EX-10.2



 Exhibit 10.2 
 BIOAMBER INC. 
 STOCK INCENTIVE PLAN UPDATED ON DECEMBER 6, 2011

 BioAmber Inc., a Delaware corporation (the “Company”), sets forth herein the terms of its Stock Incentive Plan
(the “Plan”) as follows: 
  

	1.	PURPOSE 

 The Plan is
intended to enhance the Company’s and its Affiliates’ (as defined herein) ability to attract and retain highly qualified officers, directors, key employees, and other persons, and to motivate such persons to serve the Company and its
Affiliates and to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the
Company. To this end, the Plan provides for the grant of stock options and restricted stock in accordance with the terms hereof. Stock options granted under the Plan may be nonqualified stock options or incentive stock options, as provided herein.

  

	2.	DEFINITIONS 

 For purposes
of interpreting the Plan and related documents (including Award Agreements), the following definitions shall apply: 
 2.1
“Affiliate” means, with respect to the Company, any company or other trade or business that controls, is controlled by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the
Securities Act, including, without limitation, any Subsidiary. 
 2.2 “Award Agreement” means the stock
option and restricted stock or other written agreement between the Company and a Grantee that evidences and sets out the terms and conditions of a Grant. 
 2.3 “Benefit Arrangement” shall have the meaning set forth in Section 12 hereof. 
 2.4 “Board” means the Board of Directors of the Company. 

2.5 “Cause” means, as determined by the Board, which determination shall be final, binding and conclusive, and
unless otherwise provided in an applicable agreement with the Company or an Affiliate, (i) gross negligence or willful misconduct in connection with the performance of duties; (ii) willful failure or refusal to perform the duties of the
position; (iii) conviction of a criminal offense (other than minor traffic offenses); or (iv) material breach of any term of any employment, consulting or other services, confidentiality, intellectual property or non-competition
agreements, if any, between the Service Provider and the Company or an Affiliate. 
 2.6 “Change of
Control” means (i) the dissolution or liquidation of the Company or a merger, consolidation, or reorganization of the Company with one or more other entities in 

  
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which the Company is not the surviving entity, (ii) a sale of substantially all of the assets of the Company to another person or entity, or (iii) any transaction (including without
limitation a merger or reorganization in which the Company is the surviving entity) which results in any person or entity (other than persons who are shareholders or Affiliates immediately prior to the transaction) owning 50% or more of the combined
voting power of all classes of stock of the Company. 
 2.7 “Code” means the Internal Revenue Code of
1986, as now in effect or as hereafter amended. 
 2.8 “Committee” means a committee of, and designated
from time to time by resolution of, the Board, which shall consist of one or more members of the Board. 
 2.9
“Company” means BioAmber Inc. 
 2.10 “Disability” means the Grantee is unable
to perform each of the essential duties of such Grantee’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period of not
less than 12 months; provided, however, that, with respect to rules regarding expiration of an Incentive Stock Option following termination of the Grantee’s Service, Disability shall mean the Grantee is unable to engage in any substantial
gainful activity by reason of a medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. 

2.11 “Effective Date” means December 8, 2008, the date the Plan is approved by the Board. 

2.12 “Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.

 2.13 “Fair Market Value” means the value of a share of Stock, determined as follows: if on the Grant
Date or other determination date the Stock is listed on an established national or regional stock exchange, is admitted to quotation on The Nasdaq Stock Market, Inc., or is publicly traded on an established securities market, the Fair Market Value
of a share of Stock shall be the closing price of the Stock on such exchange or in such market (if there is more than one such exchange or market the Board shall determine the appropriate exchange or market) on the Grant Date or such other
determination date (or if there is no such reported closing price, the Fair Market Value shall be the mean between the highest bid and lowest asked prices or between the high and low sale prices on such trading day) or, if no sale of Stock is
reported for such trading day, on the next preceding day on which any sale shall have been reported. If the Stock is not listed on such an exchange, quoted on such system or traded on such a market, Fair Market Value shall be the value of the Stock
as determined by the Board in good faith, and shall be determined by the reasonable application of a reasonable valuation method within the meaning of Section 409A of the Code and the regulations promulgated thereunder. 

2.14 “Family Member” means a person who is a spouse, former spouse, child, stepchild, grandchild, parent,
stepparent, grandparent, niece, nephew, mother-in-law, father-in- law, 

  
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son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of the Grantee, any person sharing the Grantee’s household (other than a
tenant or employee), a trust in which any one or more these persons have more than fifty percent of the beneficial interest, a foundation in which any one or more of these persons (or the Grantee) control the management of assets, and any other
entity in which one or more these persons (or the Grantee) own more than fifty percent of the voting interests; provided, however, that to the extent required by applicable law, the term Family Member shall be limited to a person who is a spouse,
former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of the Grantee or a trust
or foundation for the exclusive benefit of any one or more of these persons. 
 2.15 “Grant” means an
award of an Option or Restricted Stock under the Plan. 
 2.16 “Grant Date” means, as determined by the
Board, the latest to occur of (i) the date as of which the Board approves a Grant, (ii) the date on which the recipient of a Grant first becomes eligible to receive a Grant under Section 5 hereof, or (iii) such other date
as may be specified by the Board. 
 2.17 “Grantee” means a person who receives or holds a Grant under
the Plan. 
 2.18 “Incentive Stock Option” means an “incentive stock option” within the
meaning of Section 422 of the Code, or the corresponding provision of any subsequently enacted tax statute, as amended from time to time. 
 2.19 “Nonqualified Stock Option” means a stock option that is not an Incentive Stock Option. 
 2.20 “Option” means an option to purchase one or more shares of Stock pursuant to the Plan. 
 2.21 “Option Price” means the purchase price for each share of Stock subject to an Option. 
 2.22 “Other Agreement” shall have the meaning set forth in Section 12 hereof. 
 2.23 “Plan” means this BioAmber Inc. Stock Incentive Plan. 

2.24 “Purchase Price” means the purchase price for each share of Stock pursuant to a Grant of Restricted Stock.

 2.25 “Reporting Person” means a person who is required to file reports under Section 16(a) of
the Exchange Act. 
 2.26 “Restricted Stock” means shares of Stock, awarded to a Grantee pursuant to
Section 8 hereof, that are subject to restrictions and to a risk of forfeiture. 

  
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 2.27 “Securities Act” means the Securities Act of 1933, as now in
effect or as hereafter amended. 
 2.28 “Service” means service as an employee, officer, director or
other Service Provider of the Company or an Affiliate. Unless otherwise stated in the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues
to be an employee, officer, director or other Service Provider of the Company or an Affiliate. Subject to the preceding sentence, whether a termination of Service shall have occurred for purposes of the Plan shall be determined by the Board, which
determination shall be final, binding and conclusive. 
 2.29 “Service Provider” means an employee,
officer or director of the Company or an Affiliate, or a consultant or adviser to the Company or an Affiliate. 
 2.30
“Stock” means the common stock, $.01 par value per share, of the Company. 
 2.31
“Subsidiary” means any “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code. 
 2.32 “Ten-Percent Stockholder” means an individual who owns more than ten percent (10%) of the total combined voting power of all classes of outstanding stock of the Company,
its parent or any of its Subsidiaries. In determining stock ownership, the attribution rules of Section 424(d) of the Code shall be applied. 
  

