TASK DEFINITION: In this task, you're given a passage that represents a legal contract or clause between multiple parties, followed by a question that needs to be answered. Based on the paragraph, you must write the index where the answer starts. If multiple answers seem to exist, write the index of the answer that is the most plausible. If multiple indices must be used to answer the question, the output should be a common separated list of indices.
PROBLEM: Exhibit 10.1   Text Marked By [* * *] Has Been Omitted Pursuant To A Request For Confidential Treatment And Was Filed Separately With The Securities And Exchange Commission.   STRATEGIC ALLIANCE AGREEMENT Effective Date: April 17, 2017   THIS STRATEGIC ALLIANCE AGREEMENT (this Agreement), is entered into by and between Lion Biotechnologies, Inc., with a place of business located at 999 Skyway Road, Suite 150, San Carlos, CA 94070 (LBIO), and The University of Texas M. D. Anderson Cancer Center, with a place of business located at 1515 Holcombe Blvd., Houston, TX 77030 (MD Anderson), a member institution of The University of Texas System (System), as of the date set forth above (the Effective Date). MD Anderson and LBIO are hereinafter individually referred to as a Party and are collectively known as the Parties.   WHEREAS, as a comprehensive cancer research, treatment, and educational center, MD Anderson undertakes research and experimental activities in a variety of disciplines; and   WHEREAS, the Parties hereby wish to establish a collaboration (Collaboration) with respect to the performance of one or more research studies to be conducted pursuant to this Agreement (each such study, a Study, and collectively the Studies, and the activities to be performed with respect to the Studies collectively, the Research).   NOW, THEREFORE, in consideration of the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, LBIO and MD Anderson hereby agree to be legally bound as follows:   1. Governance.   1.1 Joint Steering Committee. The Parties will establish a joint steering committee (JSC) of equal representation, comprised of three members from each Party, with the members of each Party collectively having one vote on all matters to be decided upon by the JSC. Each Party can appoint and replace its members in the JSC at its own discretion through timely written notice to the other Party. The Principal Investigators for each Study (as defined hereinafter) shall attend each JSC meeting, except in the event of exigent circumstances that do not permit such attendance.   1.2 JSC Meetings. The JSC will have meetings (either in person, by teleconference or via electronic means) at least quarterly. At least one meeting per year will be conducted in person or by videoconference (including the kick-off meeting), with the location alternating between a site a selected by LBIO and a site selected by MD Anderson. LBIO will choose the location of the first such in-person meeting. Subject to Section 1.4 below, the JSC will decide on matters by unanimous vote; provided, however, that no action may lawfully be taken at any meeting unless at least two members from each Party (including for this purpose any proxy member appointed as provided below) are present at the meeting. If a member of the JSC is unable to attend a meeting, he or she may appoint, in writing, a proxy to participate and vote in his or her stead.

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  1.3 JSC Responsibilities. The main task of the JSC will be to oversee the Collaboration. In order to achieve the objectives of the Collaboration, the JSC will oversee each Study under the Collaboration. The JSC will provide technical, scientific, clinical, and regulatory guidance regarding the Studies and will be responsible for monitoring progress of the Studies. In addition, the JSC will be responsible for coordinating resolution of problems arising in the Studies or in the Collaboration as a whole. Additional members can be invited by the JSC on a case by case basis should discussion of certain topics require so; provided, that such members will be subject to obligations of confidentiality and non-use at least as strict as those set forth in Section 5 below.   1.4 Dispute Resolution. Decisions regarding Study design, changes and/or additions to the initially-agreed Protocols must be unanimous, with each Party exercising one vote each, and in the absence of such unanimity the status quo shall be maintained. For all other matters before the JSC, a unanimous decision, with each Party exercising one vote, is required; provided, that, if unanimity cannot be achieved regarding such other matters, then LBIO's chief executive officer may make the decision on behalf of the JSC, provided that LBIO's chief executive officer will first make a good faith effort to consult with a designated executive at MD Anderson to resolve such matter.   2. Performance of Studies.   2.1 Studies.   (a) During the Term (as defined below), LBIO and MD Anderson may periodically agree to collaborate with respect to the performance of one or more Studies. In connection with each Study, the Parties shall execute, as applicable, a Study-specific clinical trial agreement or a pre-clinical work order where a clinical trial is not being conducted (each, a Study Order). Study Orders shall be numbered sequentially and, when executed, appended to this Agreement and made a part hereof. The first three Study Orders, when completed, will be incorporated into this Agreement as Exhibit I, Exhibit II, and Exhibit III, and the Studies that are the subject of such Study Orders are also referred to herein as the Initial Studies. Each Study Order shall detail the specifics of the Study to be performed under such Study Order including (i) a detailed Study-specific protocol (Protocol) that will be developed jointly by the Parties working together in good faith and (ii) any Study-specific resources or support to be provided by LBIO, including any financial consideration (Collaboration Funding, but excluding financial support associated with the Initial Studies to the extent addressed in Section 4 of this Agreement). Any revisions or amendments to a Study Order or Protocol shall be implemented, if at all, solely in accordance with the terms of the relevant Study Order and shall be subject to the approval of the JSC. The Parties acknowledge and agree that MD Anderson will be the sponsor of the Initial Studies that are clinical studies, as defined at 21 C.F.R. §§ 50.3(f) and 312.3(b), and will be the holder of the investigational new drug applications (INDs) submitted to the FDA (as defined hereinafter) for such Initial Studies.   (b) In the event of any conflict of any terms of this Agreement and the terms of a Study Order, the terms of this Agreement shall govern, unless the Study Order specifically and expressly supersedes this Agreement with respect to a specific term, and then only with respect to the particular Study Order and specific term. If there is any discrepancy or conflict between the terms contained in a Protocol and this Agreement and/or the relevant Study Order, the terms of the Protocol shall govern and control with respect to clinical matters and the terms of this Agreement and/or the relevant Study Order shall govern and control with respect to all other matters (e.g., legal and financial matters).

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  2.2 Investigators.   (a) Principal Investigator. Each Study Order will identify the individual that will serve as the Principal Investigator for the relevant Study at MD Anderson and shall be responsible for MD Anderson's administration and supervision of its portion of such Study. If the originally named Principal Investigator becomes unable or unwilling to continue a Study for any reason, MD Anderson shall propose a substitute Principal Investigator with comparable qualifications within two business days of MD Anderson becoming aware of such event. If the proposed candidate is not available or is not acceptable to LBIO, LBIO may terminate the applicable Study in accordance with Section 8.3(ii).   (b) MD Anderson and Principal Investigator may appoint one or more collaborating physicians (Sub-Investigators) to participate in a Study. Such Sub-Investigators shall work under the supervision of, shall report to and be the sole responsibility of Principal Investigator, and Principal Investigator and MD Anderson shall each ensure that all Sub-Investigators undertake all activity related to the Study in accordance with the terms of this Agreement, the applicable Study Order, and the Protocol.   (c) On a Study Order-by-Study Order basis, in the event that a Principal Investigator leaves or is removed from MD Anderson (or is otherwise unwilling or unavailable to direct the applicable Study in accordance with this Agreement and the applicable Study Order), then MD Anderson shall, as soon as practicable but in any event within two (2) business days of such event, provide written notice of such event to LBIO. Any subsequently appointed principal investigator must be approved, in writing in advance, by LBIO and such new principal investigator shall be required to agree to all the terms and conditions of the applicable Study Order and this Agreement and to sign each such document as evidence of such agreement (although failure to so sign will not relieve such new principal investigator from abiding with all the terms and conditions of the applicable Study Order and this Agreement). If LBIO does not approve of the new principal investigator, or the new principal investigator does not sign this Agreement, then LBIO may terminate the applicable Study Order in accordance with Section 8.3(ii).   2.3 Performance; Compliance with Law.   (a) MD Anderson shall, and shall cause each of its employees, agents, contractors, and subcontractors performing Research activities or other obligations under this Agreement, including the Principal Investigator (collectively, Representatives) to, conduct such activities, and use, store and handle all materials used in the performance of activities under this Agreement and each Study Order, or cause the same to be done, in accordance with (i) all applicable laws, regulations, and guidelines, including, to the extent applicable, the Federal Food, Drug, and Cosmetic Act (FFCDA); the anti-kickback and related provisions of the Social Security Act; the Public Health Services Act; the regulations promulgated by the Food and Drug Administration (FDA), including 21 C.F.R. Parts 50, 56, and 58, and, with respect to clinical Studies, the requirements of the Statement of Investigator, FDA Form 1572 (as described in 21 312.53), the terms of which are incorporated by reference into any Study Order pertaining to a clinical Study (and the Principal Investigator for any such clinical Study shall complete, sign, and deliver a Form 1572 to LBIO prior to the commencement of such Study); the United States Health Insurance Portability and Accountability Act of 1996, as amended by the HITECH Act, including the Standards for Privacy of Individually Identifiable Health Information; the EU Data Protection Directive; and all other applicable privacy, security and data protection laws (collectively, this sub-clause (i), Laws), and, as applicable, the quality standards of Good Clinical Practice (which term shall mean generally accepted good clinical practices including those set out in the current version of the Declaration of Helsinki and the International Conference on Harmonization Guidelines for Good Clinical Practice in force from time to time and FDA's most recent guidance and regulations concerning current Good Clinical Practice), (ii) the provisions of this Agreement (including each applicable Study Order and Protocol), and (iii) all written instruction from LBIO, as well as MD Anderson's internal policies and procedures to the extent they do not conflict with the foregoing subsections (i) and (ii).

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  (b) LBIO is a United States corporation subject to the provisions of the Foreign Corrupt Practices Act (the FCPA). Under the FCPA it is unlawful to pay or to offer to pay anything of value, directly or indirectly, to foreign government officials, government employees, political candidates, or political parties, or to persons or entities who will offer or give such payments to any of the foregoing, in order to obtain or retain business or to secure an improper commercial advantage for LBIO. MD Anderson shall not, and MD Anderson shall ensure that its Representatives do not, take or permit any action, including paying or transferring anything of value, directly or indirectly, to any official or other person to influence any decision to obtain or retain business or gain an advantage in the conduct of business, or to induce such official or other person to perform a function in violation of any Laws, that will either constitute a violation under, or cause LBIO to be in violation of, the provisions of the FCPA or applicable local bribery and corruption Laws.   (c) MD Anderson shall register each Study that is a clinical study with the relevant governmental authorities and government websites (including http://www.clinicaltrials.gov) and make all updates as required under the Laws, and shall identify LBIO as a financial collaborator (e.g., a Collaborator for the purposes of www.clinicaltrials.gov) in such registrations.   (d) To the extent required by Law, MD Anderson and Principal Investigator shall be responsible for ensuring that the Research and all applicable documents, including any Protocol and informed consent and authorization forms are properly approved by applicable regulatory authorities and an Institutional Review Board (IRB). As may be required by Law, and with respect to any given applicable Study hereunder, MD Anderson and Principal Investigator shall further be responsible for making all reports and obtaining the continuing approval from the applicable IRB. Prior to making any submission to an IRB with respect to any given applicable Study hereunder (including a Protocol, and information to be provided to potential Study subjects including the informed consent and HIPAA authorization, and as applicable, the Case Report Forms (CRFs) or supporting source documentation), MD Anderson shall provide the proposed submission to LBIO for LBIO's review and approval. MD Anderson shall promptly further provide LBIO with documentation of the IRB's initial and continuing review and approval with respect to any given applicable Study hereunder, as well as any other communications and/or interactions with the IRB (summaries in the case of oral interactions and/or communications) that is related to or which may impact the Research, prior to the commencement of the Research and promptly thereafter. In the event MD Anderson's IRB requires changes in any Protocol, informed consent or related forms for a Study after the Effective Date of the applicable Study Order, LBIO shall be advised in advance and all such modifications must be approved in advance and in writing by the JSC under this Agreement. MD Anderson and Principal Investigator shall not modify a Study described in a Protocol without the prior written approval of the JSC.

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  (e) MD Anderson and/or Principal Investigator shall be responsible for reporting and tracking of all adverse events with respect to a Study (AEs) in compliance with all Laws and each applicable Protocol and Principal Investigator shall be responsible for updating all AEs, including any expedited safety reports. MD Anderson and LBIO will share information with each other of any findings that may impact the safety of a Study Drug including as Study Drug safety may adversely affect the health and safety of any Study subject, influence the conduct of a Study, alter an IRB's approval to continue a Study, or affect the willingness of a Study subject to continue participation in the Study. Principal Investigator and MD Anderson shall notify LBIO within twenty-four (24) hours after learning of any serious AE and any special situation report (both as defined in the applicable Protocol) incurred during or as the result of the Study, and provide a written confirmation report of such individual serious adverse event and special situation report promptly thereafter, as well as a monthly listing of all such serious adverse events and special situation reports, by electronic mail to: lionbiosafety@lionbio.com. LBIO shall have the ability to request additional information related to any such safety finding, serious AE or special situation report, if applicable, thereafter. Additionally, MD Anderson and/or Principal Investigator will promptly provide LBIO with all information in their possession or control as may be needed to assist LBIO in the identification and resolution of problems or unexpected occurrences involving the Study Drug or its use in the Study.   2.4 Facilities. MD Anderson shall cause its Representatives to perform the Research only at the facility(ies) identified in the applicable Study Order (the Facility(ies)). MD Anderson may not utilize any facility, other than the Facility(ies), for performing any portion of the Research without obtaining LBIO's prior written consent to do so. MD Anderson shall maintain, or cause to be maintained, the Facility(ies), all personal property, equipment, machinery, excipients, materials, systems, intangibles, intellectual property and contract rights in use at the Facility(ies) free of defects, except for defects attributable to wear and tear consistent with the age and usage of such assets, and except for such defects as do not and will not, in the aggregate, materially impair the ability to use such assets in connection with the Research.   2.5 No Inducement. MD Anderson agrees that LBIO's support of the Research is not conditioned on the value or volume of business generated between the Parties and is not being provided or received as a reward or in exchange for recommending, prescribing, dispensing, purchasing, supplying, selling, administering, referring, arranging for, or ordering any product that is manufactured, sold, or distributed by LBIO, or to induce recommending, prescribing, dispensing, purchasing, supplying, selling, administering, referring, arranging for, or ordering any product that is manufactured, sold, or distributed by LBIO in the future.

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  3. Materials.   3.1 Study Materials and Equipment. Unless otherwise provided by this Agreement (including as expressly set forth in a Study Order), Principal Investigator shall conduct the Research with MD Anderson's materials and equipment. MD Anderson shall be responsible for the acquisition, purchasing, replacement, repair, maintenance, and calibration, to the extent applicable, of all materials and equipment, unless otherwise provided by this Agreement (including as expressly set forth in a Study Order), necessary for MD Anderson to conduct the Research. LBIO shall have no role, responsibilities, and or liability with regard to any materials and equipment necessary for MD Anderson and Principal Investigator to conduct the Research, except as provided in this Agreement (including as expressly set forth in a Study Order).   3.2 Informed Consent. MD Anderson shall ensure that all patients from whom Patient Materials (as defined below) were obtained, provided their informed consent and authorization for MD Anderson's and Principal Investigator's transfer of the applicable Patient Materials, data, and information to LBIO as called for in any applicable Study Order, LBIO's use of Patient Materials, data, and information, and LBIO's further transfer of the Patient Materials, data, and information to governmental or regulatory authorities and other third parties, as applicable. Upon LBIO's request, MD Anderson shall provide LBIO with copies of the patient informed consent and authorization forms for LBIO to confirm the provisions of this Section 3.2.   3.3 LBIO Materials.   (a) Material shall mean the tangible materials, Patient Materials (as defined below) and equipment described in an exhibit to a given Study Order (such exhibit, if provided, the Materials Exhibit). The Parties will amend a given Materials Exhibit from time to time as additional Materials are provided by or to LBIO in connection with a given Study Order. The Parties shall provide, or cause to be provided, Materials, and rights with respect to associated intellectual property, to each other in the quantities described in the applicable Study Order (or if no such quantities are described, in reasonable quantities) and at the times set forth in the applicable Study Order (or if no such times are set forth, as soon as reasonably practicable and necessary after the effective date of the applicable Study Order). All Materials supplied to MD Anderson by or on behalf of LBIO shall, as between LBIO and MD Anderson, remain the exclusive property of LBIO.   (b) THE MATERIALS PROVIDED TO INSTITUTION BY LBIO ARE PROVIDED BY LBIO ON AN AS IS BASIS. LBIO HEREBY DISCLAIMS ANY WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIALS, INCLUDING ANY WARRANTIES OF TITLE, INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NO OFFICER, EMPLOYEE, AGENT OR REPRESENTATIVE OF LBIO HAS ANY AUTHORITY TO BIND LBIO TO ANY AFFIRMATION, REPRESENTATION OR WARRANTY CONCERNING THE MATERIALS, EXCEPT AS SET EXPRESSLY FORTH HEREIN. THE MATERIALS PROVIDED TO LBIO BY INSTITUTION ARE PROVIDED BY INSTITUTION ON AN AS IS BASIS. INSTITUTION HEREBY DISCLAIMS ANY WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIALS, INCLUDING ANY WARRANTIES OF TITLE, INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NO OFFICER, EMPLOYEE, AGENT OR REPRESENTATIVE OF INSTITUTION HAS ANY AUTHORITY TO BIND INSTITUTION TO ANY AFFIRMATION, REPRESENTATION OR WARRANTY CONCERNING THE MATERIALS, EXCEPT AS SET EXPRESSLY FORTH HEREIN.

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  (c) The Materials provided by or on behalf of LBIO shall only be used as necessary to conduct the Research, in accordance with the Research Plan, this Agreement, all written instructions from LBIO and all Laws and not for any other uses or activities whatsoever, including in connection with research for any third person or entity. MD Anderson shall maintain control over Materials received by it from or on behalf of LBIO hereunder and shall not transfer any portion of such Materials to any third party for any purpose other than the purposes of performing its obligations under, and in accordance with, this Agreement, the Research Plan, all written instructions from LBIO and all Laws. MD Anderson shall maintain complete and accurate records relating to the disposition of all Materials provided by or on behalf of LBIO. MD Anderson shall return to LBIO all unused supplies of Materials provided by or on behalf of LBIO in accordance with Section 8.4 or at LBIO's earlier request. MD Anderson shall have no right to provide samples of the Materials provided by or on behalf of LBIO (or products created thereby) to any person or entity.   3.4 Patient Materials. Patient Materials shall mean those certain biological materials, and derivatives thereof and related patient data and information, received from individual patients and described in an applicable Materials Exhibit. Without limiting Section 3.3, MD Anderson shall further handle, transport, use and store Patient Materials exclusively at the Facility(ies) or otherwise in accordance with this Agreement, unless otherwise requested by LBIO in writing, and at all times strictly in accordance with (a) MD Anderson's standards of security and confidentiality and (b) all applicable privacy, security and data protection Laws (including the United States Health Insurance Portability and Accountability Act of 1996, as amended by the HITECH Act, including the Standards for Privacy of Individually Identifiable Health Information, and the EU Data Protection Directive).

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  4. Certain Financial Matters.   4.1 Initial Funding. LBIO agrees to commit funding in an amount not to exceed $14,211,864.00 for the performance of the Studies during the Term (collectively, Initial Funding), with the Initial Funding specifically allocated as follows: (a) $[* * *] for an upfront payment, and a minimum of $[* * *] for enrollment and treatment of a minimum of 40 patients in the Study described in Exhibit I (i.e., the Minimum Enrollment Target as defined in Exhibit 1) or up to $[* * *] (an Individual Study Budget) for enrollment and treatment of up to 60 patients in the Study described in Exhibit I (i.e., the Maximum Enrollment Target as defined in Exhibit 1); (b) $[* * *] (which shall also be considered an Individual Study Budget) for enrollment, manufacturing of product, and treatment of 30 patients in the Study described in Exhibit II; and (c) $[* * *] for the Study described in Exhibit III. LBIO shall pay the Initial Funding in accordance with Section 4.3. For clarity, the Initial Funding is Collaboration Funding. MD Anderson agrees that all costs of this Collaboration, with the sole exceptions of any costs to supply clinical-grade aldesleukin and 4-1BB agonist for use in the expansion of tumor infiltrating lymphocytes (TILs), and in the case of aldesleukin, for use in the treatment of patients, are included in the Initial Funding. Subject to the foregoing exceptions, MD Anderson shall be solely responsible for any costs it incurs in performing the Studies that are in excess of the Initial Funding.   4.2 Collaboration Funding Generally. MD Anderson shall use the Collaboration Funding solely to conduct the applicable Study and MD Anderson shall be responsible for managing cash flow between payments. It is understood and agreed that the Collaboration Funding shall cover all administrative, IRB review, patient recruitment, and all other fees, costs and expenses of MD Anderson and any of its Representatives for the conduct of the Studies or the provision of equipment or services to facilitate the Studies, and that no other form of compensation shall be paid to MD Anderson in connection with the Studies except as otherwise may be specifically and mutually agreed upon by the Parties in writing.   4.3 Payments. LBIO shall pay the Initial Funding to MD Anderson as follows. An upfront payment of $[* * *] (the Upfront Payment) shall be invoiced by MDACC on the Effective Date. The remainder of the Initial Funding shall be paid as follows:   (a) In the event that the Study Order covers the performance of a clinical trial, funding shall be invoiced based on Study patient enrollment as follows, based on the Maximum Enrollment Target as defined in each Study Order:

Milestone (on Study Order-by-Study Order basis)

 Payment (% of the Individual Study  Budget) to be provided in  connection with such Study Order* Enrollment of [* * *]% of the target patient enrollment as set forth in the applicable Protocol  [* * *]%

Enrollment of [* * *]% of the target patient enrollment as set forth in the applicable Protocol  [* * *]%

Enrollment of [* * *]% of the target patient enrollment as set forth in the applicable Protocol  [* * *]%

Enrollment of final patient as set forth in the applicable Protocol  [* * *]% Receipt by LBIO of both (a) the final clinical study report and (b) all raw clinical data (anonymized and without including any identifying information)

 [* * *]%

  *With respect to Exhibit 1, the Individual Study Budget shall be the one associated with the Minimum Enrollment Target (as defined in Exhibit 1), and in the event that the Parties move to the Maximum Enrollment Target (as defined in Exhibit 1) then this table shall be applied to the incremental additional patients as if the incremental additional patients constitute their own protocol/budget. For example, if LBIO decides to add ten (10) additional patients to the clinical study in Exhibit 1, each patient will be accrued at $[* * *] per patient, and LBIO will be invoiced for percentage enrollment of these ten (10) patients based on the table above.

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  (b) In the event that the Study Order covers activities other than the performance of a clinical trial, a payment schedule will be set forth in the relevant Study Order.   (c) Notwithstanding the foregoing, LBIO may suspend payment if, in LBIO's reasonable opinion after review of the Reports (as defined below), MD Anderson has not been performing the Research diligently and in the manner agreed upon herein.   (d) Upon the occurrence of one of the milestones identified in the table in Section 4.3(a), or described in an applicable Study Order for a non-clinical Study according to Section 4.3(b), MD Anderson shall invoice LBIO for the related payment amount. In each case, invoices shall be itemized, including by reference to Study Order title, and otherwise shall include such supporting documentation as LBIO may reasonably request. LBIO shall pay all undisputed invoices within thirty (30) days of receipt of such invoice.   (e) If the Study described in Exhibit II is not commenced, the portion of the Upfront Payment that would have been applied to that Study ($[* * *]) will be credited by MD Anderson towards the Studies described in Exhibit I and Exhibit III.   (f) All terms and payments of compensation, benefits, and any other conditions of engagement, including payment of taxes, for any person working with Principal Investigator and any other support staff who may be used in the performance of a Study (including any Sub- Investigator) shall be solely a matter between MD Anderson and such individuals. Principal Investigator and any MD Anderson personnel shall not be deemed to be employees of LBIO or entitled to any benefits offered by LBIO to LBIO's employees.   5. Records and Reports.   5.1 Records. MD Anderson shall, and shall cause its Representatives to, keep appropriate records of the Research, including laboratory notebooks, in accordance with MD Anderson policies and all Laws, sufficient to properly document the results of the Research and otherwise sufficient to determine identity and dates of inventorship of Inventions (as defined in Section 7.1(a)). MD Anderson shall make such records available to LBIO upon reasonable notice during MD Anderson's normal business hours. LBIO may use the records and Reports (as defined below) for any purpose, including interactions and communications with, and/or submissions and filings to the applicable governmental or regulatory authorities.

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  5.2 Reports. MD Anderson, through the Principal Investigator, shall provide to LBIO (a) interim written reports regarding the Research, no less than once per calendar quarter, and (b) on Study-by-Study basis, (i) a draft final written Study report within thirty (30) days after completion (or earlier termination) of each such Study and (ii) a final written Study report within thirty (30) days after receipt of LBIO's comments to the draft final written Study report with respect to each such Study, which shall be given by LBIO not later than thirty (30) days after LBIO's receipt of the draft final Study report (collectively, the Reports); provided, that, if this schedule of reports differs from the reporting obligations provided in a Study Order, the schedule listed in the Study Order shall be followed. LBIO shall own all Reports and data compilations resulting from the Research, excluding the physical original lab notebooks themselves (but not excluding the data and data compilations contained therein, which shall be deemed to be owned by LBIO) and any patient medical records.   5.3 Electronic Transfer. In addition to MD Anderson's reporting obligations under Section 5.2, no less than once per calendar quarter, MD Anderson shall provide to LBIO an electronic transfer of all data and results (including all raw data and process data) generated through the performance of the Research.   5.4 Other Notifications. During the performance of the Research, MD Anderson shall notify LBIO promptly if the Research reveals any unexpected result or any accident or harm occurs, and shall also comply with any safety notifications required under each Study Order.

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  6. Confidentiality and Publications.   6.1 Confidential Information.   (a) Confidential Information means any proprietary or confidential information, technical data, trade secrets or know-how, including research, product plans, products, services, customer lists and customers, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, marketing, distribution and sales methods and systems, sales and profit figures, finances and other business information disclosed by a Party or its Representatives (Disclosing Party) to the other Party or its Representatives (Receiving Party), whether in writing, orally or by drawings or inspection of documents or other tangible property; provided that: (i) Confidential Information shall not include any of the foregoing items to the extent that (1) they are or have become publicly known and made generally available through no wrongful act of Receiving Party, (2) they were known to Receiving Party prior to disclosure by Disclosing Party, as evidenced by pre-existing written records promptly provided to Disclosing Party by Receiving Party, (3) they were disclosed to Receiving Party without an obligation of confidentiality by a third party having a lawful right to make such disclosure, or (4) they were developed by Receiving Party without use or aid of Disclosing Party's Confidential Information, and (ii) the results of the Research (including the contents of each Report and any Inventions) shall be deemed to be LBIO's Confidential Information, subject to MD Anderson's right to publish any Research data and information as set forth in and in accordance with Section 6.4, MD Anderson's right to use any Inventions (and any Work) as set forth in and in accordance with Section 7.2, and MD Anderson's right to use any Research data and information for internal research, academic, and non-commercial patient care purposes prior to publication or public disclosure and for any purpose thereafter. LBIO shall be deemed the Disclosing Party with respect to such results of the Research, regardless of the Party initially disclosing the same.     (b) Receiving Party shall take reasonable steps to ensure that Disclosing Party's Confidential Information (as defined in Section 6.1(a)) is maintained in confidence, used only for the purpose of exercising rights and performing obligations under this Agreement, and disclosed only to persons and/or entities authorized under this Agreement. As used herein, reasonable steps means the steps that Receiving Party takes to protect its own, similar confidential and proprietary information, which shall not be less than a reasonable standard of care. Receiving Party further agrees not to reveal, publish or otherwise disclose Disclosing Party's Confidential Information to any third party without the prior written consent of Disclosing Party as described in Section 6.4 below, however, Receiving Party is permitted to disclose Confidential Information obtained under the terms of this Agreement to its Representatives on a need-to-know basis related to the exercise of rights and performance of its obligations under this Agreement and only if such Representatives are informed by Receiving Party of the confidential nature of such information and are bound by confidentiality obligations consistent with those set forth in this Section 6.1. Receiving Party shall ensure that its Representatives having a need- to-know Disclosing Party's Confidential Information observe these obligations of confidentiality. These obligations of confidentiality and nondisclosure shall remain in effect after the termination or expiration of this Agreement for a period of five (5) years.

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  (c) Neither Party shall improperly use or disclose to the other Party or any of its directors, officers, employees or agents, any confidential information of any current or former client or other person or entity with whom such Party has an agreement or duty to keep such information confidential, and such Party shall not bring onto the premises of the other Party any such information in any medium unless consented to in writing by such client, person or entity. In the event of a Party's breach of this Section 6.1(c), the breaching Party shall ensure that the other Party may freely and fully utilize the information so disclosed for any and all purposes.   6.2 Required Disclosure of Confidential Information.   (a) If Receiving Party is required by Law or court order to disclose Disclosing Party's Confidential Information, Receiving Party shall give Disclosing Party prompt written notice of such requirement such that Disclosing Party shall have the opportunity to apply for a protective order, injunction or for confidential treatment of such Confidential Information. Receiving Party shall cooperate with Disclosing Party in seeking any Disclosing Party requested protective order, injunction or confidential treatment of such Confidential Information and shall only disclose the minimal amount of such Confidential Information required under Law or court order. Notwithstanding the forgoing, any information disclosed by Receiving Party pursuant to Law or a court order shall remain Confidential Information hereunder, and may not be disclosed under any other circumstances unless and until the Confidential Information so disclosed falls into one of the exceptions set forth in subclauses (1) through (4), inclusive, in Section 6.1(a).   (b) If Principal Investigator is a member of or affiliated with any committee that sets formularies or develops clinical practice guidelines that could influence the prescribing of medicines or is otherwise affiliated with any other healthcare institution, medical committee, or other medical or scientific organization, Principal Investigator will inform the committee of the existence and nature of Principal Investigator's relationship with LBIO under this Agreement. Principal Investigator also agrees to disclose Principal Investigator's relationship with LBIO as needed to comply with any disclosure requirements of any healthcare institution, medical or formulary committee, or other medical or scientific organization with which Principal Investigator is affiliated and agrees to comply with any such entities' recusal or other requirements relating to the relationship with LBIO. This duty to disclose will continue during the term of this Agreement and for two years after its termination   6.3 LBIO Mandatory Disclosures. MD Anderson and Principal Investigator recognize that LBIO may be required under Law, including the Physician Payment Sunshine Act, to report to the relevant governmental or regulatory authorities or publicly disclose information related to this Agreement and/or the Research, including any payments, reimbursements, or other transfers of value made to MD Anderson or Principal Investigator. Nothing herein shall prevent LBIO from making any reports or disclosures required under Law or by a relevant governmental or regulatory authority. Moreover, nothing herein shall prevent LBIO from disclosing any information relating to this Agreement and/or the Research for the purpose of making any regulatory or other submissions, patent applications and pursuing patent prosecution.

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  6.4 Publications. MD Anderson agrees to provide LBIO with a copy of any manuscript, abstract or other proposed publication or presentation relating to the Research or the Materials (a Publication), prior to submission thereof to a publisher or to any third party, and in any case, not less than 45 days prior to any public disclosure, for the purpose of protecting proprietary or intellectual property of LBIO that might be contained in such Publication. Following receipt of such proposed Publication, LBIO shall have the right to cause MD Anderson to (i) withhold publication or other public disclosure thereof for a period of up to 90 days in order to provide LBIO time to obtain appropriate intellectual property protection thereof, and (ii) remove any proprietary, or otherwise confidential, information of LBIO contained in such Publication (excluding Research results). In any event, MD Anderson will not disclose proprietary, or otherwise confidential, information in an unblinded manner when it can be done so in a blinded manner. In the event of any Publication (including any public presentation relating to the Research or the Materials), MD Anderson agrees to acknowledge LBIO and/or give credit to LBIO scientists, as scientifically appropriate, based on any contribution they may have made to the work which shall be in accordance with any relevant policies and guidelines of the publication, presentation forum, as well as policies and guidelines of general applicability, such as the International Committee of Medical Journal Editors recommendations. In addition, to the extent that it is legally able to do so, MD Anderson hereby grants LBIO a royalty-free right and license to use and reproduce any Publication. LBIO shall be acknowledged as a financial collaborator of the Study reported in a Publication.   6.5 Unauthorized Disclosure. Receiving Party shall be responsible for any breach of this Section 6 by any of its Representatives. Receiving Party shall take reasonable steps to ensure that unauthorized persons do not gain access to Disclosing Party's Confidential Information. Receiving Party shall promptly notify Disclosing Party of any unauthorized release of or access to Disclosing Party's Confidential Information. For clarity, such notice shall not remedy any breach of this Agreement resulting from such unauthorized release or access.   6.6 Prior CDA. This Agreement supersedes that certain Confidentiality Agreement between LBIO and MD Anderson, dated July 22, 2016 (Prior CDA), which is hereby terminated; provided, however, that all information disclosed or received by the Parties under the Prior CDA will be deemed Confidential Information hereunder (to the extent applicable) and will be subject to the terms and conditions of this Agreement. The Parties agree that this Agreement provides the written notice required for termination of the Prior CDA pursuant to Section 6.8 of the Prior CDA.   6.7 Publicity. LBIO shall be permitted to publicly disclose the existence of this Agreement, and the title and purpose of each clinical Study, in LBIO's electronic materials, printed materials, oral presentations, and press releases, and LBIO shall be permitted to include each clinical Study as a component of LBIO's clinical product pipeline.   6.8 Health Information. Notwithstanding anything to the contrary in this Agreement or any Study Order, all individually identifiable health information shall be treated as confidential by the Parties in accordance with all Laws governing the confidentiality and privacy of individually identifiable health information, including HIPAA, and any regulations and official guidelines promulgated thereunder, and the Parties agree to take such additional steps and/or to negotiate such amendments to this Agreement as may be required to ensure that the Parties are and remain in compliance with the HIPAA regulations and official guidance.

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  7. Inventions.   7.1 Background Intellectual Property and Definitions.   (a) Neither Party will, as a result of this Agreement, acquire any right, title or interest in, to, or under any Intellectual Property (as defined below) owned or controlled by the other Party or the other Party's affiliates prior to the Effective Date or developed independently of this Agreement (Background Intellectual Property), except for the licenses expressly granted under this Agreement.   (b) Invention means any idea, invention or discovery, whether or not patented or patentable, that is first conceived, discovered, developed or reduced to practice by a Party in connection with this Agreement, including through MD Anderson's performance of the Research (solely or jointly with others) or that result, to any extent, from use of Confidential Information or the Study article that is the subject of a given Study, including any developments, discoveries, improvements, compositions, know-how, trade secrets, procedures, technical information, data, reports, processes, methods, devices, formulae, protocols, techniques, designs, drawings, methodologies, and biological or chemical material.   (c) Intellectual Property Rights means any and all moral rights and intellectual property rights, including all patent rights, copyrights, trademarks, know-how and trade secrets and the rights to apply for the same.   (d) Fields means the treatment of platinum resistant ovarian cancer, chondrosarcoma, and pancreatic ductal adenocarcinoma, and, solely for the purposes of Section 7.3(b), double refractory melanoma, such treatment being performed using TILs manufactured by MD Anderson using a 4-1BB agonist; provided that Fields shall also include the treatment of other diseases in the event that the JSC decides to amend or replace the initially-agreed clinical Protocol for the Study Order provided in Exhibit II to include the treatment of such other diseases.   7.2 Assignment of Inventions; Further Assurances.   (a) MD Anderson shall promptly make full written disclosure to LBIO, shall hold in trust for the sole right and benefit of LBIO, and hereby assigns, transfers and conveys to LBIO, or its designee, all of MD Anderson's worldwide right, title and interest in and to any and all Inventions and all Intellectual Property Rights therein and relating thereto[, provided that MD Anderson shall retain the right to use any such Invention for internal research, academic, and patient care purposes]. MD Anderson further acknowledges and agrees that all original works of authorship that are made by MD Anderson (solely or jointly with others) in the performance of the Research, excluding any publication made in accordance with Section 6.4 (a Work) and that are protectable by copyright are works made for hire, as that term is defined in the United States Copyright Act. However, to the extent that any Work may not, by operation of any Laws, be a work made for hire, MD Anderson hereby assigns, transfers and conveys to LBIO all of MD Anderson's worldwide right, title and interest in and to such Work, including all Intellectual Property Rights therein and relating thereto, subject to MD Anderson's right to use such Work for internal research, academic, and non-commercial patient care purposes prior to publication or public disclosure.

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  (b) Upon the request and at the reasonable expense of LBIO, MD Anderson shall execute and deliver any and all instruments and documents and take such other acts as may be reasonably necessary to document or perfect the assignment and transfer described in Section 7.2(a) or to enable LBIO to secure its rights in the Inventions, Works and Intellectual Property Rights therein and relating thereto in any and all jurisdictions, or to apply for, prosecute and enforce Intellectual Property Rights in any and all jurisdictions with respect to any Inventions or Works, or to obtain any extension, validation, re-issue, continuance or renewal of any such Intellectual Property Right.   (c) As between the Parties, and without limiting MD Anderson's assistance obligations under Section 7.2(b), LBIO shall have the sole and exclusive right to file patents covering or claiming Inventions and shall bear all costs with respect to the prosecution and maintenance thereof. In furtherance of the foregoing, the Parties shall work together in good faith to, as expeditiously as possible following the Effective Date, put in place a power of attorney granted by the System to LBIO for purposes of enabling LBIO to apply for or to pursue any application for any United States or foreign patent, trademark, copyright or other registration covering Inventions or Works assigned to LBIO hereunder in the event that LBIO is unable to secure MD Anderson's assistance in connection with the same.   7.3 Background Licenses.   (a) MD Anderson hereby grants LBIO a non-exclusive, royalty free, perpetual license (with rights to sub-license) under, in and to all Background Intellectual Property that is: (a) owned by MD Anderson; (b) consists of and/or comprises the manufacturing protocol utilized by MD Anderson in the conduct of a Study; and (c) reasonably necessary to exploit (including developing, obtaining and maintaining regulatory approval for, manufacturing, or commercializing) any Invention, Study result, or Study article, or any improvement or derivative thereof, strictly limited to the Fields (collectively, the Non-Exclusively Licensed MD Anderson Background Intellectual Property), to the extent that such Non- Exclusively Licensed MD Anderson Background Intellectual Property does not include Third Party IP (as defined hereinafter).   (b) MD Anderson also grants LBIO a non-exclusive, royalty free, perpetual license (with rights to sub-license) under, in and to any and all data generated by MD Anderson in conducting studies of TILs in double refractory melanoma outside of the Collaboration and as of the Effective Date, and LBIO shall have unrestricted rights to use such double refractory melanoma data in governmental and regulatory submissions, including submissions that may become public.   7.4 Third Party Intellectual Property. To the extent that MD Anderson controls any Background Intellectual Property that it will use in conducting a Study or manufacturing any Study article through a license agreement with a third party (Third Party IP), MD Anderson shall notify LBIO thereof as soon as any such Third Party IP is identified. MD Anderson shall not use any Third Party IP in performing activities under this Agreement or otherwise in connection with a Study unless and until the JSC approves the use thereof. In addition, MD Anderson shall provide such assistance as is reasonably requested by LBIO in connection with LBIO obtaining a license in and to any such Third Party IP.

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  7.5 No Implied Licenses; Retained Rights. Except as explicitly set forth in this Agreement, neither Party grants any license, express or implied, under its intellectual property rights to the other Party, whether by implication, estoppel or otherwise, and each Party hereby agrees that it does not have rights under any intellectual property of the other Party that are broader than the licenses expressly granted herein.   7.6 Effectiveness. The provisions of Section 7 shall become effective upon payment by LBIO of the Upfront Payment and the approval by LBIO of the Study Orders in Exhibit I and Exhibit III. For clarity, the commencement of work, or the lack thereof, under the Study Order in Exhibit II shall have no effect upon the effectiveness of the provisions of Section 7.   8. Term and Termination.   8.1 Term. The term of this Agreement commences on the Effective Date and shall continue in effect until the later of (a) the fourth (4th) anniversary of the Effective Date, or (b) the completion or termination of the Research and receipt by LBIO of all deliverables due from MD Anderson hereunder, unless sooner terminated in accordance with the provisions of Section 2.2 or Section 9.14.   8.2 Termination. Either Party may terminate this Agreement for the material breach or default of any of the terms or conditions of this Agreement by the other Party upon thirty (30) days' written notice and the opportunity to cure during such notice period; and such termination shall be in addition to any other remedies that it may have at law or in equity. Additionally, LBIO may terminate this Agreement if MD Anderson is declared insolvent or enters into liquidation or has a receiver or an administrator appointed over all or any part of its assets or ceases or threatens to cease to carry on business, or a resolution is passed or a petition presented to any court for the winding up of the Party or for the granting of an administration order in respect of MD Anderson, or any proceedings are commenced relating to the insolvency or possible insolvency of MD Anderson.   8.3 Termination of a Study Order. LBIO may terminate a Study Order immediately upon written notice to MD Anderson if:   (i) the applicable approvals, authorizations, and/or continuing reviews for a Study are not obtained or maintained;   (ii) Principal Investigator is no longer available for the Study and a replacement deemed acceptable by LBIO is not provided;   (iii) the Study is canceled, terminated, suspended, delayed or placed on hold for any reason;   (iv) an Institutional Review Board or other review authority, including governmental or regulatory authorities, does not approve a Study or recommends the cancelation, termination, suspension, or hold of a Study for any reason;   (v) immediate termination of the Study is necessary due to LBIO's evaluation of risks to Study subjects, such risks including the futility of treatment; or

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  (vi) MD Anderson or Principal Investigator materially breaches any obligations with respect to the Study, including failure to comply with this Agreement, the Protocol or the Study Order or any Law relevant to the Study.   8.4 Obligations upon Termination. Upon expiration or termination of this Agreement, in addition to its other obligations hereunder, including Section 5.2, MD Anderson shall return to LBIO all of its Confidential Information and all Materials or, at LBIO's option, destroy or completely delete such Confidential Information and Materials, at LBIO's option. With respect to each item of Confidential Information and Materials destroyed or completely deleted, such destruction or complete deletion shall be certified in writing to LBIO. In the event that this Agreement is terminated prior to MD Anderson's receipt of all internal approvals to commence work on the Study Orders in Exhibit I, Exhibit II and/or Exhibit III, MD Anderson shall refund the Upfront Payment to LBIO.   8.5 Effects of Termination. Termination of this Agreement by either Party shall not affect the rights and obligations of the Parties accrued prior to the effective date of termination. No termination of this Agreement, however effectuated, shall release the Parties, the Principal Investigator, or any other Representative of MD Anderson having access to Confidential Information from their respective rights and obligations under Sections 6, 7, and 9.   9. Miscellaneous.   9.1 Mutual Representations. Each Party hereto hereby represents, warrants and covenants to the other that: (a) it is duly incorporated or otherwise formed, validly existing and in good standing; (b) it has taken all necessary actions on its part to authorize the execution, delivery and performance of the obligations undertaken in this Agreement, and no other corporate or regulatory actions (e.g., obtaining permits, licenses or authorizations) are necessary with respect thereto; (c) it is not a party to, and will not become a party to, any agreement or understanding and knows of no law or regulation that would prohibit it from entering into and performing this Agreement, or that would conflict with this Agreement; and (d) when executed and delivered by it, this Agreement will constitute a legal, valid and binding obligation of it, enforceable against it in accordance with this Agreement's terms.   9.2 MD Anderson Representations. MD Anderson represents, warrants, and, to the extent applicable, covenants, that:   (a) MD Anderson and all of its Representatives maintain as current the applicable licenses and permits, including medical practitioner licenses as required by the applicable national, state, and/or local licensing body and that no license or permit has been revoked, limited, suspended, or otherwise modified.   (b) Neither MD Anderson nor any of its Representatives have (i) violated or caused a violation of any federal or state health care fraud and abuse or false claims statute or regulation, including the anti-kickback provisions of the Social Security Act, 42 U.S.C. § 1320a-7b(b), (ii) violated or caused a violation of any federal or state privacy or security law or regulation, including HIPAA, (iii) not been excluded or threatened with exclusion under state or federal statutes or regulations, including under 42 U.S.C. § 1320a-7 or relevant regulations in 42 C.F.R. Part 1001, or (iv) not been assessed or threatened with assessment of civil money penalties pursuant to 42 C.F.R. Part 1003, or any foreign equivalent.

