as hereafter
     provided:

     7.1  In the event of a Transaction, the unexercised Options then
          outstanding under the Plan shall be assumed or substituted for the
          Shares subject to the unexercised portions of such outstanding Options
          for an appropriate number of shares of each class of shares or other
          securities of the Successor Company (or a parent or subsidiary of the
          Successor Company) as were distributed to the shareholders of the
          Company in respect of the Transaction, and appropriate adjustments
          shall be made in the Purchase Price per share to reflect such action,
          and all other terms and conditions of the Option Agreements, such as
          the Vesting Dates, shall remain in force, all as will be determined by
          the Administrator, whose determination shall be final.

                                       4
<PAGE>

     7.2  Notwithstanding the above and subject to any applicable law, the
          Administrator shall have full power and authority to determine that in
          certain Option Agreements there shall be a clause instructing that, if
          in any such Transaction as described in Section 7.1 above, the
          Successor Company (or parent or subsidiary of the Successor Company)
          does not agree to assume or substitute for the Options, the Vesting
          Dates shall be accelerated so that any unvested Option or any portion
          thereof shall be immediately vested as of the date which is ten (10)
          days prior to the effective date of the Transaction.

     7.3  For the purposes of Section 7.1 above, an Option shall be considered
          assumed or substituted if, following the Transaction, the Option
          confers the right to purchase or receive, for each Share underlying an
          Option immediately prior to the Transaction, the consideration
          (whether shares, options, cash, or other securities or property)
          received in the Transaction by holders of shares held on the effective
          date of the Transaction (and if such holders were offered a choice of
          consideration, the type of consideration chosen by the holders of a
          majority of the outstanding shares); provided, however, that if such
          consideration received in the Transaction is not solely ordinary
          shares (or their equivalent) of the Successor Company (or its parent
          or subsidiary), the Administrator may, with the consent of the
          Successor Company, provide for the consideration to be received upon
          the exercise of the Option to be solely ordinary shares (or their
          equivalent) of the Successor Company (or its parent or subsidiary)
          equal in Fair Market Value to the per Share consideration received by
          holders of a majority of the outstanding shares in the Transaction;
          and provided further that the Administrator may determine, in its
          discretion, that in lieu of such assumption or substitution of Options
          for options of the Successor Company or its parent or subsidiary, such
          Options will be substituted for any other type of asset or property
          including cash which is fair under the circumstances.

     7.4  If the Company is voluntarily liquidated or dissolved while
          unexercised Options remain outstanding under the Plan, the Company
          shall immediately notify all unexercised Option holders of such
          liquidation, and the Option holders shall then have ten (10) days to
          exercise any unexercised Option held by them at that time, without
          regard to their Vesting Dates, in accordance with the exercise
          procedure set forth herein. Upon the expiration of such ten-day
          period, all remaining outstanding Options will terminate immediately.

                                       5
<PAGE>

     7.5  If the outstanding shares of the Company shall at anytime be changed
          or exchanged by declaration of a share dividend, share split,
          combination or exchange of shares, recapitalization, or any other like
          event by or of the Company, and as often as the same shall occur, then
          the number, class and kind of Shares subject to this Plan or subject
          to any Options theretofore granted, and the Purchase Prices, shall be
          appropriately and equitably adjusted so as to maintain the
          proportionate number of Shares without changing the aggregate Purchase
          Price, provided, however, that no adjustment shall be made by reason
          of the distribution of subscription rights (rights offering) on
          outstanding shares. Upon occurrence of any of the foregoing, the class
          and aggregate number of Shares issuable pursuant to the Plan (as set
          forth in Section 5 hereof), in respect of which Options have not yet
          been exercised, shall be appropriately adjusted, all as will be
          determined by the Administrator whose determination shall be final.

8.   TERM AND EXERCISE OF OPTIONS

     8.1  Options shall be exercised by the Participant by giving written notice
          to the Company, in such form and method as may be determined by the
          Company, which exercise shall be effective upon receipt of such notice
          by the Company at its principal office and payment of the Purchase
          Price. The notice shall specify the number of Shares with respect to
          which the Option is being exercised.

     8.2  Options, to the extent not previously exercised, shall terminate
          forthwith upon the earlier of: (i) the date set forth in the Option
          Agreement, but no later than ten (10) years from the Date of Grant;
          and (ii) the expiration of any extended period in any of the events
          set forth in Section 8.5 below (the "EXPIRATION DATE").

     8.3  The Options may be exercised by the Participant in whole at any time
          or in part from time to time, to the extent that the Options become
          vested and exercisable, prior to the Expiration Date, and provided
          that, subject to the provisions of Section 8.5 below, the Participant
          is an employee of the Company or providing services to the Company, or
          any of its Affiliates, at all times during the period beginning with
          the granting of the Option and ending upon the date of exercise.

     8.4  Subject to the provisions of Section 8.5 below and unless otherwise
          determined in the Participant's Option Agreement, in the event of
          termination of Participant's employment or services, with the Company
          or any of its Affiliates, all Options granted to him will immediately
          terminate. A notice of termination of employment or service shall be
          deemed to constitute termination of employment or service. For the
          avoidance of doubt, in case of such termination of employment or
          service, the unvested portion of the Participant's Option shall not
          vest and shall not become exercisable.