	3.	ADMINISTRATION OF THE PLAN 

  

	 	3.1	Board. 

 The Board shall
have such powers and authorities related to the administration of the Plan as are consistent with the Company’s certificate of incorporation and by-laws and applicable law. The Board shall have full power and authority to take all actions and
to make all determinations required or provided for under the Plan, any Grant or any Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific
terms and provisions of the Plan that the Board deems to be necessary or appropriate to the administration of the Plan, any Grant or any Award Agreement. All such actions and determinations shall be by the affirmative vote of a majority of the
members of the Board present at a meeting or by unanimous consent of the Board executed in writing in accordance with the Company’s certificate of incorporation and by-laws and applicable law. The interpretation and construction by the Board of
any provision of the Plan, any Grant or any Award Agreement shall be final, binding and conclusive. To the extent permitted by law, the Board may delegate its authority under the Plan to a member of the Board or an executive officer of the Company
who is a member of the Board. 
  

	 	3.2	Committee. 

 The Board
from time to time may delegate to one or more Committees such powers and authorities related to the administration and implementation of the Plan, as set forth in Section 3.1 above and in other applicable provisions, as the Board shall
determine, consistent with the 

  
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certificate of incorporation and by-laws of the Company and applicable law. In the event that the Plan, any Grant or any Award Agreement entered into hereunder provides for any action to be taken
by or determination to be made by the Board, such action may be taken by or such determination may be made by the applicable Committee if the power and authority to do so has been delegated to the Committee by the Board as provided for in
Section 3.1. Unless otherwise expressly determined by the Board, any such action or determination by the Committee shall be final, binding and conclusive. To the extent permitted by law, the Committee may delegate its authority under the
Plan to a member of the Board or an executive officer of the Company. 
  

	 	3.3	Grants. 

 Subject to the
other terms and conditions of the Plan, the Board shall have full and final authority to: 
  

	 	(i)	designate Grantees, 

  

	 	(ii)	determine the type or types of Grants to be made to a Grantee, 

  

	 	(iii)	determine the number of shares of Stock to be subject to a Grant, 

  

	 	(iv)	establish the terms and conditions of each Grant (including, but not limited to, the Option Price of any Option, the nature and duration of any restriction or condition
(or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of a Grant or the shares of Stock subject thereto, and any terms or conditions that may be necessary to qualify Options as Incentive Stock Options),


  

	 	(v)	prescribe the form of each Award Agreement evidencing a Grant, and 

  

	 	(vi)	amend, modify, or supplement the terms of any outstanding Grant. 

 Notwithstanding the foregoing, no amendment, modification or supplement of any Grant shall, without the consent of the Grantee, impair the Grantee’s rights under such Grant. 

Such authority specifically includes the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to
modify Grants to eligible individuals who are foreign nationals or are individuals who are employed outside the United States to recognize differences in local law, tax policy, or custom. As a condition to any Grant, the Board shall have the right,
at its discretion, to require Grantees to return to the Company Grants previously awarded under the Plan. Subject to the terms and conditions of the Plan, any such subsequent Grant shall be upon such terms and conditions as are specified by the
Board at the time the new Grant is made. The Board shall have the right, in its discretion, to make Grants in substitution or exchange for any other grant under another plan of the Company, any Affiliate, or any business entity to be acquired by the
Company or an Affiliate. The Company may retain the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee on account of actions taken by the Grantee in violation or breach of or in conflict with any non-competition
agreement, any agreement prohibiting solicitation of employees or clients of the Company or any Affiliate thereof or any confidentiality obligation with respect to the Company or any Affiliate thereof or


  
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otherwise in competition with the Company or any Affiliate thereof, to the extent specified in such Award Agreement applicable to the Grantee. Furthermore, the Company may annul a Grant if the
Grantee is an employee of the Company or an Affiliate thereof and is terminated for Cause as defined in the Award Agreement or the Plan, as applicable. 
  

	 	3.4	Deferral Arrangement. 


The Board may permit or require the deferral of any award payment into a deferred compensation arrangement, subject to such rules and
procedures as it may establish, which may include provisions for the payment or crediting of interest or dividend equivalents, including converting such credits into deferred Stock equivalents and restricting deferrals to comply with hardship
distribution rules affecting 401(k) plans. 
  

	 	3.5	No Liability. 

 No member
of the Board or of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Grant or Award Agreement. 
  

	4.	STOCK SUBJECT TO THE PLAN 


Subject to adjustment as provided in Section 14 hereof, the number of shares of Stock available for issuance under the Plan
shall be 60,600. All shares of Stock issuable under the Plan may be issued as Incentive Stock Options. Stock issued or to be issued under the Plan shall be authorized but unissued shares or, to the extent permitted by applicable law, issued shares
that have been reacquired by the Company. If any shares covered by a Grant are not purchased or are forfeited, or if a Grant otherwise terminates without delivery of any Stock subject thereto, then the number of shares of Stock counted against the
aggregate number of shares available under the Plan with respect to such Grant shall, to the extent of any such forfeiture or termination, again be available for making Grants under the Plan. If the exercise price of any Option granted under the
Plan is satisfied by tendering shares of Stock to the Company (by either actual delivery or by attestation), only the number of shares of Stock issued net of the shares of Stock tendered shall be deemed delivered for purposes of determining the
maximum number of shares of Stock available for delivery under the Plan. 
  

	5.	GRANT ELIGIBILITY 

  

	 	5.1	Employees and Other Service Providers. 

 Grants (including Grants of Incentive Stock Options, subject to Section 5.2) may be made under the Plan to any employee, officer or director of, or other Service Provider providing
services to, the Company or any Affiliate. To the extent required by applicable state law, Grants within certain states may be limited to employees and officers or employees, officers and directors. An eligible person may receive more than one
Grant, subject to such restrictions as are provided herein. 

  
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	 	5.2	Limitations on Incentive Stock Options. 

 An Option shall constitute an Incentive Stock Option only (i) if the Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (ii) to the extent specifically
provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair Market Value (determined at the time the Option is granted) of the shares of Stock with respect to which all Incentive Stock Options held by such Grantee
become exercisable for the first time during any calendar year (under the Plan and all other plans of the Grantee’s employer and its affiliates) does not exceed the higher permitted amount pursuant to the applicable laws. This limitation shall
be applied by taking Options into account in the order in which they were granted. 
  

	6.	AWARD AGREEMENT 

 Each
Grant pursuant to the Plan shall be evidenced by an Award Agreement, in such form or forms as the Company shall from time to time determine, which specifies the number of shares subject to the Grant (subject to adjustment in accordance with
Section 14). Award Agreements granted from time to time or at the same time need not contain similar provisions but shall be consistent with the terms of the Plan. Each Award Agreement evidencing a Grant of Options shall specify whether
such Options are intended to be Nonqualified Stock Options or Incentive Stock Options, and in the absence of such specification such options shall be deemed Nonqualified Stock Options. 