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  (c) Neither MD Anderson nor any of its Representatives have been charged, named in an action, found liable, or convicted for conduct relating to the development or approval of, or otherwise related to the regulation of any healthcare product or the practice of medicine.   (d) Neither MD Anderson nor any of its Representatives (i) have been found by the FDA or any other relevant governmental or regulatory authority to have violated any Laws, regulations or guidelines concerning the conduct of clinical investigations or related services; (ii) have been debarred, denied, or suspended by the FDA under 21 U.S.C. § 335a, disqualified or restricted by the FDA, named on any FDA list related to investigator disqualifications, restrictions, restrictions removed, or adequate assurances, or are otherwise ineligible to participate in federal procurement or non-procurement programs or any foreign equivalents of the above; and (iii) have any unresolved FDA warning letter, Form 483, or other regulatory enforcement action threatened against or issued to them;   (e) MD Anderson and its Representatives will not make and have not made any untrue statement of material fact to or filed a false claim or report with any governmental or regulatory authority, or failed to disclose a material fact required to be disclosed to any governmental or regulatory authority, or have ever been investigated by the FDA, National Institutes of Health (NIH), Office of the Inspector General for the Department of Health and Human Services (OIG), Department of Justice or other comparable governmental or regulatory authority for data or healthcare program fraud.   (f) There is no investigation, threat, pending, or proposed proceeding, notice, or action by a governmental or regulatory entity which could result in 9.2(a)-9.2(e) above.   (g) MD Anderson has no knowledge of any facts or circumstances that may affect the accuracy or completeness of any the foregoing representations and warranties. MD Anderson is responsible for (i) requiring all of its Representatives to disclose the occurrence of 9.2(a)-9.2(f) above and (ii) reviewing on reasonable intervals all available public filings and lists to confirm that it and its Representatives are not subject to 9.2(a)-9.2(f) above. If MD Anderson becomes aware of any such facts or circumstances during the Term or otherwise determines that any representation or warranty made by it under this Agreement is no longer true, correct, or complete, MD Anderson will notify LBIO immediately, but in no case later than twenty-four (24) hours after MD Anderson becomes aware of such facts, circumstances, or determination. MD Anderson shall immediately remove any of its Representatives from performing activities relating to the Research to which the facts, circumstances, or determination relate. Any such facts, circumstances, or determinations shall be grounds for termination of this Agreement.   (h) Each of MD Anderson's Representatives is under a written obligation to assign to MD Anderson all Inventions and any Intellectual Property Rights therein or relating thereto made by such Representative in the course of his or her employment.   (i) Neither the United States government nor any agency thereof nor any other third party has funded or will fund any part of the Research.

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  (j) MD Anderson's applicable database applications and electronic records systems and facilities which are used in the performance of the Research, including the database to be used by MD Anderson and Principal Investigator for the tracking, handling, recording, reporting and transmitting of data generated during a Study, have been fully validated and are compliant with all Laws.   (k) MD Anderson is not entering into this Agreement (i) as a result of any pre-existing or future business relationships between MD Anderson and/or Principal Investigator and LBIO, (ii) as a result of any business or other decisions MD Anderson and/or Principal Investigator have made or may make in the future relating to LBIO or LBIO products, or (iii) as a reward or in exchange for MD Anderson or Principal Investigator prescribing or purchasing LBIO products or to induce the prescription or purchase of LBIO products by MD Anderson or Principal Investigator.   9.3 Warranty of cGMP. LBIO represents and warrants that any Study Drug (as defined in an applicable Study Order) manufactured by and provided by it for any Study hereunder has been and will be manufactured in accordance with current Good Manufacturing Practice regulations.   9.4 Independent Status. MD Anderson shall not be considered a partner, co-venturer, agent, employee, or representative of LBIO by reason of this Agreement, but shall remain in all respects an independent contractor, and neither Party shall have any right or authority to make or undertake any promise, warranty or representation, to execute any contract or otherwise to assume any obligation in the name of or on behalf of the other Party. MD Anderson's employees, including the Principal Investigator and the other Representatives of MD Anderson, are not and shall not be deemed to be employees of LBIO, and MD Anderson shall indemnify and hold harmless LBIO from all liabilities arising from any allegation or determination to the contrary.   9.5 Notices. All notices and other communications required or permitted hereunder shall be in writing and deemed to have been given when hand delivered, or mailed by registered or certified mail or overnight courier with tracking capabilities, as follows or as a Party may otherwise notify to the other in accordance with this Section 9.5 (provided that such notice of change of address or recipient shall be deemed given only when received), with an electronic copy to an email address if specified below:   If to LBIO, to:  If to MD Anderson: Lion Biotechnologies, Inc.  The University of Texas   M.D. Anderson Cancer Center 999 Skyway Road, Suite 150  1515 Holcombe Blvd. San Carlos, CA 94070  Houston, TX 77030 Attention: Legal Department  Attention: Chief Legal Officer With a copy to: legal@lionbio.com

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  9.6 Assignment; No Third Party Beneficiaries. LBIO may assign or transfer this Agreement without the prior written consent of but with written notice to MD Anderson promptly following consummation of the relevant transaction. MD Anderson hereby acknowledges and agrees that the rights and obligations hereunder are of a personal nature and, therefore, neither this Agreement nor any right or obligation contained within shall be assignable, transferable or delegable in whole or in part by MD Anderson and MD Anderson shall not, without the prior written consent of LBIO, sub-contract or otherwise engage any consultant or other third party to perform any of MD Anderson's activities or obligations under this Agreement or any Study Order. All of the terms and provisions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the respective successors and permitted assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer on any person or entity, other than the Parties or their respective successors and permitted assigns, any benefits, rights or remedies.   9.7 Governing Law, Jurisdiction. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Texas, United States of America, without giving effect to any conflict of laws provisions. The Parties agree that any dispute or controversy arising out of or relating to any interpretation, construction, performance or breach of this Agreement may be brought in a United States District Court in Texas, or if such court does not accept jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in the State of Texas.   9.8 Equitable Relief. MD Anderson agrees that it may be impossible or inadequate to measure and calculate LBIO's damages from any breach of MD Anderson's obligations under Section 6 and/or Section 7 of this Agreement, and that a breach of such obligations could cause serious and irreparable injury to LBIO. Accordingly, LBIO shall have available, in addition to any other right or remedy available to it, the right to seek an injunction from a court of competent jurisdiction restraining such a breach (or threatened breach) and to specific performance of any such Section. MD Anderson further agrees that no bond or other security shall be required in obtaining such equitable relief.   9.9 Entire Agreement, Amendment and Waiver. This Agreement contains the entire understandings of the Parties and supersedes all previous agreements (oral and written), negotiations and discussions with respect to the subject matter herein. The Parties may modify any of the provisions hereof only by an instrument in writing duly executed by the Parties. No waiver of any rights under this Agreement shall be effective unless in writing signed by the Party to be charged.   9.10 Severability. In the event of the invalidity of any provisions of this Agreement containing any gaps, the Parties agree that such invalidity or gap shall not affect the validity of the remaining provisions of this Agreement. The Parties will replace an invalid provision or fill any gaps with valid provisions, which most closely approximate the purpose and economic effect of the invalid provision or, in the case of a gap, the Parties' presumable intentions.   9.11 Further Assurances. Each Party shall, as and when reasonably requested by the other Party, do all acts and execute all documents as may be reasonably necessary to give effect to the provisions of this Agreement.   9.12 Interpretation. The headings in this Agreement are intended solely for convenience or reference and shall be given no effect in the construction or interpretation of this Agreement. This Agreement shall be construed as if both Parties drafted it jointly, and shall not be construed against either Party as principal drafter. The words include, includes and including (and words of similar meaning) shall be deemed to be followed by the phrase without limitation.

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  9.13 Counterparts. This Agreement may be executed in two (2) or more counterparts, including by PDF exchange, each of which shall be deemed to be an original as against any Party whose signature appears thereon, but all of which together shall constitute but one and the same instrument.   9.14 Texas State Agency. MD Anderson is an agency of the State of Texas and under the constitution and laws of the State of Texas possesses certain rights and privileges and only such authority as is granted to it under the constitution and laws of the State of Texas. Notwithstanding any provision hereof, nothing herein is intended to be, nor will it be construed to be, a waiver of the sovereign immunity of the State of Texas or a prospective waiver or restriction of any of the rights, remedies, claims, and privileges of the State of Texas. Moreover, notwithstanding the generality or specificity of any provision hereof, the provisions of this agreement as they pertain to MD Anderson are enforceable only to the extent authorized by the constitution and laws of the State of Texas.   9.15 DISCLAIMER OF SPECIAL DAMAGES. NEITHER LBIO NOR MD ANDERSON, NOR ANY OF THEIR AFFILIATES, NOR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, MEMBERS OR EMPLOYEES, SHALL HAVE ANY LIABILITY OF ANY TYPE, FOR ANY SPECIAL, PUNITIVE, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES, INCLUDING THE LOSS OF OPPORTUNITY, LOSS OF USE, OR LOSS OF REVENUE OR PROFIT, IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY STUDY ORDER; PROVIDED, THAT, THE FOREGOING DISCLAIMER SHALL NOT APPLY WITH RESPECT TO (1) A PARTY'S INDEMNIFICATION OBLIGATIONS, (2) A PARTY'S BREACH OF ITS OBLIGATIONS UNDER THIS AGREEMENT WITH RESPECT TO CONFIDENTIALITY AND NON-USE OR INTELLECTUAL PROPERTY-RELATED MATTERS OR (3) A PARTY'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.   [Signature Page Follows]

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  IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have duly executed this Agreement as of the Effective Date.   LION BIOTECHNOLOGIES, INC.  THE UNIVERSITY OF TEXAS M. D. ANDERSON CANCER CENTER     /s/ Maria Fardis  /s/ Chris McKee Authorized Signature  Authorized Signature     Name: Maria Fardis  Name: Chris McKee, M.H.A. Title: CEO & President  Title: VP, Business Operations Date: April 17, 2017  Date: April 12, 2017   This Agreement is to be executed in duplicate. Please return one fully executed copy to LBIO at the address for notices set forth above. 
Question: Highlight the parts (if any) of this contract related to Cap On Liability that should be reviewed by a lawyer. Details: Does the contract include a cap on liability upon the breach of a party’s obligation? This includes time limitation for the counterparty to bring claims or maximum amount for recovery.

SOLUTION: 67817

PROBLEM: Exhibit 10.4

FORM OF TRANSFER AND SERVICING AGREEMENT

among

VERIZON OWNER TRUST 2020-A, as Issuer,

VERIZON ABS LLC, as Depositor

and

CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, as Servicer, Marketing Agent and Custodian

Dated as of January 29, 2020

Source: VERIZON ABS LLC, 8-K, 1/23/2020





TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS 1 Section 1.1 Usage and Definitions 1

ARTICLE II TRANSFER AND ACQUISITION OF DEPOSITOR TRANSFERRED PROPERTY; REPRESENTATIONS AND WARRANTIES

Section 2.1 Transfers of Depositor Transferred Property 1 Section 2.2 Acknowledgement of Further Assignments 3 Section 2.3 Savings Clause 3 Section 2.4 Representations and Warranties About Depositor Transferred Property. 3 Section 2.5 Originators' Reacquisition and Servicer's Acquisition of Receivables for Breach of Representations 5

Section 2.6 Originators' Reacquisition or Servicer's Acquisition of Bankruptcy Surrendered Receivables 6

ARTICLE III SERVICING OF RECEIVABLES 7 Section 3.1 Engagement 7 Section 3.2 Servicing of Receivables. 7 Section 3.3 Servicer's Acquisition of Receivables 9 Section 3.4 Sale of Written-Off Receivables 10 Section 3.5 Servicer Reports and Compliance Statements 11 Section 3.6 Review of Servicer's Records 12 Section 3.7 Servicer's Authorized and Responsible Persons 13 Section 3.8 Servicer's Fees 13 Section 3.9 Servicer's Expenses 13 Section 3.10 Custodian. 13 Section 3.11 Marketing Agent 14 Section 3.12 Termination of Upgrade Programs; Credits Related to Upgrade Programs 15 Section 3.13 Notices to Obligors 16

ARTICLE IV ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS 16 Section 4.1 Bank Accounts 16 Section 4.2 Investment of Funds in Bank Accounts 18 Section 4.3 Deposits and Payments 19 Section 4.4 Reserve Account; Negative Carry Account; Acquisition Account 21 Section 4.5 Direction to Indenture Trustee for Distributions 22

ARTICLE V DEPOSITOR 23 Section 5.1 Depositor's Representations and Warranties 23 Section 5.2 Liability of Depositor 24 Section 5.3 Merger, Consolidation, Succession or Assignment 25 Section 5.4 Depositor May Own Notes 25 Section 5.5 Depositor's Authorized and Responsible Persons 25 Section 5.6 Company Existence 25 Section 5.7 No Division 25

ARTICLE VI SERVICER AND MARKETING AGENT 25 Section 6.1 Servicer's and Marketing Agent's Representations and Warranties 25 Section 6.2 Liability of Servicer and Marketing Agent 29 Section 6.3 Indemnities of Servicer and the Marketing Agent 29

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Section 6.4 Delegation and Contracting 31 Section 6.5 Servicer May Own Notes 31 Section 6.6 Annual Statement as to Compliance 31 Section 6.7 Assessment of Compliance and Accountants' Attestation 31

ARTICLE VII SERVICER RESIGNATION AND TERMINATION; SUCCESSOR SERVICER 32 Section 7.1 No Resignation 32 Section 7.2 Servicer Termination Events 33 Section 7.3 Continue to Perform 34 Section 7.4 Successor Servicer 35 Section 7.5 Transition of Servicing 36 Section 7.6 Merger, Consolidation, Succession or Assignment 37

ARTICLE VIII TERMINATION 37 Section 8.1 Optional Acquisition of Receivables; Clean-Up Redemption of Notes 37 Section 8.2 Optional Redemption of Notes 38 Section 8.3 Termination 39

ARTICLE IX OTHER AGREEMENTS 39 Section 9.1 Financing Statements 39 Section 9.2 No Transfer or Lien by Depositor 40 Section 9.3 Expenses 40 Section 9.4 Receivables Information 40 Section 9.5 No Petition 40 Section 9.6 Limited Recourse 40 Section 9.7 Limitation of Liability 41 Section 9.8 Tax Treatment of Notes 41 Section 9.9 Regulation RR Risk Retention 41 Section 9.10 Cap Collateral Account 41

ARTICLE X MISCELLANEOUS 42 Section 10.1 Amendments 42 Section 10.2 Assignment; Benefit of Agreement; Third-Party Beneficiary 44 Section 10.3 Notices 44 Section 10.4 Agent for Service 45 Section 10.5 GOVERNING LAW 45 Section 10.6 Submission to Jurisdiction 45 Section 10.7 WAIVER OF JURY TRIAL 46 Section 10.8 No Waiver; Remedies 46 Section 10.9 Severability 46 Section 10.10 Headings 46 Section 10.11 Counterparts 46 Section 10.12 Limitation of Rights of the Cap Counterparty 46 Section 10.13 Intent of the Parties; Reasonableness 46

ARTICLE XI ASSET REPRESENTATIONS REVIEW; DISPUTE RESOLUTION 47 Section 11.1 Asset Representations Review 47 Section 11.2 Dispute Resolution 47

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Schedule A Schedule of Initial Receivables SA-1 Schedule B Notice Addresses SB-1 Appendix A Usage and Definitions AA-1 Exhibit A Custodian's Security Requirements EA-1 Exhibit B Form of Annual Certification EB-1

Source: VERIZON ABS LLC, 8-K, 1/23/2020





TRANSFER AND SERVICING AGREEMENT, dated as of January 29, 2020 (this Agreement), among VERIZON OWNER TRUST 2020-A, a Delaware statutory trust, as issuer (the Issuer), VERIZON ABS LLC, a Delaware limited liability company, as depositor (the Depositor), and Cellco Partnership d/b/a Verizon Wireless, a Delaware general partnership (Cellco), as servicer (in such capacity, the Servicer), as marketing agent (in such capacity, the Marketing Agent) and as custodian (in such capacity, the Custodian).

BACKGROUND

In the normal course of their businesses, Cellco and the other Originators originate device payment plan agreements for various wireless devices. In addition, the Master Trust holds certain device payment plan agreements originated by Cellco and certain other Originators.

In connection with a securitization transaction sponsored by Cellco in which the Issuer will issue Notes secured by a pool of Receivables consisting of device payment plan agreements, certain of the Originators and/or the Master Trust have transferred a pool of Receivables and related property, and any of the Originators and/or the Master Trust may from time to time transfer additional pools of Receivables and related property to the Depositor, who will transfer them to the Issuer. The Issuer will engage the Servicer to service the Receivables.

The parties agree as follows:

ARTICLE I USAGE AND DEFINITIONS

Section 1.1 Usage and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix A. Appendix A also contains usage rules that apply to this Agreement. Appendix A is incorporated by reference into this Agreement.

ARTICLE II TRANSFER AND ACQUISITION OF DEPOSITOR TRANSFERRED PROPERTY; REPRESENTATIONS AND WARRANTIES

Section 2.1 Transfers of Depositor Transferred Property.

(a) Transfer and Absolute Assignment of Initial Receivables. In consideration of the Issuer's delivery to the Depositor of the Notes, the Class A Certificate and the Class B Certificate, effective on the Closing Date, the Depositor transfers and absolutely assigns to the Issuer, without recourse (other than the Depositor's obligations under this Agreement), all of the Depositor's right, title and interest, whether now owned or later acquired, in the Initial Receivables and the other related Depositor Transferred Property. The Depositor certifies that the Credit Enhancement Test and the Pool Composition Tests are satisfied for the transfer and assignment of the Initial Receivables and the other related Depositor Transferred Property on the Closing Date.

(b) Transfers and Absolute Assignments of Additional Receivables. Subject to the satisfaction of the conditions in Section 2.1(d), effective on each Acquisition Date, in consideration of the Issuer's distribution to the Depositor of the (i) Additional Receivables Cash

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Transfer Amount for the Additional Receivables to be transferred to the Issuer on that Acquisition Date and (ii) an increase in the Class B Certificate Principal Balance in an amount equal to the excess, if any, of the Additional Receivables Transfer Amount over the Additional Receivables Cash Transfer Amount for such Additional Receivables, the Depositor will transfer and absolutely assign to the Issuer, without recourse (other than the Depositor's obligations under this Agreement), all of the Depositor's right, title and interest, whether then owned or later acquired, in the Additional Receivables and the other related Depositor Transferred Property.

(c) No Assumption of Obligations. These transfers and absolute assignments do not, and are not intended to, include any obligation of the Depositor or any Originator to the Obligors or any other Person relating to the Receivables and the other Depositor Transferred Property, and the Issuer does not assume any of these obligations.

(d) Conditions for Transfers of Additional Receivables. The transfer and assignment of the Additional Receivables and the other related Depositor Transferred Property on each Acquisition Date will be subject to the satisfaction of the following conditions on or before such Acquisition Date:

(i) Transfer Notice. At least two (2) Business Days before the applicable Acquisition Date, the Administrator shall deliver to the Issuer and the Indenture Trustee a Transfer Notice for the Additional Receivables to be transferred and absolutely assigned on that Acquisition Date, which will specify the Additional Receivables Transfer Amount and attach or include therewith the Schedule of Receivables;

(ii) Satisfaction of Tests. After giving effect to the transfer and assignment of the Additional Receivables by the Depositor to the Issuer, (A) the Credit Enhancement Test is satisfied and (B) the Receivables, in the aggregate, owned by the Issuer, excluding any Temporarily Excluded Receivables, satisfy each of the Pool Composition Tests under Section 3.5(b); and

(iii) Depositor's Certifications. The Depositor certifies that:

(A) as of such Acquisition Date, (1) the Depositor is Solvent and will not become insolvent as a result of the transfer and assignment of the Additional Receivables on the Acquisition Date, (2) the Depositor does not intend to incur or believe that it would incur debts that would be beyond the Depositor's ability to pay as they matured and (3) the transfer and assignment of the Additional Receivables is not made by the Depositor with actual intent to hinder, delay or defraud any Person;

(B) each of the representations and warranties made by the Depositor under Sections 2.4(a) and 2.4(b), in each case, solely with respect to the related Additional Receivables, will be true and correct as of the Acquisition Date; and

(C) all conditions to the transfer and assignment of the related Additional Receivables by the Originators to the Depositor under

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





Section 2.1(d) of the Originator Receivables Transfer Agreement and by the Master Trust to the Depositor under Section 2.1(d) of the Master Trust Receivables Transfer Agreement, as applicable, have been satisfied.

The delivery by the Administrator, on behalf of the Depositor, of the Transfer Notice will be considered a certification by the Depositor that the conditions set forth in this Section 2.1(d) have been satisfied or will be satisfied on the Acquisition Date.

Section 2.2 Acknowledgement of Further Assignments. The Depositor acknowledges that, under the Indenture, the Issuer will assign and pledge the Depositor Transferred Property and related property and rights to the Indenture Trustee for the benefit of the Secured Parties.

Section 2.3 Savings Clause. The Depositor and the Issuer intend that each transfer and assignment under this Agreement be an absolute transfer and assignment of the Depositor Transferred Property, conveying good title to the Depositor Transferred Property free and clear of any Lien, other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Depositor Transferred Property not be a part of the Depositor's estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, a transfer and assignment of Depositor Transferred Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer and assignment, the Depositor Grants to the Issuer a security interest in the Depositor's right, title and interest in the Depositor Transferred Property to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under this Agreement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be a security agreement under Law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

Section 2.4 Representations and Warranties About Depositor Transferred Property.

(a) Representations and Warranties About Pool of Receivables. The Depositor makes the following representations and warranties about the pool of Receivables on which the Issuer is relying in acquiring the Depositor Transferred Property. The representations and warranties are made as of the Closing Date (for the Initial Receivables) and as of each Acquisition Date (for the related Additional Receivables) and will survive the transfer and absolute assignment of the Depositor Transferred Property by the Depositor to the Issuer under this Agreement and the pledge of the Depositor Transferred Property by the Issuer to the Indenture Trustee under the Indenture.

(i) Valid Transfer and Assignment. This Agreement evidences a valid transfer and absolute assignment of the Depositor Transferred Property from the Depositor to the Issuer, enforceable against creditors of, purchasers from and transferees and absolute assignees of the Depositor.

(ii) Good Title to Depositor Transferred Property. Immediately before the transfer and absolute assignment under this Agreement, the Depositor has good title to

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





the Depositor Transferred Property free and clear of any Lien, other than Permitted Liens, and, immediately after the transfer and absolute assignment under this Agreement, the Issuer will have good title to the Depositor Transferred Property, free and clear of any Lien, other than Permitted Liens.

(iii) Security Interest in Depositor Transferred Property.

(A) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Depositor Transferred Property in favor of the Issuer, which is prior to any Lien, other than Permitted Liens, and is enforceable against all creditors of, purchasers from and transferees and absolute assignees of the Depositor.

(B) All filings (including UCC filings) necessary in any jurisdiction to give the Depositor a first priority, validly perfected ownership and security interest in the Originator Transferred Property and the Master Trust Transferred Property, to give the Issuer a first priority, validly perfected ownership and security interest in the Depositor Transferred Property and to give the Indenture Trustee a first priority perfected security interest in the Collateral, will be made within ten (10) days after the Closing Date or the related Acquisition Date, as applicable.

(C) All financing statements filed or to be filed against the Depositor in favor of the Issuer describing the Depositor Transferred Property transferred under this Agreement will contain a statement to the following effect: A purchase, absolute assignment or transfer of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Assignee.

(D) The Depositor has not authorized the filing of and is not aware of any financing statements against the Depositor that include a description of collateral covering any Depositor Transferred Property other than the financing statements relating to the security interest Granted to the Depositor under the Receivables Transfer Agreements, by the Depositor to the Issuer under this Agreement or by the Issuer to the Indenture Trustee under the Indenture, or that has been terminated.

(b) Representations and Warranties About Security Interest. If the transfer and absolute assignment of the Depositor Transferred Property under this Agreement is determined to be a pledge relating to a financing or is determined not to be a transfer and absolute assignment, the Depositor makes the following representations and warranties on which the Issuer is relying in acquiring the Depositor Transferred Property, which representations and warranties are made as of the Closing Date or as of the related Acquisition Date, as applicable,

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





will survive termination of this Agreement and may not be waived by the Issuer or the Indenture Trustee:

(i) Valid Security Interest. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Depositor Transferred Property in favor of the Issuer, which is prior to all other Liens, other than Permitted Liens, and is enforceable against creditors of, purchasers from and transferees and absolute assignees of the Depositor.

(ii) Type. Each Receivable is (A) if the Receivable is not secured by the related Device, an account or payment intangible, or (B) if the Receivable is secured by the related Device, chattel paper, in each case, within the meaning of the applicable UCC.

(iii) Good Title. Immediately before the transfer and absolute assignment under this Agreement, the Depositor owns and has good title to the Depositor Transferred Property free and clear of all Liens, other than Permitted Liens. The Depositor has received all consents and approvals required by the terms of the Depositor Transferred Property to Grant to the Issuer its right, title and interest in the Depositor Transferred Property, except to the extent the requirement for consent or approval is extinguished under the applicable UCC.

(iv) Filing Financing Statements. The Depositor has caused, or will cause within ten (10) days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable Law to perfect the security interest Granted in the Depositor Transferred Property to the Issuer under this Agreement. All financing statements filed or to be filed against the Depositor in favor of the Issuer under this Agreement describing the Depositor Transferred Property will contain a statement to the following effect: A purchase, absolute assignment or transfer of or grant of a security interest in any collateral described in this financing statement will violate the rights of the Secured Parties.

(v) No Other Transfer, Grant or Financing Statement. Other than the security interest Granted to the Issuer under this Agreement, the Depositor has not transferred or Granted a security interest in any of the Depositor Transferred Property. The Depositor has not authorized the filing of and is not aware of any financing statements against the Depositor that include a description of collateral covering any of the Depositor Transferred Property, other than financing statements relating to the security interest Granted to the Issuer. The Depositor is not aware of any judgment or tax Lien filings against it.

Section 2.5 Originators' Reacquisition and Servicer's Acquisition of Receivables for Breach of Representations.

(a) Representations and Warranties from Receivables Transfer Agreements. Each Originator and the Servicer, severally has made, as of the Closing Date, and each Originator or the Servicer, as applicable, severally will make, as of each Acquisition Date, the Eligibility

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





Representation about the Receivables transferred and absolutely assigned by such Originator or the Master Trust, respectively, on that date, and has consented to the transfer by the Depositor to the Issuer of the Depositor's rights to such Eligibility Representation. The Issuer is relying on each applicable Originator's or the Servicer's Eligibility Representation in acquiring the Receivables, which Eligibility Representation will survive the transfer and absolute assignment of the Receivables by the Depositor to the Issuer under this Agreement and the pledge of the Receivables to the Indenture Trustee under the Indenture.

(b) Reacquisition or Acquisition. Under Section 2.1(a), the Depositor has transferred and absolutely assigned to the Issuer the Depositor's rights under the Receivables Transfer Agreements, including the right to require (i) an Originator to reacquire any Receivables transferred and absolutely assigned by it under the Originator Receivables Transfer Agreement or (ii) the Servicer to acquire any Receivable transferred and absolutely assigned by the Master Trust under the Master Trust Receivables Transfer Agreement, in each case, for which such party has made the Eligibility Representation if, in each case, there is a breach of such Eligibility Representation, such breach is not cured and such breach results in a material adverse effect on the Issuer. If any Originator or the Servicer breaches the Eligibility Representation made by it with respect to any Receivable transferred by such Originator or the Master Trust, respectively, to the Depositor, such breach is not cured and such breach has a material adverse effect on the Issuer, then the Depositor will enforce such Originator's or the Servicer's obligation, as applicable, to reacquire or acquire, respectively, any such Receivable transferred and absolutely assigned by it to the Depositor for which the Eligibility Representation was breached pursuant to Section 3.4 of the applicable Receivables Transfer Agreement.

(c) Reacquisition or Acquisition Sole Remedy. The sole remedy of the Depositor, the Issuer or the Indenture Trustee for a breach of any Eligibility Representation is to require the related Originator or the Servicer, as applicable, to reacquire or acquire, respectively, the Receivable under Section 3.4 of the applicable Receivables Transfer Agreement.

Section 2.6 Originators' Reacquisition or Servicer's Acquisition of Bankruptcy Surrendered Receivables.

(a) Reacquisition or Acquisition. Under Section 2.1(a), the Depositor has transferred and absolutely assigned to the Issuer the Depositor's rights under the Receivables Transfer Agreements, including the right to require (i) an Originator to reacquire any Receivables transferred and absolutely assigned by it under the Originator Receivables Transfer Agreement or (ii) the Servicer to acquire any Receivable transferred and absolutely assigned by the Master Trust under the Master Trust Receivables Transfer Agreement, in each case, when such Receivable becomes a Bankruptcy Surrendered Receivable. If any Receivable becomes a Bankruptcy Surrendered Receivable, the Depositor will enforce such Originator's or the Servicer's obligation, as applicable, to reacquire or acquire, respectively, any such Receivable transferred and absolutely assigned by it to the Depositor pursuant to Section 4.6 or 4.7, respectively, of the applicable Receivables Transfer Agreement.

(b) Reacquisition or Acquisition Sole Remedy. If a Receivable becomes a Bankruptcy Surrendered Receivable, the sole remedy of the Depositor, the Issuer or the Indenture Trustee is to require the related Originator or the Servicer, as applicable, to reacquire

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





or acquire, respectively, the Bankruptcy Surrendered Receivable under Section 4.6 or 4.7, respectively, of the applicable Receivables Transfer Agreement.

ARTICLE III SERVICING OF RECEIVABLES

Section 3.1 Engagement. The Issuer engages Cellco as the Servicer of the Receivables for the Issuer and the Indenture Trustee, and Cellco accepts this engagement.

Section 3.2 Servicing of Receivables.

(a) General Servicing Obligations. The Servicer will manage, service, administer and collect on the Receivables with reasonable care using that degree of skill and attention that the Servicer exercises for all comparable device payment plan agreement receivables that it services for itself or others according to the Servicing Procedures. Without limiting the generality of the foregoing, the Servicer's obligations will include:

(i) collecting and applying all payments made on, or credits applied to, the Receivables and any other amounts received related to the Depositor Transferred Property;

(ii) investigating delinquencies;

(iii) sending invoices and notices and responding to inquiries of Obligors;

(iv) processing requests for extensions, modifications and adjustments;

(v) administering payoffs, prepayments, defaults and delinquencies;

(vi) maintaining accurate and complete accounts and receivables systems for servicing the Receivables;

(vii) providing to the Custodian copies, or access to, any documents that modify or supplement information in the Receivable Files; and

(viii) preparing and providing Monthly Investor Reports and any other periodic reports required to be prepared by the Servicer under this Agreement or any other Transaction Document.

(b) Collection of Payments; Extensions and Amendments. The Servicer shall take, or cause to be taken, all actions necessary or advisable to collect each Receivable in accordance with this Agreement and the Servicing Procedures using commercially reasonable care and diligence and in any event, with no less care or diligence than the Servicer exercises in collecting other similar receivables or obligations owed to it and its Affiliates. All payments remitted by an Obligor to the Servicer in respect of a Receivable, any release of a security deposit, and any application of a Credit granted to a customer by Verizon Wireless (other than applications of payments and credits granted to an Obligor under a Receivable in respect of cancellations, prepayments, invoicing errors or in connection with an Upgrade Offer as described under Section

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





3.12(b)) will be applied to the related account by the Servicer based on invoice aging, so that such amounts are applied to the oldest invoiced balances first, then the second oldest invoiced balances, etc., and finally to current billing amounts, in each case, in the order described below:

• late fees;

• service and all other charges, including, but not limited to, insurance premium payments and purchases (including accessories) billed to the account, other than amounts due under any device payment plan agreement, including any Receivable; and

• any amounts related to any device payment plan agreements, including Receivables, which, in the case of multiple device payment plan agreements related to a single account, will be applied in the order in which such device payment plan agreements were originated with the most recent device payment plan agreement being paid last.

Notwithstanding anything to the contrary in any other Transaction Document, the process for application of payments remitted by an Obligor to the Servicer in respect of a Receivable, releases of security deposits, and applications of Credits granted to an Obligor under a Receivable by Verizon Wireless (other than those credits granted to an Obligor in respect of an Upgrade Offer as described under Section 3.12(b)) described in the bullet points above may be changed at any time in the sole discretion of the Servicer, as long as any change in such application of any such amounts applicable to the Receivables (i) is also applicable to any device payment plan agreements that the Servicer services for itself and others and (ii) so long as Cellco is the Servicer, does not have a material adverse effect on the Noteholders. In addition, the Servicer may waive late payment charges or other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer may grant extensions, refunds, rebates or adjustments on any Receivable or amend any Receivable according to the Servicing Procedures. However, if the Servicer (i) grants payment extensions resulting in the final payment date of the Receivable being later than the Collection Period immediately preceding the Final Maturity Date for the latest maturing Class of Notes, (ii) cancels a Receivable or reduces or waives (including with respect to any Upgrade Offer) the remaining Principal Balance under a Receivable or any portion thereof and/or as a result, the monthly payments due thereunder, or (iii) modifies, supplements, amends or revises a Receivable to grant the Obligor under such Receivable a contractual right to upgrade the related Device, it will acquire the affected Receivable solely as described under Section 3.3, unless it is required to take the action by Law. In addition, if the Marketing Agent or the Servicer (x) applies a payment or grants a credit to an Obligor with respect to cancellations, prepayments or invoicing errors the Servicer may apply such credits either directly to the applicable device payment plan agreement or in accordance with its customary payment application procedures set forth above and (y) applies a payment or grants a credit to an Obligor under a Receivable in connection with an Upgrade Offer as set forth in Section 3.12(b), the Servicer will apply such credits directly to the applicable device payment plan agreement and will not apply such credits in accordance with its customary payment application procedures set forth above.

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





(c) Maintenance of Security Interests in the Receivables. The Servicer will maintain perfection of the security interest of the Issuer and the Indenture Trustee in each Receivable.

(d) No Impairment. The Servicer will not impair in any material respect the rights of the Issuer or the Noteholders in any Receivable except as permitted by this Agreement.

(e) Assignment for Enforcement. Effective as of the related Cutoff Date, the Receivables are assigned to the Servicer solely for the purpose of permitting the Servicer to perform its servicing and administrative obligations under this Agreement, including the start or pursuit of or participation in a legal proceeding to enforce its rights or remedies with respect to a Receivable or such other Proceeding otherwise related to a Receivable. If in a legal proceeding it is held that the Servicer may not enforce its rights or remedies with respect to a Receivable on the grounds that it is not a real party in interest or a holder entitled to enforce rights or remedies with respect to the Receivable, the Issuer will, at the Servicer's expense and direction, assign the Receivable to the Servicer solely for that purpose or take steps to enforce its rights and remedies with respect to the Receivable, including bringing suit in the names of the Indenture Trustee, the Noteholders and the Issuer.

(f) Powers of Attorney. The Issuer appoints the Servicer as the Issuer's attorney-in-fact, with full power of substitution to exercise all rights of the Issuer for the servicing and administration of the Receivables. This power of attorney, and all authority given, under this Section 3.2(f) is revocable and is given solely to facilitate the performance of the Servicer's obligations under this Agreement and may only be used by the Servicer consistent with this Agreement. On request of the Servicer, the Issuer will furnish the Servicer with written powers of attorney and other documents to enable the Servicer to perform its obligations under this Agreement.

(g) Release Documents. The Servicer is authorized to execute and deliver, on behalf of itself, the Issuer, the Indenture Trustee and the Noteholders any documents of satisfaction, cancellation, partial or full release or discharge, and other comparable documents, for the Receivables.

(h) Enforcement of Receivables Under an Upgrade Offer. If an Obligor accepts an Upgrade Offer with respect to a Receivable but fails to satisfy the required terms and conditions related to such Upgrade Offer, the Servicer agrees to (i) not waive any amounts due by such Obligor under the related Receivable and pursue its Servicing Procedures against such Obligor in respect of the related Receivable until all amounts due under the related Receivable are received and (ii) enforce, on behalf of the Issuer, any rights and obligations under the related Receivable.

Section 3.3 Servicer's Acquisition of Receivables.

(a) Acquisition for Servicer Modifications. If extensions, modifications, amendments, cancellations or waivers of Receivables or any terms thereof are made that would require such Receivables to be acquired under Section 3.2(b), the Servicer will acquire all such Receivables as set forth in Section 3.3(d).

(b) Acquisition for Breach of Servicer's Obligations. If a Responsible Person of the Servicer receives written notice from the Depositor, the Issuer, the Owner Trustee or the

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Indenture Trustee of a breach of the Servicer's obligations in Section 3.2(c) or (d), and the Servicer fails to correct such failure or impairment in all material respects by the end of the second month following the month in which the Servicer received such written notice, the Servicer will acquire all Receivables with respect to which such breach was not so cured as set forth in Section 3.3(d).

(c) Acquisition for System Limitation or Inability to Service. If the Servicer, in its sole discretion, determines that as a result of a receivables systems error or receivables systems limitation or for any other reason the Servicer is unable to service a Receivable according to the Servicing Procedures and the terms of this Agreement, the Servicer may acquire the relevant Receivable as set forth in Section 3.3(d).

(d) Acquisition of Receivables; Payment of Acquisition Amount. For any acquisition of a Receivable by the Servicer under this Section 3.3, the Servicer will acquire the Receivable by remitting the related Acquisition Amount on or prior to the second Business Day before the Payment Date related to the Collection Period in which such Receivable was acquired by the Servicer. If Cellco is the Servicer, it may pay any Acquisition Amounts according to Section 4.3(c).

(e) Transfer and Assignment of Acquired Receivables. When the Servicer's payment of the Acquisition Amount for a Receivable is included in Available Funds for a Payment Date, the Issuer will be deemed to have transferred and assigned to the Servicer, effective as of the last day of the Collection Period immediately preceding the related Collection Period, all of the Issuer's right, title and interest in the Receivable and all security and documents relating to the Receivable. The transfer and assignment will not require any action by the Issuer or the Indenture Trustee and will be without recourse, representation or warranty by the Issuer except the representation that the Issuer owns the Receivable free and clear of any Lien, other than Permitted Liens. After the transfer and assignment, the Servicer will mark its receivables systems to indicate that the receivable is no longer a Receivable and may take any action necessary or advisable to transfer the Receivable free from any Lien of the Issuer or the Indenture Trustee.

(f) No Obligation to Investigate. None of the Issuer, the Owner Trustee, the Indenture Trustee (including in its capacity as Successor Servicer hereunder), the Sponsor, the Marketing Agent, the Depositor, the Parent Support Provider, the Administrator or the Servicer will be obligated to investigate whether a breach or other event has occurred that would require the acquisition of any Receivable under this Section 3.3 or whether any Receivables are otherwise required to be acquired under this Section 3.3.

(g) Acquisition is Sole Remedy. The sole remedy of the Issuer, the Indenture Trustee, the Owner Trustee, and the Secured Parties for any extension, modification, amendment, cancellation or waiver of a Receivable or any terms thereof under Section 3.2(b) or a breach of the covenants made by the Servicer in Section 3.2(c) or (d) is the Servicer's acquisition of the Receivables, as described under this Section 3.3.