     8.5  Notwithstanding anything to the contrary herein above and unless
          otherwise determined in the Participant's Option Agreement, an Option
          may be exercised after the date of termination of the Participant's
          employment or service with the Company or any of its Affiliates during
          an additional period of time beyond the date of such termination, but
          only with respect to the number of Options already vested at the time
          of such termination according to the Vesting Dates of the Options, if:

          (i)  prior to the date of such termination, the Administrator shall
               authorize an extension of the terms of all or part of the Options
               beyond the date of such termination for a period not to exceed
               the period during which the Options by their terms would
               otherwise have been exercisable;

                                       6
<PAGE>

          (ii) termination is without Cause, in which event any Options still in
               force and unexpired may be exercised within a period of ninety
               (90) days from the date of such termination, but only with
               respect to the number of shares purchasable at the time of such
               termination, according to the Vesting Dates of the Options; or

          (iii) termination is the result of death or disability of the
               Participant, in which event any Options still in force and
               unexpired may be exercised within a period of twelve (12) months
               after the date of termination, but only with respect to the
               number of Options already vested at the time of such termination
               according to the Vesting Dates of the Options.

          For avoidance of any doubt, if termination of employment or service is
          for Cause, any outstanding unexercised Option (whether vested or
          non-vested), will immediately expire and terminate, and the
          Participant shall not have any right in connection to such outstanding
          Options.

     8.6  The holders of Options shall not have any of the rights or privileges
          of shareholders of the Company in respect of any Shares purchasable
          upon the exercise of any part of an Option, nor shall they be deemed
          to be a class of shareholders or creditors of the Company for purpose
          of the operation of Sections 350 and 351 of the Companies Law or any
          successor to such section, until registration of the Participant as
          holder of such Shares in the Company's register of shareholders upon
          exercise of the Option in accordance with the provisions of the Plan.

     8.7  Any form of Option Agreement authorized by the Plan may contain such
          other provisions, as the Administrator may, from time to time, deem
          advisable.

9.   VESTING OF OPTIONS

     Subject to provisions of this Plan, each Option shall vest following the
     Vesting Dates and for the number of Shares as shall be provided in the
     Option Agreement. However, no Option shall be exercisable after the
     Expiration Date.

     An Option may be subject to such other terms and conditions on the time or
     times when it may be exercised as the Administrator may deem appropriate.
     The vesting provisions of individual Option may vary.

                                       7
<PAGE>

10.  PURCHASE FOR INVESTMENT

     The Company's obligation to issue or allocate Shares upon exercise of an
     Option granted under the Plan is expressly conditioned upon (a) the
     Company's completion of any registration or other qualifications of such
     Shares under all applicable laws, rules and regulations or (b)
     representations and undertakings by the Participant (or his legal
     representative, heir or legatee, in the event of the Participant's death)
     to assure that the sale of the Shares complies with any registration
     exemption requirements which the Company in its sole discretion shall deem
     necessary or advisable. Such required representations and undertakings may
     include representations and agreements that such Participant (or his legal
     representative, heir, or legatee): (x) is purchasing such Shares for
     investment and not with any present intention of selling or otherwise
     disposing thereof; and (y) agrees to have placed upon the face and reverse
     of any certificates evidencing such Shares a legend setting forth (i) any
     representations and undertakings which such Participant has given to the
     Company or a reference thereto and (ii) that, prior to effecting any sale
     or other disposition of any such Shares, the Participant must furnish to
     the Company an opinion of counsel, satisfactory to the Company, that such
     sale or disposition will not violate the applicable requirements of any
     applicable laws

11.  DIVIDENDS

     With respect to all Shares (in contrary to unexercised Options) issued upon
     the exercise of Options purchased by the Participant, the Participant shall
     be entitled to receive dividends distributed with respect to the Shares,
     subject to the Articles of Association and subject to any applicable
     taxation on distribution of dividends.

12.  RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS

     No Option or any right with respect thereto, purchasable hereunder, whether
     fully paid or not, shall be assignable, transferable or given as collateral
     or any right with respect to them given to any third party whatsoever, and
     during the lifetime of the Participant each and all of such Participant's
     rights to purchase Shares hereunder shall be exercisable only by the
     Participant.

     Any such action made directly or indirectly, for an immediate validation or
     for a future one, shall be void.

13.  TERM OF THE PLAN

     The Plan shall be effective as of the day it was adopted by the Board and
     shall terminate at the end of ten (10) years from such day of adoption.

     The Company shall obtain such corporate approvals as shall be necessary
     under applicable law for the adoption of this Plan or for any amendment to
     this Plan.

14.  AMENDMENTS OR TERMINATION

     The Board may, at any time and from time to time, amend, alter, suspend,
     discontinue or terminate the Plan. No amendment, alteration, suspension,
     discontinuance or termination of the Plan shall impair the rights of any
     Participant, unless mutually agreed otherwise between the Participant and
     the Company, which agreement must be in writing and signed by the
     Participant and the Company. Termination of the Plan shall not affect the
     Administrator's ability to exercise the powers granted to it hereunder with
     respect to Options granted under the Plan prior to the date of such
     termination.