 

	7.	TERMS AND CONDITIONS OF OPTIONS 

  

	 	7.1	Option Price. 

 The Option
Price of each Option shall be fixed by the Board and stated in the Award Agreement evidencing such Option. The Option Price shall not be less than the Fair Market Value on the Grant Date of a share of Stock. In no case shall the Option Price of any
Option be less than the par value of a share of Stock. 
  

	 	7.2	Vesting. 

 Subject to
Sections 7.3 and 14.3 hereof, each Option granted under the Plan shall become exercisable at such times and under such conditions as shall be determined by the Board and stated in the Award Agreement. For purposes of this
Section 7.2, fractional numbers of shares of Stock subject to an Option shall be rounded down to the next nearest whole number. To the extent required by applicable law, each Option shall become exercisable no less rapidly than the rate
of twenty percent (20%) per year for each of the first five (5) years from the Grant Date based on continued Service. Subject to the preceding sentence, the Board may provide, for example, in the Award Agreement or subsequently, for
(i) accelerated exercisability of the Option in the event the Grantee’s Service terminates on account of death, Disability or another event, (ii) expiration of the Option prior to its term in the event of the termination of the
Grantee’s Service, (iii) immediate forfeiture of the Option in the event the Grantee’s Service is terminated for Cause, (iv) unvested Options to be exercised subject to the Company’s right of repurchase with respect to
unvested shares of Stock. 

  
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	 	7.3	Term. 

 Each Option
granted under the Plan shall terminate, and all rights to purchase shares of Stock thereunder shall cease, upon the expiration of ten years from the Grant Date, or under such circumstances and on such date prior thereto as is set forth in the Plan
or as may be fixed by the Board and stated in the Award Agreement relating to such Option. 
  

	 	7.4	Exercise of Options on Termination of Service. 

 Each Award Agreement shall set forth the extent to which the Grantee shall have the right to exercise the Option following termination of the Grantee’s Service. Such provisions shall be determined in
the sole discretion of the Board, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service. Except as otherwise provided in an Award Agreement, each Grantee shall
have the right to exercise the vested portion of any Option held at termination for at least three (3) months following termination of Service with the Company for any reason other than death or Disability, that the Grantee shall have the right
to exercise the Option for one (1) year if the Grantee’s Service terminates due to death or Disability, and that unvested Options will immediately terminate upon the date of termination of Service. Notwithstanding the foregoing, if a
Service Provider is terminated for Cause, then all Options or any portion of such Options held by such Service Provider shall terminate immediately whether or not such Options are vested or exercisable at the time of such termination. 

 

	 	7.5	Limitations on Exercise of Option. 

 Notwithstanding any other provision of the Plan, in no event may any Option be exercised, in whole or in part, after ten years following the Grant Date, or after the occurrence of an event referred to in
Section 14 hereof which results in termination of the Option. 
  

	 	7.6	Exercise Procedure. 

 An
Option that is exercisable may be exercised by the Grantee’s delivery to the Company of written notice of exercise on any business day, at the Company’s principal office. Such notice shall specify the number of shares of Stock with respect
to which the Option is being exercised and shall be accompanied by payment in full of the Option Price of the shares for which the Option is being exercised. The minimum number of shares of Stock with respect to which an Option may be exercised, in
whole or in part, at any time shall be the lesser of (i) 100 shares or such lesser number set forth in the applicable Award Agreement and (ii) the maximum number of shares available for purchase under the Option at the time of exercise.
The Option Price shall be payable in a form described in Section 9. 
  

	 	7.7	Right of Holders of Options. 

 Unless otherwise stated in the applicable Award Agreement, an individual holding or exercising an Option shall have none of the rights of a shareholder (for example, the right to cash or dividend payments
or distributions attributable to the subject shares of Stock or to direct the voting of shares of Stock) until the shares of Stock covered thereby are fully paid and issued to such individual. 

  
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	 	7.8	Delivery of Stock Certificates. 

 Promptly after the exercise of an Option by a Grantee and the payment in full of the Option Price, such Grantee shall be entitled to the issuance of a stock certificate or certificates evidencing such
Grantee’s ownership of the shares of Stock purchased upon such exercise of the Option. Notwithstanding any other provision of this Plan to the contrary, the Company may elect to satisfy any requirement under this Plan for the delivery of stock
certificates through the use of book-entry. 
  

	 	7.9	Transferability of Options. 

 Except as provided in Section 7.10, during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal
representative) may exercise an Option. Except as provided in Section 7.10, no Option shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 

 

	 	7.10	Family Transfers. 

 If
authorized in the applicable Award Agreement, a Grantee may transfer, not for value, all or part of an Option that is not an Incentive Stock Option to any Family Member or any trust for which the beneficiaries are Family Members. For the purpose of
this Section 7.10, a “not for value” transfer is a transfer which is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii) unless applicable law does not
permit such transfers, a transfer to an entity in which more than fifty percent of the voting interests are owned by Family Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this
Section 7.10, any such Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and shares of Stock acquired pursuant to the Option shall be subject to the same restrictions
on transfer of shares as would have applied to the Grantee. Subsequent transfers of transferred Options are prohibited except to Family Members of the original Grantee in accordance with this Section 7.10 or by will or the laws of
descent and distribution. The events of termination of Service under an Option shall continue to be applied with respect to the original Grantee, following which the Option shall be exercisable by the transferee only to the extent, and for the
periods specified in the applicable Award Agreement, and the shares may be subject to repurchase by the Company or its assignee. 
  

	8.	RESTRICTED STOCK 

  

	 	8.1	Grant of Restricted Stock. 


The Board may from time to time grant Restricted Stock to persons eligible to receive Grants under Section 5 hereof, subject
to such restrictions, conditions and other terms as the Board may determine. 
  

	 	8.2	Restrictions. 

 At the
time a Grant of Restricted Stock is made, the Board shall establish a restriction period applicable to such Restricted Stock. Each Grant of Restricted Stock may be subject to a 

  
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different restriction period. The Board may, in its sole discretion, at the time a Grant of Restricted Stock is made, prescribe conditions that must be satisfied prior to the expiration of the
restriction period, including the satisfaction of corporate or individual performance objectives or continued Service, in order that all or any portion of the Restricted Stock shall vest. To the extent required by applicable law, the vesting
restrictions applicable to a Grant of Restricted Stock shall lapse no less rapidly than the rate of twenty percent (20%) per year for each of the first five (5) years from the Grant Date, based on continued Service. 

The Board also may, in its sole discretion, shorten or terminate the restriction period or waive any of the conditions applicable to all
or a portion of the Restricted Stock. The Restricted Stock may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the restriction period or prior to the satisfaction of any other conditions prescribed by the
Board with respect to such Restricted Stock. 
  