Section 3.4 Sale of Written-Off Receivables. The Servicer may sell to any third party a Receivable that has been written off. Proceeds of any sale allocable to the Written-Off

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Receivable will be Recoveries. Any Recoveries will be paid to the Servicer as Supplemental Servicing Fees and will not be a part of Available Funds. If the Servicer elects to sell a Written-Off Receivable, the Receivable will be deemed to have been transferred and assigned by the Issuer to the Servicer immediately before the sale by the Servicer. After the sale, the Servicer will mark its receivables systems to indicate that the Written-Off Receivable sold is no longer a Receivable and may take any action necessary or advisable to transfer the receivable free from any Lien of the Issuer or the Indenture Trustee.

Section 3.5 Servicer Reports and Compliance Statements.

(a) Monthly Investor Report.

(i) On or about the 15th day of each month, and in no case later than at least two (2) Business Days before each Payment Date, the Servicer will deliver to the Depositor, the Indenture Trustee, the Owner Trustee, the Note Paying Agent, the Cap Counterparty, the Rating Agencies and the Administrator a servicing report (the Monthly Investor Report) for that Payment Date and the related Collection Period. The Monthly Investor Report will include (i) an Acquisition Date Supplement if the Collection Period includes an Acquisition Date and (ii) a statement as to whether or not a Delinquency Trigger has occurred in respect of the related Collection Period, together with reasonably detailed calculations thereof. A Responsible Person of the Servicer will certify that the information in the Monthly Investor Report is accurate in all material respects. The Monthly Investor Report will also be posted on the Indenture Trustee's password protected website located at https://pivot.usbank.com.

(ii) The Sponsor, in its capacity as Servicer, will include information about the pool of Initial Receivables and the disclosure required by Section 246.4(c)(1)(ii) of the U.S. Credit Risk Retention Rules in the Monthly Investor Report for the first Payment Date, which Monthly Investor Report will also be included in the Distribution Report on Form 10-D filed with the Commission for the related Collection Period.

(iii) The Sponsor, in its capacity as Servicer, will include in the Monthly Investor Report notice of the occurrence of (i) any Benchmark Transition Event and its related Benchmark Replacement Date, (ii) the determination of any Benchmark Replacement, and (iii) the making of any Benchmark Replacement Conforming Changes.

(b) Credit Enhancement and Pool Composition Tests. On or before each Payment Date and each Acquisition Date, the Servicer will determine whether the pool of Receivables to be held by the Issuer as of the related Cutoff Date, including any Additional Receivables to be acquired, satisfies the Credit Enhancement Test and each Pool Composition Test. If the pool of Receivables does not satisfy all of the Pool Composition Tests, the Administrator may identify Receivables in the pool as Temporarily Excluded Receivables so that the remaining Receivables in the pool will satisfy all of the Pool Composition Tests; provided, that the Administrator may only deem Receivables to be Temporarily Excluded Receivables if the Overcollateralization Target Amount is reached as of the close of business on such date of determination, without taking into account the Temporarily Excluded Receivables. In addition, the Principal Balance of any Temporarily Excluded Receivables will be subtracted from the Adjusted Pool Balance for

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purposes of calculating the Credit Enhancement Test. The Servicer will state on the Acquisition Date Supplement for each Collection Period for which there is an Acquisition Date the aggregate Principal Balance of the Receivables deemed Temporarily Excluded Receivables. For the avoidance of doubt, Collections on Temporarily Excluded Receivables (solely during the time that they are Temporarily Excluded Receivables) will not constitute Available Funds and, up to the amount of the Temporarily Excluded Receivables Servicing Fee will be distributed to the Servicer, and any remaining amounts will be deposited into the Certificate Distribution Account for distribution to the Certificateholders in the priority set forth in Section 4.1(b) of the Trust Agreement. The Administrator may, at its sole option, designate Receivables that were deemed Temporarily Excluded Receivables on any prior date to no longer be deemed Temporarily Excluded Receivables as long as after such designation by the Administrator, all of the Pool Composition Tests either will remain satisfied or will not be adversely affected.

(c) Amortization Events. In connection with the preparation of each Monthly Investor Report, the Servicer will review the Amortization Events and determine whether an Amortization Event occurred during the Collection Period immediately preceding the related Collection Period (after giving effect to any acquisition of Additional Receivables during such Collection Period), and the Monthly Investor Report shall indicate whether or not an Amortization Event has occurred.

(d) Remittance Reports. For as long as the Servicer and the Marketing Agent are depositing Collections pursuant to Section 4.3(b)(ii) and depositing any required Upgrade Payments within two (2) Business Days after the identification that all of the terms and conditions related to such Upgrade Offer have been satisfied by the related Obligor, the Servicer will provide a written report (which may be electronically submitted) to the Indenture Trustee and the Note Paying Agent on each such deposit or remittance date setting forth (x) the aggregate dollar amount deposited or remitted into the Collection Account by the Servicer, the Marketing Agent or an Originator on such date, (y) the aggregate dollar amount of Collections deposited by the Servicer on such date and (z) the aggregate number of Upgrade Offers accepted since the deposit or remittance date immediately preceding the related deposit or remittance date, and the aggregate amount of Upgrade Payments remitted by the Marketing Agent or an Originator on such date.

Section 3.6 Review of Servicer's Records. The Servicer will maintain records and documents relating to its performance under this Agreement according to its customary business practices. Upon reasonable request not more than once during any calendar year, and with reasonable notice, the Servicer will give the Issuer, the Depositor, the Parent Support Provider, the Administrator, the Owner Trustee and the Indenture Trustee (or their representatives) access to the records and documents to conduct a review of the Servicer's performance under this Agreement. Any access or review will be conducted by all parties at the same time at the Servicer's offices during its normal business hours at a time reasonably convenient to the Servicer and in a manner that will minimize disruption to its business operations. Any access or review will be subject to the Servicer's security, confidentiality and privacy policies and any regulatory, legal and data protection policies. Notwithstanding the foregoing, the permissive right of the Indenture Trustee to access or review any records of the Servicer shall not be deemed to be an obligation of the Indenture Trustee to do so.

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Section 3.7 Servicer's Authorized and Responsible Persons. On or before the Closing Date, the Servicer will notify the Indenture Trustee and the Owner Trustee and provide a specimen signature of each Person who (a) is authorized to give instructions and directions to the Indenture Trustee and the Owner Trustee on behalf of the Servicer and (b) is a Responsible Person for the Servicer. The Servicer may change such Persons at any time by notifying the Indenture Trustee and the Owner Trustee.

Section 3.8 Servicer's Fees. As compensation for performing its obligations under this Agreement, the Servicer will be paid the Servicing Fee. On each Payment Date, the Issuer will pay the Servicing Fee to the Servicer according to Section 8.2 of the Indenture. In addition, the Servicer may retain any Supplemental Servicing Fees. The Servicer will also receive the Temporarily Excluded Receivables Servicing Fee on each Payment Date, which will be payable solely from Collections on the Temporarily Excluded Receivables, as set forth in Section 3.5(b).

Section 3.9 Servicer's Expenses. Except as otherwise stated in this Agreement, the Servicer will pay all its expenses for servicing the Receivables under this Agreement, including fees and expenses of legal counsel and independent accountants, taxes imposed on the Servicer and expenses to prepare reports, certificates or notices under this Agreement.

Section 3.10 Custodian.

(a) Appointment of Custodian. To reduce administrative costs and facilitate the servicing of the Receivables by the Servicer, the Issuer appoints Cellco, in its capacity as the Servicer, to act as the Custodian of the Receivables for the Issuer and the Indenture Trustee (for the benefit of the Secured Parties), as their interests may appear. Cellco accepts the appointment and agrees to perform the custodial obligations in this Section 3.10.

(b) Custody of Receivable Files. The Custodian will hold and maintain in custody the following documents for each Receivable (the Receivable File) for the benefit of the Issuer and the Indenture Trustee, using reasonable care and according to the Servicing Procedures:

(i) the original Receivable (or an imaged copy of such Receivable) or an authoritative copy of the Receivable, if in electronic form; and

(ii) all other documents, notices and correspondence relating to the Receivable or the Obligor that the Servicer generates in the course of servicing the Receivable.

Except as stated above, any document in a Receivable File may be a photocopy or in electronic format or may be converted to electronic format at any time. The Custodian will hold and maintain the Receivable Files, including any receivables systems on which the Receivable Files are electronically stored, in a manner that will permit the Servicer and the Issuer to comply with this Agreement and the Indenture Trustee to comply with the Indenture.

(c) Delivery of Receivable Files. The Receivable Files are or will be constructively delivered to the Indenture Trustee, as pledgee of the Issuer under the Indenture, and the Custodian confirms to the Issuer and the Indenture Trustee that it has received the Receivable Files for the Initial Receivables and, by its delivery (in its capacity as Servicer) to the Issuer and the Indenture Trustee of an Acquisition Date Supplement, will be deemed to confirm to the

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Issuer and the Indenture Trustee that it has received the Receivable Files for the Additional Receivables. No initial review or any periodic review of the Receivable Files by the Issuer, the Owner Trustee or the Indenture Trustee is required.

(d) Location of Receivable Files. The Custodian will maintain the Receivable Files (or access to any Receivable Files stored in an electronic format) at one of its offices or the offices of one of its custodians in the United States. On request of the Depositor, the Issuer and the Indenture Trustee, the Custodian will provide a list of locations of the Receivable Files.

(e) Access to Receivable Files. The Custodian will give the Servicer access to the Receivable Files and, on request of the Servicer, the Custodian will promptly release any document in the Receivable Files to the Servicer for purposes of servicing the Receivables. The Custodian will give the Depositor, the Issuer and the Indenture Trustee access to the Receivable Files and the receivables systems to conduct a review of the Receivables. Any access or review will be conducted at the Custodian's offices during normal business hours at a time reasonably convenient to the Custodian in a manner that will minimize disruption of its business operations. Any access or review will be subject to the Custodian's legal, regulatory, confidentiality, privacy and data protection policies. Attached hereto as Exhibit A is a copy of the Custodian's security requirements in effect on the date of this Agreement.

(f) Effective Period and Termination. Cellco's appointment as custodian is effective as of the Initial Cutoff Date and will continue until the later of (i) the date on which all obligations of the Issuer have been paid in full and (ii) the date on which such appointment is terminated under this Section 3.10(f). If the Servicer resigns under Section 7.1 or is terminated under Section 7.2, the Servicer's appointment as custodian under this Agreement may be terminated in the same manner as the Servicer may be terminated under Section 7.2. As soon as practicable after any termination of its appointment as custodian and subject to the legal, regulatory, confidentiality, privacy and data protection policies of the Custodian and Cellco, the Custodian will deliver the Receivable Files to the Indenture Trustee or its designee or successor custodian at a place designated by the Indenture Trustee. All reasonable expenses of transferring the Receivable Files to the designee or successor custodian will be paid by the terminated custodian on receipt of an invoice in reasonable detail.

(g) No Agency. Neither the Custodian nor the Servicer shall be deemed to be an agent of the Indenture Trustee, and the Indenture Trustee shall have no liability for the acts or omissions of the Custodian or the Servicer.

Section 3.11 Marketing Agent.

(a) Appointment of Marketing Agent. The Issuer and the Servicer appoint Cellco to act as Marketing Agent for the Receivables. Cellco accepts the appointment and agrees to perform its obligations set forth in this Agreement.

(b) Duties of the Marketing Agent. The Marketing Agent will be required to remit, or to cause the related Originator to remit, to the Collection Account the amounts set forth in Sections 4.3(g), (h) and (i).

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(c) Fees and Expenses of the Marketing Agent. Fees and expenses, if any, of the Marketing Agent will be paid by the Originators, as separately agreed to under the Marketing Agent Agency Agreement.

(d) Covenants of the Marketing Agent. The Marketing Agent will not (i) make any Upgrade Offers that waive any obligations of an Obligor under the related device payment plan agreement, (ii) eliminate the obligation of Verizon Wireless to pay off a device payment plan agreement if an Obligor satisfies the related terms and conditions thereof, or (iii) eliminate or impair any third party beneficiary rights of an assignee under an Upgrade Offer, including the right of such assignee to enforce Verizon Wireless' payment obligation under any Upgrade Offer.

Section 3.12 Termination of Upgrade Programs; Credits Related to Upgrade Programs.

(a) To the extent any Upgrade Offer has not been terminated and an Obligor satisfies all of the terms and conditions of such Upgrade Offer in respect of a Receivable, and (i) the Marketing Agent fails to make, or to cause the related Originator to make, the required Upgrade Payment into the Collection Account as set forth in Section 4.3(g) and (ii) the Parent Support Provider fails to make any required Upgrade Payments as set forth in Section 1 of the Parent Support Agreement, the Servicer and the Marketing Agent shall terminate all Upgrade Offers within ten (10) Business Days after the date the Parent Support Provider received notice from the Indenture Trustee that an Upgrade Payment was due under Section 1 of the Parent Support Agreement.

(b) If the Marketing Agent, the relevant Originator and the Parent Support Provider fail to make such Upgrade Payments with respect to an Upgrade Offer, (i) the Servicer shall deliver the notice to Obligors pursuant to Section 3.13 with respect to such Obligors' recoupment rights against Verizon Wireless, and (ii) notwithstanding any failure to deliver such notice, (x) if Cellco is still the Servicer, the Servicer shall give a monthly credit to the Obligor against amounts owing with respect to the new device payment plan agreement resulting from the Upgrade Offer, in an amount equal to the amount due that month under the original device payment plan agreement that is a Receivable, or (y) if Cellco is no longer the Servicer, Cellco, (1) if required, shall give such monthly credit to the Obligor only if Cellco has received notice from the Servicer that the Obligor has paid the amount due in the prior month under the original device payment plan agreement that is a Receivable, and (2) shall cooperate with any Successor Servicer to properly bill and credit such Obligor's account with respect to the Receivable and the new device payment plan agreement related to the Upgrade Offer. Any such monthly credit granted to an Obligor shall be applied directly against the monthly payment due on the new device payment plan agreement and will not be applied in accordance with the Servicer's customary payment application procedures pursuant to its Servicing Procedures, if different. For the avoidance of doubt, if during such time as Cellco is no longer the Servicer, an Obligor remits the full amount due under the related new device payment plan agreement, but does not make a payment to the new Servicer for the original device payment plan agreement, a portion of such amount equal to the amount of the monthly credit granted to such Obligor resulting from the Upgrade Offer in respect of the original device payment plan agreement that is a Receivable shall be paid by Cellco to the new Servicer. In such case, to the extent that all other amounts owed on the related account are current, the Servicer will not consider such account or payments

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under the new device payment plan agreement to be Delinquent. In addition, regardless of whether Cellco continues to be the Servicer of any Receivable for which the terms and conditions of an Upgrade Offer (other than the requirement that the Marketing Agent remit, or cause the related Originator to remit, an Upgrade Payment for such Receivable) were satisfied by the related Obligor and for which the Marketing Agent, the related Originator and the Parent Support Provider failed to make the related Upgrade Payment, Cellco shall remit any Collections received on such Receivable to the Collection Account in the time period in which it would have been otherwise obligated to do so.

Section 3.13 Notices to Obligors.

Within ten (10) days following the earlier to occur of (i) a ratings downgrade by each of the Rating Agencies of Verizon to below investment grade, or (ii) a Servicer Termination Event, the Servicer will send a notice to all Obligors indicating (a) that their Receivables have been assigned to the Issuer, and (b)(x) if Cellco has not been removed as Servicer, that the Obligors shall continue to make their payments as they had previously, or (y) if Cellco has been removed as Servicer, the name of the Successor Servicer and any new instructions with respect to their payments. In addition, if the Servicer Termination Event was as a result of the failure of the Marketing Agent to satisfy its obligation to make, or to cause the related Originators to make, required Upgrade Payments pursuant to Section 7.2(a)(i)(y), then Cellco shall also send a notice to (i) all Obligors who have a continuing right to an upgrade, indicating that Cellco has recently failed to make the necessary prepayments with respect to one or more of its customers in connection with an Upgrade Offer, and that if any Obligor chooses to upgrade and Cellco fails to make the related Upgrade Payment with respect to them, such Obligor will still be required to make payments on his or her original device payment plan agreement, but that such Obligor will have a corresponding recoupment right against his or her new device payment plan agreement with Verizon Wireless, and (ii) all Obligors who had initiated upgrades under an Upgrade Offer, indicating that Cellco had failed to make the relevant Upgrade Payment, and stating that such Obligors will continue to have an obligation to make payments on their original device payment plan agreements, but will have a corresponding right of recoupment against their new device payment plan agreements with Verizon Wireless.

ARTICLE IV ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS

Section 4.1 Bank Accounts.

(a) Establishment of Bank Accounts. On or before the Closing Date, the Servicer will establish the following segregated accounts or subaccounts at a Qualified Institution (initially the corporate trust department of U.S. Bank National Association), each in the name of U.S. Bank National Association, as Note Paying Agent for the benefit of the Indenture Trustee, as secured party for Verizon Owner Trust 2020-A, to be designated as follows:

(i) Collection Account with account number 272062000;

(ii) Reserve Account with account number 272062001;

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(iii) Acquisition Account, as a subaccount of the Collection Account, with account number 272062002; and

(iv) Negative Carry Account with account number 272062003.

(b) Control of Bank Accounts. Each of the Bank Accounts will be under the control of the Indenture Trustee so long as the Bank Accounts remain subject to the Lien of the Indenture, except that the Servicer may make deposits into and direct the Note Paying Agent to make deposits into or withdrawals from the Bank Accounts according to the Transaction Documents. The Servicer may direct the Note Paying Agent to withdraw from the Collection Account and pay to the Servicer, or as directed by the Servicer, amounts that are not Available Funds for a Collection Period or that were deposited into the Collection Account in error. Following the payment in full of the Notes and the release of the Bank Accounts from the Lien of the Indenture, the Bank Accounts will be under the control of the Issuer.

(c) Benefit of Accounts; Deposits and Withdrawals. The Bank Accounts and all cash, money, securities, investments, financial assets and other property deposited in or credited to them will be held by the Note Paying Agent for the benefit of the Indenture Trustee as secured party for the benefit of the Secured Parties and, after payment in full of the Notes and the release of the Bank Accounts from the Lien of the Indenture, as agent of the Issuer and as part of the Trust Property. All deposits to and withdrawals from the Bank Accounts will be made according to the Transaction Documents.

(d) Maintenance of Accounts. If an institution maintaining the Bank Accounts ceases to be a Qualified Institution, the Servicer will, with the Indenture Trustee's assistance as necessary, move the Bank Accounts to a Qualified Institution within thirty (30) days.

(e) Compliance. Each Bank Account will be subject to the Account Control Agreement. The Servicer will ensure that the Account Control Agreement requires the Qualified Institution maintaining the Bank Accounts to comply with entitlement orders (as defined in Section 8-102 of the UCC) from the Indenture Trustee without further consent of the Issuer, if the Notes are Outstanding, and to act as a securities intermediary according to the UCC.

(f) Agreements With Respect to Accounts. The Servicer, the Issuer, the Indenture Trustee and the Securities Intermediary agree as follows:

(i) each of the Bank Accounts is, and will be maintained as, a securities account (as defined in Section 8-501 of the UCC);

(ii) the Securities Intermediary is acting, and will act as a securities intermediary (as defined in the UCC) with respect to the Bank Accounts;

(iii) this Agreement (together with the Indenture and the Account Control Agreement) is the only agreement entered into among the parties with respect to the Bank Accounts and the parties will not enter into any other agreement related to the Bank Accounts; and

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(iv) at the time this Agreement was entered into and the Bank Accounts were established, the Securities Intermediary has one or more offices in the United States of America that maintains the securities accounts.

Section 4.2 Investment of Funds in Bank Accounts.

(a) Permitted Investments. If (i) no Default or Event of Default has occurred and is continuing and (ii) Cellco is the Servicer, the Servicer may instruct the Indenture Trustee to invest any funds in the Collection Account, the Acquisition Account, the Reserve Account and the Negative Carry Account in Permitted Investments and, if investment instructions are received, the Indenture Trustee will direct the Qualified Institution maintaining the Bank Accounts to invest the funds in the Collection Account, the Acquisition Account, the Reserve Account or the Negative Carry Account, as applicable, in those Permitted Investments; provided, that, if on any Payment Date, the amount on deposit in the Acquisition Account (after giving effect to the acquisition of any Additional Receivables on such date) is greater than 25% of the aggregate Note Balance (after giving effect to any payments made on the Notes on such date), the Servicer shall instruct the Indenture Trustee to invest any amounts in the Acquisition Account in excess of such amount in any Permitted Investments, other than (x) any investments set forth in clauses (b) or (c) of the definition of Permitted Investments that are held by or at the Indenture Trustee or (y) any investments set forth in clause (e) of the definition thereof. If (i) the Servicer fails to give investment instructions for any funds in the Collection Account, the Acquisition Account, the Reserve Account or the Negative Carry Account to the Indenture Trustee by 11:00 a.m. New York time (or other time as may be agreed by the Indenture Trustee) on the Business Day before a Payment Date or (ii) the Qualified Institution receives notice from the Indenture Trustee that a Default or Event of Default has occurred and is continuing, the Qualified Institution will invest and reinvest funds in such Bank Account according to the last investment instructions received, if any. If no prior investment instructions have been received or if the instructed investments are no longer available or permitted, the Indenture Trustee will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received. The Servicer may direct the Indenture Trustee to consent, vote, waive or take any other action, or not to take any action, on any matters available to the holder of the Permitted Investments. If Cellco is not the Servicer, funds on deposit in the Collection Account, the Acquisition Account, the Reserve Account and the Negative Carry Account will remain uninvested. Notwithstanding anything to the contrary in this Section 4.2(a) or in the Transaction Documents, the Servicer shall not allow amounts held in the Collection Account or the Acquisition Account to be invested unless it is able to maintain records on a daily basis as to the amounts realized from the investment of Collections received on each Originator's Receivables.

(b) Maturity of Investments. For so long as Cellco is the Servicer, any Permitted Investments of funds in the Collection Account and the Reserve Account (or any reinvestments of the Permitted Investments) for a Collection Period must mature, if applicable, and be available no later than the second Business Day before the related Payment Date and any Permitted Investments of funds in the Acquisition Account and the Negative Carry Account (or any reinvestments of the Permitted Investments) for a Collection Period must mature or be available overnight. Any Permitted Investments with a maturity date will be held to their maturity, except

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that such Permitted Investments may be sold or disposed of before their maturity in connection with the sale or liquidation of the Collateral under Section 5.6 of the Indenture.

(c) No Liability for Investments. None of the Depositor, the Servicer, the Indenture Trustee, the Note Paying Agent or the Qualified Institution maintaining any Bank Account will be liable for the selection of Permitted Investments or for investment losses incurred on Permitted Investments (other than in the capacity as obligor, if applicable).

(d) Continuation of Liens in Investments. The Servicer will not direct the Indenture Trustee or the Note Paying Agent to make any investment of funds or to sell any investment held in the Bank Accounts unless the security interest Granted and perfected in the account in favor of the Indenture Trustee will continue to be perfected in the investment or the proceeds of the sale without further action by any Person.

(e) Investment Earnings. Investment earnings (net of losses and investment expenses) on the Collection Account, the Acquisition Account, the Reserve Account and the Negative Carry Account will be deposited into the Certificate Distribution Account for distribution to the Certificateholders in the priority set forth in Section 4.1(b) of the Trust Agreement.

Section 4.3 Deposits and Payments.

(a) Closing Date and Acquisition Date Deposit. On the Closing Date and on each Acquisition Date, the Servicer will deposit into the Collection Account all amounts received and applied as interest or principal on the Initial Receivables or the Additional Receivables, as applicable, during the period from the related Cutoff Date to two (2) Business Days before the Closing Date or Acquisition Date, as applicable.

(b) Deposit of Collections.

(i) If Cellco is the Servicer and (x) Verizon's long-term unsecured debt is rated equal to or higher than Baa2 by Moody's and A by S&P (the Monthly Deposit Required Ratings), (y) Verizon guarantees certain payment obligations of Cellco, as Servicer, as provided in the Parent Support Agreement and (z) no Servicer Termination Event has occurred, the Servicer may deposit Collections into the Collection Account on the second Business Day before each Payment Date.

(ii) For as long as (x) Verizon's long-term unsecured debt is not rated at least the Monthly Deposit Required Ratings, (y) Verizon does not guaranty certain payment obligations of Cellco, as Servicer or (z) a Servicer Termination Event occurs, the Servicer will (1) deposit into the Collection Account all amounts received and applied as interest or principal on the Receivables within two (2) Business Days after identification of receipt of good funds and (2) provide a written report (which may be electronically submitted) to the Indenture Trustee and the Note Paying Agent regarding such deposit set forth in clause (1) above, as required by Section 3.5(d).

(c) Reconciliation of Deposits. If Cellco is the Servicer and for any Payment Date, the sum of (i) Collections for the Collection Period, plus (ii) Acquisition Amounts for the

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Payment Date, exceeds the amounts deposited under Section 4.3(b) for the Collection Period, Cellco will deposit an amount equal to the excess into the Collection Account on the second Business Day before the Payment Date. If, for any Payment Date, the amounts deposited under Section 4.3(b) for the Collection Period exceed the sum of (i) Collections for the Collection Period, plus (ii) Acquisition Amounts for the Payment Date, the Indenture Trustee or the Note Paying Agent will pay to Cellco from Available Funds in the Collection Account an amount equal to the excess within two (2) Business Days after Cellco's direction, but no later than the Payment Date. If requested by the Indenture Trustee, Cellco will provide reasonable supporting details for its calculation of the amounts to be deposited or paid under this Section 4.3(c).

(d) Net Deposits. Cellco may make the deposits and payments required by Section 4.3(b) net of Servicing Fees to be paid to Cellco for the Collection Period and amounts the Servicer is permitted to retain under Section 3.8 and be reimbursed for under Section 3.9. The Servicer will account for all deposits and payments in the Monthly Investor Report as if the amounts were deposited and/or paid separately.

(e) No Segregation. Pending deposit in the Collection Account, the Servicer is not required to segregate Collections from its own funds.

(f) Negative Carry Account Deposits. Any Certificateholder may, at its option, deposit funds into the Negative Carry Account on any date.

(g) Deposit of Upgrade Payments. If any Upgrade Offer has not been terminated and an Obligor satisfies all of the terms and conditions of such Upgrade Offer in respect of a Receivable, the Marketing Agent shall deposit, or shall cause the related Originator to deposit, into the Collection Account the related Upgrade Payment, within two (2) Business Days after the identification that all of the terms and conditions related to such Upgrade Offer have been satisfied by the related Obligor in respect of a Receivable; provided, that if the conditions set forth in Section 4.3(b) (i) are satisfied, the Marketing Agent shall deposit, or shall cause the related Originators to deposit, such amounts into the Collection Account on the second Business Day before the Payment Date related to the Collection Period in which the related Obligor has satisfied all of the terms and conditions (for the avoidance of doubt, other than the required prepayment) related to such Upgrade Offer in respect of a Receivable. The parties acknowledge that the failure of the Marketing Agent to deposit, or to cause the related Originator to deposit, into the Collection Account the related Upgrade Payment or otherwise to pay off the Receivable would constitute a breach by the related Originator of its obligation to the Obligor under the Upgrade Contract and that this breach would adversely affect the value of the Receivables, and give the Obligor a claim in recoupment against the related Originator and a right to offset that claim against the amounts that the Obligor would owe to the related Originator under the new device payment plan agreement (each such agreement, a New Upgrade DPP) entered into by the related Originator (or its agent, on its behalf) pursuant to the Upgrade Contract. The parties hereto intend that the payment by the Marketing Agent or the related Originator of the Upgrade Payment as provided in this Section 4.3(g) shall extinguish such Obligor's claim in recoupment against the related Originator and the Obligor's right to offset the amount of that claim against the amounts that the Obligor would owe under the New Upgrade DPP contemporaneously with such Upgrade Payment by the Marketing Agent or the related Originator. The parties hereto also intend that the payment by the Marketing Agent or the related Originator of the Upgrade

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Payment as provided in Section 2.2.1 of the Marketing Agent Agency Agreement shall extinguish each Obligor's claim in recoupment against the Verizon Originator described in that Section and the Obligor's right to offset the amount of that claim against the amounts that the Obligor would owe under the new device payment plan agreement entered into by such Verizon Originator (or its agent, on its behalf) pursuant to the Upgrade Contract as described in that Section 2.2.1 contemporaneously with such Upgrade Payment by the Marketing Agent or the related Originator.

(h) Deposit of Credit Payments. If an Obligor is granted a Credit and the application of such Credit to the related Obligor's account results in a shortfall in Collections for the related Collection Period, the Marketing Agent shall deposit, or shall cause the related Originator to deposit, into the Collection Account the related Credit Payment within two (2) Business Days after identification that such Credit was applied to an Obligor account; provided, that if the conditions set forth in Section 4.3(b)(i) are satisfied, the Marketing Agent shall deposit, or shall cause the related Originator to deposit, such amounts into the Collection Account on the second Business Day before the Payment Date related to the Collection Period in which such Credit was applied to an Obligor account.

(i) Deposit of Assumption of Liability Payments. If an Originator or the Servicer allows a device payment plan agreement that is a Receivable to be transferred to a new Obligor, the Marketing Agent shall acquire such Receivable and deposit, or cause the related Originator to acquire and deposit, into the Collection Account an amount equal to the applicable Acquisition Amount for the related Receivable on or prior to the second Business Day before the Payment Date related to the Collection Period in which such transfer occurred.

Section 4.4 Reserve Account; Negative Carry Account; Acquisition Account.

(a) Initial Reserve Account Deposit. On the Closing Date, the Depositor will deposit or cause to be deposited the Required Reserve Amount into the Reserve Account from the net proceeds of the sale of the Notes.

(b) Reserve Account Draw Amount. On or before two (2) Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Note Paying Agent to withdraw from the Reserve Account and deposit into the Collection Account on or before the Payment Date (x) the Reserve Account Draw Amount and (y) any amount in excess of the Required Reserve Amount for such Payment Date, after giving effect to the withdrawal of the Reserve Account Draw Amount with respect to such Payment Date.

(c) Negative Carry Account Amounts.

(i) To the extent that the Class A Certificateholder, solely at its option, deposits any amounts into the Acquisition Account, pursuant to Section 4.4(d)(i), the Class A Certificateholder will deposit into the Negative Carry Account an amount equal to the Required Negative Carry Amount related to such amount deposited into the Acquisition Account on such date.

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(ii) On or before two (2) Business Days before a Payment Date, the Servicer will calculate the Negative Carry Account Draw Amount for the Payment Date and will instruct the Note Paying Agent to withdraw from the Negative Carry Account and deposit the Negative Carry Account Draw Amount into the Collection Account on or before the Payment Date.

(iii) On each Payment Date, any amounts in the Negative Carry Account in excess of the Required Negative Carry Amount, after giving effect to any acquisition of Receivables on such Payment Date, shall be withdrawn from the Negative Carry Account and deposited into the Certificate Distribution Account, for distribution to the Certificateholders in the priority set forth in Section 4.1(b) of the Trust Agreement.

(iv) On or before the first Payment Date during the Amortization Period, the Servicer will direct the Note Paying Agent to withdraw all funds in the Negative Carry Account and deposit the funds into the Collection Account.

(d) Acquisition Account Amounts.

(i) From time to time, the Class A Certificateholder may, solely at its option, deposit amounts into the Acquisition Account, as set forth in Section 2.5 of the Trust Agreement.

(ii) On or before two (2) Business Days before an Acquisition Date, the Issuer, or the Servicer on its behalf, will direct the Note Paying Agent to withdraw the Additional Receivables Cash Transfer Amount from the Acquisition Account and pay that amount to the Depositor on the Acquisition Date in consideration for the acquisition of Additional Receivables by the Issuer on the Acquisition Date.

(iii) On each Payment Date, any amounts in the Acquisition Account in excess of the Required Acquisition Deposit Amount, after giving effect to any acquisition of Receivables on such Payment Date, shall be withdrawn from the Acquisition Account and deposited into the Certificate Distribution Account, for distribution to the Certificateholders in the priority set forth in Section 4.1(b) of the Trust Agreement.

(iv) On or before the first Payment Date during the Amortization Period, the Servicer will direct the Note Paying Agent to withdraw all funds in the Acquisition Account and deposit the funds into the Collection Account.

(e) Release of Funds. The Indenture Trustee shall, at such time as there are no Notes outstanding, release any remaining portion of the Collection Account from the Lien of the Indenture and release to or to the order of the Issuer or, in the case of the Reserve Account, to the Depositor.

Section 4.5 Direction to Indenture Trustee for Distributions. On or about the 15th day of each month, and in no case later than at least two (2) Business Days before each Payment Date, the Servicer will direct the Indenture Trustee or Note Paying Agent (based on the most recent Monthly Investor Report) to make the withdrawals, deposits, distributions and payments

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required to be made on the Payment Date under Section 8.2 of the Indenture and Section 4.3(c) of this Agreement.

ARTICLE V DEPOSITOR

Section 5.1 Depositor's Representations and Warranties. The Depositor represents and warrants to the Issuer as of the Closing Date and as of each Acquisition Date, on which representations and warranties the Issuer is relying in purchasing the Depositor Transferred Property and which will survive the transfer and assignment of the Depositor Transferred Property by the Depositor to the Issuer under this Agreement and the pledge of the Depositor Transferred Property by the Issuer to the Indenture Trustee under the Indenture:

(a) Organization and Good Standing. The Depositor is a validly existing limited liability company in good standing under the laws of the State of Delaware and has full power and authority to own its properties and conduct its business as presently owned or conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party.

(b) Due Qualification. The Depositor is duly qualified to do business, is in good standing as a foreign limited liability company (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction in which the conduct of its business requires such qualification, licenses or approvals, except where the failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

(c) Due Authorization. The execution, delivery, and performance of this Agreement and each other Transaction Document to which it is a party, have been duly authorized by the Depositor by all necessary limited liability company action on the part of the Depositor.

(d) No Proceedings. There are no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Depositor or any of its properties: (i) asserting the invalidity of this Agreement or any other Transaction Document to which it is a party; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party; or (iii) seeking any determination or ruling that might have a Material Adverse Effect on the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document to which it is a party.

(e) All Consents. All authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given to it, if any, in connection with the execution and delivery of this Agreement and each other Transaction Document to which it is a party and the performance of the transactions contemplated by this Agreement or any other Transaction Document by the Depositor, in each case, have been duly obtained, effected or given and are in full force and effect, except for those which the failure to obtain would not reasonably be expected to have a Material Adverse Effect.

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(f) Binding Obligation. This Agreement and each other Transaction Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a legal, valid and binding obligation of the Depositor, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar Laws affecting creditors' rights generally or by general principles of equity.

(g) No Conflict. The execution and delivery of this Agreement or any other Transaction Document to which it is a party by the Depositor, and the performance by it of the transactions contemplated by the Transaction Documents and the fulfillment of the terms hereof and thereof applicable to the Depositor, (i) do not contravene (A) its limited liability company agreement, (B) any contractual restriction binding on or affecting it or its property, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties.

(h) No Violation. The execution and delivery of this Agreement by the Depositor, the performance by the Depositor of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party and the fulfillment of the terms hereof and thereof applicable to the Depositor will not violate any Law applicable to the Depositor, except where such violation would not reasonably be expected to have a Material Adverse Effect.

Section 5.2 Liability of Depositor.

(a) Liability for Specific Obligations. The Depositor will be liable under this Agreement only for its specific obligations under this Agreement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Depositor and the issuance of the Notes. The Depositor will be liable for its willful misconduct, bad faith or gross negligence in performing its obligations under this Agreement.

(b) No Liability of Others. The Depositor's obligations under this Agreement are corporate obligations. No Person will have recourse, directly or indirectly, to any member, manager, officer, director, employee or agent of the Depositor for the Depositor's obligations under this Agreement.

(c) Legal Proceedings. The Depositor will not be required to start, pursue or participate in any legal proceeding that is unrelated to its obligations under this Agreement and that, in its opinion, may result in liability or cause it to pay or risk funds or incur financial liability.

(d) Payment of Taxes. The Depositor will pay all taxes levied or assessed on the Trust Property.

(e) Reliance by Depositor. The Depositor may rely in good faith on the advice of counsel or on any document believed to be genuine and to have been executed by the proper party for any matters under this Agreement.

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Section 5.3 Merger, Consolidation, Succession or Assignment. Any Person (a) into which the Depositor is merged or consolidated, (b) resulting from a merger or consolidation to which the Depositor is a party, (c) succeeding to the Depositor's business or (d) that is an Affiliate of the Depositor to whom the Depositor has assigned this Agreement, will be the successor to the Depositor under this Agreement. Within fifteen (15) Business Days after the merger, consolidation, succession or assignment, such Person will (i) execute an agreement to assume the Depositor's obligations under this Agreement and each Transaction Document to which the Depositor is a party (unless the assumption happens by operation of Law), (ii) deliver to the Issuer, the Owner Trustee and the Indenture Trustee an Officer's Certificate and an Opinion of Counsel each stating that the merger, consolidation, succession or assignment and the assumption agreement comply with this Section 5.3, (iii) deliver to the Issuer, the Owner Trustee and the Indenture Trustee an Opinion of Counsel stating that the security interest in favor of the Issuer in the Depositor Transferred Property and the Indenture Trustee in the Collateral is or will be perfected and (iv) notify the Rating Agencies of the merger, consolidation, succession or assignment.

Section 5.4 Depositor May Own Notes. The Depositor and any Affiliate of the Depositor, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights as any other Person except as limited in any Transaction Document. Notes owned by or pledged to the Depositor or any Affiliate of the Depositor will have an equal and proportionate benefit under the Transaction Documents, except as limited in any Transaction Document.

Section 5.5 Depositor's Authorized and Responsible Persons. On or before the Closing Date, the Depositor will notify the Indenture Trustee and the Owner Trustee and provide specimen signatures of (i) each Person who is authorized to give instructions and directions to the Indenture Trustee and the Owner Trustee on behalf of the Depositor and (ii) each Person who is a Responsible Person for the Depositor. The Depositor may change such Persons at any time by notifying the Indenture Trustee and the Owner Trustee in writing.

Section 5.6 Company Existence. During the term of this Agreement, the Depositor shall keep in full force and effect its existence, rights and franchises as a limited liability company under the Laws of the jurisdiction of its formation and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the Transaction Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby.

Section 5.7 No Division. Notwithstanding Section 18- 217 of the Delaware Limited Liability Company Act or the Depositor's limited liability company agreement, for so long as the Notes remain Outstanding, the Depositor shall not divide or enter into a plan of division within the meaning of Section 18- 217 of the Delaware Limited Liability Company Act.

ARTICLE VI SERVICER AND MARKETING AGENT

Section 6.1 Servicer's and Marketing Agent's Representations and Warranties.

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(a) The Servicer represents and warrants to the Issuer as of the Closing Date and as of each Acquisition Date, on which representations and warranties the Issuer is relying in purchasing the Depositor Transferred Property and which will survive the transfer and assignment of the Depositor Transferred Property by the Depositor to the Issuer under this Agreement and the pledge of the Depositor Transferred Property by the Issuer to the Indenture Trustee under the Indenture:

(i) Organization and Good Standing. The Servicer is a validly existing partnership in good standing under the laws of the State of Delaware and has full power and authority to own its properties and conduct its servicing business as presently owned or conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party.

(ii) Due Qualification. The Servicer is duly qualified to do business, is in good standing as a foreign entity (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction in which the servicing of the Receivables requires such qualification, licenses or approvals, except where the failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

(iii) Due Authorization. The execution, delivery, and performance of this Agreement and each other Transaction Document to which it is a party, have been duly authorized by the Servicer by all necessary partnership action on the part of the Servicer.

(iv) No Proceedings. There are no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Servicer or any of its properties: (i) asserting the invalidity of this Agreement or any other Transaction Document to which it is a party; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party; or (iii) seeking any determination or ruling that might have a Material Adverse Effect on the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document to which it is a party.

(v) All Consents. All authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given to it, if any, in connection with the execution and delivery of this Agreement and each other Transaction Document to which it is a party and the performance of the transactions contemplated by this Agreement or any other Transaction Document by the Servicer, in each case, have been duly obtained, effected or given and are in full force and effect, except for those which the failure to obtain would not reasonably be expected to have a Material Adverse Effect.

(vi) Binding Obligation. This Agreement and each other Transaction Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a legal, valid and binding obligation of the Servicer, enforceable against it in accordance with its terms, except as such enforceability may be

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limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar Laws affecting creditors' rights generally or by general principles of equity.

(vii) No Conflict. The execution and delivery of this Agreement or any other Transaction Document to which it is a party by the Servicer, and the performance by it of the transactions contemplated by the Transaction Documents and the fulfillment of the terms hereof and thereof applicable to the Servicer, (i) do not contravene (A) the organizational documents of the Servicer, (B) any contractual restriction binding on or affecting it or its property, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties.

(viii) No Violation. The execution and delivery of this Agreement by the Servicer, the performance by the Servicer of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party and the fulfillment of the terms hereof and thereof applicable to the Servicer will not violate any Law applicable to the Servicer, except where such violation would not reasonably be expected to have a Material Adverse Effect.

(ix) Compliance with Law. It has complied with all Laws applicable to the servicing of the Receivables, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

(x) Servicing Procedures. It has complied in all material respects with the Servicing Procedures with respect to the Receivables.

(b) The Marketing Agent represents and warrants to the Issuer as of the Closing Date and as of each Acquisition Date, on which representations and warranties the Issuer is relying in purchasing the Depositor Transferred Property and which will survive the transfer and assignment of the Depositor Transferred Property by the Depositor to the Issuer under this Agreement and the pledge of the Depositor Transferred Property by the Issuer to the Indenture Trustee under the Indenture:

(i) Organization and Good Standing. The Marketing Agent is a validly existing partnership in good standing under the laws of the State of Delaware and has full power and authority to own its properties and conduct its business as presently owned or conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party.