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<PAGE>

15.  GOVERNMENT REGULATIONS

     The Plan, and the granting and exercise of Options hereunder, and the
     obligation of the Company to sell and deliver Shares or cash under such
     Options, shall be subject to all applicable laws, rules, and regulations,
     whether of the State of Israel or of the United States or any other State
     having jurisdiction over the Company and the Participant, including the
     registration of the Shares under the United States Securities Act of 1933,
     as amended, and the Ordinance and to such approvals by any governmental
     agencies or national securities exchanges as may be required. Nothing
     herein shall be deemed to require the Company to register the Shares under
     the securities laws of any jurisdiction.

16.  GOVERNING LAW & JURISDICTION

     This Plan shall be governed by and construed and enforced in accordance
     with the laws of the State of Israel applicable to contracts made and to be
     performed therein, without giving effect to the principles of conflict of
     laws. The competent courts of Tel-Aviv, Israel shall have sole jurisdiction
     in any matters pertaining to this Plan.

17.  TAX CONSEQUENCES

     Any tax consequences arising from the grant or exercise of any Option, from
     the payment for Shares covered thereby or from any other event or act (of
     the Company and/or, its Affiliates or the Participant), hereunder, shall be
     borne solely by the Participant. The Company and/or its Affiliates shall
     withhold taxes according to the requirements under the applicable laws,
     rules, and regulations, including withholding taxes at source. Furthermore,
     the Participant shall agree to indemnify the Company and/or its Affiliates
     and hold them harmless against and from any and all liability for any such
     tax or interest or penalty thereon, including without limitation,
     liabilities relating to the necessity to withhold, or to have withheld, any
     such tax from any payment made to the Participant.

     As a condition to the exercise of the Options, sale or transfer of an
     Option or Share, the Participant shall make such arrangements as the
     Administrator may require for the satisfaction of any federal, state, local
     or foreign withholding tax and any other payment obligations that may arise
     in connection with such exercise, sale or transfer. The Participantshall
     also make such arrangements as the Administrator may require for the
     satisfaction of any federal, state, local or foreign withholding tax and
     any other payment obligations that may arise in connection with the
     disposition of Shares acquired by exercising an Option.

     The Company shall not be required to release any Share certificate to a
     Participant until all required payments have been fully made.

18.  NON-EXCLUSIVITY OF THE PLAN

     The adoption of the Plan by the Board shall not be construed as amending,
     modifying or rescinding any previously approved arrangements or as creating
     any limitations on the power of the Board to adopt such other arrangements
     as it may deem desirable.

19.  MULTIPLE AGREEMENTS

     The terms of each Option may differ from other Options granted under the
     Plan at the same time, or at any other time.

                                       9DC8071.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
Exhibit 10.1

	
KAI LINDEVALL 

EMPLOYMENT AGREEMENT

     THIS AGREEMENT (the “Agreement”), made as of the 1st day of January, 2010 (the “Effective Date”), by and between Encorium Oy, a Finnish corporation (the “Company”), Encorium Group, Inc, a
Delaware corporation 

(“Encorium”), and Kai Lindevall (“Executive”). 

     WHEREAS, Executive has previously served the Company and Encorium pursuant to an Employment Agreement, dated November 1, 2006; which Employment Agreement has now expired; and 

     WHEREAS, the Company and Encorium wish to continue Executive’s employment with the Company and Encorium pursuant to this Agreement. 

     NOW THEREFORE, in consideration of these premises and the mutual promises contained herein, and intending to be legally bound hereby, the parties agree as follows: SECTION 1. Definitions. Capitalized terms used herein will have the meanings set forth in the preamble of this Agreement, or as set forth below:

	
1.1.      		
“Base Salary” means the annual salary to be paid to Executive in a given year.	
	 
	
1.2.      		
“Benefits” means the employee benefits described in Section 4.2.	
	 
	
1.3.      		
“Board” means the Board of Directors of the Company.	
	 
	
1.4.      		
“Cause” exists when the Board determines that the Executive has: (a) engaged in gross negligence or willful	
	 

misconduct with respect to, the Company or any of its affiliates or subsidiaries, including (without limitation) fraud, embezzlement, theft, or dishonesty in the course of his employment or engagement; (b) been convicted of
a criminal offense punishable by at least one year’s imprisonment with respect to which the period of appeal has expired; (c) materially breached any agreement with or fiduciary duty owed to the Company and has not cured that breach within
fifteen (15) days after delivery of notice thereof; (d) refused to follow the lawful and reasonable directives of the Board and has not cured such refusal within fifteen (15) days after delivery of notice thereof; (e) engaged or in any matter
participated in any activity which is directly competitive with or intentionally injurious to the Company or any of its affiliates or which violates any material provisions of Section 5 hereof, without authorization from the Company; or 

	
(f)      		
engaged in alcohol abuse or use of controlled drugs (other than in accordance with a physician’s prescription). 1.5. “Competing Business” means the business of providing, on a contract basis, pharmaceutical research	
	 

development and research management, the design and management of clinical trials for pharmaceutical, biotechnology and medical device businesses, the design and writing of clinical development reports and programs and/or
the management of the global regulatory submission process for pharmaceutical, biotechnology and medical device products. A pharmaceutical, biotechnology or medical device company is not a Competing Business for purposes of this Agreement, provided
that it does not engage in the above-described activities on a contract basis for others. 