	 	8.3	Restricted Stock Certificates. 

 The Company shall issue, in the name of each Grantee to whom Restricted Stock has been granted, stock certificates representing the total number of shares of Restricted Stock granted to the Grantee, as
soon as reasonably practicable after the Grant Date. The Board may provide in an Award Agreement that either (i) the Secretary of the Company shall hold such certificates for the Grantee’s benefit until such time as the Restricted Stock is
forfeited to the Company, or the restrictions lapse, or (ii) such certificates shall be delivered to the Grantee, provided, however, that such certificates shall bear a legend or legends that complies with the applicable securities laws
and regulations and makes appropriate reference to the restrictions imposed under the Plan and the Award Agreement. 
  

	 	8.4	Rights of Holders of Restricted Stock. 

 Unless the Board otherwise provides in an Award Agreement, holders of Restricted Stock shall have the right to vote such Stock and the right to receive any dividends declared or paid with respect to such
Stock. The Board may provide that any dividends paid on Restricted Stock must be reinvested in shares of Stock, which may or may not be subject to the same vesting conditions and restrictions applicable to such Restricted Stock. All distributions,
if any, received by a Grantee with respect to Restricted Stock as a result of any stock split, stock dividend, combination of shares, or other similar transaction shall be subject to the restrictions applicable to the original Grant. 

  
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	 	8.5	Termination of Service. 


Unless otherwise provided by the Board in the applicable Award Agreement, upon the termination of a Grantee’s Service with the
Company or an Affiliate, any shares of Restricted Stock held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of
Restricted Stock, the Grantee shall have no further rights with respect to such Grant, including but not limited to any right to vote Restricted Stock or any right to receive dividends with respect to shares of Restricted Stock. 

 

	 	8.6	Purchase and Delivery of Stock. 

 The Grantee shall be required to purchase the Restricted Stock from the Company at a Purchase Price equal to the greater of (i) the aggregate par value of the shares of Stock represented by such
Restricted Stock or (ii) the Purchase Price, if any, specified in the Award Agreement relating to such Restricted Stock. The Purchase Price shall be payable in a form described in Section 9 or, at the discretion of the Board, in
consideration for past Services rendered to the Company or an Affiliate. To the extent required by applicable law, the Purchase Price of a share of Restricted Stock shall be not less than 85 percent of the Fair Market Value on the Grant Date of a
share of Stock; provided, however, that in the event that the Grantee is a Ten-Percent Stockholder, the Purchase Price shall be not less than 100 percent of the Fair Market Value on the Grant Date of a share of Stock. 

Upon the expiration or termination of the restriction period and the satisfactory completion of any other conditions prescribed by the
Board, having properly paid the Purchase Price, the restrictions applicable to shares of Restricted Stock shall lapse, and, unless otherwise provided in the Award Agreement, a stock certificate for such shares shall be delivered, free of all such
restrictions, to the Grantee or the Grantee’s beneficiary or estate, as the case may be. 
  

	9.	FORM OF PAYMENT 

 Payment
of the Option Price for the shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock shall be made in cash or in cash equivalents acceptable to the Company. In addition, to the extent the Award Agreement so
provides, payment of the Option Price for shares purchased pursuant to exercise of an Option or the Purchase Price for Restricted Stock may be made in any other form that is consistent with applicable laws, regulations and rules. 

 

	10.	WITHHOLDING TAXES 

 The
Company or any Affiliate, as the case may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any Federal, state, or local taxes of any kind required by law to be withheld with respect to the vesting of or other
lapse of restrictions applicable to Restricted Stock or upon the issuance of any shares of Stock or payment of any kind upon the exercise of any Grant. At the time of such vesting, lapse, or exercise, the Grantee shall pay to the Company or
Affiliate, as the case may be, any amount that the Company or Affiliate may reasonably determine to be necessary to satisfy such withholding obligation. Subject to the prior approval of the Company or the Affiliate, which may be withheld by the


  
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Company or the Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by causing the Company or the Affiliate to
withhold shares of Stock otherwise issuable to the Grantee or (ii) by delivering to the Company or the Affiliate shares of Stock already owned by the Grantee. The shares of Stock so delivered or withheld shall have an aggregate Fair Market
Value equal to such withholding obligations. The Fair Market Value of the shares of Stock used to satisfy such withholding obligation shall be determined by the Company or the Affiliate as of the date that the amount of tax to be withheld is to be
determined. A Grantee who has made an election pursuant to this Section 10 may satisfy his or her withholding obligation only with shares of Stock that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar
requirements. 
  

	11.	RESTRICTIONS ON TRANSFER OF SHARES OF STOCK 

  

	 	11.1	Right of First Refusal. 


Subject to Section 11.4 below, a Grantee (or such other individual who is entitled to exercise an Option or otherwise acquire
shares pursuant to a Grant under the terms of this Plan) shall not sell, pledge, assign, gift, transfer, or otherwise dispose of any shares of Stock acquired pursuant to a Grant to any person or entity (except, if permitted by law, to any Family
Member or holding company or trust controlled by Family Members, which assignment and transfer shall be permitted without condition) without first offering such shares to the Company for purchase on the same terms and conditions as those offered the
proposed transferee. The Company may assign its right of first refusal under this Section 11.1 in whole or in part, to (1) any holder of stock or other securities of the Company (a “Stockholder”), (2) any Affiliate or
(3) any other person or entity that the Board determines has a sufficient relationship with or interest in the Company. The Company shall give reasonable written notice to the Grantee of any such assignment of its rights. The restrictions of
this Section 11.1 apply to any person to whom Stock that was originally acquired pursuant to a Grant is sold, pledged, assigned, bequeathed, gifted, transferred or otherwise disposed of, without regard to the number of such subsequent
transferees or the manner in which they acquire the Stock, but the restrictions of this Section 11.1 do not apply to a transfer of Stock that occurs as a result of the death of the Grantee or of any subsequent transferee (but shall apply
to the executor, the administrator or personal representative, the estate, and the legatees, beneficiaries and assigns thereof). 
  

	 	11.2	Repurchase and Other Rights. 

 Stock issued upon exercise of a Grant or pursuant to the Grant of Restricted Stock may be subject to such right of repurchase or other transfer restrictions as the Board may determine, consistent with
applicable law. Any such additional restriction shall be set forth in the Award Agreement. 
  

	 	11.3	Installment Payments. 

  

	 	11.3.1	General Rule. 

 In the
case of any purchase of Stock or an Option under this Section 11, the Company or its permitted assignee may pay the Grantee, transferee of the Option or other registered owner of the Stock the purchase price in three or fewer annual
installments. Interest shall be credited on 

  
 - 12 -









 
the installments at the applicable federal rate (as determined for purposes of Section 1274 of the Code) in effect on the date on which the purchase is made. The Company or its permitted
assignee shall pay at least one-third of the total purchase price each year, plus interest on the unpaid balance, with the first payment being made on or before the 60th day after the purchase. 

 

	 	11.3.2	Exception in the Case of Stock Repurchase Right. 

 If an Award Agreement authorizes, upon the Grantee’s termination of Service, the repurchase of shares of Stock acquired by the Grantee pursuant to the exercise of an Option or under a Grant of
Restricted Stock, to the extent required by applicable law, payment shall be made in cash or by cancellation of indebtedness within the later of 90 days from the date of termination of Service or 90 days from the date of exercise or purchase, as the
case may be. 
  