(ii) Due Qualification. The Marketing Agent is duly qualified to do business, is in good standing as a foreign entity (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction in which the conduct of its business requires such qualification, licenses or approvals, except where the failure to

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so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

(iii) Due Authorization. The execution, delivery, and performance of this Agreement and each other Transaction Document to which it is a party, have been duly authorized by the Marketing Agent by all necessary partnership action on the part of the Marketing Agent.

(iv) No Proceedings. There are no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Marketing Agent or any of its properties: (i) asserting the invalidity of this Agreement or any other Transaction Document to which it is a party; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party; or (iii) seeking any determination or ruling that might have a Material Adverse Effect on the performance by the Marketing Agent of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document to which it is a party.

(v) All Consents. All authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given to it, if any, in connection with the execution and delivery of this Agreement and each other Transaction Document to which it is a party and the performance of the transactions contemplated by this Agreement or any other Transaction Document by the Marketing Agent, in each case, have been duly obtained, effected or given and are in full force and effect, except for those which the failure to obtain would not reasonably be expected to have a Material Adverse Effect.

(vi) Binding Obligation. This Agreement and each other Transaction Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a legal, valid and binding obligation of the Marketing Agent, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar Laws affecting creditors' rights generally or by general principles of equity.

(vii) No Conflict. The execution and delivery of this Agreement or any other Transaction Document to which it is a party by the Marketing Agent, and the performance by it of the transactions contemplated by the Transaction Documents and the fulfillment of the terms hereof and thereof applicable to the Marketing Agent, (i) do not contravene (A) the organizational documents of the Marketing Agent, (B) any contractual restriction binding on or affecting it or its property, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties.

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(viii) No Violation. The execution and delivery of this Agreement by the Marketing Agent, the performance by the Marketing Agent of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party and the fulfillment of the terms hereof and thereof applicable to the Marketing Agent will not violate any Law applicable to the Marketing Agent, except where such violation would not reasonably be expected to have a Material Adverse Effect.

Section 6.2 Liability of Servicer and Marketing Agent.

(a) Liability for Specific Obligations. Each of the Servicer and the Marketing Agent, severally and not jointly, will be liable under this Agreement only for its specific obligations under this Agreement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Servicer or the Marketing Agent, as applicable. Each of the Servicer and the Marketing Agent, severally and not jointly, will be liable only for its own willful misconduct, bad faith or gross negligence in performing its obligations under this Agreement.

(b) No Liability of Others. Each of the Servicer's and the Marketing Agent's obligations under this Agreement are corporate obligations. No Person will have recourse, directly or indirectly, to any member, manager, officer, director, employee or agent of the Servicer for the Servicer's obligations or the Marketing Agent for the Marketing Agent's obligations, as applicable, under this Agreement.

(c) Legal Proceedings. The Servicer will not be required to start, pursue or participate in any legal proceeding that is not incidental or related to its obligations to service the Receivables under this Agreement and that in its opinion may result in liability or cause it to pay or risk funds or incur financial liability. The Servicer may in its sole discretion start or pursue any legal proceeding to protect the interests of the Noteholders or the Depositor under the Transaction Documents. The Servicer will be responsible for the fees and expenses of legal counsel and any liability resulting from the legal proceeding.

(d) Force Majeure. Neither the Servicer nor the Marketing Agent will be responsible or liable for any failure or delay in performing its obligations under this Agreement caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, civil or military disturbances, fire, flood, earthquakes, storms, hurricanes or other natural disasters or failures of mechanical, electronic or communication systems; provided, however that this provision shall not limit the right to remove the Servicer for a Servicer Termination Event as provided in Section 7.2(a), other than with respect to the extension of the grace periods as provided in Section 7.2(a). Each of the Servicer and the Marketing Agent, as applicable, will use commercially reasonable efforts to resume performance as soon as practicable in the circumstances.

(e) Reliance by Servicer and Marketing Agent. Each of the Servicer and the Marketing Agent may rely in good faith on the advice of counsel or on any document believed to be genuine and to have been executed by the proper party for any matters under this Agreement.

Section 6.3 Indemnities of Servicer and the Marketing Agent.

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(a) Indemnification.

(i) The Servicer will indemnify the Issuer, the Owner Trustee and the Indenture Trustee (including in its capacity as Note Paying Agent), and their officers, directors, employees and agents (each, an Indemnified Person) for all fees, expenses, losses, claims, actions, suits, damages and liabilities (including reasonable legal fees and expenses) resulting from the Servicer's (including in its capacity as Custodian) willful misconduct, bad faith or gross negligence in performing its obligations under the Transaction Documents (including such amounts incurred by such parties in defending themselves against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the Servicer's indemnification or other obligations under this Agreement).

(ii) The Marketing Agent will indemnify the Indemnified Persons for all fees, expenses, losses, claims, actions, suits, damages and liabilities (including reasonable legal fees and expenses) resulting from the Marketing Agent's willful misconduct, bad faith or gross negligence in performing its obligations under the Transaction Documents (including such amounts incurred by such parties in defending themselves against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the Marketing Agent's indemnification or other obligations under this Agreement).

(b) Proceedings. If an Indemnified Person receives notice of a Proceeding against it, the Indemnified Person will, if a claim for indemnity will be made against the Servicer or the Marketing Agent, as applicable, under this Section 6.3, promptly notify the Servicer or the Marketing Agent, as applicable, of the Proceeding; provided, that the failure to give such notice shall not affect the right of an Indemnified Person to indemnification hereunder to the extent that such failure does not prejudice the rights of the Servicer, the Marketing Agent or the Indemnified Person in such Proceeding. The Servicer or the Marketing Agent, as applicable, may participate in and assume the defense and settlement of a Proceeding at its expense. If the Servicer or the Marketing Agent, as applicable, notifies the Indemnified Person of its intention to assume the defense of the Proceeding, the Servicer or the Marketing Agent, as applicable, will assume such defense with counsel reasonably satisfactory to the Indemnified Person, and in a manner reasonably satisfactory to the Indemnified Person, and the Servicer or the Marketing Agent, as applicable, and will not be liable for fees and expenses of separate counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer or the Marketing Agent, as applicable, and the Indemnified Person. If there is a conflict or if the parties cannot reasonably agree as to the selection of counsel, the Servicer or the Marketing Agent, as applicable, will pay the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of the Proceeding in which a claim is brought against the Servicer or the Marketing Agent may be settled in the name of, on behalf of, or in any manner in which the Servicer or the Marketing Agent, as applicable, is understood to acknowledge the validity of any claim without the approval of the Servicer or the Marketing Agent, respectively, and the Indemnified Person, which approvals will not be unreasonably withheld.

(c) Survival of Obligations. Each of the Servicer's and the Marketing Agent's obligations under this Section 6.3, for the period it was the Servicer or the Marketing Agent,

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respectively, will survive the Servicer's or the Marketing Agent's, as applicable, resignation or termination, the termination of this Agreement, the resignation or removal of the Owner Trustee or the Indenture Trustee and the termination of the Issuer.

(d) Repayment. If the Servicer or the Marketing Agent makes a payment to an Indemnified Person under this Section 6.3 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Servicer or the Marketing Agent, as applicable.

Section 6.4 Delegation and Contracting. If Cellco is not the Servicer or the Custodian, the Servicer or the Custodian, as applicable, may not delegate to any Person its obligations under this Agreement without the consent of the Issuer. However, no notice or consent will be required for any delegation if Cellco is the Servicer or the Custodian. No notice or consent will be required for any delegation by the Marketing Agent of its obligations under this Agreement. Any of the Servicer, the Custodian or the Marketing Agent may contract with other Persons to perform its obligations under this Agreement. No delegation or contracting will relieve the Servicer, the Custodian or the Marketing Agent, as applicable, of its responsibilities, and the Servicer, the Custodian or the Marketing Agent, respectively, will remain responsible for those obligations. Each of the Servicer, the Custodian and the Marketing Agent will be responsible for the fees of its delegates and contractors, as applicable.

Section 6.5 Servicer May Own Notes. The Servicer and any Affiliate of the Servicer, may, in its individual or any other capacity, become the owner or pledgee of Notes with the same rights as it would have if it were not the Servicer or an Affiliate of the Servicer, except as otherwise stated in any Transaction Document.

Section 6.6 Annual Statement as to Compliance. Within ninety (90) days after the end of each fiscal year for which a report on Form 10-K is required to be filed with the Commission by or on behalf of the Issuer (commencing with the fiscal year ended December 31, 2020), the Servicer will deliver an Officer's Certificate to the Administrator, the Depositor, the Owner Trustee and the Indenture Trustee to the effect that (A) a review of the Servicer's activities during the prior fiscal year (or since the Closing Date in the case of the first such Officer's Certificate) and of its performance under this Agreement has been made under the supervision of the officer executing such Officer's Certificate and (B) to the best of his or her knowledge, based on the review, the Servicer has fulfilled in all material respects its obligations under this Agreement, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status of the failure.

Section 6.7 Assessment of Compliance and Accountants' Attestation.

(a) Within ninety (90) days after the end of each fiscal year for which a report on Form 10-K is required to be filed with the Commission by or on behalf of the Issuer (commencing with the fiscal year ended December 31, 2020), the Servicer will:

(i) deliver to the Issuer, the Depositor, the Administrator, the Owner Trustee, the Indenture Trustee and the Rating Agencies a report regarding the Servicer's assessment of compliance with the Servicing Criteria during the immediately preceding

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calendar year, including disclosure of any material instance of non-compliance identified by the Servicer, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Issuer and signed by an authorized officer of the Servicer, and shall address each of the Servicing Criteria applicable to the Servicer;

(ii) deliver to the Issuer, the Depositor, the Administrator, the Owner Trustee, the Indenture Trustee and the Rating Agencies a report of a registered public accounting firm reasonably acceptable to the Issuer and the Administrator that attests to, and reports on, the assessment of compliance made by the Servicer and delivered pursuant to the preceding paragraph. This attestation shall be delivered in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S‑X under the Securities Act and the Exchange Act;

(iii) cause each Subservicer and each Subcontractor, if any, determined by the Servicer to be participating in the servicing function within the meaning of Item 1122 of Regulation AB, to deliver to the Issuer, the Depositor, the Administrator, the Owner Trustee and the Indenture Trustee an assessment of compliance and accountants' attestation as and when provided in paragraphs (i) and (ii) of this Section; and

(iv) if requested by the Administrator, acting on behalf of the Issuer, deliver to the Issuer, the Depositor and the Administrator and any other Person that will be responsible for signing the certification (a Sarbanes Certification) required by Rules 13a-14(d) and 15d- 14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed issuer with respect to a securitization transaction a certification in the form attached hereto as Exhibit B.

The Servicer acknowledges that the parties identified in clause (a)(iv) above may rely on the certification provided by the Servicer pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. The Administrator, acting on behalf of the Issuer, will not request delivery of a certification under clause (a)(iv) above unless the Depositor is required under the Exchange Act to file an annual report on Form 10‑K with respect to an asset-backed issuer whose asset pool includes receivables.

(b) Each assessment of compliance provided by a Subservicer pursuant to Section 6.7(a)(iii) shall address each of the Servicing Criteria specified on a certification to be delivered by such Subservicer to the Servicer, the Issuer, the Depositor and the Administrator on or prior to the date of such appointment. An assessment of compliance provided by a Subcontractor pursuant to Section 6.7(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the Servicer and the Issuer on the date of such appointment.

ARTICLE VII SERVICER RESIGNATION AND TERMINATION; SUCCESSOR SERVICER

Section 7.1 No Resignation. The Servicer will not resign as Servicer under this Agreement unless it determines it is legally unable to perform its obligations under this Agreement. The Servicer will notify the Issuer, the Parent Support Provider, the Owner Trustee and the Indenture Trustee of its resignation as soon as practicable after it determines it is required to resign, together with an Opinion of Counsel supporting its determination. The Issuer will

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promptly notify the Rating Agencies of any resignation of the Servicer. Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, immediately upon the resignation of Cellco as Servicer pursuant to this Section 7.1, Cellco, in its individual capacity, will be required to assume the obligations of the Servicer to acquire Receivables as set forth in Sections 3.4 and 4.7 of the Master Trust Receivables Transfer Agreement and Sections 2.5 and 2.6 of this Agreement without further action.

Section 7.2 Servicer Termination Events.

(a) Servicer Termination Events. The following events will each be a Servicer Termination Event:

(i) (x) the Servicer fails to deposit, or deliver to the Owner Trustee or the Indenture Trustee for deposit, any Collections required to be delivered under this Agreement; (y) so long as Cellco is the Servicer, the Marketing Agent fails to deposit, or to cause the related Originators to deposit, into the Collection Account any Upgrade Payments required to be delivered under this Agreement, or (z) so long as Cellco is the Servicer, the Parent Support Provider fails to make any payments with respect to the items set forth in clause (x) or clause (y) above, to the extent the Servicer, or the Marketing Agent or any related Originator, respectively, fails to do so, and, in each case, which such failure continues for five (5) Business Days after the Servicer, the Marketing Agent or the Parent Support Provider, as applicable, receives written notice of the failure from the Owner Trustee or the Indenture Trustee, or a Responsible Person of the Servicer, the Marketing Agent or the Parent Support Provider, as applicable, obtains actual knowledge of the failure; or

(ii) the Servicer (including in its capacity as Custodian) fails to observe or to perform any obligation under this Agreement, other than as set forth in clause (i) or (iii), which failure has a material adverse effect on the Noteholders and continues for ninety (90) days after the Servicer receives written notice of the failure from the Owner Trustee, the Indenture Trustee or the Noteholders of at least a majority of the Note Balance of the Controlling Class; or

(iii) so long as Cellco is the Servicer, the failure by (x) the Marketing Agent to make, or to cause the related Originators to make, (i) any payments required to be paid by the Marketing Agent, including without limitation Credit Payments or (ii) payments relating to the acquisition by the Marketing Agent or the related Originators of Receivables that are subject to certain transfers, but not including Upgrade Payments, or (y) the Parent Support Provider to make any payments set forth in clause (x) above, to the extent that the Marketing Agent or any related Originator fails to do so, and in either case, that continues for ten (10) Business Days after the Marketing Agent or Parent Support Provider, as applicable, receives written notice of the failure from the Owner Trustee or the Indenture Trustee, or a Responsible Person of the Marketing Agent or the Parent Support Provider, as applicable, obtains actual knowledge of the failure; or

(iv) an Insolvency Event of the Servicer occurs;

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provided, however, that a delay or failure of performance referred to in clauses (i), (ii) or (iii) above for an additional period of sixty (60) days will not constitute a Servicer Termination Event if such delay or failure was caused by force majeure or other similar occurrence, as further described in Section 6.2(d).

(b) Notice of Servicer Termination Event. The Servicer will notify the Issuer, the Owner Trustee and the Indenture Trustee of any Servicer Termination Event or any event that with the giving of notice or passage of time, or both, would become a Servicer Termination Event, no later than five (5) Business Days after a Responsible Person of the Servicer has received written notice of or has actual knowledge of the event. If a Servicer Termination Event occurs, the Issuer will promptly notify the Rating Agencies and the Asset Representations Reviewer.

(c) Removal. If a Servicer Termination Event occurs and is continuing, the Indenture Trustee may and, if directed by the Noteholders of a majority of the Note Balance of the Controlling Class, must remove the Servicer and terminate its rights and obligations under this Agreement by notifying the Servicer, the Issuer, the Parent Support Provider, the Owner Trustee, and the Secured Parties. The notice of termination will state the date the termination will be effective. On receipt of the notice, the Issuer will promptly notify the Rating Agencies, and the Owner Trustee will promptly notify the Certificateholders. Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, immediately upon the removal of Cellco as Servicer pursuant to this Section 7.2, Cellco, in its individual capacity, shall assume the obligations of the Servicer to acquire Receivables as set forth in Sections 3.4 and 4.7 of the Master Trust Receivables Transfer Agreement and Sections 2.5 and 2.6 of this Agreement without further action.

(d) Waiver of Servicer Termination Events. The Noteholders of a majority of the Note Balance of the Controlling Class or, if no Notes are Outstanding, the Owner Trustee, at the direction of the Class A Certificateholder, may direct the Indenture Trustee to waive a Servicer Termination Event, except with respect to a failure to make required deposits to or payment from any of the Bank Accounts, and the consequences thereof. Upon the waiver, the Servicer Termination Event will be deemed not to have occurred. No waiver will extend to any other Servicer Termination Event or impair a right relating to any other Servicer Termination Event. The Issuer will promptly notify the Rating Agencies of any waiver.

Section 7.3 Continue to Perform. If the Servicer resigns under Section 7.1, it will continue to perform its obligations as Servicer under this Agreement until the earlier to occur of (a) a Successor Servicer accepting its engagement as Servicer under Section 7.4 or (b) the date the Servicer is legally unable to act as Servicer. If the Servicer is terminated under this Agreement, it will continue to perform its obligations as Servicer under this Agreement until the date stated in the notice of termination. If Cellco is the resigning or removed Servicer, Cellco shall (x) remit any amounts due on the Receivables that are remitted to Cellco in error, rather than to the Successor Servicer as set forth in the notice sent to Obligors under Section 3.13, and provide the Successor Servicer with any necessary information regarding the amount remitted to the Successor Servicer by Cellco and the Receivable for which such amount was remitted and (y) continue to perform its remittance obligations set forth in Section 3.12(b) for as long as any

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Receivable continues to have a Principal Balance or until this Agreement is terminated as set forth in Section 8.3.

Section 7.4 Successor Servicer.

(a) Engagement of Successor Servicer; Indenture Trustee to Act.

(i) If the Servicer resigns or is terminated under this Agreement, the Indenture Trustee will promptly engage an institution having a net worth of not less than $50,000,000 whose regular business and operations includes the servicing of consumer receivables and can accommodate the servicing of device payment plan agreements, as the successor to the Servicer under this Agreement (the Successor Servicer) and successor to the Administrator under Section 3.4 of the Administration Agreement.

(ii) If no Person has accepted the engagement as Successor Servicer when the Servicer stops performing its obligations, the Indenture Trustee, without further action, will be automatically appointed the Successor Servicer to perform the obligations of the Servicer (other than any obligations specifically excluded) until such time as another Successor Servicer shall accept engagement as Successor Servicer. If the Indenture Trustee becomes the Successor Servicer, it (A) will do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly, Article VI of the Indenture will be inapplicable to the Indenture Trustee solely in its capacity as Successor Servicer and (B) may appoint as Servicer any one of its Affiliates, but the Indenture Trustee, in its capacity as Successor Servicer, will be liable for the actions and omissions of such Affiliate. If the Indenture Trustee is unwilling or legally unable to act as Successor Servicer, it will appoint, or petition a court of competent jurisdiction to appoint, an institution having a net worth of not less than $50,000,000 whose regular business and operations includes the servicing of consumer receivables and can accommodate the servicing of device payment plan agreements, as successor to the Servicer under this Agreement. The Indenture Trustee will be released from its obligations as Successor Servicer on the date that a new Servicer accepts its engagement as Successor Servicer.

(b) Acceptance of Engagement. The Successor Servicer will accept its engagement by assuming the Servicer's obligations under this Agreement or entering into an amendment to this Agreement or a new servicing agreement on substantially the same terms as this Agreement, in a form acceptable to the Owner Trustee and the Indenture Trustee. The Successor Servicer will deliver a copy of the assumption, amendment or new servicing agreement to the other parties and the Indenture Trustee. The Successor Servicer (other than the Indenture Trustee as Successor Servicer) will accept its engagement as Administrator according to Section 3.5 of the Administration Agreement. Promptly following a Successor Servicer's acceptance of its engagement, the Indenture Trustee will notify the Issuer, the Owner Trustee and the Secured Parties of the engagement. On receipt of a notice of engagement, the Issuer will promptly notify the Rating Agencies and the Asset Representations Reviewer, and the Owner Trustee will promptly notify the Certificateholders. Any Successor Servicer will agree to provide to Cellco any information relating to payments received from Obligors (including any payments received on a Receivable that was the subject of an upgrade for which none of the Marketing Agent, the related Originator or the Parent Support Provider deposited a required Upgrade Payment),

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delinquencies in payments by Obligors, any Written-Off Receivables and any other information related to the Obligors and the Receivables required by Cellco to service the accounts of which any Receivables are a part, including, but not limited to, granting and applying credits to any account for which none of the Marketing Agent, the related Originator or the Parent Support Provider remitted an Upgrade Payment, as set forth in Section 3.12(b). Any Successor Servicer will agree to be bound by the terms and conditions of the legal, regulatory, privacy and data protection policies set forth in Exhibit A attached hereto to the extent such Successor Servicer receives information from Cellco or any of its Affiliates relating to the Receivables. For the avoidance of doubt, no Successor Servicer will be required to assume or undertake the obligations of Cellco, as Servicer, under Sections 3.4 and 4.7 of the Master Trust Receivables Transfer Agreement or Sections 2.5 and 2.6 of this Agreement. No Successor Servicer shall have any liability for the acts or omissions of any predecessor Servicer.

(c) Compensation of Successor Servicer. The Indenture Trustee may make arrangements for the compensation of the Successor Servicer out of Collections as it and the Successor Servicer may agree. In addition to the Servicing Fee, on the date of its appointment as Successor Servicer, such Successor Servicer will receive a fee of $150,000 payable pursuant to Section 8.2(c) or 8.2(e) of the Indenture, as applicable, and thereafter, will be entitled to the Additional Successor Servicer Fee, which will be paid in accordance with the priorities set forth in Section 8.2(c) or 8.2(e) of the Indenture, as applicable.

(d) Transfer of Authority. On the effective date of the Servicer's resignation or termination or the later date that the Servicer stops performing its obligations, and solely to the extent the Successor Servicer is an entity other than the Indenture Trustee, all rights and obligations of the Servicer under this Agreement and of the Administrator under the Administration Agreement will become the rights and obligations of the Successor Servicer, including as successor Administrator. For the avoidance of doubt, (x) the resignation or removal of Cellco as Servicer will not result in the termination of Cellco's duties as Marketing Agent and (y) if the Indenture Trustee is the Successor Servicer, Cellco will continue to act as Administrator under the Administration Agreement, to the extent it is able to continue to perform thereunder pursuant to the terms of the Administration Agreement.

(e) Authority of Issuer and Indenture Trustee. The Issuer and the Indenture Trustee are authorized to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents, and to do all other acts or things necessary or advisable to effect the termination and replacement of the Servicer.

Section 7.5 Transition of Servicing.

(a) Cooperation on Termination. On its resignation or termination, the Servicer will cooperate with the Issuer, the Owner Trustee, the Indenture Trustee and the Successor Servicer in effecting (i) the termination of its rights and obligations under this Agreement and (ii) an orderly transition of such rights and obligations to the Successor Servicer.

(b) Transfer of Cash, Receivable Files and Records. As soon as practicable after the effective date of its resignation or termination, the predecessor Servicer will (i) transfer to the Successor Servicer all funds relating to the Receivables that are held or later received by the

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predecessor Servicer and (ii) deliver to the Successor Servicer the Receivable Files and the accounts and records maintained by the Servicer. The Servicer will not be obligated to provide, license or assign its processes, procedures, models, servicing software or other applications to any Successor Servicer or any third party, or provide anything covered by a restriction on transfer or assignment or a confidentiality agreement or otherwise restricted by legal, regulatory, privacy or data protection policies.

(c) Expenses of Servicing Transition. All reasonable expenses incurred by the Issuer, the Owner Trustee, the Indenture Trustee and the Successor Servicer in connection with (i) the transition of servicing rights and obligations to the Successor Servicer and (ii) amending this Agreement or entering into an assumption agreement or new agreement to reflect a succession of the Servicer will be paid by the resigning or terminated Servicer on receipt of an invoice in reasonable detail.

Section 7.6 Merger, Consolidation, Succession or Assignment. Any Person (a) into which the Servicer is merged or consolidated, (b) resulting from a merger or consolidation to which the Servicer is a party, (c) succeeding to the Servicer's business or (d) that is an Affiliate of the Servicer to whom the Servicer has assigned this Agreement, will be the successor to the Servicer under this Agreement. Within fifteen (15) Business Days after the merger, consolidation, succession or assignment, such Person will (i) execute an agreement to assume the Servicer's obligations under this Agreement and each Transaction Document to which the Servicer is a party (unless the assumption happens by operation of Law), (ii) deliver to the Issuer, the Owner Trustee and the Indenture Trustee an Officer's Certificate and an Opinion of Counsel each stating that the merger, consolidation, succession or assignment and the assumption agreement comply with this Section 7.6 and (iii) notify the Rating Agencies of the merger, consolidation, succession or assignment.

ARTICLE VIII TERMINATION

Section 8.1 Optional Acquisition of Receivables; Clean-Up Redemption of Notes.

(a) Optional Acquisition. On each Payment Date following the last day of a Collection Period as of which the aggregate Principal Balance of the Receivables shall be equal to or less than 10% of the aggregate Principal Balance of the Receivables as of the Closing Date, the Class A Certificateholder (for as long as the Class A Certificateholder is an Originator or an Affiliate of the Originators), with the consent of the Administrator, on behalf of the Issuer, shall have the option to acquire, as of the end of the immediately preceding Collection Period, any Receivables remaining in the Trust Property on such date by transferring to the Issuer an amount equal to the Optional Acquisition Amount (the Optional Acquisition), and to redeem the Notes, in whole but not in part (the Clean-Up Redemption) without any Make-Whole Payment (other than any Make-Whole Payments already due and payable on such date).

(b) Exercise of Optional Acquisition and Clean-Up Redemption of Notes. The Class A Certificateholder may exercise its option set forth in Section 8.1(a) by notifying the Issuer, the Servicer, the Indenture Trustee, the Owner Trustee and the Rating Agencies, in writing, at least ten (10) days before the Payment Date on which the Optional Acquisition is to be exercised,

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After receiving such notice, the Indenture Trustee will promptly notify the Noteholders of the resulting Clean-Up Redemption and provide instructions for surrender of the Notes for final payment including all accrued and unpaid interest and any applicable Make-Whole Payments already due and payable on the Notes, as set forth in Section 10.1(a) of the Indenture.

On the Payment Date related to the Collection Period in which the Optional Acquisition is exercised, the Class A Certificateholder will deposit into the Collection Account the acquisition amount for such remaining Receivables as set forth in Section 8.1(a) equal to the fair market value of such Receivables as of the last day of the Collection Period immediately preceding such Payment Date as agreed upon by the Class A Certificateholder and the Issuer (the Optional Acquisition Amount); provided that the transfer may only occur if the Optional Acquisition Amount, together with any amounts on deposit in the Bank Accounts, is greater than or equal to the sum of (A) the Note Balance of the Notes, any accrued but unpaid interest and any unpaid Make-Whole Payments and (B) all other amounts payable by the Issuer under the Transaction Documents including, but not limited to, all fees, expenses and indemnities owed to the Indenture Trustee and the Owner Trustee under the Transaction Documents as of such date. For the avoidance of doubt, if the Class A Certificateholder and the Issuer cannot agree on the Optional Acquisition Amount, the Class A Certificateholder will not be permitted to exercise its option set forth in Section 8.1(a). On the Payment Date on which the Optional Acquisition is to be exercised, the Indenture Trustee shall transfer any amounts on deposit in the Reserve Account, the Acquisition Account and the Negative Carry Account into the Collection Account. Upon the exercise of the Optional Acquisition, the Notes will be redeemed and paid in full.

Section 8.2 Optional Redemption of Notes.

(a) Optional Redemption. On any Payment Date on and after the Payment Date in February 2021, the Class A Certificateholder (for as long as the Class A Certificateholder is an Originator or an Affiliate of the Originators), with the consent of the Administrator, on behalf of the Issuer, shall have the option to redeem the Notes, in whole but not in part (the Optional Redemption), with a required Make-Whole Payment.

(b) Exercise of Optional Redemption. The Class A Certificateholder may exercise its option set forth in Section 8.2(a) by notifying the Issuer, the Servicer, the Indenture Trustee, the Owner Trustee and the Rating Agencies, in writing, at least ten (10) days before the Payment Date on which the Optional Redemption is to be exercised. After receiving such notice, the Indenture Trustee will promptly notify the Noteholders of the Optional Redemption and provide instructions for surrender of the Notes for final payment including all accrued and unpaid interest and any applicable Make-Whole Payments due and payable on the Notes, as set forth in Section 10.1(a) of the Indenture.

On the Payment Date on which the Optional Redemption is to be exercised, the Issuer shall transfer the entire pool of Receivables to another Verizon special purpose entity or a third-party purchaser and the party receiving the Receivables shall cause the acquisition amount received by the Issuer for the Receivables to be deposited by the Issuer (or the Servicer, on its behalf) into the Collection Account, which amount shall be equal to the fair market value of such Receivables as of the last day of the Collection Period immediately preceding such Payment Date as agreed upon by the Class A Certificateholder and the Issuer; provided that the transfer

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may only occur if the amount received in connection with any such transfer, together with any amounts on deposit in the Bank Accounts, is greater than or equal to the sum of (A) the Note Balance of the Notes, any accrued but unpaid interest and any unpaid Make-Whole Payments and (B) all other amounts payable by the Issuer under the Transaction Documents including, but not limited to, all fees, expenses and indemnities owed to the Indenture Trustee and the Owner Trustee under the Transaction Documents as of such date. On the Payment Date on which the Optional Redemption is to be exercised, the Indenture Trustee shall transfer any amounts on deposit in the Reserve Account, the Acquisition Account and the Negative Carry Account into the Collection Account. Upon the exercise of the Optional Redemption, the Notes will be redeemed and paid in full.

Section 8.3 Termination. This Agreement will terminate on the earlier to occur of (a) the date upon which the last remaining Receivable is paid in full, settled, sold or written off and any amounts received are applied and (b) the Issuer is terminated under Section 8.1 of the Trust Agreement.

ARTICLE IX OTHER AGREEMENTS

Section 9.1 Financing Statements.

(a) Filing of Financing Statements. The Depositor will file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices necessary to perfect the Issuer's interest in the Depositor Transferred Property. The Depositor will promptly deliver to the Issuer and the Indenture Trustee file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

(b) Issuer and Indenture Trustee Authorized to File Financing Statements. The Depositor authorizes the Issuer and the Indenture Trustee (but the Indenture Trustee will not be required to do so) to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the Issuer or the Indenture Trustee may determine are necessary or advisable to perfect the Issuer's interest in the Depositor Transferred Property. The financing and continuation statements may describe the Depositor Transferred Property as the Issuer or the Indenture Trustee may reasonably determine to perfect the Issuer's interest in the Depositor Transferred Property. The Issuer or the Indenture Trustee (with respect to the Indenture Trustee, solely to the extent it has elected to make such filing) will promptly deliver to the Depositor file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement. The permissive right of the Indenture Trustee to file any financing statement shall not be construed as a duty or obligation.

(c) Relocation of Depositor. The Depositor will notify the Owner Trustee and the Indenture Trustee at least ten (10) days before a relocation of its chief executive office or change in its corporate structure, form of organization or jurisdiction of organization if it could require the filing of a new financing statement or an amendment to a previously filed financing statement under Section 9-307 of the UCC. If required, the Depositor will promptly file new

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financing statements or amendments to all previously filed financing statements. The Depositor will maintain its chief executive office within the United States and will maintain its jurisdiction of organization in only one State.

(d) Change of Depositor's Name. The Depositor will notify the Owner Trustee and the Indenture Trustee at least ten (10) days before any change in the Depositor's name that could make a financing statement filed under this Section 9.1 seriously misleading under Section 9-506 of the UCC. If required, the Depositor will promptly file amendments to all previously filed financing statements.

Section 9.2 No Transfer or Lien by Depositor. Except for the transfer and assignment under this Agreement, the Depositor will not transfer or assign any Depositor Transferred Property to another Person or Grant or allow a Lien, other than a Permitted Lien, on an interest in any Depositor Transferred Property. The Depositor will defend the Issuer's interest in the Depositor Transferred Property against claims of third parties claiming through the Depositor.

Section 9.3 Expenses. The Depositor will pay the expenses to perform its obligations under this Agreement and the Issuer's and the Indenture Trustee's reasonable expenses to perfect the Issuer's interest in the Depositor Transferred Property and to enforce the Depositor's obligations under this Agreement.

Section 9.4 Receivables Information.

(a) Servicer's Receivables Systems. On and after the Closing Date or Acquisition Date, as applicable, until a Receivable has been paid in full, acquired or sold to a third party under Section 3.4, the Servicer will mark its receivables systems to indicate clearly that the Receivable is owned by the Issuer and has been pledged to the Indenture Trustee under the Indenture.

(b) List of Receivables. If requested by the Owner Trustee or the Indenture Trustee, the Servicer will furnish a list of Receivables (by loan number) to the Owner Trustee and the Indenture Trustee.

Section 9.5 No Petition. The parties agree that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law. This Section 9.5 will survive the termination of this Agreement.

Section 9.6 Limited Recourse. Each party agrees that any claim that it may seek to enforce against the Depositor or the Issuer under this Agreement is limited to the Depositor Transferred Property only and is not a claim against the Depositor's or the Issuer's assets as a whole or against assets other than the Depositor Transferred Property.

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Section 9.7 Limitation of Liability.

(a) Owner Trustee. This Agreement has been signed on behalf of the Issuer by Wilmington Trust, National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will Wilmington Trust, National Association in its individual capacity or as a beneficial owner of the Issuer be liable for the representations, warranties, covenants, agreements or other obligations of the Issuer under this Agreement. For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement. Neither the Issuer nor the Owner Trustee will have any liability for any act or failure to act of the Servicer, including any action taken under a power of attorney given under this Agreement.

(b) Indenture Trustee. This Agreement has been signed by U.S. Bank National Association not in its individual capacity but solely in its capacity as Indenture Trustee. In performing its obligations under this Agreement, the Indenture Trustee is subject to, and entitled to the benefits of, the Indenture. The Indenture Trustee will not have any liability for any act or failure to act of the Servicer, the Custodian, the Marketing Agent, the Issuer or any other Person.

Section 9.8 Tax Treatment of Notes. Each of the Depositor and the Servicer agree to treat the Notes as indebtedness for U.S. federal, State and local income and franchise tax purposes.

Section 9.9 Regulation RR Risk Retention. Cellco, as Sponsor, agrees that (i) each of the Sponsor, the Master Trust, each Originator and the nominee of the Originators is under the common control of Verizon and therefore, the nominee of the Originators (which nominee is also the sole equityholder of the Master Trust) is a majority-owned affiliate of the Sponsor as defined in the U.S. Credit Risk Retention Rules, (ii) the Sponsor will cause the nominee of the Originators to, and the nominee of the Originators will, retain the Residual Interest on the Closing Date and (iii) the Sponsor will not, and will not permit the Master Trust, the Originators or the nominee of the Originators to, sell, transfer, finance or hedge the Residual Interest except as permitted by the U.S. Credit Risk Retention Rules.

Section 9.10 Cap Collateral Account. If the Cap Counterparty is required to post collateral under the terms of the Cap Agreement, upon written direction and notification of such requirement, the Servicer shall establish a segregated account (the Cap Collateral Account) at a Qualified Institution that (i) is not affiliated with the Cap Counterparty and (ii) has total assets of at least $10,000,000,000 (the Cap Custodian), titled as an account of the Cap Counterparty as depositor and entitlement holder. In the event that the Cap Custodian no longer satisfies the requirements set forth in the immediately preceding sentence, the Issuer, the Servicer and the Cap Counterparty shall use their reasonable best efforts to move the Cap Collateral Account and any collateral posted therein to another financial institution satisfying the requirements set forth in the immediately preceding sentence within sixty (60) calendar days. The Cap Collateral Account shall be subject to a tri-party account control agreement to be entered into among the Cap Counterparty, the Issuer and the Cap Custodian (the Control Agreement). The Control Agreement shall provide, among other customary matters, that (x) the Cap Counterparty shall be entitled to originate entitlement orders and instructions, and receive interest and distributions, with respect to the Cap Collateral Account so long as the Issuer has not delivered a notice to the

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Cap Custodian and the Cap Counterparty to the effect that the Issuer shall have exclusive control over the Cap Collateral Account, (y) following delivery of such notice of exclusive control the Cap Custodian shall comply with instructions and entitlement orders originated by the Issuer without further consent by the Cap Counterparty, and (z) the Control Agreement shall terminate on the fifth Business Day following delivery of a notice from the Cap Counterparty to the Cap Custodian and the Issuer that the Cap Counterparty has designated an Early Termination Date (as defined in the Cap Agreement) in respect of all Transactions (as defined in the Cap Agreement) for the reason that the Issuer is the Defaulting Party (as defined in the Cap Agreement) or the sole Affected Party (as defined in the Cap Agreement) with respect to a Termination Event (as defined in the Cap Agreement), unless such notice is contested by the Issuer within such period of five (5) Business Days. The Issuer agrees that it shall not assert exclusive control over, or originate entitlement orders or instructions for the disposition of funds with respect to, the Cap Collateral Account unless the conditions for the exercise of its rights and remedies pursuant to the Cap Agreement are met and such assertion of exclusive control or origination of instructions or entitlement orders is for the purpose of exercising such rights and remedies. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Cap Collateral Account shall be (i) for application to obligations of the Cap Counterparty to the Issuer under the Cap Agreement in accordance with the terms of the Cap Agreement or (ii) to return collateral to the Cap Counterparty when and as required by the Cap Agreement or applicable law. Investment earnings on the Cap Collateral Account, if any, will be distributed to the Cap Counterparty.

ARTICLE X MISCELLANEOUS

Section 10.1 Amendments.

(a) Amendments to Clarify and Correct Errors and Defects. The parties may amend this Agreement (including Appendix A) to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement, or to make Benchmark Replacement Conforming Changes, in each case, without the consent of the Noteholders, the Certificateholders or any other Person. The parties may amend any term or provision of this Agreement (including Appendix A) from time to time for the purpose of conforming the terms of this Agreement (including Appendix A) to the description thereof in the Prospectus, without the consent of Noteholders, the Certificateholders or any other Person. The Administrator may amend any term or provision of this Agreement (including Appendix A) from time to time for the purpose of making Benchmark Replacement Conforming Changes, without the consent of Noteholders, the Certificateholders, any party to this Agreement or any other Person. Notice of the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, the determination of a Benchmark Replacement and the making of any Benchmark Replacement Conforming Changes will be delivered in writing by the Administrator to the Issuer, the Owner Trustee, a Responsible Person of the Indenture Trustee, the Parent Support Provider, the Sponsor, the Depositor and the Servicer and included in the Monthly Investor Report. Notwithstanding anything in the Transaction Documents to the contrary, upon the delivery of notice to a Responsible Person of the Indenture Trustee and the inclusion of such information in the Monthly Investor Report, the relevant Transaction Documents will be deemed to have been amended to reflect the new Unadjusted

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Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the amendment provisions of the relevant Transaction Documents.

(b) Other Amendments. Other than as set forth in Section 10.1(c), the parties may amend this Agreement (including Appendix A) to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement or for the purpose of modifying in any manner the rights of the Noteholders under this Agreement, with the consent of the Certificateholders, either (1) without the consent of the Noteholders if (x) the Issuer or the Administrator delivers an Officer's Certificate to the Indenture Trustee and the Owner Trustee stating that the amendment will not have a material adverse effect on the Noteholders, or (y) the Rating Agency Condition is satisfied with respect to such amendment or (2) if the interests of the Noteholders are materially and adversely affected, with the consent of the holders of a majority of the Note Balance of the Controlling Class.

(c) Amendments Requiring Consent of all Affected Noteholders and Certificateholders. No amendment to this Agreement (including Appendix A) may, without the consent of all adversely affected Noteholders and Certificateholders, (i) change the applicable Final Maturity Date on a Note or change the principal amount of or interest rate or Make-Whole Payment on a Note; (ii) modify the percentage of the Note Balance of the Notes or the Controlling Class required for any action; (iii) modify or alter the definition of Outstanding, Controlling Class or Amortization Events, or (iv) change the Required Reserve Amount, the Required Acquisition Deposit Amount or the Required Negative Carry Amount.

(d) Consent of Indenture Trustee and Owner Trustee. The consent of the Indenture Trustee will be required for any amendment under Sections 10.1(b) or (c) that has a material adverse effect on the rights, obligations, immunities or indemnities of the Indenture Trustee. The consent of the Owner Trustee will be required for any amendment under Sections 10.1(b) or (c) that has a material adverse effect on the rights, obligations, immunities or indemnities of the Owner Trustee, which consent will not be unreasonably withheld.

(e) Opinion of Counsel. Before executing any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon, and the Depositor will deliver, an Opinion of Counsel stating that the execution of the amendment is permitted by this Agreement and all conditions precedent thereto have been satisfied.

(f) Notice of Amendments. Promptly after the execution of an amendment, the Depositor will deliver, or will cause the Administrator to deliver, a copy of the amendment to the Indenture Trustee and the Rating Agencies, and the Indenture Trustee will notify the Noteholders of the substance of the amendment.

(g) Noteholder Consent. For any amendment to this Agreement (or Appendix A) requiring the consent of any Noteholders, the Indenture Trustee will, when directed by Issuer Order, notify the Noteholders to request consent and follow its reasonable procedures to obtain consent. It shall not be necessary for the consent of the Noteholders to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall

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approve the substance thereof. For the avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Noteholder.

Section 10.2 Assignment; Benefit of Agreement; Third-Party Beneficiary.

(a) Assignment. Except as stated in Sections 5.3, 7.4 and 7.6, this Agreement may not be assigned by the Depositor or the Servicer without the consent of the Owner Trustee, the Indenture Trustee, the Certificateholders and the Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class.

(b) Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the Secured Parties, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Depositor and the Servicer. No other Person will have any right or obligation under this Agreement.

Section 10.3 Notices.

(a) Notices to Parties. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

(i) for personally delivered, express or certified mail or courier, when received;

(ii) for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii) for an email, when receipt is confirmed by telephone or reply email from the recipient; and

(iv) for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b) Notice Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule B, which address the party may change at any time by notifying the other parties.