     1.6. “Disability” means the Executive’s inability with or without reasonable accommodation (as determined
by a licensed physician) to satisfactorily perform his duties by reason of physical or mental illness or incapacity for a period of at least 120 days during any 12 month period (whether or not consecutive). 

     1.7. “Good Reason” means any of the following, unless made with the prior written consent of Executive: (a) a
material, adverse change in Executive’s title, authority or duties, (b) a failure by the Company or Encorium to pay to Executive any amount due to him under this Agreement for more than 10 days after written notice of such non-payment has been
delivered to the Company or Encorium; (c) any other material breach by the Company or Encorium of this Agreement or any other agreement between Executive and the Company or Encorium, which breach has not been cured within 10 days following the
delivery of written notice thereof to the Company or Encorium, or (d) requiring Executive to perform his duties from a location other than the Company’s principal administrative offices in Espoo, Finland for more than an aggregate of thirty
(30) days in any 12-month period. 

     1.8. “Intellectual Property” means (a) all inventions (whether patentable or unpatentable and whether or not
reduced to practice), all improvements thereto, and all patents, (b) all trademarks, service marks, trade dress, logos, trade names, fictitious names, brand names, brand marks and corporate names, together with all translations, adaptations,
derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations, and renewals in connection therewith, (c) all copyrightable works, all copyrights, and all applications, 

registrations, and renewals in connection therewith, (d) all mask works and all applications, registrations, and renewals in connection therewith, (e) all trade secrets and confidential business information (including
ideas, research and development, know-how, formulas, compositions, manufacturing and production processes and techniques, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information, and business and
marketing plans and proposals), (f) all computer software (including data, source codes and related documentation), (g) all other proprietary rights, (h) all copies and tangible embodiments thereof (in whatever form or medium), or similar intangible
personal property which have been or are developed or created in whole or in part by Executive (1) at any time and at any place while Executive is employed by Company and which, in the case of any or all of the foregoing, are related to and useful
in connection with the business of the Company, or (2) as a result of tasks assigned to Executive by the Company. 

     1.9. “Proprietary Information” means confidential, proprietary, business and technical information or trade
secrets of the Company or of any subsidiary or affiliate of the Company. Such Proprietary Information shall include, but shall not be limited to, the following items and information relating to the following items: (a) computer codes or instructions
(including source and object code listings, program logic algorithms, subroutines, modules or other subparts of computer programs and related documentation, including program notation), computer processing systems and techniques, all computer inputs
and outputs (regardless of the media on which stored or located), hardware and software configurations, designs, architecture and interfaces, (b) business research, studies, procedures and costs, (c) financial data, (d) distribution methods, (e)
marketing data, methods, plans and efforts, (f) the identities of the Company’s relationship(s) with actual and prospective customers, contractors and suppliers, (g) the terms of contracts and agreements with customers, contractors and
suppliers, (h) the needs and requirements of, and the Company’s course of dealing with, actual or prospective customers, contractors and suppliers, (i) personnel information, and (j) customer and vendor credit information. Failure by the
Company to mark any of the Proprietary Information as confidential or proprietary shall not affect its status as Proprietary Information under the terms of this Agreement. 

	
1.10.      		
“Restricted Period” means the Term plus the one-year period following the Term.	
	 
	
1.11.      		
“Restrictive Covenants” means the provisions contained in Section 5.1 of this Agreement.	
	 
	
1.12.      		
“Severance Period” means the period from the date that Executive’s employment is terminated until the end	
	 

of the nine-month period thereafter, provided, however, that no severance is in any event payable beyond the date when the original 18-month Term provided in Section 1.13(a) ends.

     1.13. “Term” means the period beginning on the date hereof and ending on the earlier of: (a) the 18-month
anniversary of the date hereof, or (b) the date that Executive’s employment with the Company is terminated for any reason. 

SECTION 2. Duration of Agreement; Duties. During the Term, Executive shall serve as the
Company’s and Encorium’s Chief Executive Officer, and shall devote his best efforts and full business time, abilities and services to the Company and Encorium to
perform such duties as may be customarily incident to such position and as may reasonably be assigned from time to time by the Board. Executive shall report to the Boards of the Company and Encorium. Executive will render his services hereunder to
the Company and its affiliates and shall use his best efforts, judgment and energy in the performance of the duties assigned to him. Executive will perform his duties primarily in Finland; provided, however,
that Executive will travel for business purposes at such times and to such places as reasonably requested by the Company or Encorium. Executive shall not, without the prior written consent of the Board, directly
or indirectly engage in any other business activities or pursuits, except activities in connection with charitable activities or passive personal investments, provided that such activities do not interfere with his performance of responsibilities
under this Agreement and the obligations in Section 5. The Board has approved Executive’s participation in the activities listed in Exhibit A hereto. 