	 	11.4	Publicly Traded Stock. 


If the Stock is listed on an established national or regional stock exchange or is admitted to quotation on The Nasdaq Stock Market, Inc.,
or is publicly traded in an established securities market, the foregoing transfer restrictions of Sections 11.1 and 11.2 shall terminate as of the first date that the Stock is so listed, quoted or publicly traded. 

 

	 	11.5	Legend. 

 In order to
enforce the restrictions imposed upon shares of Stock under this Plan or as provided in an Award Agreement, the Board may cause a legend or legends to be placed on any certificate representing shares issued pursuant to this Plan that complies with
the applicable securities laws and regulations and makes appropriate reference to the restrictions imposed under it. 
  

	12.	PARACHUTE LIMITATIONS 


Notwithstanding any other provision of this Plan or of any other agreement, contract, or understanding heretofore or hereafter entered
into by a Grantee with the Company or any Affiliate, except an agreement, contract, or understanding hereafter entered into that expressly modifies or excludes application of this paragraph (an “Other Agreement”), and notwithstanding any
formal or informal plan or other arrangement for the direct or indirect provision of compensation to the Grantee (including groups or classes of participants or beneficiaries of which the Grantee is a member), whether or not such compensation is
deferred, is in cash, or is in the form of a benefit to or for the Grantee (a “Benefit Arrangement”), if the Grantee is a “disqualified individual,” as defined in Section 280G(c) of the Code, any Grants held by that Grantee
and any right to receive any payment or other benefit under this Plan shall not become exercisable or vested (i) to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights, payments, or
benefits to or for the Grantee under this Plan, all Other Agreements, and all Benefit Arrangements, would cause any payment or benefit to the Grantee under this Plan to be considered a “parachute payment” within the meaning of
Section 280G(b)(2) of the Code as then in effect (a “Parachute Payment”) and (ii) if, as a result of receiving a Parachute Payment, the aggregate after-tax amounts received by the Grantee from the Company under this Plan, all
Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Grantee without causing any 

  
 - 13 -









 
such payment or benefit to be considered a Parachute Payment. In the event that the receipt of any such right to exercise, vesting, payment, or benefit under this Plan, in conjunction with all
other rights, payments, or benefits to or for the Grantee under any Other Agreement or any Benefit Arrangement would cause the Grantee to be considered to have received a Parachute Payment under this Plan that would have the effect of decreasing the
after-tax amount received by the Grantee as described in clause (ii) of the preceding sentence, then the Grantee shall have the right, in the Grantee’s sole discretion, to designate those rights, payments, or benefits under this Plan, any
Other Agreements, and any Benefit Arrangements that should be reduced or eliminated so as to avoid having the payment or benefit to the Grantee under this Plan be deemed to be a Parachute Payment; provided, however, that in order to comply with Code
Section 409A, the reduction or elimination will be performed in the order in which each dollar of value subject to an Award reduces the Parachute Payment to the greatest extent. 

 

	13.	REQUIREMENTS OF LAW 

  

	 	13.1	General. 

 The Company
shall not be required to sell or issue any shares of Stock under any Grant if the sale or issuance of such shares would constitute a violation by the Grantee, any other individual exercising a right emanating from such Grant, or the Company of any
provision of any law or regulation of any governmental authority, including without limitation any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the listing, registration or
qualification of any shares subject to a Grant upon any securities exchange or under any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of shares hereunder, no shares of
Stock may be issued or sold to the Grantee or any other individual exercising an Option pursuant to such Grant unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not
acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination of the Grant. Specifically, in connection with the Securities Act, upon the exercise of any right emanating from such Grant or the delivery of any
shares of Restricted Stock, unless a registration statement under the Securities Act is in effect with respect to the shares of Stock covered by such Grant, the Company shall not be required to sell or issue such shares unless the Board has received
evidence satisfactory to it that the Grantee or any other individual exercising an Option may acquire such shares pursuant to an exemption from registration under the Securities Act. Any determination in this connection by the Board shall be final,
binding, and conclusive. The Company may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the exercise
of an Option or the issuance of shares of Stock pursuant to the Plan to comply with any law or regulation of any governmental authority. As to any jurisdiction that expressly imposes the requirement that an Option shall not be exercisable until the
shares of Stock covered by such Option are registered or are exempt from registration, the exercise of such Option (under circumstances in which the laws of such jurisdiction apply) shall be deemed conditioned upon the effectiveness of such
registration or the availability of such an exemption. 

  
 - 14 -










	 	13.2	Rule 16b-3. 

 During any
time when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Grants pursuant to the Plan and the exercise of Options granted hereunder will qualify for the exemption
provided by Rule 16b-3 under the Exchange Act. To the extent that any provision of the Plan or action by the Board does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law and deemed
advisable by the Board, and shall not affect the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify this Plan in any respect necessary to satisfy the requirements of, or to take
advantage of any features of, the revised exemption or its replacement. 
  

	 	13.3	Financial Reports. 

 To
the extent required by applicable law, not less often than annually, the Company shall furnish to Grantees summary financial information including a balance sheet regarding the Company’s financial condition and results of operations, unless
such Grantees have duties with the Company that assure them access to equivalent information. Such financial statements need not be audited. 
  

	14.	EFFECT OF CHANGES IN CAPITALIZATION 

  

	 	14.1	Changes in Stock. 

 The
number of shares for which Grants may be made under the Plan shall be proportionately increased or decreased for any increase or decrease in the number of shares of Stock on account of any recapitalization, reclassification, stock split, reverse
split, combination of shares, exchange of shares, stock dividend or other distribution payable in capital stock, or for any other increase or decrease in such shares effected without receipt of consideration by the Company occurring after the
Effective Date ( any such event hereafter referred to as a “Corporate Event”). In addition, subject to the exception set forth in the last sentence of Section 14.4, the number of shares for which Grants are outstanding shall be
proportionately increased or decreased for any increase or decrease in the number of shares of Stock on account of any Corporate Event. Any such adjustment in outstanding Options shall not change the aggregate Option Price payable with respect to
shares that are subject to the unexercised portion of an Option outstanding but shall include a corresponding proportionate adjustment in the Option Price per share. The conversion of any convertible securities of the Company shall not be treated as
an increase in shares effected without receipt of consideration. In the event of any distribution to the Company’s stockholders of an extraordinary cash dividend or securities of any other entity or other assets (other than ordinary dividends
payable in cash or stock of the Company) without receipt of consideration by the Company, the Company may, in such manner as the Company deems appropriate, adjust (i) the number and kind of shares subject to outstanding Grants and/or
(ii) the exercise price of outstanding Options to reflect such distribution. 