(c) Notices to Noteholders. Notices to a Noteholder will be considered received by the Noteholder:

(i) for Definitive Notes, for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail properly addressed to the Noteholder at its address in the Note Register; or

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(ii) for Book-Entry Notes, when delivered under the procedures of the Clearing Agency, whether or not the Noteholder actually receives the notice.

Section 10.4 Agent for Service.

(a) Depositor. The agent for service of the Depositor for this Agreement will be the person holding the office of Secretary of the Depositor at the following address:

Verizon ABS LLC One Verizon Way Basking Ridge, New Jersey 07920

(b) Servicer. The agent for service of the Servicer for this Agreement will be the person holding the office of Secretary of the Servicer at the following address:

Cellco Partnership d/b/a Verizon Wireless One Verizon Way Basking Ridge, New Jersey 07920

(c) Marketing Agent. The agent for service of the Marketing Agent for this Agreement will be the person holding the office of Secretary of the Marketing Agent at the following address:

Cellco Partnership d/b/a Verizon Wireless One Verizon Way Basking Ridge, New Jersey 07920

Section 10.5 GOVERNING LAW. THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES). FOR PURPOSES OF THE UCC, NEW YORK SHALL BE DEEMED TO BE THE SECURITIES INTERMEDIARY'S JURISDICTION, AND THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION. NOTWITHSTANDING SECTION 10.1 OF THIS AGREEMENT, THE PARTIES WILL NOT AGREE TO AMEND THIS AGREEMENT TO CHANGE THE GOVERNING LAW TO ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK.

Section 10.6 Submission to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

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Section 10.7 WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

Section 10.8 No Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under Law.

Section 10.9 Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 10.10 Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 10.11 Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

Section 10.12 Limitation of Rights of the Cap Counterparty. All of the rights of the Cap Counterparty in, to and under this Agreement or any other Transaction Document, other than the Cap Agreement (including, but not limited to, the Cap Counterparty's rights to receive notice of any action hereunder or under any other Transaction Document and to give or withhold consent to any action hereunder or under any other Transaction Document), shall terminate upon the termination of the Cap Agreement in accordance with the terms thereof.

Section 10.13 Intent of the Parties; Reasonableness. The Depositor, the Servicer and the Issuer acknowledge and agree that the purpose of Sections 6.6 and 6.7 of this Agreement is to facilitate compliance by the Issuer and the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. None of the Depositor, the Administrator nor the Issuer shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder. The Servicer acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Issuer or the Administrator in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. In connection with this transaction, the Servicer shall cooperate fully with the Administrator and the Issuer to deliver to the Administrator or Issuer, as applicable (including any of its assignees or designees), any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Issuer or the Administrator to permit the Issuer or Administrator (acting on behalf of the Issuer) to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer, any Subservicer and

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





the Receivables, or the servicing of the Receivables, reasonably believed by the Issuer or the Administrator to be necessary in order to effect such compliance.

ARTICLE XI

ASSET REPRESENTATIONS REVIEW; DISPUTE RESOLUTION

Section 11.1 Asset Representations Review.

(a) Upon the occurrence of a Delinquency Trigger with respect to any Collection Period, the Servicer will promptly send to the Administrator, the Indenture Trustee and each Noteholder (and to each applicable Clearing Agency for distribution to Note Owners in accordance with the rules of such Clearing Agency) as of the most recent Record Date a notice describing (i) the occurrence of the Delinquency Trigger, and including reasonably detailed calculations thereof, and (ii) the rights of the Noteholders and Note Owners regarding an Asset Representations Review (including a description of the method by which Noteholders and Note Owners may contact the Indenture Trustee in order to request a Noteholder vote in respect of an Asset Representations Review). In connection with the foregoing, upon request from the Servicer, the Indenture Trustee shall provide a list of the Noteholders of record as of the most recent Record Date. The notice provided under this Section 11.1 (a) and the related 10-D that is filed are the only notices that will be provided to Noteholders concerning whether the Delinquency Trigger has occurred.

(b) If the Indenture Trustee notifies the Servicer pursuant to 14.2 of the Indenture that sufficient Noteholders have voted within the required time to initiate an Asset Representations Review of all 60-Day Delinquent Receivables by the Asset Representations Reviewer pursuant to the Asset Representations Review Agreement, then the Servicer shall:

(i) promptly notify the Asset Representations Reviewer and the Indenture Trustee of the number of 60-Day Delinquent Receivables;

(ii) within sixty (60) days after receipt by the Servicer of that notice from the Indenture Trustee, render reasonable assistance, including granting access to copies of any underlying documents and Receivable Files and all other relevant documents, to the Asset Representations Reviewer to facilitate the performance of a review of all 60-Day Delinquent Receivables, pursuant to Section 3.3(a) of the Asset Representations Review Agreement, in order to verify compliance with the representations and warranties made to the Issuer by the Depositor; provided, that the Servicer shall use its best efforts to redact any materials provided to the Asset Representations Reviewer in order to remove any Personally Identifiable Information without changing the meaning or usefulness of the Review Materials; and

(iii) provide such other reasonable assistance to the Asset Representations Reviewer as it requests in order to facilitate its Asset Representations Review of the 60-Day Delinquent Receivables pursuant to the Asset Representations Review Agreement.

Section 11.2 Dispute Resolution.

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





(a) If (i) the Issuer or the Indenture Trustee (acting on behalf of the Noteholders) or (ii) any Noteholder or Verified Note Owner requests, by written notice to (x) the Indenture Trustee (which will be forwarded to the related Originator or the Servicer as applicable) or (y) the related Originator or the Servicer (in the case of Receivables transferred by the Master Trust) (any such party making a request, the Requesting Party), that a Receivable be reacquired or acquired due to an alleged breach of the Eligibility Representation with respect to that Receivable as set forth in Section 3.3 of the Originator Receivables Transfer Agreement or Section 3.3 of the Master Trust Receivables Transfer Agreement, respectively, and the request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within one-hundred eighty (180) days of the receipt of such request by the related Originator or the Servicer (in the case of Receivables transferred by the Master Trust), then the Requesting Party will have the right to refer the matter, at its discretion, to either mediation (including non-binding arbitration) or third-party binding arbitration pursuant to this Section 11.2. Dispute resolution to resolve reacquisition or acquisition requests will be available regardless of whether Noteholders and Note Owners voted to direct an Asset Representations Review or whether the Delinquency Trigger occurred. The Depositor will provide written direction to the Indenture Trustee instructing it to notify the Requesting Party (directly if the Requesting Party is a Noteholder and through the applicable Clearing Agency for distribution to such Requesting Party, if the Requesting Party is a Note Owner, in accordance with the rules of such Clearing Agency) no later than five (5) Business Days after the end of the 180-day period of the date when the 180-day period ends without resolution by the appropriate party, which written direction will specify the identity of the Requesting Party and the date as of which that 180-day period shall have ended; provided, that the Indenture Trustee shall have no other obligation whatsoever to participate in any dispute resolution, mediation or arbitration to determine if a reacquisition or acquisition request has been resolved within the applicable 180-day period. The Requesting Party must provide notice of its intention to refer the matter to mediation, to refer the matter to arbitration, or to institute a legal proceeding, to the Depositor within thirty (30) days after the delivery of notice of the end of the 180-day period. The Depositor will participate in the resolution method selected by the Requesting Party. For the avoidance of doubt, the Owner Trustee shall have no obligation whatsoever to participate in any dispute resolution, mediation or arbitration to determine if a reacquisition or acquisition request has been resolved within the applicable 180-day period. For the avoidance of doubt, if the Indenture Trustee does not agree to pursue or otherwise be involved in resolving any reacquisition or acquisition request or dispute resolution proceeding, the related Noteholders or Verified Note Owners may independently pursue dispute resolution in respect of such reacquisition or acquisition. If the Indenture Trustee brings a dispute resolution action based on Noteholder direction to do so, the Requesting Party shall be deemed to be the requesting Note Owners (or the party to the arbitration) for purposes of the dispute resolution proceeding, including allocation of fees and expenses. The Indenture Trustee shall not be liable for any costs, expenses and/or liabilities allocated to a Requesting Party as part of the dispute resolution proceeding. Further, the Indenture Trustee shall be under no obligation under this Agreement, any other Transaction Document or otherwise to monitor reacquisition or acquisition activity or to independently determine which reacquisition or acquisition requests remain unresolved after one-hundred eighty (180) days.

(b) If the Requesting Party selects mediation (including non-binding arbitration) as the resolution method, the following provisions will apply:

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(i) The mediation will be administered by JAMS pursuant to its Mediation Procedures in effect on the date the arbitration is filed.

(ii) The mediator will be impartial, knowledgeable about and experienced with the laws of the State of New York and an attorney specializing in commercial litigation with at least 15 years of experience and who will be appointed from a list of neutrals maintained by JAMS. Upon being supplied a list of at least 10 potential mediators by JAMS each party will have the right to exercise two peremptory challenges within fourteen (14) days and to rank the remaining potential mediators in order of preference JAMS will select the mediator from the remaining attorneys on the list respecting the preference choices of the parties to the extent possible.

(iii) The parties will use commercially reasonable efforts to begin the mediation within thirty (30) days of the selection of the mediator and to conclude the mediation within sixty (60) days of the start of the mediation.

(iv) The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation.

(c) If the Requesting Party selects binding arbitration as the resolution method, the following provisions will apply:

(i) The arbitration will be administered by the AAA pursuant its Arbitration Rules in effect on the date the arbitration is filed.

(ii) The arbitral panel will consist of three members, (i) one to be appointed by the Requesting Party within five (5) Business Days of providing notice to the Depositor of its selection of arbitration, (ii) one to be appointed by the Depositor within five (5) Business Days of that appointment and (iii) the third, who will preside over the panel, to be chosen by the two party-appointed arbitrators within five (5) Business Days of the second appointment. If any party fails to appoint an arbitrator or the two party-appointed arbitrators fail to appoint the third within the stated time periods, then the appointments will be made by AAA pursuant to the Arbitration Rules. In each such case, each arbitrator will be impartial, knowledgeable about and experienced with the laws of the State of New York and an attorney specializing in commercial litigation with at least 15 years of experience.

(iii) Each arbitrator will be independent and will abide by the Code of Ethics for Arbitrators in Commercial Disputes in effect as of the date of this Agreement. Prior to accepting an appointment, each arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule. Any arbitrator may be removed by AAA for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

(iv) After consulting with the parties, the arbitral panel will devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of expediting the proceeding and completing the arbitration within ninety (90)

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days after appointment. The arbitral panel will have the authority to schedule, hear, and determine any and all motions, including dispositive and discovery motions, in accordance with then-prevailing New York law (including prehearing and post hearing motions), and will do so on the motion of any party to the arbitration.

(v) Notwithstanding whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration will be presumptively limited to the following discovery in the arbitration: (A) four witness depositions not to exceed five hours, and (B) one set of interrogations, document requests, and requests for admissions; provided that the arbitral panel will have the ability to grant the parties, or either of them, additional discovery to the extent that the arbitral panel determines good cause is shown that such additional discovery is reasonable and necessary.

(vi) The arbitral panel will make its final determination no later than ninety (90) days after appointment. The arbitral panel will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way. The arbitral panel will not have the power to award punitive damages or consequential damages in any arbitration conducted by them. In its final determination, the arbitral panel will determine and award the costs of the arbitration (including the fees of the arbitral panel, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys' fees to the parties as determined by the arbitral panel in its reasonable discretion. The determination in any binding arbitration of the arbitral panel will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable and may be enforced in any court of competent jurisdiction.

(vii) By selecting binding arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

(viii) No person may bring class or collective claims in arbitration even if the Arbitration Rules would allow them. Notwithstanding anything herein to the contrary, the arbitral panel may award money or injunctive relief in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted by that party's individual claim.

(d) The following provisions will apply to both mediations and arbitrations:

(i) Any mediation or arbitration will be held in New York, New York; and

(ii) The details and/or existence of any unfulfilled reacquisition or acquisition request, any informal meetings, mediations or arbitration proceedings conducted under this Section 11.2, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties' attempt to informally resolve an unfulfilled reacquisition or acquisition request, and any discovery taken in connection with any arbitration, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including

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any proceeding under this Section 11.2). This information will be kept strictly confidential and will not be disclosed or discussed with any third party (excluding a party's attorneys, experts, accountants and other agents and representatives, as reasonably required in connection with any resolution procedure under this Section 11.2), except as otherwise required by law, regulatory requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such confidential information, the recipient will promptly notify the other party to the resolution procedure and will provide the other party with the opportunity to object to the production of its confidential information.

[Remainder of Page Left Blank]

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IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed by its duly authorized officer as of the date and year first above written.

VERIZON ABS LLC, as Depositor

By:  Name: Title:

VERIZON OWNER TRUST 2020-A, as Issuer

By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee of Verizon Owner Trust 2020-A

By:  Name: Title:

CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, as Servicer, Marketing Agent and Custodian

By:  Name: Title:

Source: VERIZON ABS LLC, 8-K, 1/23/2020





AGREED AND ACCEPTED BY:

U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee

By:  Name: Title:

Solely with respect to Section 4.1(f):

U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Securities Intermediary

By:  Name: Title:

WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

By:  Name: Title:

CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, solely with respect to the obligations set forth in Section 7.1, in its individual capacity

By:  Name: Title:

Source: VERIZON ABS LLC, 8-K, 1/23/2020





CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, as Sponsor, solely with respect to the obligations set forth in Section 3.5(a)(ii) and Section 9.9

By:  Name: Title:

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Schedule A

Schedule of Initial Receivables

Delivered Electronically to Indenture Trustee at Closing

SA-1

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Schedule B

Notice Addresses

1. If to Cellco, in its individual capacity or as Servicer, Marketing Agent, Custodian or Administrator:

Cellco Partnership One Verizon Way Basking Ridge, New Jersey 07920 Attention: Assistant Treasurer Telephone: 908-559-5870 Email: kee.chan.sin@verizon.com

2. If to the Depositor:

Verizon ABS LLC One Verizon Way Basking Ridge, New Jersey 07920 Attention: Chief Financial Officer Telephone: 908-559-5870 Email: kee.chan.sin@verizon.com

With a copy to:

Cellco Partnership One Verizon Way Basking Ridge, New Jersey 07920 Attention: Assistant Treasurer Telephone: 908-559-5870 Email: kee.chan.sin@verizon.com

3. If to the Issuer:

c/o the Owner Trustee at the Corporate Trust Office of the Owner Trustee

With copies to:

Cellco Partnership One Verizon Way Basking Ridge, New Jersey 07920 Attention: Assistant Treasurer Telephone: 908-559-5870 Email: kee.chan.sin@verizon.com

SB-1

Source: VERIZON ABS LLC, 8-K, 1/23/2020





4. If to the Parent Support Provider:

Verizon Communications Inc. 1095 Avenue of the Americas New York, New York 10036 Attn: Assistant Treasurer Telephone: 908-559-5870 Email: kee.chan.sin@verizon.com

5. If to the Owner Trustee, at the Corporate Trust Office of the Owner Trustee

6. If to the Indenture Trustee, at the Corporate Trust Office of the Indenture Trustee

7. If to S&P:

S&P Global Ratings 55 Water Street New York, New York 10041 Attention: Asset Backed Surveillance Department Telephone: (212) 438-1000 Fax: (212) 438-2649

8. If to Moody's:

Moody's Investors Service, Inc. ABS Monitoring Department 7 World Trade Center 250 Greenwich Street New York, New York 10007 Email: abssurveillance@moodys.com

9. If to the Cap Counterparty:

Bank of America Merrill Lynch 1133 Avenue of the Americas 42nd Floor, NY1-533-42-01 New York, NY 10036-6710 Attention: Agreements & Documentation Facsimile No.: (212) 548-8622

With a copy to: dg.dg_gmg_cid_fax_notices@bofasecurities.com

10. If to the Asset Representations Reviewer:

Pentalpha Surveillance LLC 375 N French Rd Suite 100 Amherst NY 14228

SB-2

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Attention: VZOT 2020-A Transaction Manager Telephone: (716) 418-1634 Fax: (716) 204-5902 Email: notices@pentalphasurveillance.com (with VZOT 2020-A in the subject line)

SB-3

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Appendix A

Usage and Definitions

Verizon Owner Trust 2020-A

Usage

The following usage rules apply to this Appendix, any document that incorporates this Appendix and any document delivered under any such document:

(a) The term document includes any document, agreement, instrument, certificate, notice, report, statement or other writing, whether in electronic or physical form.

(b) Accounting terms not defined or not completely defined in this Appendix will have the meanings given to them under generally accepted accounting principles, international financial reporting standards or other applicable accounting principles in effect in the United States on the date of the document that incorporates this Appendix.

(c) References to Article, Section, Exhibit, Schedule, Appendix or another subdivision of or to an attachment are, unless otherwise stated, to an article, section, exhibit, schedule, appendix or subdivision of or an attachment to the document in which the reference appears.

(d) Any document defined or referred to in this Appendix or in any document that incorporates this Appendix means the document as amended, modified, supplemented, restated or replaced, including by waiver or consent, and includes all attachments to and instruments incorporated in the document.

(e) Any statute defined or referred to in this Appendix or in any document that incorporates this Appendix means the statute as amended, modified, supplemented, restated or replaced, including by succession of comparable successor statute, and includes any rules and regulations under the statute and any judicial and administrative interpretations of the statute.

(f) References to law or applicable law in this Appendix or in any document that incorporates this Appendix include all rules and regulations enacted under such law.

(g) The calculation of any amount as of a Cutoff Date or any other day, unless otherwise stated, will be determined as of the end of that calendar day after the application or processing of any funds, payments and other transactions on that day.

(h) References to deposits, transfers and payments of any funds refer to deposits, transfers or payments of such funds in immediately available funds.

(i) The terms defined in this Appendix apply to the singular and plural forms of those terms.

A-1

Source: VERIZON ABS LLC, 8-K, 1/23/2020





(j) The term including means including without limitation.

(k) References to a Person are also to its permitted successors and assigns, whether in its individual or representative capacity.

(l) In the computation of periods of time from one date to or through a later date, the word from means from and including, the word to means to but excluding, and the word through means to and including.

(m) Except where not less than zero or similar language is indicated, amounts determined by reference to a mathematical formula may be positive or negative.

(n) References to a month, quarter or year are, unless otherwise stated, to a calendar month, calendar quarter or calendar year.

(o) No Person will be deemed to have knowledge of a particular event or occurrence for purposes of any document that incorporates this Appendix, unless either (i) a Responsible Person of the Person has actual knowledge of the event or occurrence or (ii) the Person has received notice of the event or occurrence according to any Transaction Document.

Definitions

60-Day Delinquent Receivable means, for any date of determination, a Receivable for which there are unpaid charges remaining on the account sixty (60) days after the bill's date due; provided that a Written-Off Receivable is not considered a 60-Day Delinquent Receivable.

AAA means the American Arbitration Association.

Account Control Agreement means the Account Control Agreement, dated as of the Closing Date, among the Issuer, as grantor, the Indenture Trustee, as secured party, and U.S. Bank National Association, in its capacity as both a securities intermediary as defined in Section 8- 102 of the UCC and a bank as defined in Section 9-102 of the UCC, as amended, restated, supplemented or modified from time to time.

Accrued Note Interest means, for a Class and a Payment Date, the sum of the Note Monthly Interest and the Note Interest Shortfall.

Acquired Receivable means, for a Collection Period, a Receivable (a) acquired by the Servicer under Section 3.3 of the Transfer and Servicing Agreement, (b) acquired by the Marketing Agent under Section 4.3(i) of the Transfer and Servicing Agreement, (c) reacquired by an Originator under Section 3.4 or 4.6 of the Originator Receivables Transfer Agreement, or (d) acquired by the Servicer under Section 3.4 or 4.7 of the Master Trust Receivables Transfer Agreement and for which, in each case, the acquisition or reacquisition is effective during the Collection Period and the Acquisition Amount is included in Available Funds for the related Payment Date.

A-2

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Acquisition Account means the subaccount of the Collection Account established under Section 4.1(a) of the Transfer and Servicing Agreement.

Acquisition Amount means, for an Acquired Receivable for which the Acquisition Amount is to be included in Available Funds for a Payment Date, the excess of (i) the present value of the Principal Balance of the Receivable as of the last day of the Collection Period immediately preceding the related Collection Period (calculated using the Discount Rate on the basis of a 360-day year of twelve 30-day months and assuming each amount is received at the end of the Collection Period in which the amount is scheduled to be received) over (ii) all cash collections and any other cash proceeds received by the Issuer on the related Receivable from (but excluding) the last day of the Collection Period immediately preceding the related Collection Period to the day on which such Receivable becomes an Acquired Receivable.

Acquisition Date means each date during the Revolving Period on which the Issuer acquires Additional Receivables under Section 2.1(b) of the Transfer and Servicing Agreement and the Depositor acquires Additional Receivables under Section 2.1(b) of the Originator Receivables Transfer Agreement or Section 2.1(a) of the Master Trust Receivables Transfer Agreement; provided that there shall be no more than five (5) Acquisition Dates in any calendar month.

Acquisition Date Supplement means, for any Collection Period that includes an Acquisition Date, the supplement (which may be incorporated into the Monthly Investor Report) delivered by the Servicer setting forth (a) the aggregate Principal Balance as of the Cutoff Date for the Additional Receivables transferred by the Issuer, (b) the Additional Receivables Transfer Amount for such Acquisition Date, (c) the amount in the Acquisition Account on such Acquisition Date, (d) the Yield Supplement Overcollateralization Amount for such Acquisition Date and (e) the results of the Credit Enhancement Test, the Pool Composition Tests and the Floor Credit Enhancement Composition Tests as of such Acquisition Date.

Acquisition Deposit Amount means, for any Payment Date during the Revolving Period, an amount equal to (a) the Required Acquisition Deposit Amount minus (b) the amount on deposit in the Acquisition Account on such Payment Date (before payments under Section 8.2(c) of the Indenture on that Payment Date).

Additional Originator has the meaning stated in Section 6.11 of the Originator Receivables Transfer Agreement.

Additional Receivable means any device payment plan agreement acquired by the Issuer on an Acquisition Date and listed on the Schedule of Receivables attached to a Transfer Notice delivered to the Issuer and the Indenture Trustee in connection with such Acquisition Date.

Additional Receivables Cash Transfer Amount means, for an Acquisition Date, the lesser of (x) the Additional Receivables Transfer Amount and (y) the amount on deposit in the Acquisition Account on such Acquisition Date.

A-3

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Additional Receivables Transfer Amount means, for an Acquisition Date, an amount equal to the discounted present value of the remaining payments (after the end of the calendar day on the related Cutoff Date) for the remaining term of such Additional Receivable discounted using the Discount Rate.

Additional Successor Servicer Fee means, for any Payment Date, the excess, if any, of (x) $425,000 over (y) the Servicing Fee.

Additional Trust Property means, for any Acquisition Date, (a) the Depositor Transferred Property for that Acquisition Date, (b) all present and future claims, demands, causes of action and choses in action for any of the foregoing, and (c) all payments on or under and all proceeds for any of the foregoing.

Adjusted Pool Balance means, on the Closing Date, an amount equal to:

(a) the Initial Pool Balance; minus (b) the Yield Supplement Overcollateralization Amount for the Closing Date;

and means, on a Payment Date or Acquisition Date, an amount (not less than zero) equal to:

(a) the Pool Balance as of the last day of the Collection Period immediately preceding such Payment Date or Acquisition Date; minus (b) the Yield Supplement Overcollateralization Amount for such Payment Date or Acquisition Date.

Administration Agreement means the Administration Agreement, dated as of the Closing Date, between the Administrator and the Issuer, as amended, restated, supplemented or modified from time to time.

Administrator means Cellco, in its capacity as administrator under the Administration Agreement.

Adverse Claim means any Lien other than a Permitted Lien.

Affiliate means, for a specified Person (other than a natural Person), (a) another Person controlling, controlled by or under common control with the specified Person, (b) any other Person beneficially owning or controlling more than fifty percent (50%) of the outstanding voting securities or rights of or interest in the capital, distributions or profits of the specified Person or (c) any controlling shareholder of, or partner in, the specified Person. For the purposes of this definition, control when used with respect to any Person means the direct or indirect possession of the power to direct or cause the direction of the management or policies of the Person, whether through ownership, by contract, arrangement or understanding, or otherwise.

Amortization Event means the occurrence of any of the following:

A-4

Source: VERIZON ABS LLC, 8-K, 1/23/2020





(a) the Issuer fails on a Payment Date during the Revolving Period to (i) pay the Accrued Note Interest on the Notes, (ii) have the Required Reserve Amount on deposit in the Reserve Account or (iii) have the Required Negative Carry Amount on deposit in the Negative Carry Account;

(b) for any Payment Date, the sum of the fractions, expressed as percentages for each of the three Collection Periods immediately preceding such Payment Date, calculated by dividing the aggregate Principal Balance of Written-Off Receivables during each of those Collection Periods by the Pool Balance as of the first day of each of those Collection Periods, multiplied by four, exceeds 10.00%, as determined by the Servicer at least two (2) Business Days before each Payment Date;

(c) for any Payment Date, the sum of the fractions, expressed as percentages for each of the three Collection Periods immediately preceding such Payment Date, calculated by dividing the aggregate Principal Balance of all Receivables that are ninety-one (91) days or more Delinquent at the end of each of those Collection Periods by the Pool Balance as of the last day of each of those Collection Periods, divided by three, exceeds 2.00%, as determined by the Servicer at least two (2) Business Days before each Payment Date;

(d) the Adjusted Pool Balance is less than 50.00% of the aggregate Note Balance of the Notes;

(e) on any Payment Date, after giving effect to all payments to be made on such Payment Date pursuant to Section 8.2 of the Indenture and the acquisition of Additional Receivables on that date, the amount of Overcollateralization for the Notes is not at least equal to the Overcollateralization Target Amount; provided, that if the Overcollateralization Target Amount is not reached on any Payment Date solely due to a change in the percentage used to calculate such Overcollateralization Target Amount, such an event will not constitute an Amortization Event unless the Overcollateralization Target Amount is not reached by the end of the third month after the related Payment Date;

(f) a Servicer Termination Event has occurred and is continuing; or

(g) an Event of Default has occurred and is continuing.

Amortization Period means the Payment Date beginning on the earlier of (i) the Payment Date in February 2022 or (ii) the Payment Date on or immediately following the date on which an Amortization Event occurs and ending on the earlier of (a) the Payment Date on which each Class of Notes have been paid in full and (b) the Final Maturity Date.

Amount Financed means, for a Receivable, the amount of credit provided to the Obligor for the purchase of the related Device.

A-5

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Annual Percentage Rate or APR of a Receivable means the annual rate of finance charges stated in the Receivable or in any federal Truth-in-Lending Act correction notice related to the Receivable.

Annual Upgrade Offer means the annual upgrade offer extended by Verizon Wireless as of the date hereof to an existing Obligor under which such Obligor can upgrade certain specified Devices that are the subject of a device payment plan agreement if the following terms and conditions specified in such offer are satisfied:

• The customer may be able to upgrade an eligible device for a new qualifying device after thirty (30) days provided that such customer has paid at least 50% of the retail price of the eligible device under the related device payment plan agreement and returns such eligible device to Verizon Wireless in good working condition with no significant damage as determined by Verizon Wireless;

• The customer is required to purchase a new qualifying device under a new device payment plan agreement. New device purchases are subject to then-available offers and any associated wireless service requirements;

• A customer's account must be in good standing and such customer must satisfy Verizon Wireless' eligibility requirements for a new device payment plan agreement;

• Upon entering into a device payment plan agreement for a new qualifying device, and after returning the eligible device to Verizon Wireless within fourteen (14) days, Verizon Wireless will agree, for the benefit of such customer and for the express benefit of any assignee of such customer's original device payment plan agreement, to acquire such customer's eligible device for the remaining balance of the related customer's original device payment plan agreement and pay off and settle that remaining balance. After Verizon Wireless does that, such customer's only remaining obligations will be under the new device payment plan agreement and for associated wireless service;

• If a customer does not return an eligible device when upgrading, or if it is not returned to Verizon Wireless in good working condition, in each case the remaining balance under such customer's original device payment plan agreement will be due on such customer's next bill. Good working condition requires, among other things, that the customer's returned device powers on and off, does not have a cracked screen, has no significant damage as determined by Verizon Wireless, and has all password-protected security features (e.g., Find My iPhone) turned off;

• The Annual Upgrade Offer and the related terms and conditions may be modified or terminated by Verizon Wireless at any time. A customer's upgrade eligibility will be determined in the sole discretion of Verizon Wireless. If the Annual Upgrade Offer is terminated or the related terms and conditions are not satisfied, a customer will remain responsible for the remaining balance due under the original device payment plan agreement.

A-6

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Applicable Anti-Money Laundering Law has the meaning stated in Section 6.8 of the Trust Agreement.

Arbitration Rules means the AAA's Commercial Arbitration Rules and Mediation Procedures.

Asset Representations Review means, following the occurrence of a Delinquency Trigger, the review of 60-Day Delinquent Receivables to be undertaken by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement.

Asset Representations Review Agreement means the Asset Representations Review Agreement, dated as of the Closing Date, among the Asset Representations Reviewer, the Issuer, the Servicer and the Administrator.

Asset Representations Reviewer means Pentalpha Surveillance LLC, or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.

Asset Representations Reviewer Fee means (i) a monthly fee equal to $416.67 per month, payable on each Payment Date, and (ii) the amount of any fee payable to the Asset Representations Reviewer in connection with its review of 60-Day Delinquent Receivables in accordance with the terms of the Asset Representations Review Agreement.

Assumed Amortization Schedule means, for each class of Notes, an amortization that results in the Note Balance for such class on any future Payment Date being equal to the percentage of the initial Note Balance of such class shown in the decrement table for such class set forth under Maturity and Prepayment Considerations-Weighted Average Life in the Prospectus, using a prepayment assumption percentage of 100% and assuming exercise of the Optional Acquisition on the earliest applicable Payment Date.

Authenticating Agent has the meaning stated in Section 2.14(a) of the Indenture.

Available Funds means, for a Payment Date, the sum of the following amounts for the Payment Date (without duplication):

(a) Collections on the Receivables (other than Temporarily Excluded Receivables) for the related Collection Period in the Collection Account; plus

(b) Acquisition Amounts received on Receivables that became Acquired Receivables during the related Collection Period and any amounts in respect of Acquisition Amounts paid by the Parent Support Provider; plus

(c) Credit Payments received on Receivables from the Marketing Agent or the related Originators during the related Collection Period and any amounts in respect of Credit Payments paid by the Parent Support Provider; plus

A-7

Source: VERIZON ABS LLC, 8-K, 1/23/2020





(d) Upgrade Payments received from the Marketing Agent or the related Originators on Receivables subject to an Upgrade Offer during the related Collection Period and any amounts in respect of Upgrade Payments paid by the Parent Support Provider; plus

(e) any amounts deposited by the Class A Certificateholder to acquire the Receivables on the Payment Date under Section 8.1 of the Transfer and Servicing Agreement or any amounts received by the Issuer from a transferee of the Receivables under Section 8.2 of the Transfer and Servicing Agreement; plus

(f) the Negative Carry Account Draw Amount, if any; plus

(g) the Reserve Account Draw Amount, if any, and, after withdrawing the Reserve Account Draw Amount from the Reserve Account, any amount in excess of the Required Reserve Amount remaining on deposit in the Reserve Account; plus

(h) the amount, if any, deposited into the Collection Account from the Negative Carry Account and, on the first Payment Date during the Amortization Period, the entire amount on deposit in the Negative Carry Account and the Acquisition Account; plus

(i) any Cap Payment paid by the Cap Counterparty to the Issuer under the Cap Agreement and deposited into the Collection Account.

Bank Accounts means the Collection Account, the Reserve Account, the Acquisition Account and the Negative Carry Account.

Bankruptcy Action has the meaning stated in Section 5.5 of the Trust Agreement.

Bankruptcy Code means the United States Bankruptcy Code, 11 U.S.C. 101 et seq.

Bankruptcy Surrendered Receivable means any Receivable that is secured by the related Device and is not a Written-Off Receivable for which (i) the related Obligor has entered into a bankruptcy proceeding and (ii) the Servicer has accepted the surrender of the related Device in satisfaction of the Receivable.

Benchmark means, initially, One-Month LIBOR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to One-Month LIBOR or the then-current Benchmark, then Benchmark means the applicable Benchmark Replacement.

Benchmark Administrator means, (1) with respect to One-Month LIBOR, the ICE Benchmark Administration Limited, (2) with respect to SOFR, the Federal Reserve Bank of New York and (3) with respect to any other Benchmark, the entity responsible for administration of such Benchmark (or in each case, any successor administrator).

A-8

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Benchmark Replacement means the first alternative set forth in the order below that can be determined by the Administrator as of the Benchmark Replacement Date:

(1) the sum of (a) Term SOFR and (b) the Benchmark Replacement Adjustment, provided that there has been no official public statement or publication of information by the Benchmark Administrator or the regulatory supervisor for the Benchmark Administrator announcing that Term SOFR is not yet representative that has not been either withdrawn or superseded by a similar official public statement or publication that Term SOFR has become representative,

(2) the sum of (a) Compounded SOFR and (b) the Benchmark Replacement Adjustment,

(3) the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment,

(4) the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment, and

(5) the sum of (a) the alternate rate of interest that has been selected by the Administrator in its reasonable discretion as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment.

Benchmark Replacement Adjustment means the first alternative set forth in the order below that can be determined by the Administrator as of the Benchmark Replacement Date:

(1) the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement,

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment, and

(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrator in its reasonable discretion for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement.

Benchmark Replacement Conforming Changes means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the timing and frequency of determining rates and making payments of interest, and other administrative matters) that the Administrator decides in its reasonable discretion may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Administrator decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator determines that no

A-9

Source: VERIZON ABS LLC, 8-K, 1/23/2020





market practice for use of the Benchmark Replacement exists, in such other manner as the Administrator determines in its reasonable discretion is reasonably necessary).

Benchmark Replacement Date means:

(1) in the case of clause (1) or (2) of the definition of Benchmark Transition Event, the later of (a) the date of the related official public statement or publication of information referenced therein and (b) the date on which the applicable Benchmark Administrator permanently or indefinitely ceases to provide the Benchmark, or

(2) in the case of clause (3) of the definition of Benchmark Transition Event, the date of the official public statement or publication of information.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date shall be deemed to have occurred prior to the Reference Time for such determination.

Benchmark Transition Event means the occurrence of one or more of the following events with respect to the then-current Benchmark:

(1) an official public statement or publication of information by or on behalf of the Benchmark Administrator announcing that such Benchmark Administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor Benchmark Administrator that will continue to provide the Benchmark,

(2) an official public statement or publication of information by the regulatory supervisor for the Benchmark Administrator, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the Benchmark Administrator, a resolution authority with jurisdiction over the Benchmark Administrator or a court or an entity with similar insolvency or resolution authority over the Benchmark Administrator, which states that the Benchmark Administrator has ceased or will cease to provide the Benchmark permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor Benchmark Administrator that will continue to provide the Benchmark, or

(3) an official public statement or publication of information by the regulatory supervisor for the Benchmark Administrator announcing that the Benchmark is no longer representative.

Beneficiary has the meaning stated in the Parent Support Agreement.

Benefit Plan means an employee benefit plan as defined in Section 3(3) of ERISA, which is subject to the provisions of Title I of ERISA, a plan described in and subject to

A-10

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Section 4975 of the Code, an entity whose underlying assets include plan assets by reason of an employee benefit plan's or plan's investment in the entity or any other employee benefit plan that is subject to any Similar Law.

Book-Entry Note means any of the Notes issued in book-entry form under Section 2.12 of the Indenture.

Business Day means any day other than (a) a Saturday, Sunday or other day on which banks in New York, New York or any jurisdiction in which the Corporate Trust Office of the Indenture Trustee or the Owner Trustee is located are authorized or required to close or (b) a holiday on the Federal Reserve calendar.

Cap Agreement means the interest rate cap agreement relating to the Class A-1b Notes consisting of the 2002 ISDA Master Agreement (Multicurrency Cross-Border), schedule and credit support annex, each dated as of January 24, 2020, and the confirmation, dated on or about January 23, 2020, in each case, between the Issuer and the Cap Counterparty, as such agreement may be amended and supplemented from time to time in accordance with its terms.

Cap Collateral Account means the account or accounts, if any, established under Section 9.10 of the Transfer and Servicing Agreement as required by the terms of the Cap Agreement.

Cap Counterparty means Bank of America, N.A., or any Eligible Replacement Cap Counterparty, to the extent such Eligible Replacement Cap Counterparty replaces the existing Cap Counterparty under the Cap Agreement or any replacement interest rate cap agreement.

Cap Custodian has the meaning stated in Section 9.10 of the Transfer and Servicing Agreement.

Cap Payment means, for any Interest Period in which One-Month LIBOR (calculated in accordance with the Cap Agreement) exceeds 3.00%, an amount equal to the product of (x) the excess, if any, of One-Month LIBOR (calculated in accordance with the Cap Agreement) for the related Payment Date over 3.00%, (y) the notional amount of the cap for such Payment Date, as set forth in the Cap Agreement, and (z) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360, which payment shall be deposited into the Collection Account by the Cap Counterparty on or before the second Business Day preceding the related Payment Date.

Cellco means Cellco Partnership d/b/a Verizon Wireless, a Delaware general partnership, doing business as Verizon Wireless.

Certificate means either the Class A Certificate or the Class B Certificate, as the context requires.

Certificate Distribution Account means the account established and maintained as such pursuant to Section 4.1 of the Trust Agreement.

A-11

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Certificate of Trust means the Certificate of Trust of Verizon Owner Trust 2020-A.

Certificate Paying Agent means initially the Owner Trustee and any other Person appointed as Certificate Paying Agent under Section 3.11 of the Trust Agreement.

Certificateholder means the registered holder of a Certificate.

Class means the Class A-1a Notes, the Class A-1b Notes, the Class B Notes and the Class C Notes, as applicable.

Class A Certificate means the Class A Certificate executed by the Issuer and authenticated by the Owner Trustee, evidencing a portion of the Equity Interest in the Issuer, substantially in the form attached as Exhibit B-1 to the Trust Agreement.

Class A Certificateholder means collectively, the Originators or their designee.

Class A Notes means, collectively, the Class A-1a Notes and the Class A-1b Notes.

Class A-1a Notes means the $1,325,700,000 Class A-1a 1.85% Asset Backed Notes issued by the Issuer, substantially in the form of Exhibit A to the Indenture.

Class A-1b Notes means the $100,000,000 Class A-1b One-Month LIBOR (or, upon the occurrence of a Benchmark Transition Event, the appropriate Benchmark Replacement) + 0.27% Asset Backed Notes issued by the Issuer, substantially in the form of Exhibit A to the Indenture.

Class B Certificate means the variable funding certificate executed by the Issuer and authenticated by the Owner Trustee, substantially in the form attached as Exhibit B-2 to the Trust Agreement.

Class B Certificate Principal Balance means (i) on the Closing Date, $0, (ii) on any Acquisition Date, an amount equal to the excess, if any, of the Additional Receivables Transfer Amount for the Additional Receivables to be acquired by the Issuer on such Acquisition Date over the Additional Receivables Cash Transfer Amount for such Additional Receivables, and (iii) during the Amortization Period, $0; provided, that, with respect to clause (ii), immediately following the acquisition by the Depositor of Additional Receivables from the Originators on any Acquisition Date, and upon distribution by the Depositor to the Originators of the amounts set forth in Section 2.2(b) of the Originator Receivables Transfer Agreement, the Class B Certificate Principal Balance will be decreased to zero for such date.

Class B Certificateholder means the Depositor or its designee.

Class B Notes means the $98,300,000 Class B 1.98% Asset Backed Notes issued by the Issuer, substantially in the form of Exhibit A to the Indenture.

Class C Notes means the $76,000,000 Class C 2.06% Asset Backed Notes issued by the Issuer, substantially in the form of Exhibit A to the Indenture.

A-12

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Clean-Up Redemption has the meaning stated in Section 8.1(a) of the Transfer and Servicing Agreement.

Clearing Agency means an organization registered as a clearing agency under Section 17A of the Exchange Act.

Closing Date means January 29, 2020.

Code means the Internal Revenue Code of 1986, as amended.

Collateral means (a) the Trust Property, (b) all present and future claims, demands, causes of action and choses in action relating to the Trust Property and (c) all payments on or under and all proceeds of the Trust Property.

Collection Account means the account or accounts established under Section 4.1(a) of the Transfer and Servicing Agreement.

Collection Period means each calendar month. For a Payment Date, the related Collection Period means (i) for any Payment Date other than the initial Payment Date, the Collection Period immediately preceding the month in which the Payment Date occurs, or (ii) for the initial Payment Date, the period from the end of the calendar day on the Initial Cutoff Date and ending on and including the last day of the month immediately preceding the initial Payment Date. For purposes of determining the Principal Balance, Pool Balance or Note Pool Factor, the related Collection Period is the month in which the Principal Balance, Pool Balance or Note Pool Factor is determined.

Collections means, for a Collection Period, all cash collections received from Obligors and any other cash proceeds (whether in the form of cash, wire transfer or check) in respect of the Receivables received and applied by the Servicer to the payment of the Receivables during that Collection Period, but excluding:

(i) the Supplemental Servicing Fee;

(ii) amounts on any Receivable for which the Acquisition Amount is included in the Available Funds for the related Payment Date; and

(iii) any Recoveries or cash collections received with respect to Written-Off Receivables that were written-off before or during such Collection Period.

Commission means the U.S. Securities and Exchange Commission, and any successor thereto.