SECTION 3. Annual Salary. Executive hereby agrees to accept, as compensation for all services
rendered by Executive in any capacity hereunder and for the Restrictive Covenants made by Executive in Section 5 hereof, an initial Base Salary at an annual rate of EUR196,000,
for the period from the Effective Date through the end of the Term. The Base Salary shall be inclusive of all applicable income, social security and other taxes and charges which are required by law to be withheld from Executive’s wages by the
Company, and which shall be withheld and paid in accordance with the Company’s normal payroll practices for its similarly situated employees from time to time in effect. The Board of Directors may adjust the salary after consultation with
Executive following the completion of the audit for each fiscal year.

	
SECTION 4. Bonuses; Benefits.

	
2

     4.1. Annual Bonus. For fiscal year 2010, Executive will be eligible to receive a bonus upon the achievement of specified
corporate financial performance goals, as described in Exhibit B hereto. For subsequent fiscal years, the Board of Directors of Encorium shall determine the bonus, if any, to
be paid to Executive and the performance objectives pertaining thereto.

     4.2. Benefits. Executive will be entitled to participate in any benefit plans or arrangements sponsored or maintained by
the Company from time to time voluntarily or as required by Finnish law for its senior executives, subject to the terms and conditions of such plans, arrangements or mandatory Finnish law. Without limiting the generality of the foregoing, Executive
shall be entitled to retain the same number of weeks of paid vacation per year as currently provided. The Company shall also retain Executive’s current life insurance providing death benefits to Executive’s designee(s) and reimburse
Executive for health care at specialist doctors of Executive’s own choosing. The Company shall retain Executive’s current car benefit up to a maximum of EUR 1,025 per month. Due to the senior position to be held by Executive, Executive
shall not be entitled to overtime pay or increased pay for working on weekends or holidays.

     4.3. Equity Incentives. From time to time, Encorium’s Board of Directors will review the performance of the Company
and Executive and, in its sole discretion, may grant stock options, shares of restricted stock or other equity-based incentives to Executive to reward extraordinary performance and/or to encourage Executive’s future efforts on behalf of the
Company, provided, however, that Executive shall participate in such equity-based incentives together with Encorium’s other senior executives. 

SECTION 5. Non-Compete; Confidentiality; Non-Solicitation. In consideration for entering this
Agreement and the amounts which Executive has, shall or may receive from the Company pursuant to Sections 3, 4 and 6 hereof, and except as otherwise provided in Section 6.2 hereof, Executive agrees to be bound by the Restrictive Covenants set forth in this Section 5. 

	 	
5.1. Restrictive Covenants.

     (a) Non-Compete. Executive shall not, during the Restricted Period, in the United States or any other place where the
Company, its subsidiaries or affiliates conduct business, directly or indirectly (except in Executive’s capacity as an employee of the Company, and in the best interests of the Company) do any of the following without the prior written consent
of the Board: 

	
(i)      		
engage or participate in any Competing Business;	
	 
	
(ii)      		
become interested in (as owner, stockholder, lender, partner, co-venturer, director, officer, employee,	
	 

agent or consultant) any person, firm, corporation, association or other entity engaged in any Competing Business. Notwithstanding the foregoing, Executive may hold up to 2% of the outstanding securities of any class of any
publicly-traded securities of any company; (iii) solicit or call on, either directly or indirectly, for purposes of selling services competitive with services sold by the Company, any customer with whom the Company shall have dealt or any
prospective customer that the Company shall have identified and solicited at any time during Executive’s employment by the Company; (iv) influence or attempt to influence any supplier, customer or potential customer of the Company to terminate
or modify any written or oral agreement or course of dealing with the Company; or (v) influence or attempt to influence any person to either (A) terminate or modify any employment, consulting, agency, distributorship or other arrangement with the
Company, or (B) employ or retain, or arrange to have any other person or entity employ or retain, any person who has been employed or retained by the Company as an employee, consultant, agent or distributor of the Company at any time during the
Restricted Period until the expiration of twelve (12) months from the date such person ceases to have been employed or retained by the Company. 

     (b) Confidentiality. Executive recognizes and acknowledges that the Proprietary Information is a valuable, special and
unique asset of the business of the Company and Encorium. As a result, both during the Term and thereafter, Executive shall not, without the prior written consent of the Company, for any reason either directly or indirectly divulge to any third
party or use for his own benefit, or for any purpose other than the exclusive benefit of the Company, any Proprietary Information revealed, obtained or developed in the course of his employment by the Company; provided, however, that nothing herein contained shall restrict Executive’s ability to make such disclosures during the Term as may be necessary or appropriate to the effective and efficient
discharge of his duties as an employee hereunder or as such disclosures may be required by law. If Executive or any of his representatives become legally compelled to disclose any of the Proprietary Information, Executive will provide the Company
with prompt written notice so that the Company may seek a protective order or other appropriate remedy. 

	
3

	
(c)      		
Property.	
	 