  
 - 15 -










	 	14.2	Reorganization in Which the Company Is the Surviving Entity and in Which No Change of Control Occurs. 


Subject to the exception set forth in the last sentence of Section 14.4, if the Company shall be the surviving entity in any
reorganization, merger, or consolidation of the Company with one or more other entities and in which no Change of Control occurs, any Grant theretofore made pursuant to the Plan shall pertain to and apply solely to the common stock shares to which a
holder of the number of shares of Stock subject to such Grant would have been entitled immediately following such reorganization, merger, or consolidation, and in the case of Options, with a corresponding proportionate adjustment of the Option Price
per share so that the aggregate Option Price thereafter shall be the same as the aggregate Option Price of the shares remaining subject to the Option immediately prior to such reorganization, merger, or consolidation. Subject to any contrary
language in an Award Agreement evidencing a Grant of Restricted Stock, any restrictions applicable to such Restricted Stock shall apply as well to any replacement shares received by the Grantee as a result of the reorganization, merger or
consolidation. 
  

	 	14.3	Change of Control. 


Subject to the exceptions set forth in the last sentence of this Section 14.3 and the last sentence of Section 14.4
upon the occurrence of a Change of Control: 
 (i) all outstanding shares of Restricted Stock shall be deemed to have
vested, and, with the exception of such restrictions imposed under Section 11, all restrictions and conditions applicable to such shares of Restricted Stock shall be deemed to have lapsed, immediately prior to the occurrence of such
Change of Control, and 
 (ii) either of the following two actions shall be taken: 

(A) prior to the scheduled consummation of a Change of Control, all Options outstanding hereunder shall become immediately exercisable
and shall remain exercisable for a reasonable period of time determined by the Board in its sole discretion, or 
 (B) the Board
may elect, in its sole discretion, to cancel any outstanding Grants and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or securities having a value (as determined by the Board acting in good faith), in the
case of Restricted Stock, equal to the formula or fixed price per share paid to holders of shares of Stock and, in the case of Options, equal to the product of the number of shares of Stock subject to the Grant (the “Grant Shares”)
multiplied by the amount, if any, by which (I) the formula or fixed price per share paid to holders of shares of Stock pursuant to such transaction exceeds (II) the Option Price applicable to such Grant Shares. 

With respect to the Company’s establishment of an exercise window, (i) any exercise of an Option during such period shall be
conditioned upon the consummation of the event and shall be effective only immediately before the consummation of the event, and (ii) upon consummation of any Change of Control the Plan, and all outstanding but unexercised Options shall
terminate. The Board shall send written notice of an event that will result in such a termination to all individuals who hold Options not later than the time at which the Company gives notice thereof to its shareholders. 

  
 - 16 -









 This Section 14.3 shall not apply to any Change of Control to the extent that
provision is made in writing in connection with such Change of Control for the assumption or continuation of the Options and Restricted Stock theretofore granted, or for the substitution for such Grants for new common stock options and new common
stock restricted stock relating to the stock of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any consideration that is not common stock) and option prices, in which
event the Grants theretofore granted shall continue in the manner and under the terms so provided. 
  

	 	14.4	Adjustments. 

 Adjustments
under Section 14 related to shares of Stock or securities of the Company shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. No fractional shares or other securities shall be issued
pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. The Board may provide in the Award Agreements at the time of Grant, or any time
thereafter with the consent of the Grantee, for different provisions to apply to a Grant in place of those described in Sections 14.1, 14.2 and 14.3. 
  

	 	14.5	No Limitations on Company. 


The making of Grants pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business or assets. 

 

	15.	DURATION AND AMENDMENTS 

  

	 	15.1	Term of the Plan. 

 The
Effective Date of this Plan is the date of its adoption by the Board. The Plan shall terminate automatically ten (10) years after its adoption by the Board and may be terminated on any earlier date as next provided. 

 

	 	15.2	Amendment and Termination of the Plan. 

 The Board may, at any time and from time to time, amend, suspend, or terminate the Plan as to any shares of Stock as to which Grants have not been made. An amendment to the Plan shall be contingent on
approval of the Company’s stockholders only to the extent required by applicable law, regulations or rules. No Grants shall be made after the termination of the Plan. No amendment, suspension, or termination of the Plan shall, without the
consent of the Grantee, alter or impair rights or obligations under any Grant theretofore awarded under the Plan. 

  
 - 17 -










	16.	GENERAL PROVISIONS 

  

	 	16.1	Disclaimer of Rights 

 No
provision in the Plan or in any Grant or Award Agreement shall be construed to confer upon any individual the right to remain in the employ or service of the Company or any Affiliate, or to interfere in any way with any contractual or other right or
authority of the Company either to increase or decrease the compensation or other payments to any individual at any time, or to terminate any employment or other relationship between any individual and the Company or any Affiliate. The obligation of
the Company to pay any benefits pursuant to this Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the manner and under the conditions prescribed herein. The Plan shall in no way be interpreted to
require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any participant or beneficiary under the terms of the Plan. 

 

	 	16.2	Nonexclusivity of the Plan 


The adoption of the Plan shall not be construed as creating any limitations upon the right and authority of the Board to adopt such other
incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of individuals or specifically to a particular individual or particular individuals) as the Board in its discretion determines
desirable, including, without limitation, the granting of stock options otherwise than under the Plan. 
  

	 	16.3	Captions 

 The use of
captions in this Plan or any Award Agreement is for the convenience of reference only and shall not affect the meaning of any provision of the Plan or such Award Agreement. 

 

	 	16.4	Other Award Agreement Provisions 

 Each Grant awarded under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Board, in its sole discretion. 

 

	 	16.5	Number and Gender 

 With
respect to words used in this Plan, the singular form shall include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires. 

 

	 	16.6	Severability 

 If any
provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms,
and all provisions shall remain enforceable in any other jurisdiction. 

  
 - 18 -










	 	16.7	Governing Law 

 The
validity and construction of this Plan and the instruments evidencing the Grants awarded hereunder shall be governed by the laws of the State of Delaware other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Plan and the instruments evidencing the Grants awarded hereunder to the substantive laws of any other jurisdiction. 
  

	 	16.8	Code Section 409A 


The Board intends to comply with Section 409A of the Code, or an exemption to Section 409A of the Code, with regard to Grants
hereunder that constitute nonqualified deferred compensation within the meaning of Section 409A of the Code. To the extent that the Board determines that a Grantee would be subject to the additional 20% tax imposed on certain nonqualified
deferred compensation plans pursuant to Section 409A of the Code as a result of any provision of any Grant granted under this Plan, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional
tax. The nature of any such amendment shall be determined by the Board. 
  

	17.	EXECUTION 

 To record
adoption of the Plan by the Board as of December 8, 2008, and as amended on November 12, 2009, July 21, 2010, April 15, 2011, June 27, 2011 and December 6, 2011, the Company has caused its authorized
officer to execute the Plan. 
  

			
		 	BioAmber Inc.
		