Comparable Treasury Issue means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term, referred to as the Remaining Life, of the Notes to be redeemed that would be utilized, at the time of

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

Comparable Treasury Price means (1) the average of three Reference Treasury Dealer Quotations for that date of redemption, or (2) if the Independent Investment Banker is unable to obtain three Reference Treasury Dealer Quotations, the average of all quotations obtained.

Compounded SOFR means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology of this rate, and conventions of this rate (which, for example, may be compounded in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Collection Period or compounded in advance) being established by the Administrator in accordance with:

(1) the rate, or methodology of this rate, and conventions of this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that

(2) if, and to the extent that, the Administrator determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology of this rate, and conventions of this rate that have been selected by the Administrator in its reasonable discretion.

Control Agreement has the meaning stated in Section 9.10 of the Transfer and Servicing Agreement.

Controlling Class means (a) the Outstanding Class A Notes, voting together as a single class, (b) if no Class A Notes are Outstanding, the Outstanding Class B Notes and (c) if no Class B Notes are Outstanding, the Outstanding Class C Notes.

Corporate Trust Office means,

(a) for the Owner Trustee:

Rodney Square North, 1100 North Market Street Wilmington, Delaware 19890-1600 Attn: Corporate Trust Administration Telephone: 302-636-6704 Fax: 302-636-4141

or at another address in the State of Delaware as the Owner Trustee may notify the Indenture Trustee, the Administrator and the Depositor,

(b) for the Indenture Trustee, the office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered which office on the date of the execution of the Indenture is located at:

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





(i) solely for the purposes of transfer, surrender, exchange or presentation for final payment:

EP-MN-WS2N 111 Fillmore Avenue East St. Paul, MN 55107, Attn: Bondholder Services/VZOT 2020-A

and (ii) for all other purposes:

MK-IL-SL7C 190 South LaSalle Street Chicago, Illinois 60603 Attention: Global Structured Finance/VZOT 2020-A Fax: (312) 332-7992

or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Servicer, and the Owner Trustee, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the Servicer and the Owner Trustee), and

(c) for the Master Trust Owner Trustee:

Rodney Square North, 1100 North Market Street Wilmington, Delaware 19890-1600 Attn: Corporate Trust Administration Telephone: 302-636-6704 Fax: 302-636-4141

or at another address in the State of Delaware as the Master Trust Owner Trustee may notify the Indenture Trustee, the Administrator, the Owner Trustee and the Depositor.

Corresponding Tenor means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.

Covered Entity and Covered Entities have the meanings stated in Section 1(a) of the Parent Support Agreement.

Credit means any payment credit (including one-time upfront credits and contingent, recurring credits), including the application of a returned security deposit, allocated to the account of an Obligor that is applied by the Servicer against amounts due on the Obligor's related invoice.

Credit Enhancement Test means the test that will be satisfied on the Closing Date and on each Acquisition Date, after giving effect to all payments required to be made under Section 8.2(c) of the Indenture and the acquisition of Additional Receivables on the Acquisition Date, if

A-15

Source: VERIZON ABS LLC, 8-K, 1/23/2020





(a) (i) the Adjusted Pool Balance as of the end of the Collection Period immediately preceding the Closing Date or such Acquisition Date, as applicable, plus (ii) any amounts on deposit in the Acquisition Account minus (iii) the Overcollateralization Target Amount, is equal to or greater than (b) the aggregate Note Balance on that date.

Credit Payment means, with respect to any Collection Period, an amount equal to the reduction in the amount owed by an Obligor under a Receivable due to the application of any Credits to such Obligor's account that would have otherwise constituted Collections during such Collection Period.

Custodian means Cellco, in its capacity as custodian of the Receivable Files.

Customer Tenure means the number of months an Obligor has had a Verizon Wireless account based on the oldest active account establishment date for such Obligor, inclusive of any periods of up to fifty (50) days of disconnected service, up to ninety (90) days of suspended service or longer service suspensions in connection with the Servicemembers Civil Relief Act, as amended.

Cutoff Date means (a) for the Initial Receivables, the Initial Cutoff Date and (b) for any Additional Receivables, the end of the calendar day on the last day of the month immediately preceding the month in which such Acquisition Date occurs.

Default means any event that with notice or the passage of time or both would become an Event of Default.

Definitive Notes has the meaning stated in Section 2.13 of the Indenture.

Delaware Statutory Trust Act means Chapter 38 of Title 12 of the Delaware Code.

Delinquent means an account on which an Obligor has unpaid charges remaining on the related account on the day immediately following the related date due as indicated on the Obligor's bill.

Delinquency Trigger means, with respect to a Collection Period, the aggregate Principal Balance of 60-Day Delinquent Receivables as a percentage of the aggregate Principal Balance of Receivables as of the end of such Collection Period exceeds the Delinquency Trigger Percentage for such Collection Period.

Delinquency Trigger Percentage equals (i) during the Revolving Period, 5.0% and (ii) during the Amortization Period, 5.5%.

Depositor means Verizon ABS LLC, a Delaware limited liability company.

Depositor Transferred Property means, for the Closing Date and any Acquisition Date, (a) the Originator Transferred Property, (b) the Master Trust Transferred Property, (c) the Depositor's rights under the Receivables Transfer Agreements, (d) all present and future claims,

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Source: VERIZON ABS LLC, 8-K, 1/23/2020





demands, causes of action and choses in action relating to any of the property described above and (e) all payments on or under and all proceeds of the property described above.

Depository Agreement means the letter of representations for the Notes, dated January 29, 2020, by the Issuer in favor of The Depository Trust Company.

Device means the wireless device that is the subject of a device payment plan agreement that is a Receivable.

Discount Rate means, with respect to a Receivable, the greater of (i) the APR with respect to such Receivable, and (ii) 7.65%.

Eligibility Representation has the meaning stated in Section 3.3 of the related Receivables Transfer Agreement.

Eligible Receivable means a Receivable that satisfies the characteristics set forth in Section 3.3 of the related Receivables Transfer Agreement.

Eligible Replacement Cap Counterparty means a counterparty that meets the eligibility requirements set forth in the Cap Agreement.

Equity Interest means a beneficial ownership interest in the Issuer, as recorded on the Trust Register.

ERISA means the Employee Retirement Income Security Act of 1974, as amended.

Event of Default has the meaning stated in Section 5.1(a) of the Indenture.

Exchange Act means the Securities Exchange Act of 1934, as amended.

FATCA Information has the meaning stated in Section 3.3(e) of the Indenture.

FATCA Withholding Tax has the meaning stated in Section 3.3(e) of the Indenture.

FICO® Score 8 means the FICO® Score 8 calculated on or about the date on which such Receivable was originated.

Final Maturity Date means, for (i) the Class A-1a Notes, the Payment Date in July, 2024, (ii) the Class A-1b Notes, the Payment Date in July, 2024, (iii) the Class B Notes, the Payment Date in July, 2024, and (iv) the Class C Notes, the Payment Date in July, 2024.

First Priority Principal Payment means, for a Payment Date, the greater of:

(a) an amount (not less than zero) equal to the aggregate Note Balance of the Class A Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) minus the Adjusted Pool Balance; and

A-17

Source: VERIZON ABS LLC, 8-K, 1/23/2020





(b) on and after the Final Maturity Date for the Class A Notes, the aggregate Note Balance of the Class A Notes until paid in full.

Floor Credit Enhancement Composition Tests means, for any Payment Date and the pool of Receivables (excluding any Temporarily Excluded Receivables) held by the Issuer as of such date, each of the following tests calculated as of the end of the month preceding the month in which such date occurs:

(a) the weighted average FICO® Score 8 of the Obligors with respect to the Receivables is at least 700 (excluding Receivables with Obligors for whom FICO® Score 8s are not available),

(b) Receivables with Obligors for whom FICO® Score 8s are not available represent no more than 4.50% of the Pool Balance,

(c) Receivables with Obligors that have less than 12 months of Customer Tenure with Verizon Wireless represent no more than 22.00% of the Pool Balance,

(d) Receivables with Obligors that have 7 months or more, but less than 24 months of Customer Tenure with Verizon Wireless represent no more than 12.00% of the Pool Balance,

(e) Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless represent at least 55.00% of the Pool Balance,

(f) Receivables with Obligors that have less than 12 months of Customer Tenure with Verizon Wireless and (i) for whom FICO® Score 8s are not available or (ii) that have FICO® Score 8s below 650, represent no more than 10.00% of the Pool Balance,

(g) Receivables with Obligors that have 12 months or more, but less than 60 months of Customer Tenure with Verizon Wireless and (i) for whom FICO® Score 8s are not available or (ii) that have FICO® Score 8s below 650, represent no more than 50.00% of the aggregate Principal Balance of all Receivables with Obligors that have 12 months or more, but less than 60 months of Customer Tenure with Verizon Wireless, and

(h) Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless and (i) for whom FICO® Score 8s are not available or (ii) that have FICO® Score 8s below 650, represent no more than 27.50% of the aggregate Principal Balance of all Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless.

Governmental Authority means any government or political subdivision or any agency, authority, bureau, regulatory body, central bank, commission, department or instrumentality of any such government or political subdivision, or any other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government or any

A-18

Source: VERIZON ABS LLC, 8-K, 1/23/2020





court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not part of a government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic.

Grant means to mortgage, pledge, assign and to grant a lien on and a security interest in the relevant property.

Guaranteed Obligations has the meaning stated in Section 1(a) of the Parent Support Agreement.

Hague Securities Convention means The Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (Concluded 5 July 2006), which became effective in the United States of America on April 1, 2017.

Indemnified Person has the meaning stated in Section 6.7(b) of the Indenture, Section 6.3(a) of the Transfer and Servicing Agreement and Section 7.2(a) of the Trust Agreement, as applicable.

Indenture means the Indenture, dated as of the Closing Date, between the Issuer and the Indenture Trustee.

Indenture Trustee means U.S. Bank National Association, a national banking association, not in its individual capacity but solely as Indenture Trustee under the Indenture.

Indenture Trustee Fee means a monthly fee equal to 1/12th of $12,000, payable on each Payment Date.

Independent means that the relevant Person (a) is independent of the Issuer, the Depositor and their Affiliates, (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, the Depositor or their Affiliates and (c) is not an officer, employee, underwriter, trustee, partner, director or person performing similar functions of or for the Issuer, the Depositor or their Affiliates.

Independent Certificate means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in Section 11.3 of the Indenture, made by an Independent appraiser, a firm of certified public accountants of national reputation or other expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of Independent in this Indenture and that the signer is Independent within the meaning thereof.

Independent Investment Banker means an independent investment banking or commercial banking institution of national standing appointed by Verizon.

Initial Cutoff Date means the end of the calendar day on December 31, 2019.

A-19

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Initial Pool Balance means $1,917,450,478.10 which is the aggregate Principal Balance of the Initial Receivables as of the Initial Cutoff Date.

Initial Receivable means any device payment plan agreement acquired by the Issuer on the Closing Date and listed on the Schedule of Receivables delivered on the Closing Date.

Initial Trust Property means (a) the Depositor Transferred Property for the Closing Date, (b) the Issuer's rights under the Transfer and Servicing Agreement, (c) the Issuer's rights under the Cap Agreement, (d) all security entitlements relating to the Bank Accounts and the property deposited in or credited to any of the Bank Accounts, (e) all present and future claims, demands, causes of action and choses in action for any of the foregoing and (f) all payments on or under and all proceeds for any of the foregoing.

Insolvency Event means, for a Person, that (1) (a) such Person admits in writing its inability to pay its debts generally as they become due, or makes a general assignment for the benefit of creditors, or (b) any proceeding is instituted by or against such Person seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property, or (c) such Person generally does not pay its debts as such debts become due and, in the case of any proceeding instituted against such Person, such proceeding remains unstayed for more than sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered or (2) such person takes any corporate action to authorize any such action.

Interest Period means for any Payment Date and (a) the Class A-1a Notes, Class B Notes and Class C Notes, the period from and including the 20th day of the calendar month immediately preceding the Payment Date to but excluding the 20th day of the month in which the Payment Date occurs (or from and including the Closing Date to but excluding March 20, 2020 for the first Payment Date) or (b) the Class A-1b Notes, the period from and including the Payment Date immediately preceding the current Payment Date to but excluding the current Payment Date (or from and including the Closing Date to but excluding March 20, 2020 for the first Payment Date).

Investment Company Act means the Investment Company Act of 1940, as amended.

ISDA Definitions means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

ISDA Fallback Adjustment means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.

A-20

Source: VERIZON ABS LLC, 8-K, 1/23/2020





ISDA Fallback Rate means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

Issuer means Verizon Owner Trust 2020-A, a Delaware statutory trust.

Issuer Order and Issuer Request has the meaning stated in Section 11.3(a) of the Indenture.

Law means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, executive order, order, court order, injunction, writ, decree, directive, judgment, injunction, award or similar item of or by a Governmental Authority or any interpretation, implementation or application thereof.

LIBOR Determination Date means, (i) with respect to the first Payment Date, the second London Business Day prior to the Closing Date and (ii) with respect to each subsequent Payment Date, the second London Business Day prior to the immediately preceding Payment Date.

Lien means a security interest, lien, charge, pledge or encumbrance.

London Business Day means any day other than a Saturday, Sunday or day on which banking institutions in London, England are authorized or obligated by law or government decree to be closed.

Make-Whole Payment means, for any payment of principal of the Notes on any Payment Date:

(a) for any Make-Whole Payment due, other than with respect to an Optional Redemption,

(i) for each Class of Notes other than the Class A-1b Notes, the excess of (a) the present value of (i) the amount of all future interest payments that would otherwise accrue on the principal payment until the Payment Date in February 2022 and (ii) the principal payment, each such payment discounted from the Payment Date in February 2022 to such Payment Date monthly on a 30/360 day basis at 0.15% plus the higher of (1) zero and (2) the then-current maturity matched Treasury Rate to such payment over (b) the principal payment; or

(ii) for the Class A-1b Notes, the excess of (a) the present value of (i) the amount of all future interest payments that would otherwise accrue on the principal payment at an interest rate of One-Month LIBOR applicable to such Payment Date plus 0.27% until the Payment Date in February 2022 and (ii) the principal payment, each such payment discounted from the Payment Date in February 2022 to such Payment Date monthly on an actual/360 day basis at One-

A-21

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Month LIBOR applicable to such Payment Date over (b) the principal payment; and

(b) for any Make-Whole Payment due with respect to an Optional Redemption,

(i) for each Class of Notes other than the Class A-1b Notes, the excess of (a) the present value of (i) the amount of all future interest payments that would otherwise accrue on such Class of Notes assuming principal payments on such Class are made based on the Assumed Amortization Schedule for such Class and (ii) the amount of all future principal payments that would otherwise be paid on such Class of Notes assuming principal payments on such Class are paid based on the Assumed Amortization Schedule for such Class, each such amount discounted from the Payment Date on which such payment would be made in accordance with the Assumed Amortization Schedule to the Payment Date on which the Optional Redemption occurs, monthly on a 30/360 day basis at 0.15% plus the higher of (1) zero and (2) the then-current maturity matched Treasury Rate to such payment over (b) the Note Balance of such Class of Notes immediately prior to the Optional Redemption; or

(ii) for the Class A-1b Notes, the excess of (a) the present value of (i) the amount of all future interest payments that would otherwise accrue on the Class A-1b Notes at an interest rate of One-Month LIBOR applicable to such Payment Date plus 0.27% assuming principal payments on the Class A-1b Notes are made based on the Assumed Amortization Schedule for the Class A-1b Notes and (ii) the amount of all future principal payments that would otherwise be paid on the Class A-1b Notes assuming principal payments on the Class A-1b Notes are paid based on the Assumed Amortization Schedule for the Class A-1b Notes, each such amount discounted from the Payment Date on which such payment would be made in accordance with the Assumed Amortization Schedule to the Payment Date on which the Optional Redemption occurs, monthly on an actual/360 day basis at One-Month LIBOR applicable to such Payment Date over (b) the Note Balance of the Class A-1b Notes immediately prior to the Optional Redemption;

provided, that, upon the occurrence of a Benchmark Transition Event, One-Month LIBOR used in the calculation of Make-Whole Payments will be replaced by the appropriate Benchmark Replacement as set forth in Section 2.16 of the Indenture.

Marketing Agent means Cellco.

Marketing Agent Agency Agreement means the Amended and Restated Marketing Agent Agency Agreement, dated as of September 27, 2016, between the Marketing Agent and the Verizon Originators, as amended, restated, supplemented or modified from time to time.

A-22

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Marketing Agent Remittance Obligation has the meaning stated in the Parent Support Agreement.

Master Collateral Agency Agreement means the Amended and Restated Master Collateral Agency and Intercreditor Agreement, dated as of May 8, 2019, among the Master Trust, U.S. Bank National Association, as master collateral agent, Cellco, as servicer, and each creditor representative from time to time party thereto, as amended, restated, supplemented or modified from time to time.

Master Trust means Verizon DPPA Master Trust, a Delaware statutory trust, created and existing pursuant to the Master Trust Agreement.

Master Trust Administrator means Cellco.

Master Trust Agreement means the Second Amended and Restated Trust Agreement, dated as of May 8, 2019, between Verizon ABS II LLC, as depositor, and the Master Trust Owner Trustee, as amended, restated, supplemented or modified from time to time.

Master Trust Owner Trustee means Wilmington Trust, National Association, a national banking association, not in its individual capacity but solely as Master Trust Owner Trustee under the Master Trust Agreement.

Master Trust Receivables Transfer Agreement means the Master Trust Receivables Transfer Agreement, dated as of the Closing Date, among the Master Trust, the Servicer and the Depositor, as amended, restated, supplemented or modified from time to time.

Master Trust Transferred Property means, for the Closing Date and any Acquisition Date, (a) the Initial Receivables or the Additional Receivables, as applicable, transferred by the Master Trust, (b) all amounts received and applied on such Receivables after the end of the calendar day on the related Cutoff Date, (c) all present and future claims, demands, causes of action and choses in action relating to any of the property described above and (d) all payments on or under and all proceeds of the property described above.

Material Adverse Effect means, with respect to any event or circumstance, a material adverse effect on the ability of the applicable Person to perform its obligations under any Transaction Document.

Monthly Deposit Required Ratings has the meaning stated in Section 4.3(b)(i) of the Transfer and Servicing Agreement.

Monthly Investor Report has the meaning stated in Section 3.5(a)(i) of the Transfer and Servicing Agreement.

Moody's means Moody's Investors Service, Inc.

Negative Carry Account means the account or accounts established under Section 4.1(a) of the Transfer and Servicing Agreement.

A-23

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Negative Carry Deposit Amount means, for a Payment Date during the Revolving Period on which amounts are in the Acquisition Account, an amount equal to (a) the Required Negative Carry Amount for that Payment Date minus (b) the amount in the Negative Carry Account on that Payment Date (before payments under Section 8.2(c) of the Indenture on that Payment Date).

Negative Carry Account Draw Amount means, for a Payment Date during the Revolving Period:

(a) if that Payment Date is not an Acquisition Date, the lesser of:

(i) an amount (not less than zero) equal to the Total Required Payment, plus the Reserve Deposit Amount, plus the Acquisition Deposit Amount, minus the Available Funds determined without regard to the Negative Carry Account Draw Amount or the Reserve Account Draw Amount; and

(ii) the amount in the Negative Carry Account; and

(b) if the Payment Date is an Acquisition Date, the amount in the Negative Carry Account in excess of the Required Negative Carry Amount.

New Upgrade DPP has the meaning stated in Section 4.3(g) of the Transfer and Servicing Agreement.

Note Balance means, for a Note or Class, the initial aggregate principal balance of the Note or Class minus all amounts distributed on the Note or Class that is applied to principal.

Note Interest Rate means a per annum rate equal to, for: (i) the Class A-1a Notes, 1.85% (computed on the basis of a 360 day year consisting of twelve 30 day months), (ii) the Class A-1b Notes, One-Month LIBOR (or, upon the occurrence of a Benchmark Transition Event, the appropriate Benchmark Replacement) + 0.27% (computed on the basis of the actual number of days elapsed during the relevant Interest Period and a 360 day year), (iii) the Class B Notes, 1.98% (computed on the basis of a 360 day year consisting of twelve 30 day months), and (iv) the Class C Notes, 2.06% (computed on the basis of a 360 day year consisting of twelve 30 day months).

Note Interest Shortfall means, for a Class and a Payment Date, an amount equal to the excess, if any, of the Accrued Note Interest for the Payment Date immediately preceding such Payment Date for the Class over the amount of interest that was paid to the Noteholders of that Class on the Payment Date immediately preceding such Payment Date, together with interest on the excess amount, to the extent lawful, at the Note Interest Rate for the Class for that Interest Period.

A-24

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Note Monthly Interest means, for a Class and a Payment Date, the aggregate amount of interest accrued on the Note Balance of the Class at the Note Interest Rate for the Class for the related Interest Period.

Note Owner means, for a Book-Entry Note, the Person who is the beneficial owner of a Book-Entry Note as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with the Clearing Agency (as a direct participant or as an indirect participant, in each case according to the rules of the Clearing Agency).

Note Paying Agent means initially the Indenture Trustee and any other Person appointed as Note Paying Agent under Section 2.15 of the Indenture.

Note Pool Factor means, for a Class and a Payment Date, a seven-digit decimal figure equal to the Note Balance of the Class after giving effect to any payments of principal of the Class on that Payment Date divided by the initial Note Balance of the Class.

Note Register and Note Registrar have the meanings stated in Section 2.4 of the Indenture.

Noteholder means the Person in whose name a Note is registered on the Note Register.

Noteholder Tax Identification Information means properly completed and signed tax certifications (generally with respect to U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a United States Person within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a United States Person within the meaning of Section 7701(a)(30) of the Code).

Notes or Note means, collectively or individually, as the context may require, the Class A-1a Notes, the Class A-1b Notes, the Class B Notes and the Class C Notes.

Obligor means the Person that has signed the account agreement of which the device payment plan agreement that constitutes the Receivable is a part and who owes payments under the Receivable.

Officer's Certificate means (a) for the Issuer, a certificate signed by a Responsible Person of the Issuer, (b) for the Depositor, the Administrator, the Marketing Agent, the Parent Support Provider, any Originator or the Servicer, a certificate signed by any officer of such entity, as applicable, (c) for the Master Trust, a certificate signed by a Responsible Person of the Master Trust and (d) for the Indenture Trustee, a certificate signed by a Responsible Person of the Indenture Trustee.

One-Month LIBOR means, with respect to any Interest Period for which One-Month LIBOR is the Benchmark, the London interbank offered rate for deposits in U.S. Dollars having a maturity of one month commencing on the related LIBOR Determination Date which appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such LIBOR

A-25

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Determination Date; provided, however, that for the first Interest Period, One-Month LIBOR shall mean an interpolated rate for deposits based on London interbank offered rates for deposits in U.S. Dollars for a period that corresponds to the actual number of days in the first Interest Period. If the rates used to determine One-Month LIBOR do not appear on the Reuters Screen LIBOR01 Page, the rates for that day will be determined on the basis of the rates at which deposits in U.S. Dollars, having a maturity of one month and in a principal balance of not less than U.S. $1,000,000 are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks. The Administrator will request the principal London office of each Reference Bank to provide a quotation of its rate to the Administrator and the Indenture Trustee. If at least two such quotations are provided, the Indenture Trustee will calculate the rate for that day as the arithmetic mean of such quoted rates to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a percentage point rounded upward, of all such quotations. If fewer than two such quotations are provided, the Indenture Trustee will calculate the rate for that day as the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a percentage point rounded upward, of the offered per annum rates that one or more major banks in New York City, selected by the Administrator, are quoting as of approximately 11:00 a.m., New York City time, on such LIBOR Determination Date to leading European banks for United States Dollar deposits for that maturity; provided that if the Administrator is not able to identify any major banks in New York City that are quoting as described in this sentence and for the avoidance of doubt, regardless of whether others in similar transactions are using a different index, it shall direct the Indenture Trustee to use One-Month LIBOR in effect for the applicable Interest Period which will be One-Month LIBOR in effect for the previous Interest Period, and any such direction will be deemed to apply to all subsequent LIBOR Determination Dates unless otherwise directed by the Administrator. In no event shall the Indenture Trustee be responsible for determining One-Month LIBOR or any substitute for One-Month LIBOR if such rate does not appear on Reuters Screen LIBOR01 Page.

Opinion of Counsel means a written opinion of counsel (which may be internal counsel) which counsel is reasonably acceptable to the Indenture Trustee, the Owner Trustee and the Rating Agencies, as applicable.

Optional Acquisition has the meaning stated in Section 8.1(a) of the Transfer and Servicing Agreement.

Optional Acquisition Amount has the meaning stated in Section 8.1(b) of the Transfer and Servicing Agreement.

Optional Redemption has the meaning stated in Section 8.2(a) of the Transfer and Servicing Agreement.

Originator means (i) with respect to the Initial Receivables or the Additional Receivables, any of Cellco or certain Affiliates of Verizon listed on Schedule B to the Originator Receivables Transfer Agreement and (ii) with respect to the Additional Receivables transferred to the Depositor pursuant to the Originator Receivables Transfer Agreement, any additional Affiliate of Verizon not listed on Schedule B to the Originator Receivables Transfer Agreement

A-26

Source: VERIZON ABS LLC, 8-K, 1/23/2020





that executes an Additional Originator Joinder Agreement substantially in the form of Exhibit B to the Originator Receivables Transfer Agreement; provided, that with respect to any amounts remitted by, or caused to be remitted by, the Marketing Agent pursuant to Sections 4.3(g), (h) and (i) of the Transfer and Servicing Agreement, the term Originator shall also mean, with respect to the Additional Receivables transferred to the Depositor pursuant to the Master Trust Receivables Transfer Agreement, any additional Affiliate of Verizon not listed on Schedule B to the Originator Receivables Transfer Agreement that originated any such Receivables.

Originator Reacquisition Obligation has the meaning stated in the Parent Support Agreement.

Originator Receivables Transfer Agreement means the Originator Receivables Transfer Agreement, dated as of the Closing Date, between the Originators party thereto and the Depositor, as amended, restated, supplemented or modified from time to time.

Originator Transferred Property means, for the Closing Date and any Acquisition Date, (a) the Initial Receivables or the Additional Receivables, as applicable, transferred by the Originators, (b) all amounts received and applied on such Receivables after the end of the calendar day on the related Cutoff Date, (c) all present and future claims, demands, causes of action and choses in action relating to any of the property described above and (d) all payments on or under and all proceeds of the property described above.

Other Assets means any assets (other than the Trust Property) sold, assigned or conveyed or intended to be sold, assigned or conveyed by the Depositor to any Person other than the Issuer, whether by way of a sale, capital contribution, pledge or otherwise.

Outstanding means, as of a date, all Notes authenticated and delivered under the Indenture on or before that date except (a) Notes that have been cancelled by the Note Registrar or delivered to the Note Registrar for cancellation, (b) Notes to the extent the amount necessary to pay the Notes has been deposited with the Indenture Trustee or Note Paying Agent in trust for the Noteholders and, if those Notes are to be redeemed, notice of the redemption has been given under the Indenture, and (c) Notes in exchange for or in place of which other Notes have been authenticated and delivered under the Indenture unless proof satisfactory to the Indenture Trustee is presented that the Notes are held by a bona fide purchaser. In determining whether Noteholders of the required Note Balance have made or given a request, demand, authorization, direction, notice, consent or waiver under any Transaction Document, Notes owned by the Issuer, the Depositor, the Servicer or their Affiliates will not be considered to be Outstanding. However, Notes owned by the Issuer, the Depositor, the Servicer or their Affiliates will be considered to be Outstanding if (A) no other Notes remain Outstanding, or (B) the Notes have been pledged in good faith and the pledgee establishes to the reasonable satisfaction of the Indenture Trustee the pledgee's right to act for the Notes and that the pledgee is not the Issuer, the Depositor, the Servicer or their Affiliates.

Overcollateralization means, for any date of determination other than the Closing Date, the amount by which (x) the sum of (i) the Adjusted Pool Balance as of the last day of the related

A-27

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Collection Period, and (ii) the amount on deposit in the Acquisition Account after giving effect to the acquisition of Receivables on that date exceeds (y) the aggregate Note Balance.

Overcollateralization Target Amount means an amount equal to:

(i) on the Closing Date, 10.50% of the Adjusted Pool Balance as of the Initial Cutoff Date;

(ii) for any date of determination (other than the Closing Date), prior to the Amortization Period, on which the pool of Receivables meets all of the Floor Credit Enhancement Composition Tests, the greater of (x) the result of (a)(i) the aggregate Note Balance, divided by (ii) 1 minus 0.1050, minus (b) the aggregate Note Balance, and (y) 1.00% of the Adjusted Pool Balance as of the Closing Date;

(iii) for any date of determination (other than the Closing Date), prior to the Amortization Period, on which the pool of Receivables does not meet all of the Floor Credit Enhancement Composition Tests, the greater of (x) the result of (a)(i) the aggregate Note Balance, divided by (ii) 1 minus 0.1350, minus (b) the aggregate Note Balance, and (y) 1.00% of the Adjusted Pool Balance as of the Closing Date;

(iv) for any date of determination, during the Amortization Period, on which the pool of Receivables meets all of the Floor Credit Enhancement Composition Tests, the greater of (x) 14.50% of the Adjusted Pool Balance as of the end of the calendar month immediately preceding such date of determination, and (y) 1.00% of the Adjusted Pool Balance as of the Closing Date; or

(v) for any date of determination, during the Amortization Period, on which the pool of Receivables does not meet all of the Floor Credit Enhancement Composition Tests, the greater of (x) 17.50% of the Adjusted Pool Balance as of the end of the calendar month immediately preceding such date of determination, and (y) 1.00% of the Adjusted Pool Balance as of the Closing Date.

Owner Trustee means Wilmington Trust, National Association, a national banking association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement.

Owner Trustee Fee means a monthly fee equal to 1/12th of $15,000, payable on each Payment Date.

Parent Support Agreement means the guaranty, dated as of the Closing Date, among the Parent Support Provider, the Depositor, the Issuer and the Indenture Trustee, as amended, restated, supplemented or modified from time to time.

Parent Support Provider means Verizon.

A-28

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Payment Date means the 20th day of each month or, if not a Business Day, the next Business Day, starting in March 2020. For a Collection Period, the related Payment Date means the Payment Date following the end of the Collection Period.

Percentage Interest shall mean, with respect to each Certificate, the percentage interest in the Issuer represented by such Certificate.

Permitted Activities has the meaning stated in Section 2.3(a) of the Trust Agreement.

Permitted Investments means book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form that evidence:

(a) (x) direct or fully guaranteed United States treasury obligations, (y) U.S. Department of Housing and Urban Development public agency bonds, Federal Housing Administration debentures, Government National Mortgage Association guaranteed mortgage-backed securities or participation certificates, RefCorp debt obligations, SBA-guaranteed participation certificates and guaranteed pool certificates or (z) Farm Credit System consolidated systemwide bonds and notes, Federal Home Loan Banks' consolidated debt obligations, Federal Home Loan Mortgage Corp. debt obligations and Federal National Mortgage Association debt obligations, if, with respect to the investments listed in clause (z), they meet the criteria of S&P for collateral for securities having ratings equivalent to the respective ratings of the Notes in effect at the Closing Date;

(b) demand deposits, time deposits, certificates of deposit or bankers' acceptances of any depository institution or trust company (i) incorporated under the laws of the United States or any State or any United States branch or agency of a foreign bank, (ii) subject to supervision and examination by federal or State banking or depository institution authorities and (iii) where the commercial paper or other short-term unsecured debt obligations (other than obligations with a rating based on the credit of a Person other than the depository institution or trust company) of such depository institution or trust company have the Required Rating;

(c) commercial paper, including asset-backed commercial paper, having the Required Rating;

(d) investments in money market funds having a rating in the highest investment grade category from each of S&P and Moody's (including funds for which the Indenture Trustee or the Owner Trustee or any of their Affiliates is investment manager or advisor); and

(e) any other investment that is acceptable to each Rating Agency.

Permitted Lien means a Lien that attaches by operation of law, or any security interest of the Depositor in the Originator Transferred Property and the Master Trust Transferred Property under the related Receivables Transfer Agreement, the Issuer in the Depositor

A-29

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Transferred Property under the Transfer and Servicing Agreement or the Indenture Trustee in the Collateral under the Indenture.

Person means a legal person, including a corporation, natural person, joint venture, limited liability company, partnership, trust, business trust, association, government, a department or agency of a government or any other entity.

Personally Identifiable Information has the meaning stated in the Asset Representations Review Agreement.

Pool Balance means, for any Collection Period, an amount equal to (i) the aggregate Principal Balance of the Receivables on the last day of the Collection Period immediately preceding such Collection Period (excluding Acquired Receivables), plus the aggregate Principal Balance on the related Cutoff Date of any Additional Receivables transferred during the Collection Period less (ii) the aggregate Principal Balance of any Temporarily Excluded Receivables as of the last day of the Collection Period immediately preceding such Collection Period.

Pool Composition Tests means, for the Closing Date, each Payment Date and any Acquisition Date and with respect to the pool of Receivables held by the Issuer as of the related Cutoff Date, including any Additional Receivables acquired by the Issuer on an Acquisition Date, each of the following tests calculated as of the end of the month preceding the month in which such date occurs:

(a) the weighted average FICO® Score 8 of the Obligors with respect to the Receivables is at least 685 (excluding Receivables with Obligors for whom FICO® Score 8s are not available),

(b) Receivables with Obligors for whom FICO® Score 8s are not available represent no more than 5.00% of the Pool Balance,

(c) Receivables with Obligors that have less than 12 months of Customer Tenure with Verizon Wireless represent no more than 28.00% of the Pool Balance,

(d) Receivables with Obligors that have 7 months or more, but less than 24 months of Customer Tenure with Verizon Wireless represent no more than 15.00% of the Pool Balance,

(e) Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless represent at least 50.00% of the Pool Balance,

(f) Receivables with Obligors that have less than 12 months of Customer Tenure with Verizon Wireless and (i) for whom FICO® Score 8s are not available or (ii) that have FICO® Score 8s below 650, represent no more than 10.00% of the Pool Balance,

A-30

Source: VERIZON ABS LLC, 8-K, 1/23/2020





(g) Receivables with Obligors that have 12 months or more, but less than 60 months of Customer Tenure with Verizon Wireless and (i) for whom FICO® Score 8s are not available or (ii) that have FICO® Score 8s below 650, represent no more than 55.00% of the aggregate Principal Balance of all Receivables with Obligors that have 12 months or more, but less than 60 months of Customer Tenure with Verizon Wireless, and

(h) Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless and (i) for whom FICO® Score 8s are not available or (ii) that have FICO® Score 8s below 650, represent no more than 30.00% of the aggregate Principal Balance of all Receivables with Obligors that have 60 months or more of Customer Tenure with Verizon Wireless.

Principal Balance means, for a Receivable as of the last day of a month, an amount (not less than zero) equal to, without duplication:

(a) the Amount Financed; minus

(b) the portion of the amounts paid by the related Obligor applied on or before that date allocable to principal; minus

(c) any Credits allocated to such Receivable;

provided that, the Principal Balance for any Written-Off Receivable will be deemed to be zero.

Proceeding means a suit in equity, action at law or other judicial or administrative proceeding, or governmental investigation.

Prospectus means the prospectus dated as of January 21, 2020, relating to the offering of the Notes.

Qualified Institution means U.S. Bank National Association, Wilmington Trust, National Association, or a trust company or a bank or depository institution organized under the laws of the United States or any State or any United States branch or agency of a foreign bank or depository institution that (i) is subject to supervision and examination by federal or State banking authorities, (ii) has a short-term deposit rating of P-1 from Moody's, if rated by Moody's, and A-1+ from S&P, if rated by S&P, (iii) if the institution holds any Bank Accounts, has a long-term unsecured debt rating or issuer rating of at least Aa3 from Moody's, if rated by Moody's, and at least A from S&P, if rated by S&P and (iv) if the institution is organized under the laws of the United States, whose deposits are insured by the Federal Deposit Insurance Corporation.

Rating Agency means each of Moody's and S&P.

Rating Agency Condition means, for an action or request and with respect to a Rating Agency, that, according to the then-current policies of the relevant Rating Agency for that action

A-31

Source: VERIZON ABS LLC, 8-K, 1/23/2020





or request, the Rating Agency has notified the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee that the proposed action or request will not result in a downgrade or withdrawal of its then-current rating on any of the Notes.

Receivable means, for a Collection Period, an Initial Receivable or an Additional Receivable, excluding any device payment plan agreement that became an Acquired Receivable during a prior Collection Period or was a Written-Off Receivable sold under Section 3.4 of the Transfer and Servicing Agreement during a prior Collection Period.

Receivable File has the meaning stated in Section 3.10(b) of the Transfer and Servicing Agreement.

Receivables Transfer Agreements or Receivables Transfer Agreement means, collectively or individually, the Originator Receivables Transfer Agreement and the Master Trust Receivables Transfer Agreement, as the context may require.

Record Date means, for a Payment Date and a Book-Entry Note, the close of business on the day before the Payment Date and, for a Payment Date and a Definitive Note, the last day of the calendar month immediately preceding the month in which the Payment Date occurs and with respect to any notice, vote or consent, the most recently occurring Record Date for a Payment Date.

Recoveries means, for any Written-Off Receivable and a Collection Period, an amount equal to:

(a) all amounts received and applied by the Servicer during the Collection Period for the Receivable after the date on which it became a Written-Off Receivable, including any proceeds from the sale of a Device securing any Receivable; minus

(b) any amounts paid by the Servicer for the account of the related Obligor, including collection expenses and other amounts paid to third parties, if any, in connection with collections on the Written-Off Receivable; minus

(c) amounts, if any, required by Law or under the Servicing Procedures to be paid to the Obligor.

Redemption Date has the meaning stated in Section 10.1 of the Indenture.

Reference Banks means, for any LIBOR Determination Date, the four major banks in the London interbank market selected by the Administrator.

Reference Time with respect to any determination of the Benchmark means (1) if the Benchmark is One-Month LIBOR, 11:00 a.m. (London time) on the day that is two (2) London banking days preceding the date of such determination, and (2) if the Benchmark is not One- Month LIBOR, the time determined by the Administrator in accordance with the Benchmark Replacement Conforming Changes.

A-32

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Reference Treasury Dealer means (1) any independent investment banking or commercial banking institution of national standing and any of its successors appointed by Verizon; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States, referred to as a Primary Treasury Dealer, another Primary Treasury Dealer substituted therefor, and (2) any other Primary Treasury Dealer selected by an Independent Investment Banker and approved in writing by Verizon.

Reference Treasury Dealer Quotations means, with respect to each Reference Treasury Dealer and any date of determination, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 3:30 p.m., New York City time, on the third Business Day preceding the date of determination.

Regular Priority Principal Payment means, for a Payment Date, an amount equal to the greater of (A) an amount (not less than zero) equal to the excess, if any, of (a) the aggregate Note Balance of the Class A Notes, the Class B Notes and the Class C Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date), minus the sum of the First Priority Principal Payment, the Second Priority Principal Payment and the Third Priority Principal Payment for the current Payment Date, over (b) the Adjusted Pool Balance as of the last day of the related Collection Period minus the Overcollateralization Target Amount, and (B) on and after the Final Maturity Date for any Class of Notes, the amount that is necessary to reduce the principal amount of each such Class, as applicable, to zero (after the application of any First Priority Principal Payment, Second Priority Principal Payment and Third Priority Principal Payment).

Regulation AB means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (Sept. 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

Relevant Governmental Body means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York, or any successor thereto.

Requesting Noteholders has the meaning stated in Section 14.1 of the Indenture.

Requesting Party has the meaning stated in Section 11.2 of the Transfer and Servicing Agreement.

Required Acquisition Deposit Amount means, for any Payment Date during the Revolving Period, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Notes over (y) (i) the Adjusted Pool Balance as of the end of the related Collection Period minus

A-33

Source: VERIZON ABS LLC, 8-K, 1/23/2020





(ii) the Overcollateralization Target Amount, after giving effect to any acquisition of Additional Receivables on such date.

Required Negative Carry Amount means, for any Payment Date during the Revolving Period, an amount equal to the product of (i) the amount in the Acquisition Account on the Payment Date (after giving effect to all payments under Section 8.2(c) of the Indenture and the acquisition of Additional Receivables, if any, on the Payment Date), (ii) the weighted average Note Interest Rate and (iii) 1/12.

Required Rating means, for short-term unsecured debt obligations, a rating of (a) P-1 from Moody's and (b) A-1+ from S&P.

Required Reserve Amount means $17,877,097.97, or approximately 1% of the Adjusted Pool Balance as of the Initial Cutoff Date.

Reserve Account means the account established under Section 4.1(a) of the Transfer and Servicing Agreement.

Reserve Account Draw Amount means:

(a) for each Payment Date before the Amortization Period, the lesser of:

(i) an amount (not less than zero) equal to the Total Required Payment minus the Available Funds determined without regard to the Reserve Account Draw Amount; and

(ii) the amount in the Reserve Account; and

(b) for each Payment Date during the Amortization Period, an amount equal to the amount in the Reserve Account, if that amount together with Available Funds for that Payment Date is sufficient to pay the entire Note Balance of the Notes, all accrued and unpaid interest and any unpaid Make-Whole Payments and all other amounts to be distributed to the Secured Parties under the Indenture and the Transfer and Servicing Agreement in full.

Reserve Deposit Amount means, for a Payment Date, an amount equal to (a) the Required Reserve Amount minus (b) the amount in the Reserve Account on the Payment Date (before payments under Section 8.2(c) of the Indenture on that Payment Date).

Residual Interest means an eligible horizontal residual interest (as defined in the U.S. Credit Risk Retention Rules) equal to at least 5% of the fair value of all of the ABS interests (as defined in the U.S. Credit Risk Retention Rules) in the Issuer issued as part of the transactions contemplated by the Transaction Documents, determined as of the Closing Date using a fair value measurement framework under United States generally accepted accounting principles.