	 	
(i) All right, title and interest in and to Proprietary Information shall be and remain the sole and exclusive	
	 

property of the Company. During the Term, Executive shall not remove from the Company’s offices or premises any documents, records, notebooks, files, correspondence, reports, memoranda or similar materials of or
containing Proprietary Information, or other materials or property of any kind belonging to the Company unless necessary or appropriate in accordance with the duties and responsibilities required by or appropriate for his position and, in the event
that such materials or property are removed, all of the foregoing shall be returned to their proper files or places of safekeeping as promptly as possible after the removal shall serve its specific purpose. Executive shall not make, retain, remove
and/or distribute any copies of any of the foregoing for any reason whatsoever except as may be necessary in the discharge of his assigned duties and shall not divulge to any third person the nature of and/or contents of any of the foregoing or of
any other oral or written information to which he may have access or with which for any reason he may become familiar, except as disclosure shall be necessary in the performance of his duties; and upon the termination of his employment with the
Company, he shall leave with or return to the Company all originals and copies of the foregoing then in his possession, whether prepared by Executive or by others. 

     (ii) Executive agrees that all the Intellectual Property will be considered “works made for hire” as that term is defined in Sections 101 and 201 of the Copyright Act (17 U.S.C.
§§ 101 and 201) and that all right, title and interest in such Intellectual Property will be the sole and exclusive property of the Company, subject to, however, mandatory Finnish law regarding employee inventions. To the extent that any
of the Intellectual Property may not by law be considered a work made for hire, or to the extent that, notwithstanding the foregoing, Executive retains any interest in the Intellectual Property, Executive hereby irrevocably assigns and transfers to
the Company any and all right, title, or interest that Executive may have in the Intellectual Property under patent, copyright, trade secret and trademark law, in perpetuity or for the longest period otherwise permitted by law, without the necessity
of further consideration. The Company will be entitled to obtain and hold in its own name all copyrights, patents, trade secrets, and trademarks with respect to such Intellectual Property. Executive further agrees to execute any and all documents
and provide any further cooperation or assistance reasonably required by the Company to perfect, maintain or otherwise protect its rights in the Intellectual Property. If the Company is unable after reasonable efforts to secure Executive’s
signature, cooperation or assistance in accordance with the preceding sentence, whether because of Executive’s incapacity or any other reason whatsoever, Executive hereby designates and appoints the Company or its designee as Executive’s
agent and attorney-in-fact, to act on his behalf, to execute and file documents and to do all other lawfully permitted acts necessary or desirable to perfect, maintain or otherwise protect the Company’s rights in the Intellectual Property.
Executive acknowledges and agrees that such appointment is coupled with an interest and is therefore irrevocable. 

	 	
5.2. Rights and Remedies Upon Breach.

     (a) Specific Enforcement. Executive acknowledges that the Restrictive Covenants are reasonable and necessary to protect
the legitimate interests of the Company and its affiliates and that the Company would not have entered into this Agreement in the absence of such restrictions. Executive also acknowledges that any breach by him, willfully or otherwise, of the
Restrictive Covenants will cause continuing and irreparable injury to the Company for which monetary damages would not be an adequate remedy. Executive shall not, in any action or proceeding to enforce any of the provisions of this Agreement, assert
the claim or defense that such an adequate remedy at law exists. In the event of any such breach by Executive, the Company shall have the right to enforce the Restrictive Covenants by seeking injunctive or other relief in any court, without any
requirement that a bond or other security be posted, and this Agreement shall not in any way limit remedies of law or in equity otherwise available to the Company. If an action at law or in equity is necessary to enforce or interpret the terms of
this agreement, the prevailing party shall be entitled to recover, in addition to any other relief, reasonable attorneys’ fees, costs and disbursements. 

     (b) Accounting. If Executive willfully breaches, or threatens to commit a breach of any of the Restrictive Covenants,
the Company will have the right and remedy to require Executive to disgorge all compensation, profits, monies, accruals, increments or other benefits derived or received by Executive as the result of any action constituting a breach of the
Restrictive Covenants. This right and remedy will be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity. 

     5.3. Judicial Modification. If any court determines that any of the Restrictive Covenants, or any part thereof, is
unenforceable because of the duration or scope of such provision, such court shall have the power to modify such provision and, in its modified form, such provision shall then be enforceable. 

     5.4. Disclosure of Restrictive Covenants. Executive agrees to disclose the existence and terms of the restrictive
covenants set forth in this Section 5 to any employer that Executive may work for during the Restricted Period and to allow the Company to do the same. 

	
4

     5.5. Acknowledgments. Executive acknowledges that the Restrictive Covenants contained in Section 5.1(a) are included herein in order to induce the Company to employ Executive pursuant to the other terms of this Agreement and to agree to the provisions of Section 6.2. Executive further acknowledges that the duration and geographic scope of Section 5.1(a) are reasonable given the
nature of this Agreement. 

     5.6. Enforceability. If any court holds the Restrictive Covenants unenforceable by reason of their breadth or scope or
otherwise, it is the intention of the parties hereto that such determination not bar or in any way affect the right of the Company to the relief provided above in the courts of any other jurisdiction within the geographical scope of such Restrictive
Covenants. 

	
SECTION 6. Termination.