	By:	 	 /s/ Jean-François Huc

		 	Jean-François Huc
		 	President



  
 - 19 -









 BIOAMBER INC. OPTION CERTIFICATE NUMBER
OC-— 
 



 
 FORM OF OPTION CERTIFICATE AND AWARD AGREEMENT 

This Option Certificate and Award Agreement (“Certificate”) certifies that the Board of directors of BioAmber Inc., a Delaware corporation (the
“Corporation”) granted to — (the “Grantee”), in his capacity as —, an option (the “Option”) to purchase, in whole or in
part, — shares of the Corporation’s (the “Option Shares”) $.01 par value common stock (the “Stock”), at a price of US$— per
Option Share (the “Option Price”), the whole in accordance with the Corporation’s stock incentive plan dated December 8, 2008, as amended on November 12, 2009, July 21, 2010, April 15, 2011, June 27,
2011 and December 6, 2011 (the “Plan”). Capitalized terms used herein that are not otherwise defined shall have the meaning as provided in the Plan. 
 1. Character of Option. This Option is an Incentive Stock Option. 
 2. Exercise vesting
conditions. The Options described herein may be exercised and vest [as follows: twenty-five percent (25%) vesting on —, and the remaining seventy-five percent (75%) vesting on a monthly
basis over the following three (3) years] [over a three (3) year period (prorated monthly) from —, at the rate of 1/36 of the total number of options granted per month] [over a four (4) year
period, in reason of 25% per year (prorated monthly)], subject to the terms and conditions set out in the Plan. 
 Notwithstanding the
preceding, all Options will vest in their entirety upon the Corporation effecting [(a) the sale of all or substantially all of its assets to another person or entity, or (b) any transaction (including without limitation a merger or
reorganization in which the Company is the surviving entity) which results in any person or entity (other than persons who are shareholders or affiliates immediately prior to the transaction) owning 50% or more of the combined voting power of all
classes of stock of the Corporation. For greater clarity, it is understood that the Options shall not vest automatically upon the Corporation effecting an initial public offering] [(a) an initial public offering, (b) the sale of all or substantially
all of its assets to another person or entity, or (c) any transaction (including without limitation a merger or reorganization in which the Company is the surviving entity) which results in any person or entity (other than persons who are
shareholders or affiliates immediately prior to the transaction) owning 50% or more of the combined voting power of all classes of stock of the Corporation]. 
 3. Expiration of Option. Subject to the terms of the Plan, the right to exercise the Options granted by this Option Certificate shall expire and be null and void and of no further force or effect
to the extent not exercised by 5:00 p.m., on the — day of —, — (the “Option Expiration
Date”). 
 4. Method of Exercise and payment. This Option may be exercised by the Grantee by the surrender of this Option
Certificate, together with a properly completed and executed written exercise notice in the form provided for in Exhibit “A” hereto (the “Notice”) and the full payment of the Option Price, either in cash, by certified check or
bank draft payable to the order of the Corporation, on any business day, at the Corporation’s principal offices located at 1250 Rene-Levesque West, Suite 4110, Montreal, Quebec, H3B 4W8 or such other address as may be notified in writing by the
Corporation. 
 5. Certificates for Shares. Upon the exercise of the Option evidenced by this Option Certificate, one or more
certificates for the number of shares so purchased shall be issued as soon as practicable thereafter to the Grantee at the address indicated in the Notice, and in any event within ten (10) days of receipt by the Corporation of the Notice and
the Option Price. 








 BIOAMBER INC. OPTION CERTIFICATE NUMBER
OC-— 
  

 6. Minimum number of shares of Stock to be exercised. The minimum number of shares of Stock with
respect to which an Option may be exercised, in whole or in part, at any time shall be the lesser of (i) 100 shares and (ii) the maximum number of shares available for purchase under the Option at the time of exercise. 

7. Exercise of Option on Termination of Service. While the Option terminates on the Option Expiration Date, the Option shall terminate earlier in
the following events: 
  

	 	(i)	in the event of termination of Service with the Corporation for any reason other than death, Disability or for Cause, the Option shall terminate three (3) months
following the date of termination and is exercisable during such three (3) month period as to the portion of the Option which has vested prior to the date of termination of Service; 


 

	 	(ii)	in the event of termination of Service with the Corporation due to death or Disability, the Option shall terminate two (2) years following the date of termination
and is exercisable during such two (2) year period as to the portion of the Option which has vested prior to the date of termination of Service; 

  

	 	(iii)	in the event of termination of Service for Cause, the Option shall terminate immediately. 


Notwithstanding the foregoing, any unvested Options will immediately terminate upon the date of termination of Service. 

8. Adjustment of Number of Option Shares. The number of Option Shares and kind of shares purchasable upon exercise of this Option shall be subject
to adjustment from time to time according to the terms of the Plan. 
 9. Transferability of Options. No Option shall be assignable or
transferable by the Grantee, other than as provided in the Plan, by will or the laws of descent and distribution. 
 10. Right of Option
Holders. A Grantee shall not be, nor have any of the rights or privileges of, a shareholder of the Corporation in respect of any share purchasable upon the exercise of any part of the Option unless and until certificates representing such shares
shall have been issued by the Corporation to such Grantee. 
 11. Terms of the Plan. All of the terms and provisions of the Plan are
incorporated herein by reference as if fully set forth at length herein, and the Grantee acknowledges receipt and review of the Plan. In the event of any conflict or inconsistency between the Plan and the terms set forth herein, the terms of the
Plan shall have priority and precedence over the terms herein. 
 12. Notices. All notices, requests, demands, consents, instructions or
other communications required or permitted hereunder shall be in writing and mailed or delivered to each party at the respective addresses of the parties as set forth hereunder, or at such other address as the Corporation shall have furnished to the
Grantee in writing. All such notices and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) two business days after being deposited with an overnight courier service
of recognized standing or (iv) four days after being deposited with US Post, first class with postage prepaid. 








 BIOAMBER INC. OPTION CERTIFICATE NUMBER
OC-— 
  

 13. Governing Law. This Option Certificate and Award Agreement and all actions arising out of or
in connection with this Option Certificate and Award Agreement shall be governed by and construed in accordance with the laws of the state of Delaware and the laws of United States of America applicable therein. 

Issued as of this — day of —, 2012.

  

			
		 	BIOAMBER INC.
		
	By:	 	  

		 	Jean-François Huc, President and CEO


 READ AND ACCEPTED THIS     the day of
            , 2012. 
  

	
	  

	Signature
	
	 —

	Name
	
	 —

	Address
	
	  

	—









 BIOAMBER INC. OPTION CERTIFICATE NUMBER
OC-— 
  

 EXHIBIT A 

NOTICE OF EXERCISE 
  

	TO:	BIOAMBER INC. 

  

	1.	The undersigned hereby exercises its Option to purchase              shares of Stock of BioAmber Inc.
pursuant to the terms of the attached Option Certificate. 

  

	2.	The undersigned tenders herewith payment in full for the Option Price of the shares for which the Option is being exercised. 


 

	3.	Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below:


  
  

(Name) 
  

	4.	Please issue the certificate or certificates representing said shares at the following address: 


 

									
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
		 		 		 	(Address)	 	
					
	SIGNED AT	 	  
	 	, on	 	  
	 	.