A-34

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Responsible Person means:

(a) for the Administrator, the Depositor, the Sponsor, the Servicer, the Marketing Agent, the Parent Support Provider or any Originator, a Person designated in an Officer's Certificate of the Person or other notice signed by an officer of the Person authorized to act for the Person or any treasurer, assistant treasurer or corporate secretary of such Person that has responsibility for the matter;

(b) for the Issuer, an officer in the Corporate Trust Office of the Owner Trustee, any officer of the Owner Trustee to whom any matter is referred because of the officer's knowledge of and familiarity with the matter, and a Responsible Person of the Administrator;

(c) for the Master Trust, an officer in the Corporate Trust Office of the Master Trust Owner Trustee, any officer of the Master Trust Owner Trustee to whom any matter is referred because of the officer's knowledge of and familiarity with the matter, and a Responsible Person of the Master Trust Administrator; and

(d) for the Indenture Trustee or the Owner Trustee, an officer in the Corporate Trust Office of the Indenture Trustee or the Owner Trustee, as applicable, including each vice president, assistant vice president, secretary, assistant secretary or other officer customarily performing functions similar to those performed by those officers listed above, and any officer of the Indenture Trustee or the Owner Trustee, as applicable, to whom any matter is referred because of the officer's knowledge of and familiarity with the matter, and in each case, having direct responsibility for the administration of the Transaction Documents.

Review has the meaning stated in the Asset Representations Review Agreement.

Review Materials has the meaning stated in the Asset Representations Review Agreement.

Review Notice has the meaning stated in the Asset Representations Review Agreement.

Review Receivable has the meaning stated in the Asset Representations Review Agreement.

Review Report means, for an Asset Representations Review, the report of the Asset Representations Reviewer described in Section 3.5 of the Asset Representations Review Agreement.

Revolving Period means the period from the Closing Date to the start of the Amortization Period.

S&P means S&P Global Ratings.

A-35

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Sarbanes Certification has the meaning stated in Section 6.7(a)(iv) of the Transfer and Servicing Agreement.

Schedule of Receivables means (a) the schedule identifying the Initial Receivables attached as Schedule A to each Receivables Transfer Agreement and Schedule A to each of the Transfer and Servicing Agreement and the Indenture or the electronic file with respect thereto delivered on the Closing Date, and (b) each schedule identifying any Additional Receivables attached as Schedule A to any Transfer Notice or the electronic file with respect thereto delivered by the Depositor, or the Administrator on its behalf, to the Issuer and the Indenture Trustee for an Acquisition Date.

Second Priority Principal Payment means, for a Payment Date, the greater of:

(a) an amount (not less than zero) equal to:

(i) the aggregate Note Balances of the Class A Notes and the Class B Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date); minus

(ii) the Adjusted Pool Balance; minus

(iii) the First Priority Principal Payment; and

(b) on and after the Final Maturity Date for the Class B Notes, the Note Balance of the Class B Notes until paid in full.

Secured Parties means the Indenture Trustee, for the benefit of the Noteholders.

Securities Account means each Bank Account subject to the terms of the Account Control Agreement.

Securities Act means the Securities Act of 1933, as amended.

Securities Intermediary means U.S. Bank National Association.

Servicer means Cellco or any Successor Servicer engaged under Section 7.4 of the Transfer and Servicing Agreement.

Servicer Acquisition Obligation has the meaning stated in the Parent Support Agreement.

Servicer Deposit Obligation has the meaning stated in the Parent Support Agreement.

Servicer Representation Obligation has the meaning stated in the Parent Support Agreement.

A-36

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Servicer Termination Event has the meaning stated in Section 7.2 of the Transfer and Servicing Agreement.

Servicer's Certificate means an Officer's Certificate of the Servicer delivered pursuant to Section 6.6 of the Transfer and Servicing Agreement.

Servicing Criteria means the servicing criteria set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time.

Servicing Fee means, for a Collection Period, the fee payable to the Servicer in an amount equal to the product of:

(a) one-twelfth of the Servicing Fee Rate; times

(b) the Adjusted Pool Balance at the beginning of the full calendar month immediately preceding such Payment Date;

provided, that the Servicing Fee for the initial Payment Date will equal the product of (i) a fraction, the numerator of which is the number of days from and including the Closing Date to and including the last day of the first Collection Period and the denominator of which is 360, and (ii) the Servicing Fee Rate times the Adjusted Pool Balance as of the Closing Date.

Servicing Fee Rate means 0.75%.

Servicing Procedures means the servicing procedures of Cellco relating to device payment plan agreements originated by the Originators, as amended or modified from time to time.

Similar Law means any federal, State, local or non-U.S. law or regulation that is substantially similar to Title I of ERISA or Section 4975 of the Code.

SOFR with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the Benchmark Administrator for SOFR (or a successor Benchmark Administrator).

Solvent means, with respect to any Person and as of any particular date, that (i) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business and (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts and liabilities as they mature.

Sponsor means Cellco.

A-37

Source: VERIZON ABS LLC, 8-K, 1/23/2020





State means a state or commonwealth of the United States of America, or the District of Columbia.

Subcontractor means any vendor, subcontractor or other Person that is not responsible for the overall servicing (as servicing is commonly understood by participants in the asset-backed securities market) of the Receivables but performs one or more discrete functions identified in the Servicing Criteria with respect to the Receivables under the direction or authority of the Servicer or a Subservicer.

Subservicer means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement that are identified in the Servicing Criteria.

Successor Servicer has the meaning stated in Section 7.4(a)(i) of the Transfer and Servicing Agreement.

Supplemental Servicing Fee means, for a Collection Period, all net Recoveries, late fees, prepayment charges, extension fees and other administrative fees or similar charges on the Receivables.

Temporarily Excluded Receivables means any Receivable deemed to be temporarily excluded by the Administrator from any calculation required to be made by the Administrator or the Servicer pursuant to and in accordance with the terms of the Transaction Documents.

Temporarily Excluded Receivables Servicing Fee means, for a Collection Period, the fee payable to the Servicer in an amount equal to the product of:

(a) one-twelfth of the Servicing Fee Rate; times

(b) the aggregate Principal Balance of all Temporarily Excluded Receivables at the beginning of the calendar month immediately preceding such Collection Period.

Term SOFR means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body.

Third Priority Principal Payment means, for a Payment Date, the greater of:

(a) an amount (not less than zero) equal to:

(i) the aggregate Note Balances of the Class A Notes, the Class B Notes and the Class C Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date); minus

(ii) the Adjusted Pool Balance; minus

A-38

Source: VERIZON ABS LLC, 8-K, 1/23/2020





(iii) the First Priority Principal Payment; minus

(iv) the Second Priority Principal Payment; and

(b) on and after the Final Maturity Date for the Class C Notes, the Note Balance of the Class C Notes until paid in full.

Total Required Payment means,

(a) for a Payment Date and the Reserve Account Draw Amount, the sum of the amounts set forth in Sections 8.2(c)(i) through (viii) of the Indenture; and

(b) for a Payment Date and the Negative Carry Account Draw Amount, the sum of the amounts set forth in Sections 8.2(c)(i) through (xiii) of the Indenture.

Following an Event of Default and an acceleration of the Notes or an Insolvency Event or dissolution of the Depositor, until the Note Balances of each Class of Notes have been paid in full, the Total Required Payment will also include the aggregate Note Balances of all Notes.

Transaction Documents means the Certificate of Trust, the Trust Agreement, the Receivables Transfer Agreements, the Transfer and Servicing Agreement, the Indenture, the Administration Agreement, the Asset Representations Review Agreement, the Parent Support Agreement, the Underwriting Agreement, the Marketing Agent Agency Agreement, the Depository Agreement, the Cap Agreement and the Account Control Agreement.

Transfer and Servicing Agreement means the Transfer and Servicing Agreement, dated as of the Closing Date, among the Issuer, the Depositor and Cellco as Servicer, Marketing Agent and Custodian, as amended, restated, supplemented or modified from time to time.

Transfer Notice means the notice to the Issuer, the Depositor and the Indenture Trustee regarding the acquisition of Additional Receivables under Section 2.1(d) of each of the Receivables Transfer Agreements, substantially in the form of Exhibit A to each such Receivables Transfer Agreement.

Treasury Rate means, for any Payment Date on which a Make-Whole Payment is to be made, the rate determined on the third Business Day preceding such Payment Date equal to:

(i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release published by the Board of Governors of the Federal Reserve System designated as Statistical Release H. 15(519) or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption Treasury Constant Maturities, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life (as defined in the definition of Comparable Treasury Issue), yields for the two published

A-39

Source: VERIZON ABS LLC, 8-K, 1/23/2020





maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straightline basis, rounding to the nearest month), or

(ii) if that release (or any successor release) is not published during the week preceding the calculation date or does not contain those yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the date of redemption.

Treasury Regulations shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

True Up Trust means Verizon DPPA True Up Trust, a Delaware statutory trust, or its successors or assigns.

Trust Agreement means the Amended and Restated Trust Agreement, dated as of the Closing Date, between the Depositor and the Owner Trustee, as amended, restated, supplemented or modified from time to time.

Trust Indenture Act or TIA means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise specifically provided.

Trust Property means the Initial Trust Property and any Additional Trust Property.

Trust Register has the meaning stated in Section 3.3(a) of the Trust Agreement.

Trust Registrar has the meaning stated in Section 3.3(a) of the Trust Agreement.

U.S. Credit Risk Retention Rules means Regulation RR, 17 C.F.R. §246.1, et seq.

UCC means the Uniform Commercial Code as in effect in any relevant jurisdiction.

Unadjusted Benchmark Replacement means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

Underwriting Agreement means the Underwriting Agreement, dated as of January 21, 2020, by and among the Depositor, Cellco and each of BofA Securities, Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and Wells Fargo Securities, LLC, each on its own behalf and as a representative of the several underwriters identified therein.

Underwriting Procedures means the underwriting procedures of the Originators, as established by Cellco, relating to device payment plan agreements originated by the Originators, as such underwriting procedures may be amended or modified from time to time.

A-40

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Upgrade Contract has the meaning stated in the Glossary of the Marketing Agent Agency Agreement.

Upgrade Offer means the Annual Upgrade Offer or any other upgrade offer extended by Verizon Wireless to an existing Obligor under which such Obligor can upgrade a Device that is the subject of a device payment plan agreement if the terms and conditions specified in such offer are satisfied.

Upgrade Payment means a prepayment amount equal to the remaining unpaid Principal Balance of the related Receivable determined as of the date of the relevant upgrade, after giving effect to any prepayment made by the related Obligor in connection with the related Upgrade Offer.

Verified Note Owner has the meaning stated in Section 14.1 of the Indenture.

Verizon means Verizon Communications Inc., a Delaware corporation.

Verizon Originators means the various subsidiaries and Affiliates of Cellco listed on Schedule I to the Marketing Agent Agency Agreement.

Verizon Wireless means the wireless business of Verizon, operated by Cellco and various other subsidiaries of Verizon, including the Originators, under the Verizon Wireless brand.

Written-Off Receivable means any Receivable that in accordance with the Servicing Procedures has been charged off or written off by the Servicer.

Yield Amount means, for each Receivable on the Closing Date, on each Payment Date and on each Acquisition Date other than a Payment Date, the amount by which (x) the Principal Balance as of the last day of the related Collection Period or as of the applicable Cutoff Date, as applicable, for such Receivable exceeds (y) the present value of the future scheduled payments on the Receivable as of the last day of the related Collection Period (or as of the applicable Cutoff Date, for the first Payment Date for the Receivables) calculated using the Discount Rate. For purposes of this calculation, the future scheduled payments on each Receivable are the equal monthly payments that would reduce the Receivable's Principal Balance as of the related Cutoff Date to zero on the Receivable's final scheduled payment date, at an interest rate equal to the APR of the Receivable, which payments are received at the end of each month without any delays, defaults or prepayments.

Yield Supplement Overcollateralization Amount means, for the Closing Date, for each Payment Date and for each Acquisition Date other than a Payment Date, an amount calculated as the sum of the Yield Amounts for all Receivables owned by the Issuer with an APR as stated in the related device payment plan agreement of less than 7.65%.

A-41

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Exhibit A

Custodian's Security Requirements

(See Attached)

EA-1

Source: VERIZON ABS LLC, 8-K, 1/23/2020





Exhibit B

FORM OF ANNUAL CERTIFICATION

Re: The Transfer and Servicing Agreement, dated as of January 29, 2020 (the Agreement), among Verizon Owner Trust 2020-A (the Issuer), Verizon ABS LLC (the Depositor), and Cellco Partnership d/b/a Verizon Wireless (Cellco), as servicer (in such capacity, the Servicer), as marketing agent and as custodian.

I, ________________________________, the _____________of __________ [NAME OF COMPANY] (the Company), certify to the Issuer, the Administrator and the Depositor, and their officers, with the knowledge and intent that they will rely upon this certification, that:

(1) I have reviewed the servicer compliance statement of the Company provided in accordance with Item 1123 of Regulation AB (the Compliance Statement), the report on assessment of the Company's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the Servicing Criteria), provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the Exchange Act) and Item 1122 of Regulation AB (the Servicing Assessment), the registered public accounting firm's attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the Attestation Report), and all servicing reports, officer's certificates and other information relating to the servicing of the Receivables by the Company during 20[__] that were delivered by the Company to the Issuer and the Depositor pursuant to the Agreement (collectively, the Company Servicing Information);

(2) Based on my knowledge, the Company Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Servicing Information;

(3) Based on my knowledge, all of the Company Servicing Information required to be provided by the Company under the Agreement has been provided to the Issuer and the Depositor;

(4) I am responsible for reviewing the activities performed by the Company as Servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement [and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report,] the Company has fulfilled its obligations under the Agreement in all material respects; and

(5) The Compliance Statement required to be delivered by the Company pursuant to the Agreement, and each Servicing Assessment and Attestation Report required to be provided by the Company and by any Subservicer or Subcontractor pursuant to the Agreement, have been provided to the Issuer, the Administrator, the Depositor, the Indenture Trustee and the Owner Trustee. Any material instances of

EB-1

Source: VERIZON ABS LLC, 8-K, 1/23/2020





noncompliance with the Servicing Criteria have been disclosed in such reports and have been disclosed to the Issuer, the Administrator and the Depositor.

Capitalized terms used herein and not otherwise defined have the meaning given to such terms in the Agreement.

Date: _________________________

By: ___________________________ Name: Title: EB-2

Source: VERIZON ABS LLC, 8-K, 1/23/2020 
Question: Highlight the parts (if any) of this contract related to Third Party Beneficiary that should be reviewed by a lawyer. Details: Is there a non-contracting party who is a beneficiary to some or all of the clauses in the contract and therefore can enforce its rights against a contracting party?

SOLUTION: 151221

PROBLEM: Exhibit 10.20

Pages where confidential treatment has been requested are stamped 'Confidential Treatment Requested and the Redacted Material has been  separately filed with the Commission,' and the confidential section has been marked as follows: [***].

Collaboration Agreement

between

Institute of Grassland and Environmental Research

and

Ceres, Inc.         CERES-IGER Collaboration Agreement    Page 1 of 75







TABLE OF CONTENTS             1. RESEARCH PROJECTS      3   2. MANAGEMENT COMMITTEE      7   3. EXCLUSIVITY      8   4. INTELLECTUAL PROPERTY     11   5. USE AND COMMERCIALIZATION RIGHTS     14   6. ENFORCEMENT OF JOINT INTELLECTUAL PROPERTY RIGHTS     16   7. CONFIDENTIALITY     16   8. PUBLICATIONS     18   9. PUBLICITY     18   10. RECORDS AND AUDITS     19   11. INDEPENDENT CONTRACTOR     19   12. CONVENTION ON BIOLOGICAL DIVERSITY     19   13. WARRANTIES     20   14. TERM AND TERMINATION     23   15. DISPUTE RESOLUTION AND APPLICABLE LAW     25   16. NOTICES     26   17. GENERAL     27   18. SPECIAL CONDITIONS IN CONNECTION WITH DEFRA AGREEMENT NF 0426     28   EXHIBIT A     30   DEFINITION OF COLLABORATION CROPS     30   EXHIBIT B     31   PREFERRED FORM OF RECEIPT FORM     31   EXHIBIT C     32   PREFERRED FORMS OF VARIETY EVALUATION AGREEMENT     32   EXHIBIT D     50   EXTERNAL FUNDING   EXHIBIT E     50 51

EXISTING AGREEMENTS     51   EXHIBIT F     56   PRODUCTION AND COMMERCIALIZATION ACTIVITIES     56   EXHIBIT G     57   MODEL LICENSE AGREEMENT FOR NON-TRANSGENIC VARIETIES / NON-UK     57   EXHIBIT H     74   CERTAIN REMUNERATION PRINCIPLES     74         CERES-IGER Collaboration Agreement    Page 2 of 75







COLLABORATION AGREEMENT

THIS AGREEMENT is made this 1st day of April, 2007 (Effective Date), by and between INSTITUTE OF GRASSLAND AND  ENVIRONMENTAL RESEARCH (IGER), a company limited by guarantee, registered in England No. 473456 and a registered Charity No. 272150,  having an office at Plas Gogerddan, Aberystwyth, Ceredigion, SY23 3EB, United Kingdom and CERES, INC. (CERES), a Delaware corporation,  having an office at 1535 Rancho Conejo Blvd., Thousand Oaks, California 91320, United States of America.

WHEREAS, the Parties wish to establish a research program for undertaking specific, collaborative projects after the Effective Date, to further the  scientific research and commercial objectives of CERES as well as the scientific research objectives of IGER;

WHEREAS, the research programs contemplated by this Agreement and its schedules are consistent with and in furtherance of IGER research  programs;

WHEREAS, CERES and IGER recognize that rights to intellectual property conceived or reduced to practice in the performance of the Parties'  collaboration can be a strong incentive for CERES to risk money and other resources needed to develop proprietary products for wide  commercialization;

NOW THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein and of other good and  valuable consideration, the Parties have agreed and do hereby agree as follows:

1.1 CERES and IGER anticipate that from time to time they may undertake and conduct certain joint and collaborative research projects  (individually a RESEARCH PROJECT and collectively RESEARCH PROJECTS). The Parties acknowledge and agree that the RESEARCH  PROJECTS will involve the contributions, whether financial or otherwise, of both Parties. The specific terms and respective obligations of the  Parties for each RESEARCH PROJECT will be negotiated by the Parties and reflected in a schedule (SCHEDULE) signed by authorized  representatives of both Parties. Any such fully executed SCHEDULE shall become a part of this Agreement and subject to the terms of this  Agreement. Each Party shall diligently perform its activities in any given RESEARCH PROJECT.

1.2 All rights in property, tangible or intangible, used in the RESEARCH PROJECTS shall remain with the Party providing such property, unless  otherwise agreed between the Parties in this Agreement, a SCHEDULE or a separate agreement.

1.3 RESEARCH PROJECTS will relate to crop species defined in EXHIBIT A to this Agreement (COLLABORATION CROPS).

1.4 Each SCHEDULE will at least contain the following:

1.  RESEARCH PROJECTS.

  •   research activities to be performed by each Party in detail       CERES-IGER Collaboration Agreement    Page 3 of 75







1.5 Unless a SCHEDULE provides for more frequent formal reporting, each Party shall provide to the other Party a detailed, written annual report  on its activities in each RESEARCH PROJECT, as described in each SCHEDULE. In addition, upon the request of either Party at any time, the  Parties will discuss the RESEARCH PROJECTS, their status, the progress and results achieved, and they will make available each RESEARCH  PROJECT principal investigator (and other employees as needed, in the discretion of the respective RESEARCH PROJECT principal investigators)  at mutually agreeable times, as needed, for such discussions; provided however, such contacts and discussions shall be reasonable in frequency  and duration so as not to be disruptive to the respective research activities of each Party or the research activities of the RESEARCH PROJECTS.  Each Party will also voluntarily provide data, information and material generated in the RESEARCH PROJECT to the other Party as required to  further the Parties' mutual goals defined in each RESEARCH PROJECT or in any other agreement between the Parties. Each Party will have the  right, upon reasonable notice to the other Party, to visit any location where RESEARCH PROJECT activities are conducted for the purposes of  evaluating RESEARCH PROJECT progress and outcomes, and particularly to make observations of any plants in growth chambers, greenhouses  or fields that are a part of a RESEARCH

  •   timelines of such activities

  •   goals, expected results and deliverables

  •   milestones and go and no-go decision points

  •   all reports to be delivered to the MANAGEMENT COMMITTEE (Article 2) and the required delivery dates for the same

  •   additional information on RESEARCH PROJECT activities: breeding records and biological or other material generated in such  activities to be provided to the other Party, including delivery method and time

  •   location of activities

  •   identity of RESEARCH PROJECT principal investigators for CERES and IGER

  •   identity and location of any SUBCONTRACTORS (Article 1.13) to be used for the RESEARCH PROJECT activities

  •   number of FTE's made available by each Party for the RESEARCH PROJECT, including names of any IGER PhD-level employees

  •   other inputs and resources made available by each Party for the RESEARCH PROJECT

  •   financial contributions of each Party to the RESEARCH PROJECT

  •   provisions on intellectual property, including lists of BACKGROUND INTELLECTUAL PROPERTY and any provisions which are  different from those set forth in this Agreement

  •   provisions on use and commercialization rights which are different from those set forth in this Agreement

  •   provisions on expiration and early termination

      CERES-IGER Collaboration Agreement    Page 4 of 75







PROJECT. Each Party will comply with any reasonable safety and security measures which may be imposed by the other Party when visiting such  other Party's location.

1.6 Any transfer of information or material pursuant to this Agreement or any SCHEDULE will be governed by the provisions of this Agreement on  CONFIDENTIALITY (Article 7) and PUBLICATIONS (Article 8). Any transfer of material shall be accompanied by a receipt form in the preferred  format attached as EXHIBIT B to this Agreement. Such receipt forms shall be signed by representatives of both the sending and receiving Parties.

1.7 Unless otherwise specified in a SCHEDULE, each Party shall bear its own costs and pay its own SUBCONTRACTORS, with respect to its  RESEARCH PROJECT activities.

1.8 Where a SCHEDULE provides that CERES will make a financial contribution to certain RESEARCH PROJECT activities performed by IGER,  unless agreed otherwise in the appropriate SCHEDULE, IGER will submit invoices after the end of each calendar quarter for the work performed  during that quarter. Each such invoice shall reflect only those costs that have been incurred in performance of the RESEARCH PROJECT and shall  provide a breakdown of costs similar to the detail set forth in the budget of the related SCHEDULE. CERES will pay all such invoices within thirty  (30) days after the invoice date. Payments shall be remitted to:

Institute Secretary   Institute of Grassland and Environmental Research   Plas Gogerddan   Aberystwyth   Ceredigion   SY23 3EB   United Kingdom

1.9 Each Party will conduct RESEARCH PROJECT activities exclusively in laboratories, greenhouses or fields under full control of that Party or of  its SUBCONTRACTORS authorized by this Agreement. Each Party will take all reasonable precautions to prevent damage to, or unintentional  destruction of or release of any germplasm created in the RESEARCH ACTIVITIES.

1.10 Each Party shall be responsible for its compliance with all applicable laws, rules and regulations, including, without limitation, those relating to  genetically modified organisms (to the extent RESEARCH PROJECTS involve such organisms). Each Party shall obtain any and all permits or  authorizations or proceed to any notifications which may be required by such laws, rules and regulations.

1.11 Each Party will require any and all of its employees or students who will perform activities in RESEARCH PROJECTS to be bound by a written  agreement(s) that commits their inventions, discoveries and other intellectual property to the Party-employer and requires confidential treatment of  Party and third-party confidential information.

1.12 The RESEARCH PROJECT principal investigators named in each SCHEDULE shall be charged with leading the RESEARCH PROJECT  described therein.         CERES-IGER Collaboration Agreement    Page 5 of 75







1.12.1 RESEARCH PROJECT principal investigators may not vary the SCHEDULE of delivery, amount, method of payment or any provision of a  SCHEDULE. No such change shall be effective unless and until it is reduced to writing in the form of an amendment to such SCHEDULE in  accordance with Article 17.1.

1.12.2 Substitution by IGER of a RESEARCH PROJECT (a) principal investigator or (b) a CERES-funded, PhD-level, IGER employee named or  filling a defined position listed in a SCHEDULE shall be subject to CERES' prior written approval, which will not unreasonably be withheld or  delayed. IGER will notify CERES, in writing, of any substitution by IGER of a non-CERES-funded, PhD-level employee named or who filled a  defined position listed in a SCHEDULE. CERES will notify IGER, in writing, of any substitution by CERES of a RESEARCH PROJECT principal  investigator or a PhD-level CERES employee named or who filled a defined position listed in a SCHEDULE.

1.13 Each Party may subcontract certain parts of its RESEARCH PROJECT activities to third parties, or use third party consultants in connection  with RESEARCH PROJECT activities, but only if the subcontract or consultancy agreement is in writing and complies with the terms and  conditions set forth hereinafter. Such third parties with whom such a subcontract or consultancy agreement is executed will be referred to as  SUBCONTRACTORS.

1.13.1 Any intended agreement with a SUBCONTRACTOR shall be identified in a SCHEDULE if known at the time the SCHEDULE is executed  by the Parties. IGER will obtain CERES' prior written consent before entering into any agreement with a SUBCONTRACTOR which is not listed  in a SCHEDULE.

1.13.2 The following terms and conditions shall apply to IGER's SUBCONTRACTORS: (a) the SUBCONTRACTOR shall perform defined  activities on behalf and for the benefit of IGER in exchange for a fee or other tangible consideration; (b) the SUBCONTRACTOR shall deliver all  the results of the SUBCONTRACTOR'S activities under the subcontract to IGER only, and assign ownership of or exclusively license any  inventions made during the performance of the subcontracting activities to IGER, without any further remuneration and (c) the  SUBCONTRACTOR shall not have the right to use any results, whether information or material, for any purpose whatsoever other than the  performance of the subcontract; provided however, not-for-profit research institution SUBCONTRACTORS may be granted the right to use  certain information generated pursuant to the subcontract for their internal academic research and educational purposes (i.e., not in  collaboration with or for the benefit of any third party). IGER will provide to CERES a draft copy of any subcontract IGER is planning to  conclude at least fifteen (15) days before the scheduled signature date and will provide a true copy of any subcontract to CERES within thirty  (30) days of its execution.

1.13.3 It is anticipated that any agreements with commercial SUBCONTRACTORS will be entered into by CERES. At CERES' request, IGER will  assist CERES in identifying SUBCONTRACTORS for any field activities. The following conditions shall apply to CERES SUBCONTRACTORS:  CERES will inform IGER, in writing, of any SUBCONTRACTORS used by CERES for the performance of RESEARCH PROJECT activities.         CERES-IGER Collaboration Agreement    Page 6 of 75







1.13.4 All SUBCONTRACTORS shall be bound by confidentiality obligations consistent with the terms and obligations of this Agreement. All  SUBCONTRACTORS shall be responsible for their respective compliance with all laws, rules and regulations that govern their activities.

1.13.5 For variety evaluation and performance testing using not-for-profit research institution SUBCONTRACTORS, the Parties agree that each  transfer of plant material shall be governed by a written agreement consistent with the preferred forms set forth in EXHIBIT C to this  Agreement.

1.14 The Parties mutually agree that any applications for extramural funding for a RESEARCH PROJECT, from governmental authorities or other  public sources, will be subject to the prior, written agreement, neither unreasonably withheld or delayed, by both Parties; provided however, the  Parties acknowledge that CERES and/or IGER has or has applied for certain government, extramural funding prior to the Effective Date (EXHIBIT D  to this Agreement), and such funding (or possible funding, if awarded) shall not be construed as a breach of the obligations of this Article.

1.15 IGER agrees not to accept research funding from for-profit entities to perform any RESEARCH PROJECT, whether in whole or in part, initiated  under this Agreement without the prior written consent of CERES.

1.16 The Parties acknowledge and agree that certain RESEARCH PROJECT activities may be covered by government funding set forth in EXHIBIT  D and corresponding agreements set forth in EXHIBIT E, as indicated in the relevant SCHEDULE(S). In particular, the Parties acknowledge and  agree that IGER will comply with its obligations under the DEFRA project NF 0426 The generic improvement of miscanthus for  biomass (DEFRA agreement NF 0426), including without limitation its obligation to meet the objectives set forth in such project and to report to  DEFRA on its results relating to such activities. The Parties further agree that such compliance will not affect any provisions of this Agreement  nor of any SCHEDULE, except if explicitly provided otherwise, including without limitation the provisions on INTELLECTUAL PROPERTY in  Article 4 and on USE AND COMMERCIALIZATION RIGHTS in Article 5.

2.1 The Parties will establish a MANAGEMENT COMMITTEE to supervise the implementation, execution and progress of this Agreement and its  RESEARCH PROJECTS. The MANAGEMENT COMMITTEE will consist of four (4) members, two (2) to be appointed by each Party and will meet  at least once every calendar quarter, in person or by telephone, on dates and at locations to be mutually agreed. The representatives of each Party  may invite other employees of that Party to meeting on an as-needed basis, subject to prior notification of the other Party.

2.2 Decisions of the MANAGEMENT COMMITTEE shall be made by unanimous agreement and recorded in a manner prescribed by the  MANAGEMENT COMMITTEE as a true record of the decisions. If the MANAGEMENT COMMITTEE cannot come to a unanimous agreement  on any matter then the status quo shall apply.

2.3 The responsibilities of the MANAGEMENT COMMITTEE shall be as follows:

2.  MANAGEMENT COMMITTEE.

      CERES-IGER Collaboration Agreement    Page 7 of 75







3.1 In consideration of CERES' development of new markets for the COLLABORATION CROPS and the significant activities associated with the  development of this market, IGER agrees to grant CERES exclusive access to IGER's plant improvement activities specifically involving the  COLLABORATION CROPS, whether through plant breeding, transformation, propagation methods or otherwise, subject however to the  exceptions expressly set forth in this Agreement.

3.2 During the term of this Agreement, subject to the provisions of this Agreement on subcontracting (Article 1.13 and its related subsections) and  subject to the agreements entered into by IGER prior to the Effective Date and defined in EXHIBIT E to this Agreement, as such agreements exist  on the Effective Date (EXISTING AGREEMENTS), IGER agrees to comply with the obligations set forth hereinafter:

3.2.1 for-profit third parties.

IGER will not collaborate with or perform any activities for the benefit of or grant any rights to any for-profit third party in the field of the  COLLABORATION CROPS without the prior written consent of CERES.

  -   supervise and review the implementation of the RESEARCH PROJECTS;

  -   approve principal investigators and project teams for RESEARCH PROJECTS;

  -   determine the resources necessary to achieve the goals of each RESEARCH PROJECT, within the limits of the RESEARCH PROJECT  budget provided in the relevant SCHEDULE;

  -   adjust the research activities defined in a RESEARCH PROJECT, subject to the overall budget for that RESEARCH PROJECT in a given  year;

  -   review achievement of goals and timelines; propose adjustments of goals or timelines to the Parties;

  -   review achievement of agreed annual milestones for overhead payment purposes and make recommendations relating to milestones to  the Parties;

  -   review proposed publications and formulate recommendations to the Parties on publications;

  -   review intellectual property matters relating to the implementation of this Agreement and formulate recommendations to the Parties  regarding such matters;

  -   review subcontracting matters and formulate recommendations to the Parties regarding such matters;

  -   review reports to be provided pursuant to SCHEDULES;

  -   such other responsibilities as the Parties jointly may explicitly grant to the MANAGEMENT COMMITTEE.

3.  EXCLUSIVITY.

      CERES-IGER Collaboration Agreement    Page 8 of 75







a. CERES will not unreasonably withhold its consent for collaborations with small companies (less than fifty (50) employees including  world-wide affiliates) established in the United Kingdom (UK COMPANIES), with respect to research programs involving  COLLABORATION CROPS in the field of environmental impact, carbon sequestration, climate change mitigation, agronomy, or  compositional or conversion analysis, provided that (i) IGER will receive the exclusive right (subject to Articles 5.1.2(a) and 5.2) to use and  exploit commercially the results of such research programs for GERMPLASM IMPROVEMENT (as defined hereinafter) of the  COLLABORATION CROPS, (ii) CERES will have access to the results of such research programs to the extent allowed by the relevant  agreement between IGER and the third party and IGER will use reasonable efforts to obtain such right for CERES, and (iii) there is no  conflict with CERES' commercial interests.

b. CERES recognizes that IGER may receive requests from third parties to make available germplasm of CERTAIN MISCANTHUS  ACCESSIONS. IGER will have the right to make available germplasm of CERTAIN MISCANTHUS ACCESSIONS to third parties for  research purposes (including breeding), subject to the terms and conditions under which IGER holds such accessions. CERTAIN  MISCANTHUS ACCESSIONS shall mean the Miscanthus accessions collected by IGER in 2006 from China, Taiwan and Japan, as  originally collected by IGER.

3.2.2 not-for-profit third parties.

a. GERMPLASM IMPROVEMENT shall mean any activities to improve a crop, including without limitation selection, breeding,  transgenic improvement, markers, propagation systems:

IGER will not collaborate with or perform any activities for the benefit of or grant any rights to any not-for-profit third party with respect  to GERMPLASM IMPROVEMENT of COLLABORATION CROPS without the prior written consent of CERES. CERES will not  unreasonably withhold its consent for research programs with respect to GERMPLASM IMPROVEMENT of COLLABORATION CROPS  with academic institutions in the European Union under United Kingdom government or European Union funding, provided that (i) IGER  will have the exclusive right to use and exploit commercially the results of such research programs obtained by IGER, (ii) no  COLLABORATION CROP germplasm will be made available by IGER to any third party for selection, breeding or propagation work, or for  genetic transformation of such germplasm, except that IGER may make available germplasm of CERTAIN MISCANTHUS ACCESSIONS  for research purposes (including breeding), subject to the terms and conditions under which IGER holds such accessions, and (iii) if  requested by CERES, IGER will use reasonable efforts to obtain commercialization rights for CERES on results         CERES-IGER Collaboration Agreement    Page 9 of 75







obtained by third parties in such collaborative research programs or breeding activities.

b. environmental impact, carbon sequestration, climate change or agronomy studies, and compositional or conversion analysis:

if IGER would enter into any agreement (or amendment of an existing agreement including without limitation EXISTING AGREEMENTS)  after the Effective Date with a not-for-profit third party with respect to research in the field of environmental impact, carbon sequestration,  climate change mitigation, agronomy, or compositional or conversion analysis relating to COLLABORATION CROPS, such agreement  must provide that (i) IGER will receive the exclusive right (subject to Articles 5.1.2(a) and 5.2) to use and exploit commercially the results  obtained pursuant to such agreement for GERMPLASM IMPROVEMENT of COLLABORATION CROPS and (ii) CERES will have access  to the results of such research programs to the extent allowed by the relevant agreement between IGER and the third party and IGER will  use reasonable efforts to obtain such right for CERES.

3.2.3 IGER will provide a draft of any agreement intended to cover an activity referred to in Article 3.2.1 a. or b. or 3.2.2 a. or b. to CERES,  together with its written request for consent where such consent needs to be obtained. CERES will respond in writing within thirty (30) days  or such other period of time as the Parties may agree in writing. In exceptional urgent cases, when asked by IGER, CERES will respond as  soon as reasonably possible. Further, where Articles 3.2.1 or 3.2.2 refer to Ceres' access to results or right to use and commercially exploit  such results, IGER will report such results to CERES in compliance with the terms hereof.

3.2.4 Whenever rights are granted to IGER pursuant to agreements referred to in Articles 3.2.1 or 3.2.2 (Third Party Agreement Rights), the  provisions of this Agreement about the grant of rights by IGER to CERES will apply and such Third Party Agreement Rights shall be treated  as IGER INTELLECTUAL PROPERTY (unless they qualify as JOINT INTELLECTUAL PROPERTY under the circumstances).

3.3 During the term of this Agreement, IGER will notify CERES, in writing, of any contemplated internal (i.e. not involving third parties but  including government-funded) research activities (i.e., non-RESEARCH PROJECTS) that specifically involve the COLLABORATION CROPS,  except research activities that relate solely to environmental impact, carbon sequestration, climate change or agronomy studies. If CERES so  requests, the Parties will negotiate in good faith to agree on a new RESEARCH PROJECT and accompanying SCHEDULE or an amendment to an  existing SCHEDULE on the basis of such research proposal. If CERES does not request such negotiations, or if the Parties fail to reach agreement  on a new SCHEDULE (or amendment to an existing SCHEDULE) within thirty (30) days (or such other time period as the Parties may agree) from  IGER's notice, IGER will have the right, subject to Articles 3.2 and 5.3, to proceed to such internal research, and IGER will provide a written report  to CERES on the results of such research. CERES is hereby granted a first option, to be exercised by written notice within thirty (30) days from         CERES-IGER Collaboration Agreement    Page 10 of 75







IGER's aforementioned written report or such other time period as the Parties may agree to be granted the same right as set forth in Article 5.3 to  commercialize any results of such activities.

3.3.1 If CERES exercises its option to commercialize under Article 3.3, CERES and IGER shall negotiate the terms of a commercialization  agreement that covers the reported result with reference to any commercialization agreement then in existence between the Parties or the model  license agreement or remuneration principles included herein (as applicable). If, despite the Parties' good faith efforts, CERES and IGER are  unable to agree upon the terms and conditions of such agreement within one hundred and eighty (180) days after commencing good faith  negotiations, CERES shall have the right to start the dispute resolution procedure in Article 15 for any outstanding unresolved issues.

3.3.2 If CERES declines to exercise the option under Article 3.3 or fails to respond within thirty (30) days of IGER's notice under Article 3.3, then  IGER shall then be free to commercially exploit the results or offer rights in such results to third parties in any and all crops.

3.3.3 IGER will have no restrictions to undertake internal (i.e. not involving third parties but including government-funded) research activities  that involve COLLABORATION CROPS but relate solely to environmental impact, carbon sequestration, climate change or agronomy studies.  IGER will use all reasonable efforts to inform CERES of the results of any such activities.

4.1 JOINT INTELLECTUAL PROPERTY shall mean (a) all patentable inventions conceived, discovered, developed and/or reduced to practice (i)  jointly by one or more employees, agents, or students of CERES and by one or more employees, agents, or students of IGER in the performance of  any RESEARCH PROJECT(S) or (ii) by one or more employees, agents or students of IGER in the performance of any RESEARCH PROJECT(S) to  the extent CERES provides a financial contribution for such RESEARCH PROJECT, which is not less than twenty-five percent (25%) of either the  overall cost of such RESEARCH PROJECT or of the activity during which the invention was made, unless expressly provided otherwise in a  SCHEDULE; (b) patents, patent applications, plant variety rights, plant variety right applications, reissues, continuations, continuations-in-part  and divisionals claiming such patentable inventions in any country of the world; (c) all trade secrets and copyrighted works created jointly by one  or more employees, agents, or students of CERES and by one or more employees, agents, or students of IGER in the performance of any  RESEARCH PROJECT(S); and (d) all germplasm and plant varieties created in the performance of plant breeding activities in the performance of  any RESEARCH PROJECT(S).

4.2 CERES INTELLECTUAL PROPERTY shall mean (a) all patentable inventions conceived, discovered, developed, and/or reduced to practice  by one or more employees, agents, or students of CERES in the performance of any RESEARCH PROJECT(S), except as set forth in Article 4.1; (b)  patents, patent applications, plant variety rights, plant variety right applications, reissues, continuations, continuations-in-part, and divisionals  claiming such patentable inventions in any country of the world; and (c) all trade secrets and copyrighted works created by one or more  employees, agents, or students of CERES in the performance of any RESEARCH PROJECT(S) .

4.  INTELLECTUAL PROPERTY.

      CERES-IGER Collaboration Agreement    Page 11 of 75







4.3 IGER INTELLECTUAL PROPERTY shall mean (a) all patentable inventions conceived, discovered, developed, and/or reduced to practice by  one or more employees, agents, or students of IGER in the performance of RESEARCH PROJECT(S), except as set forth in Article 4.1; (b) patents,  patent applications, plant variety rights, plant variety right applications, reissues, continuations, continuations-in-part, and divisionals claiming  such patentable inventions in any country of the world; and (c) all trade secrets and copyrighted works created by one or more employees, agents,  or students of IGER in the performance of RESEARCH PROJECT(S).

4.4 OTHER RESEARCH RESULTS shall mean all data, information, procedures, techniques and know-how generated in the performance of  RESEARCH PROJECT(S), but expressly excludes JOINT INTELLECTUAL PROPERTY, CERES INTELLECTUAL PROPERTY, and IGER  INTELLECTUAL PROPERTY.

4.5 BACKGROUND INTELLECTUAL PROPERTY shall mean (i) inventions, discoveries, materials, data and information, whether patentable or  not; including related know-how; (ii) patents, patent applications, plant variety rights, plant variety right applications, reissues, continuations,  continuations-in-part and divisionals in any country of the world; and (iii) trade secrets or copyrighted works, which are individually or  collectively created, developed, made, acquired or licensed in by CERES or IGER independent of the activities performed pursuant to this  Agreement, including its SCHEDULES.

4.5.1 Any Party asserting that certain intellectual property is BACKGROUND INTELLECTUAL PROPERTY shall have the burden of  substantiating such claim, if necessary, with tangible evidence, including but not limited to paper or electronic records.

4.5.2 The Parties acknowledge and agree that all relevant BACKGROUND INTELLECTUAL PROPERTY for a RESEARCH PROJECT should be  set forth within the corresponding SCHEDULE. With respect to each element of BACKGROUND INTELLECTUAL PROPERTY listed in a  SCHEDULE, the listing Party shall include the following: ownership or licensed rights (exclusive or non-exclusive) held by the listing Party (if  no ownership) with respect to the COLLABORATION CROPS. Notwithstanding, subject to Article 4.5.1, failure to specifically set forth such  BACKGROUND INTELLECTUAL PROPERTY in a SCHEDULE will not foreclose a later claim that certain intellectual property is  BACKGROUND INTELLECTUAL PROPERTY.