     6.1. Generally. If Executive’s employment with the Company is terminated during the Term for any reason other than
as specified in Section 6.2 (including termination by the Company for Cause, as a result of Executive’s death, as a result of Executive’s Disability, or by Executive
without Good Reason), then the Company’s obligation to Executive will be limited solely to the payment of (a) all accrued but unpaid Base Salary and Benefits through the date of such termination, and (b) the payment of any earned but unpaid
bonus payable under Section 4.1 with respect to a fiscal year of the Company ending prior to such termination. All Base Salary and Benefits shall cease at the time of such
termination, subject to the terms of any benefits or compensation plans then in force and applicable to Executive, and the Company shall have no further liability or obligation hereunder by reason of such termination. 

     6.2. Termination Without Cause or With Good Reason. If Executive’s employment by the Company is terminated during
the Term by the Company without Cause or by Executive with Good Reason, Executive will be entitled to (a) the payment of all accrued but unpaid Base Salary and Benefits through the date of such termination, (b) the payment of any earned but unpaid
bonus payable under Section 4.1 with respect to a fiscal year of the Company ending prior to such termination, (c) the payment for the Severance Period of monthly severance
payments equal to one-twelfth of his Base Salary as of the date of such termination, and (d) vesting of all of Executive’s stock options, to the extent not already vested. Upon the end of the Severance Period, all benefits described in this
Section 6.2 (c) and (d) will cease and the Company shall have no further liability or obligation by reason of such termination. If Executive violates the provisions of
Section 5.1(a), the Company’s obligations to provide the benefits described in Section 6.2(c) and (d) shall cease and be rendered a nullity. 

     6.3. Termination Procedures. Any termination of Executive’s employment by the Company or by Executive during the
Term (other than termination pursuant to death) shall be communicated by written notice of termination to the other party and shall set forth the circumstances that provide the basis for Executive’s termination. The date of termination shall be
(a) the date of death, if Executive’s employment is terminated by death or (b) the date of the notice of termination or the expiration of any applicable remedy period, whichever is later. 

SECTION 7. Expenses. The Company will pay or reimburse Executive for reasonable and necessary
expenses directly incurred in the course of his employment by the Company in accordance with the standard policies and practices of the Company. Executive shall be entitled to upgrade with previously earned miles on Company business to fly business
class (or first class if business class is not offered) on all flights exceeding six (6) hours. If an upgrade is not available, Executive shall be entitled to fly the next available class offered.

	
SECTION 8. Miscellaneous.

     8.1 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company, Encorium and
Executive and their respective successors, executors, administrators, heirs and/or permitted assigns; provided, however, that neither Executive nor the Company or Encorium may
make any assignments of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other party, except that, without such consent, the Company and Encorium together may assign this Agreement to
any successor to all or substantially all of its assets and business by means of liquidation, dissolution, merger, consolidation, transfer of assets, or otherwise. 

     8.2. Notice. Any notice or communication required or permitted under this Agreement shall be made in writing and (a)
sent by overnight courier, (b) mailed by certified or registered mail, return receipt requested or (c) sent by telecopier, addressed as follows: 

	
If to Executive: 

Kai Lindevall 

Vedakärrintie 41

	
5

	
FIN-02420 Jorvas 

Finland

If to the Company or Encorium: 

Encorium Oy

Keilaranta 10 

02150 Espoo

Attention: Chairman of the Board of Encorium Group, Inc.

	
or to such other address as either party may from time to time duly specify by notice given to the other party in the 
		
 		
 
	
	
manner specified above. 
		
 		
 
	
	
 
	
	
          8.3. Entire Agreement; Amendments. This Agreement contains the entire agreement and understanding of the 
		
 		
 
	
	
parties hereto relating to the subject matter hereof, and merges and supersedes all prior and contemporaneous 
		
 		
 
	
	
discussions, agreements and understandings of every nature, whether written or oral, relating to the employment of 
		
 		
 
	
	
Executive by the Company. This Agreement may not be changed or modified, except by an Agreement in writing 
		
 		
 
	
	
signed by each of the parties hereto. 
		
 		
 
	
	
 
	
	
          8.4. Waiver.
Any waiver by either party of any breach of any term or condition in this Agreement shall not 
		
 		
 
	
	
operate as a waiver of any other breach of such term or condition or of any other term or condition, nor shall any failure 
		
 		
 
	
	
to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof or constitute or be 
		
 		
 
	
	
deemed a waiver or release of any other rights, in law or in equity. 
		
 		
Formatted: English (U.S.) 
	
	
 
	
	
          8.5. Governing Law and Disputes. This Agreement shall be governed by, and enforced in accordance with, the 
		
 		
 
	
	
laws of Finland without regard to the application of the principles of conflicts of laws of any jurisdiction. In the event 
		
 		
 
	
	
of any dispute between Executive on one hand, and the Company/Encorium on the other hand in connection with this 
		
 		
 
	
	
Agreement, the construction hereof, or the rights, duties or liabilities of any party hereunder, the parties shall first 
		
 		
 
	
	
attempt in good faith to resolve such dispute by negotiation and consultation between themselves. In the event that such 
		
 		
 
	
	
dispute is not resolved on an informal basis within twenty (20) business days, either party may, by written notice to the 
		
 		
 
	
	
other party, elect to submit the dispute for resolution to a court of competent jurisdiction in Finland, it being expressly 
		
 		
 
	
	
agreed that such a court shall be the exclusive venue for any dispute arising hereunder. 
		