  

	
	  

	(Signature)
	
	  

	(Name)










 BIOAMBER INC. OPTION CERTIFICATE NUMBER
OC-— 
  

 



 
 OPTION CERTIFICATE AND AWARD AGREEMENT 

This Option Certificate and Award Agreement (“Certificate”) certifies that the Board of directors of BioAmber Inc., a Delaware corporation (the
“Corporation”) granted to — (the “Grantee”), in his capacity as Consultant to the Corporation, an option (the “Option”) to purchase, in whole or in part, — shares of the Corporation’s (the “Option Shares”) $.01 par value common stock (the “Stock”), at a price of US$— per Option Share
(the “Option Price”), the whole in accordance with the Corporation’s stock incentive plan dated December 8, 2008, as amended on November 12, 2009, July 21, 2010, April 15, 2011, June 27, 2011 and
December 6, 2011 (the “Plan”). Capitalized terms used herein that are not otherwise defined shall have the meaning as provided in the Plan. 
  

	1.	Character of Option. This Option is a Non-Qualified Stock Option. 

 2. Exercise vesting conditions. The Options described herein may be exercised according to the following vesting schedule, subject to the terms and conditions set out in the Plan: 

 

			
	 Number of Options
	  	 Vesting Date

		
	 —
	  	—
		
	 —
	  	—

 Notwithstanding the preceding, all Options will vest in their entirety upon the Corporation effecting [(a) the sale
of all or substantially all of its assets to another person or entity, or (b) any transaction (including without limitation a merger or reorganization in which the Company is the surviving entity) which results in any person or entity (other
than persons who are shareholders or affiliates immediately prior to the transaction) owning 50% or more of the combined voting power of all classes of stock of the Corporation. For greater clarity, it is understood that the Options shall not vest
automatically upon the Corporation effecting an initial public offering] [(a) an initial public offering, (b) the sale of all or substantially all of its assets to another person or entity, or (c) any transaction (including without limitation a
merger or reorganization in which the Company is the surviving entity) which results in any person or entity (other than persons who are shareholders or Affiliates immediately prior to the transaction) owning 50% or more of the combined voting power
of all classes of stock of the Corporation]. 
 3. Expiration of Option. Subject to the terms of the Plan, the right to exercise the
Options granted by this Option Certificate shall expire and be null and void and of no further force or effect to the extent not exercised by 5:00 p.m., on the — day of —, — (the “Option Expiration Date”). 

4. Method of Exercise and payment. This Option may be exercised by the Grantee by the surrender of this Option Certificate, together with a
properly completed and executed written exercise notice in the form provided for in Exhibit “A” hereto (the “Notice”) and the full payment of the Option Price, either in cash, by certified check or bank draft payable to the order
of the Corporation, on any business day, at the Corporation’s principal offices located at 1250 Rene-Levesque West, Suite 4110, Montreal, Quebec, H3B 4W8 or such other address as may be notified in writing by the Corporation. 








 BIOAMBER INC. OPTION CERTIFICATE NUMBER
OC-— 
  

 5. Certificates for Shares. Upon the exercise of the Option evidenced by this Option Certificate,
one or more certificates for the number of shares so purchased shall be issued as soon as practicable thereafter to the Grantee at the address indicated in the Notice, and in any event within ten (10) days of receipt by the Corporation of the
Notice and the Option Price. 
 6. Minimum number of shares of Stock to be exercised. The minimum number of shares of Stock with respect
to which an Option may be exercised, in whole or in part, at any time shall be the lesser of (i) 100 shares and (ii) the maximum number of shares available for purchase under the Option at the time of exercise. 

7. Exercise of Option on Termination of Service. While the Option terminates on the Option Expiration Date, the Option shall terminate earlier in
the following events: 
  

	 	(i)	in the event of termination of Service with the Corporation for any reason other than death, Disability or for Cause, the Option shall terminate three (3) months
following the date of termination and is exercisable during such three (3) month period as to the portion of the Option which has vested prior to the date of termination of Service; 


 

	 	(ii)	in the event of termination of Service with the Corporation due to death or Disability, the Option shall terminate two (2) years following the date of termination
and is exercisable during such two (2) year period as to the portion of the Option which has vested prior to the date of termination of Service; 

  

	 	(iii)	in the event of termination of Service for Cause, the Option shall terminate immediately. 


Notwithstanding the foregoing, any unvested Options will immediately terminate upon the date of termination of Service. 

8. Adjustment of Number of Option Shares. The number of Option Shares and kind of shares purchasable upon exercise of this Option shall be subject
to adjustment from time to time according to the terms of the Plan. 
 9. Transferability of Options. No Option shall be assignable or
transferable by the Grantee, other than as provided in the Plan, by will or the laws of descent and distribution. 
 10. Right of Option
Holders. A Grantee shall not be, nor have any of the rights or privileges of, a shareholder of the Corporation in respect of any share purchasable upon the exercise of any part of the Option unless and until certificates representing such shares
shall have been issued by the Corporation to such Grantee. 
 11. Terms of the Plan. All of the terms and provisions of the Plan are
incorporated herein by reference as if fully set forth at length herein, and the Grantee acknowledges receipt and review of the Plan. In the event of any conflict or inconsistency between the Plan and the terms set forth herein, the terms of the
Plan shall have priority and precedence over the terms herein. 
 12. Notices. All notices, requests, demands, consents, instructions or
other communications required or permitted hereunder shall be in writing and mailed or delivered to each party at the respective addresses of the parties as set forth hereunder, or at such other address as the Corporation shall have furnished to the
Grantee in writing. All such notices and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) two business days after being deposited with an overnight courier service
of recognized standing or (iv) four days after being deposited with US Post, first class with postage prepaid. 








 BIOAMBER INC. OPTION CERTIFICATE NUMBER
OC-— 
  

 13. Governing Law. This Option Certificate and Award Agreement and all actions arising out of or
in connection with this Option Certificate and Award Agreement shall be governed by and construed in accordance with the laws of the state of Delaware and the laws of United States of America applicable therein. 

Issued as of this — day of —, 2012.

  

			
		 	BIOAMBER INC.
		
	By:	 	  

		 	Jean-François Huc, President and CEO


 READ AND ACCEPTED THIS     the day of
            , 2012. 
  

	
	  

	Signature
	
	 —

	Name
	
	 —

	Address
	
	 —

	E-mail and phone number









 BIOAMBER INC. OPTION CERTIFICATE NUMBER
OC-— 
  

 EXHIBIT A 

NOTICE OF EXERCISE 
  

	TO:	BIOAMBER INC. 

  

	1.	The undersigned hereby exercises its Option to purchase              shares of Stock of BioAmber Inc.
pursuant to the terms of the attached Option Certificate. 

  

	2.	The undersigned tenders herewith payment in full for the Option Price of the shares for which the Option is being exercised. 


 

	4.	Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below:


  
  

(Name) 
  

	5.	Please issue the certificate or certificates representing said shares at the following address: 


 

									
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
		 		 		 	(Address)	 	
					
	SIGNED AT	 	  
	 	, on	 	  
	 	.

  

	
	  

	(Signature)
	
	  

	(Name)