 		
 
	
	
 
	
	
          8.6. Survival of Provisions. The provisions of this Agreement set forth in Sections 5, 6, 7 and 9 hereof (and
the 
		
 		
 
	
	
definitions set forth in Section 1 applicable to
such sections) shall survive the expiration of the Term. 
		
 		
 
	
	
 
	
	
          8.7. Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to 
		
 		
 
	
	
be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or 
		
 		
 
	
	
unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or 
		
 		
 
	
	
unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other 
		
 		
 
	
	
jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal 
		
 		
 
	
	
or unenforceable provision had never been contained herein. 
		
 		
 
	
	
 
	
	
          8.8. Section Headings. The section headings in this Agreement are for convenience only; they form no part of this 
		
 		
 
	
	
Agreement and shall not affect its interpretation. 
		
 		
 
	
	
 
	
	
          8.9. Noncontravention. The Company represents that, to its knowledge, it is not prevented from entering into or 
		
 		
 
	
	
performing this Agreement by the terms of any law, order, rule or regulation, its bylaws or certificate of incorporation, 
		
 		
 
	
	
or any agreement to which it is a party, other than which would not have a material adverse effect on the Company’s 
		
 		
 
	
	
abilities to enter into or perform this Agreement. 
		
 		
 
	
	
 
	
	
          8.10. Counterparts and Facsimiles. This Agreement may be executed, including execution by facsimile signature, 
		
 		
 
	
	
in one or more counterparts, each of which shall be deemed an original, and all of which together, when executed and 
		
 		
 
	
	
delivered, shall be deemed to be one and the same instrument. 
		
 		
 
	

	 	
[This space intentionally left blank; signature page follows]

	
6

     IN WITNESS WHEREOF, the Company and Encorium have each caused this Agreement to be executed by its duly authorized officer, and Executive has executed this Agreement, in each case as of the
date first above written. 

	
ENCORIUM OY

By: /s/ Kai Lindevall

Name: Kai Lindevall

Title: Member of the Board

	
ENCORIUM GROUP, INC.

By: /s/ Shahab Fatheazam

Name: Shahab Fatheazam

Title: Chairman of the Board

	
EXECUTIVE

By: /s/ Kai Lindevall

Name: Kai Lindevall

	
7

EXHIBIT A 

The Board has approved the Executive’s participation in the following activities:

	
1.      		
manage Executive’s personal, financial and legal affairs;	
	 
	
2.      		
work as an expert witness or, with the consent of the majority of the Board of Directors, as a medical consultant;	
	 
	
3.      		
serve on civic, charitable, governmental or professional boards;	
	 
	
4.      		
with the consent of a majority of the Board of Directors, serve on advisory boards of business corporations; provided that no further consent of the Board shall be needed for Executive to serve on advisory boards of
business clients of the company in connection with clinical trials or other Company business;	
	 
	
5.      		
with the consent of a majority of the Board of Directors, serve as a member of the board of directors of business corporations, provided, however, that Executive is permitted to continue to serve on the Board of Aplagon Oy
without any further Board approval; and	
	 
	
6.      		
ongoing activities to support the Executive’s medical education and expertise.	
	 

	
Formatted: English (U.S.)

	
8

	
EXHIBIT B

Executive’s Annual Bonus for fiscal 2010 will be calculated in the following manner: 

EBITDA is to be strictly based on audited financial results as required to be reported to shareholders in its annual filing with the Securities and Exchange Commission. 

The total Annual Bonus paid to Executive for fiscal 2010 shall not exceed EUR 75,600. All extraordinary non-recurring charges (such as those related to M&A transactions, if any) shall be excluded from the EBITDA
calculation. 

	
Bonus calculation: 
		
 		
 
	
	

		
		

	
	
 
	
	
 
	
	
2010 EBITDA 
		
 		
Bonus 
	
	

		
		

	
	
 
	
	
500,000 Euros 
		
 		
0 
	
	

		
		

	
	
750,000 Euros 
		
 		
18,000 Euros 
	
	

		
		

	
	
1,000,000 Euros 
		
 		
36,000 Euros 
	
	

		
		

	
	
1,250,000 Euros 
		
 		
54,000 Euros 
	
	

		
		

	
	
1,500,000 Euros 
		
 		
72,000 Euros 
	
	

		
		

	
	
1,550,000 Euros 
		
 		
75,600 Euros 
	
	

		
		

	
	
> 1,550,000 Euros 
		
 		
No additional bonus payable, 
	
	
 
		
 		
maximum bonus is 75,600 
	
	
 
		
 		
Euros 
	
	

		
		

	
	
 
	
	
Notes: 
		
 		
 
	

1. Bonus accrual commences for amounts exceeding EBITDA of 500,000 Euros. Accrual is linear and pro rated for EBITDA amounts in-between the amounts in this table. For purposes of illustration, if 2010 EBITDA is 600,000
Euros, the bonus will be 7,200 Euros. If 2010 EBITDA is 1,050,000 Euros, bonus will be 39,600 Euros.

	
9

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