4.6 CERES and IGER shall have an undivided interest in JOINT INTELLECTUAL PROPERTY. Consequently, any and all patent applications or  plant variety rights applications that cover JOINT INTELLECTUAL PROPERTY shall be assigned jointly to CERES and IGER as soon as  practicable.

4.6.1 All rights and title to CERES INTELLECTUAL PROPERTY and CERES BACKGROUND INTELLECTUAL PROPERTY shall belong to  CERES, and IGER shall not acquire any interest in the same by its performance under this Agreement.

4.6.2 All rights and title to IGER INTELLECTUAL PROPERTY and IGER BACKGROUND INTELLECTUAL PROPERTY shall belong to IGER,  and CERES shall not         CERES-IGER Collaboration Agreement    Page 12 of 75







acquire any interest in the same by its performance under this Agreement, except as expressly provided in this Agreement.

4.7 Each Party will notify the other Party, in writing (INVENTION NOTICE), within thirty (30) days of reduction to practice or knowledge of  conception or discovery of JOINT INTELLECTUAL PROPERTY, and each INVENTION NOTICE will describe the JOINT INTELLECTUAL  PROPERTY with sufficient specificity to allow assessment by the other Party.

4.8 The Parties shall consult as soon as possible but in any case within twenty (20) days of receiving an INVENTION NOTICE whether to proceed  to obtain intellectual property protection on the disclosed JOINT INTELLECTUAL PROPERTY or whether to protect the same through other  methods. CERES shall have the first option to pursue such protection in its best judgment in the joint names of both Parties. If CERES so elects by  written notice within sixty (60) days of such initial consultation, CERES shall be the ADMINISTERING PARTY for the purposes of this  Agreement.

4.8.1 The ADMINISTERING PARTY shall be responsible for retaining counsel, overseeing the process of securing intellectual property  protection (i.e., the preparation, filing and prosecution of patent or plant variety rights application(s)) and maintaining intellectual property  protection for the mutual benefit of the Parties, in its best judgment, for that which it has prosecution responsibility. In addition to other  reporting responsibilities provided below, the ADMINISTERING PARTY shall promptly notify the other Party following retention of counsel.  The Parties will provide, and cause their respective employees, agents and students to provide, all reasonable assistance which may be required  in connection with the filing and prosecution of such intellectual property rights, including without limitation the signing of documents.

4.8.2 The ADMINISTERING PARTY shall keep the non-administering Party advised as to all developments with respect to all patent and plant  variety rights application(s) and issued patents and plant variety rights covering jointly owned JOINT INTELLECTUAL PROPERTY, which  includes supplying copies of all papers received and filed in connection with such applications and patents in sufficient time for the non- administering Party to comment thereon.

4.9 CERES agrees to bear all legal expenses incurred by CERES as an ADMINISTERING PARTY in obtaining and maintaining patents and plant  variety rights, U.S. and other, covering JOINT INTELLECTUAL PROPERTY.

4.10 If CERES does not elect to file an application for a patent or plant variety rights or continue maintenance of a patent or plant variety rights in a  particular country, consistent with the consultation of Article 4.8, IGER may file such application, continue such prosecution, or maintain such  patent or plant variety rights at its own expense; provided however, that prior to filing any such application IGER will not take any action or  proceed to any filing which would lead to the possible disclosure of information which CERES wishes to keep confidential, as notified by CERES to  IGER in writing. For any such application, patent or plant variety rights, IGER shall serve as the ADMINISTERING PARTY. CERES shall have non- exclusive rights under the specific patent application(s), plant variety right application(s), patent(s) and/or plant variety right(s) in the country(ies)  in which CERES declined to initiate or continue its participation, subject to paying IGER         CERES-IGER Collaboration Agreement    Page 13 of 75







reasonable remuneration (whether as a royalty or in some other form as the Parties may agree) to be negotiated in good faith, and in any case  CERES shall remain free to use and practice the JOINT INTELLECTUAL PROPERTY covered by such specific patent application(s)/patent(s) or  plant variety rights application(s)/plant variety right(s) for research and evaluation purposes.

4.11 At each quarterly meeting of the MANAGEMENT COMMITTEE, CERES will report CERES INTELLECTUAL PROPERTY on which patent  applications were filed in the preceding quarter and the general subject matter of patent applications reasonably anticipated to be filed in the near  term, and IGER will report IGER INTELLECTUAL PROPERTY on which patent applications were filed in the preceding quarter and the general  subject matter of patent applications reasonably anticipated to be filed in the near term. In addition, the Parties may exchange information  regarding their respective INTELLECTUAL PROPERTY at other times as they deem fit.

4.12 The provisions of this Article 4 and specifically but without limitation the definitions in Articles 4.1 through 4.4 and Articles 4.6 and 4.7 shall  apply to any results obtained in RESEARCH PROJECTS, including results of activities covered by EXISTING AGREEMENTS, except if expressly  provided otherwise in a SCHEDULE or in Article 18.

5.1.1 Through the express grant of such rights in any SCHEDULE, CERES may grant IGER the right to use CERES INTELLECTUAL PROPERTY  to the extent required for, and for the sole purpose of, the performance by IGER (or its SUBCONTRACTORS) of RESEARCH PROJECTS.  SCHEDULES may specify that similar rights are granted with respect to defined elements of CERES BACKGROUND INTELLECTUAL  PROPERTY.

5.1.2 IGER shall have the right to use JOINT INTELLECTUAL PROPERTY and OTHER RESEARCH RESULTS (a) for the purpose of the  implementation of RESEARCH PROJECTS; (b) subject to Article 3 and CERES' prior written approval, for internal research purposes and  research under United Kingdom government or European Union funding in collaboration with academic institutions in the European Union,  provided that CERES' approval may be conditional upon (i) CERES receiving the exclusive right (subject to Articles 5.1.2(a) and 5.2) to use and  exploit commercially the results of such research in COLLABORATION CROPS, (ii) adequate safeguards to prevent unauthorized use or  disclosure of JOINT INTELLECTUAL PROPERTY, OTHER RESEARCH RESULTS or results directly or indirectly based on any of the foregoing  and (iii) CERES reviewing and approving the terms and conditions of any agreement governing such research activities.

5.2.1 RELEASED VARIETY shall mean any variety of a COLLABORATION CROP which constitutes JOINT INTELLECTUAL PROPERTY and  which is released for commercialization pursuant to a SCHEDULE. IGER shall have the non-exclusive right to exploit commercially RELEASED  VARIETIES in the United Kingdom.

5.  USE AND COMMERCIALIZATION RIGHTS.

  5.1  IGER Research Rights.

  5.2  Commercialization Rights of IGER in the United Kingdom.

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5.2.2 If the commercial exploitation of a RELEASED VARIETY in the United Kingdom by IGER requires a license on CERES INTELLECTUAL  PROPERTY or BACKGROUND INTELLECTUAL PROPERTY of CERES, CERES shall negotiate in good faith with IGER or a designee of IGER  about the grant of such a license, provided however that CERES shall have no obligation to grant any license on transgenes or transgenic  technologies.

5.2.3 Unless otherwise agreed by the Parties, IGER shall pay royalties to CERES under its non-exclusive right set forth in Article 5.2.1 at a rate  equal to one half of the royalty rate in CERES' exclusive license agreement for the same RELEASED VARIETY, and CERES shall pay royalties at  the same rate to IGER for sales by CERES, its AFFILIATED COMPANIES or licensees in the United Kingdom.

5.3.1 Subject to Articles 5.1 and 5.2, the Parties acknowledge and agree that CERES shall have the exclusive right, with the right to grant  sublicenses to this right, to use and commercially exploit JOINT INTELLECTUAL PROPERTY (including but not limited to RELEASED  VARIETIES) and OTHER RESEARCH RESULTS for any and all uses and fields, including, but not limited to, use in the COLLABORATION  CROPS and crops other than the COLLABORATION CROPS. Any commercialization (including, but not limited to, the grant of  commercialization licenses) of JOINT INTELLECTUAL PROPERTY and/or OTHER RESEARCH RESULTS shall result in CERES paying IGER a  reasonable remuneration (whether as a royalty or in some other form as the Parties may agree) to be negotiated in good faith. The terms for  remuneration will be specified, with respect to specific RESEARCH PROJECTS, JOINT INTELLECTUAL PROPERTY and/or OTHER  RESEARCH RESULTS, either in the respective SCHEDULES or in other agreements to be executed by the Parties.

5.3.2 Subject to Articles 5.1 and 5.2, IGER grants CERES an exclusive, world-wide license, with the right to grant sublicenses, to use and exploit  commercially (a) IGER's interest in any JOINT INTELLECTUAL PROPERTY (including but not limited to RELEASED VARIETIES) and OTHER  RESEARCH RESULTS; (b) IGER INTELLECTUAL PROPERTY and (c) when and only to the extent necessary for the commercialization or use of  JOINT INTELLECTUAL PROPERTY and/or OTHER RESEARCH RESULTS and/or IGER INTELLECTUAL PROPERTY for the  COLLABORATION CROPS, IGER BACKGROUND INTELLECTUAL PROPERTY, subject to paying IGER reasonable remuneration (whether as  a royalty or in some other form as the Parties may agree) to be negotiated in good faith. Such license grants will be further specified in  SCHEDULES to this Agreement and/or other agreements to be executed by the Parties. Unless otherwise agreed by both Parties, license  agreements for non-transgenic RELEASED VARIETIES will be based on the Model License Agreement for Non-transgenic Varieties in  EXHIBIT G or such other model license agreements as the Parties may agree upon. Certain remuneration principles to be included in other  license agreements, unless the Parties agree otherwise, are set forth in EXHIBIT H.

  5.3  Commercialization Rights — Other.

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6.1 CERES will have the right, at its own discretion and expense, to take any action to enforce and to initiate and prosecute suits for infringement of  jointly owned intellectual property rights covering JOINT INTELLECTUAL PROPERTY. CERES and IGER will consult with each other upon a  course of action and enforcement strategy. CERES will be responsible for the conduct of any such enforcement action, and IGER will reasonably  cooperate with CERES to effect the enforcement action, and if appropriate, determine a settlement position. CERES shall be responsible for  retaining counsel and shall promptly notify IGER following retention of counsel, and IGER agrees to be represented by such counsel as may be  required for any enforcement action or settlement. For purposes of settlement, CERES shall be the contact with the Parties' counsel as well as the  opposing Party(ies) and shall have the right to enter into settlements. CERES shall keep IGER advised as to all developments with respect to the  enforcement action and settlement discussions, which includes supplying to IGER copies of all papers received and filed in sufficient time for IGER  to comment thereon. IGER may attend any and all meetings with the Parties' counsel and the opposing side for settlement purposes. IGER agrees  to join voluntarily in any action brought by CERES as a Party plaintiff/defendant, if necessary, at the expense of CERES. If necessary, IGER agrees  to enter into a joint defense agreement.

6.2 In situations where a substantial commercial interest of IGER in the United Kingdom is harmed by infringement, and CERES elects not to pursue  any action to enforce and to initiate and prosecute suits for infringement, IGER shall have the right to pursue any such action and CERES will  reasonably cooperate with IGER, if necessary, to permit IGER to properly enforce its rights. IGER will be responsible for the conduct of any such  enforcement action. IGER shall be responsible for retaining counsel and shall promptly notify CERES following retention of counsel, and CERES  agrees to be represented by such counsel as may be required for any enforcement action or settlement. For purposes of settlement, IGER shall be  the contact with the Parties' counsel as well as the opposing Party(ies) and shall have the right to enter into settlements. IGER shall keep CERES  advised as to all developments with respect to the enforcement action and settlement discussions, which includes supplying to CERES copies of  all papers received and filed in sufficient time for CERES to comment thereon. CERES may attend any and all meetings with the Parties' counsel and  the opposing side for settlement purposes. CERES agrees to join voluntarily in any action brought by IGER as a Party plaintiff/defendant, if  necessary, at the expense of IGER. If necessary, CERES agrees to enter into a joint defense agreement.

6.3 Any damages received by a Party as a result of an enforcement action of rights to JOINT INTELLECTUAL PROPERTY, after deduction of all  enforcement related costs incurred by such Party, shall be considered as revenues for the purpose of remuneration payments to the other Party, as  set forth in any applicable license/commercialization agreement between the Parties. In the absence of any such license/commercialization  agreement, the Parties will share such damages after deduction of all enforcement related costs incurred by the Party receiving the damages, in  proportion to their relative financial contributions to the creation (i.e., research and development) of such JOINT INTELLECTUAL PROPERTY.

7.1 As used in this Agreement, the term Confidential Information shall mean (a) all non-public information and material received by one Party  from the other in furtherance of the

6.  ENFORCEMENT OF JOINT INTELLECTUAL PROPERTY RIGHTS.

7.  CONFIDENTIALITY.

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collaboration contemplated by this Agreement and (b) any and all information, results including material and observations generated in the  performance of any RESEARCH PROJECT including, without limitation, CERES INTELLECTUAL PROPERTY, IGER INTELLECTUAL PROPERTY,  JOINT INTELLECTUAL PROPERTY and OTHER RESEARCH RESULTS. Confidential Information can include, but is not limited to, information  concerning the disclosing Party's operations, research, processes, techniques, data and non-public materials.

7.2 Subject to Article 7.3, for a period of five (5) years after the termination of the related RESEARCH PROJECT, the receiving Party shall not use,  except (a) for the benefit of the Parties' collaboration or (b) such use as is expressly allowed by this Agreement and/or disclose any Confidential  Information to any third party (i) without the prior written consent of the disclosing Party if the Confidential Information was received from the  other Party, or (ii) the prior written consent of both Parties if the Confidential Information was generated during a RESEARCH PROJECT, provided  however that CERES shall have no restrictions regarding CERES INTELLECTUAL PROPERTY or regarding any information of material resulting  from RESEARCH PROJECT activities in which IGER does not participate. Confidential Information shall only be made accessible to each Party's  employees or students on a need-to-know basis and not to any third party, subject to Articles 7.3 and 7.4. Manuscripts and papers published in  scientific journals and presentations made at public meetings that include Confidential Information are exempt from the confidentiality obligations  of this Article, provided the Parties followed the procedure set forth in Article 8.

7.3 The receiving Party shall have no obligations of confidentiality for information that: can be established through written evidence to be in the  possession of the receiving Party prior to the disclosure by the disclosing Party; is or becomes public knowledge through no fault of the  disclosing Party; and/or is acquired from others not under an obligation of confidentiality to the disclosing Party. In addition, the Parties, pursuant  to the express terms of this Agreement or any SCHEDULE or other agreement between the Parties, shall have the right to proceed to disclosures of  Confidential Information (a) as required to file for intellectual property protection or registration or deregulation or approval of genetically modified  organisms; (b) as required to exercise commercialization rights granted in or on the basis of this Agreement and for related marketing activities; (c)  as required by laws, rules or regulation or court ordering such as, without limitation, SEC regulations and IRS regulations; or (d) in CERES'  reasonable judgment for the limited purpose of (potential) investors and business partners, but only with respect to the Confidential Information  defined in Article 7.1 (b) and not other Confidential Information of IGER.

7.4 The Parties acknowledge and agree that IGER will comply with its reporting obligations to DEFRA as required by the DEFRA agreement NF  0426 referred to in EXHIBIT E, provided that IGER shall (i) not disclose any CERES BACKGROUND INTELLECTUAL PROPERTY, CERES  INTELLECTUAL PROPERTY or OTHER RESEARCH RESULTS obtained by CERES, (ii) use all reasonable efforts to ensure that the confidentiality  of all other results of RESEARCH PROJECTS is maintained to the extent allowed by the applicable regulations, and (iii) provide a draft of any such  report to CERES at least thirty (30) days before the submission date and take CERES' comments, if any, into account.         CERES-IGER Collaboration Agreement    Page 17 of 75







8. PUBLICATIONS.

8.1 The Parties agree that the researchers involved in the RESEARCH PROJECTS are permitted to present methods and/or results of the  RESEARCH PROJECTS at symposia and professional meetings and to publish the same in journals or the like; provided however, the disclosing  Party must furnish copies of any proposed publication, presentation or disclosure (collectively Disclosure) to the other Party at least thirty (30)  days in advance of the specific submission, presentation or other disclosure.

8.2 The non-disclosing Party shall have the thirty (30) day notice period to object, in writing, to such proposed Disclosure because it contains (a)  potentially patentable subject matter that needs protection or (b) BACKGROUND INTELLECTUAL PROPERTY or JOINT INTELLECTUAL  PROPERTY or INTELLECTUAL PROPERTY of the non-disclosing Party or OTHER RESEARCH RESULTS which need to be kept confidential for  compelling business reasons in the non-disclosing Party's reasonable judgment. In the event that the non-disclosing Party makes such objection,  the disclosing Party will (x) if applicable, elect to cooperate with the non-disclosing Party to obtain proper protection in accordance with the  provisions of Article 4 herein or (y) remove the objectionable subject matter from the Disclosure. No delay caused by the non-disclosing Party  under this Article shall extend beyond three (3) months, wherein upon such delay, the disclosing Party shall be permitted to proceed without being  in breach of this Article.

8.3 CERES and IGER shall use reasonable efforts to avoid any action that might jeopardize the ability of the Parties, individually or jointly as the  case may be, to obtain or retain valid/enforceable intellectual rights in JOINT INTELLECTUAL PROPERTY, IGER INTELLECTUAL PROPERTY or  CERES INTELLECTUAL PROPERTY.

8.4 Nothing in this Article 8 shall restrict disclosures that are allowed under Article 7.

8.5 Upon recommendation of the MANAGEMENT COMMITTEE, the Parties may adopt alternative review processes, in particular for information  to be presented at symposia or professional meetings or for activities directed towards legislative and regulatory bodies.

9.1 CERES will not identify IGER in any products, publicity, promotion, promotional advertising or other promotional materials to be disseminated  to the public, or use any trademark, service mark, trade name, logo or symbol that is representative of IGER or its entities, whether registered or not,  or use the name, title, likeness or statement of any IGER faculty member, employee or student, without IGER's prior written consent. Any use of  IGER's name shall be limited to statements of fact and shall not imply endorsement by IGER of CERES' research, products or services.

9.2 IGER will not identify CERES in any products, publicity, promotion, promotional advertising or other promotional materials to be disseminated  to the public, or use any trademark, service mark, trade name, logo or symbol that is representative of CERES or its entities, whether registered or  not, or use the name, title, likeness or statement of any CERES employee or student, without CERES' prior written consent. Any use of CERES'  name shall be limited to statements of fact and shall not imply endorsement by CERES of IGER's research, products or services.

9.  PUBLICITY.

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9.3 Notwithstanding any provision of this Article, either of the Parties can disclose or otherwise acknowledge, without restriction, the existence of  this Agreement as well as the collaborative relationship between the Parties without the prior consent of the other Party. Notwithstanding the  unilateral disclosure rights provided for in this Article, if the disclosure or acknowledgement takes the form of a written release by the disclosing  Party, the disclosing Party shall provide the other Party a copy of any such unilateral disclosure prior to its release so as to allow the other Party to  comment and shall take such comments reasonably into account. However, no advance copy needs to be provided of any releases referred to in  Article 9.4(a) or 9.4(b) or of any releases which are identical to previous releases.

9.4 The Parties intend to issue joint press releases regarding their collaboration. Any such press release and any press release by either Party will  be subject to the prior written approval of both Parties; provided however, that (a) CERES shall have the right to otherwise disclose information as  may be required in CERES' judgment to comply with SEC or IRS regulations or other laws, rules or regulations governing disclosure of information  and (b) IGER shall have the right to otherwise disclose information as may be required in IGER's judgment to comply with laws, rules or regulations  governing disclosure of information. Notwithstanding the unilateral disclosure rights provided for in this Article, the disclosing Party shall provide  the other Party a copy of any such unilateral disclosure preferably prior to its release.

10. RECORDS AND AUDITS.

IGER shall keep accurate and detailed records in accordance with good accounting practices of all expenses and extramural income, if any, relating  to the RESEARCH PROJECTS. All such records shall be subject to inspection by an independent auditor designated by CERES and reasonably  acceptable to IGER within normal business hours with at least fourteen (14) days notice. Such inspection rights shall terminate, with respect to  each RESEARCH PROJECT, on the third anniversary of the expiration or termination of such RESEARCH PROJECT.

11. INDEPENDENT CONTRACTOR.

The relationship of the Parties is that of independent contractors. Nothing herein is intended or will be construed to establish any agency,  partnerships or joint ventures. Neither Party is authorized or empowered to act as an agent for the other Party for any purpose, nor shall either  Party be bound by the acts or conduct of the other Party.

12. CONVENTION ON BIOLOGICAL DIVERSITY.

12.1 The Parties agree that they shall at all times comply with the Convention on Biological Diversity signed in 1992 at the Rio Earth Summit  (CBD) in the implementation of this Agreement, to the extent the CBD is applicable.

12.2 Any germplasm of COLLABORATION CROPS made available by IGER for a RESEARCH PROJECT will be identified in detail in the relevant  SCHEDULE. The origin of the material, date of collection and references to any agreements governing such material and/or the collection thereof  will be included. Reference to any such agreements existing on the Effective Date is included in EXHIBIT E or in Article 13.2.1.8.         CERES-IGER Collaboration Agreement    Page 19 of 75







12.3 With respect to any germplasm made available by IGER for a RESEARCH PROJECT which is covered by the CBD, CERES, in collaboration  with IGER who will provide all required assistance, will use reasonable efforts to obtain commercialization rights from the relevant competent  authorities in the countries where the germplasm was collected, allowing the grant of rights to CERES as provided in this Agreement.

13. WARRANTIES.

13.1 Representations and Warranties of CERES.

To the Knowledge of CERES as used in this Article 13.1 shall mean: to the actual knowledge, as of the Effective Date, of any member of the  Board of Directors or any officer of CERES or any employee of CERES who has actively participated in the negotiation of the transactions  contemplated by this Agreement.

13.1.1 CERES represents and warrants to IGER that:

13.1.1.1 CERES (a) is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware; (b) has  all requisite power and authority to conduct the business in which it is currently, or is currently proposed to be, engaged; (c) has the  corporate power and authority to execute and deliver this Agreement; and (d) has the corporate power and authority to perform its  obligations under this Agreement;

13.1.1.2 the execution, delivery, and performance by CERES of this Agreement have been duly authorized by all necessary corporate action  of CERES;

13.1.1.3 this Agreement has been duly executed and delivered by CERES, and constitutes the legal, valid and binding obligations of CERES  enforceable against CERES in accordance with its terms;

13.1.1.4 as of the Effective Date, CERES has not received notice of, and is not in default under, or with respect to, any contractual obligation,  which, individually or together with all such defaults, would have a material adverse effect on the ability of CERES to perform its obligations  under this Agreement;

13.1.1.5 to the Knowledge of CERES, no approval, consent, compliance, exemption, authorization or other action by, or notice to, or filing  with, any governmental agency or other person and no lapse of a waiting period is necessary or required in connection with the execution,  delivery or performance by, or enforcement against, CERES of this Agreement or the transactions contemplated hereby;

13.1.1.6 to the Knowledge of CERES, CERES has the right to make the conveyances and grants in accordance with the Articles hereof,  including, without limitation, the license grants in this Agreement, and no such conveyance or grant violates or constitutes an event that is  or would be with the passage of time, in any         CERES-IGER Collaboration Agreement    Page 20 of 75







material way, a violation, breach or default of, any material agreement or material obligation to which CERES is a party or by which it is  bound; and

13.1.1.7 all former and current employees of CERES have executed written agreements with CERES that assign to CERES all rights to any  inventions, improvements, discoveries or information relating to CERES' business, subject however to Section 2870 of the California Labor  Code. To the Knowledge of CERES, no employee of CERES has entered into any agreement with a former employer that would be violated by  his or her employment with CERES.

13.2 Representations and Warranties of IGER.

To the Knowledge of IGER as used in this Article 13.2 shall mean: to the actual knowledge, as of the Effective Date, of any member of the  Executive Committee of IGER or of any employee of IGER who has actively participated in the negotiation of the transactions contemplated by  this Agreement.

13.2.1 IGER represents and warrants to CERES that:

13.2.1.1 IGER (a) is a company limited by guarantee, registered in England No. 473456 and a registered Charity No. 272150, duly incorporated,  validly existing and in good standing under the laws of England and Wales; (b) has all requisite power and authority to conduct the  business in which it is currently, or is currently proposed to be, engaged; (c) has the corporate power and authority to execute and deliver  this Agreement; and (d) has the corporate power and authority to perform its obligations under this Agreement;

13.2.1.2 the execution, delivery, and performance by IGER of this Agreement have been duly authorized by all necessary corporate action of  IGER;

13.2.1.3 this Agreement has been duly executed and delivered by IGER, and constitutes the legal, valid and binding obligations of IGER  enforceable against IGER in accordance with its terms;

13.2.1.4 as of the Effective Date, IGER has not received notice of, and is not in default under, or with respect to, any contractual obligation,  which, individually or together with all such defaults, would have a material adverse effect on the ability of IGER to perform its obligations  under this Agreement;

13.2.1.5 to the Knowledge of IGER, no approval, consent, compliance, exemption, authorization or other action by, or notice to, or filing with,  any governmental agency or other person and no lapse of a waiting period is necessary or required in connection with the execution,  delivery or performance by, or enforcement against, IGER of this Agreement or the transactions contemplated hereby;

13.2.1.6 to the Knowledge of IGER, and subject to the Assignment/License referred to in Article 14.1 (e) (v), IGER has the right to make the  conveyances and grants in accordance with the Articles hereof, including, without         CERES-IGER Collaboration Agreement    Page 21 of 75







limitation, the license grants, and no such conveyance or grant violates or constitutes an event that is or would be with the passage of time,  in any material way, a violation, breach or default of, any material agreement or material obligation to which IGER or any such Affiliate of  IGER is a party or by which it is bound;

13.2.1.7 all former and current employees of IGER have executed written agreements with IGER that assign to IGER all rights to any  inventions, improvements, discoveries or information relating to IGER's business. To the Knowledge of IGER, no employee of IGER has  entered into any agreement with a former employer that would be violated by his or her employment with IGER; and

13.2.1.8 EXHIBIT E sets forth an exhaustive list of all agreements and commitments in existence on the Effective Date to which IGER is a  party, or that contain obligations or restrictions affecting IGER, in connection with the COLLABORATION CROPS, except for the following  agreements which are not included in EXHIBIT E:

13.3 EXCEPT AS PROVIDED IN ARTICLES 13.1 AND 13.2, THE PARTIES ACKNOWLEDGE AND AGREE THAT NEITHER PARTY HAS MADE  ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF  MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL EITHER PARTY BE HELD RESPONSIBLE FOR ANY  SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OR LOSS OF PROFIT ARISING OUT OF THE USE OF ANY JOINT  INTELLECTUAL PROPERTY, CERES INTELLECTUAL PROPERTY, IGER INTELLECTUAL PROPERTY, OTHER RESEARCH RESULTS OR  BACKGROUND INTELLECTUAL PROPERTY COVERED BY THIS AGREEMENT OR ANY SCHEDULE OR ARISING OUT OF THE  IMPLEMENTATION OF THIS AGREEMENT, EVEN IF SUCH PARTY IS ADVISED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES.

13.4 Nothing in this Agreement is or shall be construed as:

(a) a warranty or representation by either Party as to the validity or scope of any patent rights or plant variety rights;

(b) a warranty or representation by either Party that anything made, used, sold or otherwise disposed of pursuant to any license granted  under this Agreement is or will be free from infringement of patents, copyrights or other rights of third parties;

(c) any obligations by either Party to bring or prosecute actions or suits against third

Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

  1.   Agreement of July 12, 2004 between Bio-Renewables Limited, IGER and Plant Research International B.V.;

  2.   Agreement dated the 23rd of June 2005 between [***] and IGER; and

  3.   Agreement dated October 18, 2006 between [***] and IGER.

      CERES-IGER Collaboration Agreement    Page 22 of 75







parties for patent infringement; or parties for patent infringement, or

a grant by implication, estoppel or otherwise of any licenses under patent applications, patents, plant variety rights applications and/or plant  variety rights of CERES and/or IGER or other person other than as provided in the express provisions of this Agreement or a SCHEDULE on this  Agreement.

14.1 The term of this Agreement shall be fifteen (15) years from the Effective Date, unless sooner terminated in accordance with the following  provisions of this Article:

(a) mutual, written agreement of the Parties;

(b) failure of one Party to satisfy its material obligations under this Agreement, and such Party subsequently fails to cure such failure(s) within  (i) thirty (30) days for failures to remit payment for amounts due under this Agreement and (ii) ninety (90) days for all other obligations in each  case after receipt of written notice from the non-breaching Party specifying such failure(s);

(c) one (1) year's written notice of termination by either CERES or IGER to the other Party in case either the terminating Party or the other Party  ceases substantially all activities in the COLLABORATION CROPS;

(d) IGER will have the right to terminate this Agreement unilaterally with thirty (30) days' written notice to CERES, (i) if CERES seeks protection  under any bankruptcy, insolvency, receivership, trust, deed, creditors arrangement or comparable proceeding or if any such proceeding is  instituted against CERES (and not dismissed within one hundred twenty (120) days); (ii) in case of dissolution or winding up of CERES  (excluding any situation where all or substantially all of CERES' assets, stock or business to which this Agreement relates are acquired by a  third party (whether by sale, acquisition, merger, operation of law or otherwise)); or (iii) with written notice to CERES, if CERES has failed in a  substantial manner, three (3) years after either Party or the Parties jointly have developed a propagation method for Miscanthus that results in  the crop being commercially competitive in the United States or in Europe as compared to other energy crops being grown at that time in the  relevant geography, to implement the activities set forth in EXHIBIT F, and does not remedy such failure or offer a remediation plan which is  reasonably acceptable to IGER within ninety (90) days after receipt of a written notice from IGER specifying such failure;

(e) CERES will have the right to terminate this Agreement unilaterally: (i) with thirty (30) days' written notice to IGER if John Clifton-Brown or  Iain Donnison cease(s) to be associated with IGER and the RESEARCH PROJECTS contemplated by this Agreement, and IGER has not  replaced such person(s) within one hundred twenty (120) days by (a) person(s) reasonably acceptable to CERES; (ii) with ninety (90) days'  written notice to IGER, if the institutional mission, purpose, structure or funding of IGER would change substantially and adversely affect  IGER's ability to satisfy its obligations hereunder; (iii) with one (1) years' written notice to IGER, if CERES has a documented compelling  business reason to cease the collaboration, (for example, without limitation, lack of sufficient processing capacity for COLLABORATION  CROPS within the expected timeframe in the United States; COLLABORATION CROPS are non-competitive with other biomass sources); (iv)  with three (3) months' prior written notice to IGER, such notice to be given no earlier than eighteen (18)

14.  TERM AND TERMINATION.

      CERES-IGER Collaboration Agreement    Page 23 of 75







months after the Effective Date, if no rights to commercialize (including determination of the compensation due upon commercialization)  COLLABORATION CROPS germplasm provided by IGER which is included in a RESEARCH PROJECT have been secured to CERES'  reasonable satisfaction in compliance with the CBD; or (v) with thirty (30) days' written notice to IGER if Defra has not assigned to IGER, or  granted to IGER an exclusive license reasonably satisfactory to CERES on, the Intellectual Property vested in Defra or the Crown or the  Secretary of State pursuant to the DEFRA agreement NF 0426 within sixty (60) days from the Effective Date (the Assignment/License).

(f) either Party will have the right to terminate this Agreement if no active RESEARCH PROJECTS exist for more than two (2) years, provided  that on or after the second anniversary of the expiration or termination of the last SCHEDULE to expire or terminate, the Parties have not agreed  on any new SCHEDULE despite (i) negotiations in good faith by both Parties or (ii) diligent, documented attempts by the terminating Party to  conduct negotiations in good faith with respect to one or more new SCHEDULES, to which attempts the other Party has not been responsive.

14.2 Promptly upon the delivery of a notice of termination of this Agreement, the Parties will meet to discuss the ongoing RESEARCH PROJECTS,  and each Party will provide to the other Party any data, information and germplasm that constitutes or is covered by JOINT INTELLECTUAL  PROPERTY and which has not been provided prior to the notice of termination, without prejudice to additional on-going delivery obligations set  forth in any SCHEDULES.

14.3 Termination of this Agreement shall not affect the rights and obligations of the Parties accrued prior to termination hereof nor any license  grants then in existence, nor either Party's non-exclusive rights to commercialize then existing RELEASED VARIETIES in the United Kingdom,  subject to payment of remuneration as set forth in any relevant license/commercialization agreements. Further, the provisions set forth hereinafter  shall apply.

14.3.1 In case of termination on the basis of Article 14.1 (b) if CERES is the breaching Party, Article 14.1 (c) if CERES ceases substantially all  activities in the COLLABORATION CROPS, Article 14.1 (d) (i), (ii) or (iii) or Article 14.1. (e) (iii), at or about the effective date of termination, the  Parties will negotiate in good faith to reach agreement as to the rights to use and commercially exploit JOINT INTELLECTUAL PROPERTY not  covered by any relevant license/commercialization agreement between the Parties, which rights will be addressed in one or more written  agreements. If the Parties fail to reach agreement within ninety (90) days after the start of such negotiations, which shall be evidenced by  written notice from one Party to the other initiating such negotiations, each Party shall have the non-exclusive right to use and commercially  exploit JOINT INTELLECTUAL PROPERTY for any and all purposes, with the right to grant sublicenses, subject to the obligations of the first  sentence of Article 14.3, provided that no licenses on any transgenes or transgenic technologies of the other Party shall be included or implied.

14.3.2 In case of termination on the basis of Article 14.1 (b) if IGER is the breaching Party, Article 14.1 (c) if IGER ceases substantially all  activities in the COLLABORATION CROPS, Article 14.1 (e) (i) or (ii) or Article 14.1 (f), subject to the obligations of the first sentence of Article  14.3, CERES shall have the exclusive right to use and commercially exploit any JOINT INTELLECTUAL PROPERTY to the extent such JOINT         CERES-IGER Collaboration Agreement    Page 24 of 75







INTELLECTUAL PROPERTY is not covered by any relevant license/commercialization agreement between the Parties. At or about the effective  date of termination, the Parties will negotiate in good faith to reach agreement as to reasonable remuneration (whether as a royalty or in some  other form as the Parties may agree), which will be addressed in one or more written agreements. If the Parties fail to reach agreement within  ninety (90) days after the start of such negotiations, which shall be evidenced by written notice from one Party to the other initiating such  negotiations, the remuneration shall be settled in accordance with the dispute resolution procedure in Article 15.

14.4 Termination of this Agreement for any reason will not relieve either Party of any obligation or liability accrued under this Agreement before  termination or rescind any payments made or due before termination. Articles 4, 5 (subject to Article 14.3), 6, 7, 8, 9.1, 9.2, 10, 12.3, 13, 14.2, 14.3,  14.4, 14.5, 15, 16 and 18 will survive any termination of this Agreement.

14.5 Termination of this Agreement shall not automatically terminate any existing RESEARCH PROJECT, which can only be terminated according  to the specific terms of the related SCHEDULE. The terms and provisions of this Agreement shall continue to apply to the activities and outcomes  of any such RESEARCH PROJECTS, notwithstanding the termination of this Agreement, unless provided otherwise in the relevant SCHEDULE or  by written agreement of the Parties upon termination.

15.1 All disputes, differences or questions arising out of or in connection with this Agreement or its SCHEDULES, or related to the alleged breach,  termination, validity, interpretation or violation thereof, shall be submitted to the MANAGEMENT COMMITTEE for resolution, which shall  convene, whether in person or otherwise, to resolve such dispute in a timely manner. Either Party may initiate a resolution procedure by providing  written notice (Dispute Notice) to the other Party, and any such Dispute Notice must set forth the subject matter of the dispute, difference or  question. If after sixty (60) days the dispute remains unresolved, the Chief Scientific Officer of CERES and the Director of IGER shall seek to  resolve the dispute through negotiation. The Parties agree that at least eight (8) cumulative hours of negotiations will be undertaken. If the dispute  still remains unresolved ninety (90) days after the Dispute Notice, either Party may initiate proceedings pursuant to Article 15.2.

15.2 Dispute Resolution and Arbitration.

In the event of any dispute arising out of or in connection with this Agreement, the Parties agree to submit the matter to settlement proceedings  under the ICC ADR Rules. If the dispute has not been settled pursuant to the said Rules within forty-five (45) days following the filing of a  Request for ADR or within such other period as the Parties may agree in writing, such dispute shall be finally settled under the Rules of  Arbitration of the International Chamber of Commerce by three (3) arbitrators appointed in accordance with the said Rules of Arbitration. The  provisions set forth hereinafter shall apply to the arbitration procedures, without prejudice to the ICC Rules of Arbitration.

15.2.1 Qualifications of Arbitrators.

15.  DISPUTE RESOLUTION AND APPLICABLE LAW.

      CERES-IGER Collaboration Agreement    Page 25 of 75







Each arbitrator appointed shall have a reputation as being experienced in the legal and technical matters related to the dispute, shall be  required to disclose, among other disclosures, any prior involvement with the legal and technical matters related to the dispute and any  involvement with a competitor of any Party, and shall not be presently nor in the past have been affiliated with any Party or a competitor of  any Party. Notwithstanding the method of their appointment, each arbitrator shall be required to meet the standards contained in the Rules  with respect to independence.

15.2.2 Location of the Arbitration.

The seat of arbitration shall be Paris, France. The arbitrators may hold hearings at such other locations as the arbitrators shall determine,  after consultation with the Parties.

15.2.3 Language of Arbitration.

The arbitral proceedings and all pleadings and written evidence shall be in the English language. Any written evidence originally in a  language other than English shall be submitted in English translation accompanied by the original or true copy thereof

15.2.4 Limitation on Remedies.

The arbitrators are precluded from awarding punitive or exemplary damages. In no event shall the arbitrators have the powers of an amiable  compositeur.

15.3 Applicable law.

This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York, United States of  America, without regard to the principles of conflicts of law thereof.

Any notices required to be given or which shall be given under this Agreement shall be in writing and delivered by overnight (trackable) courier  addressed to the Parties as follows:

Vice President of Product Development  cc: Legal Department  Ceres, Inc.  1535 Ranch Conejo Blvd.  Thousand Oaks, California 91320  United States of America

Institute Business Manager  OR for legal or financial notices:  Institute Secretary  Institute of Grassland and Environmental Research

16.  NOTICES.

      CERES-IGER Collaboration Agreement    Page 26 of 75







Plas Gogerddan  Aberystwyth  Ceredigion  SY23 3EB  United Kingdom

Notices under this Agreement sent by overnight courier by one Party to the other Party at its above address, shall be deemed to have been given  or made as of the date following the date so mailed.

17. GENERAL.

17.1 Entire Agreement/Modifications.

This Agreement constitutes the entire agreement between the Parties hereto with respect to the subject matter hereof, and there are no  representations, warranties, covenants or obligations except as set forth herein. This Agreement supersedes all prior and contemporaneous  agreements, understandings, negotiations and discussions, written or oral, of the Parties hereto relating to the subject matter hereof. This  Agreement and its SCHEDULES may only be amended, modified or superseded by a writing executed by the authorized representatives of the  Parties hereto. It is anticipated that SCHEDULES will be attached to and become part of this Agreement as new RESEARCH PROJECTS are  undertaken, as described in Article 1.1.

17.2 Severability.

This Agreement, to the greatest extent possible, shall be construed so as to give validity to all of the provisions hereof. If any provision of this  Agreement is or becomes invalid, is ruled illegal by a court of competent jurisdiction or is deemed unenforceable under the current applicable law  from time to time in effect during the term of this Agreement, the remainder of this Agreement will not be affected or impaired thereby and will  continue to be construed to the maximum extent permitted by law. In lieu of each provision which is invalid, illegal or unenforceable, there will be  substituted or added as part of this Agreement by mutual written agreement of the Parties, a provision which will be as similar as possible, in  economic and business objectives as intended by the Parties to such invalid, illegal or unenforceable provision, but will be valid, legal and  enforceable.

17.3 Waiver.

No failure or delay by either Party in exercising any right or remedy under this Agreement will waive any provision of this Agreement. Nor will any  single or partial exercise by either Party of any right or remedy under this Agreement preclude it from otherwise or further exercising any rights or  remedies which it may have, or any other rights or remedies granted by any law or any related document.

17.4 Enforcement.

In the event an action is commenced by either Party against the other to enforce any of the provisions of this Agreement, the prevailing Party shall  be entitled to recover from the other Party reasonable attorneys' fees, court costs and necessary disbursements incurred in connection with such  action.         CERES-IGER Collaboration Agreement    Page 27 of 75







17.5 Assignablility.

This Agreement binds and enures to the benefit of the Parties, their successor or assigns, but may not be assigned by either Party without the  prior written consent of the other Party; provided however, CERES shall have the right to assign its rights and obligations under this Agreement to  any Affiliated Company without such prior consent. Each Party shall have the right to assign its rights and obligations under this Agreement to a  third party in conjunction with the transfer to such third party of substantially all of the assets of such Party associated with performance under  this Agreement without such prior consent. Affiliated Company defined as any company owned or controlled by, under common control with or  controlling CERES, control meaning in this context the direct or indirect ownership of fifty percent (50%) or more of the voting stock/shares of a  company, or the power to nominate at least half of the directors.

17.6 Force Majeure.

No Party shall be responsible to the other Party for delay or failure in performance of any the obligations imposed by this Agreement, provided  such failure shall be occasioned by fire, flood, explosion, lightning, wind storm, hailstorm, earthquake, subsidence of soil, failure of machinery or  equipment or supply of materials, discontinuity in the supply of power, court order or governmental interference, terrorist attacks, civil commotion,  riot, war, strikes, labor disturbances, transportation difficulties, labor shortage, natural genetic variation of any living matter or by any other cause  of like or unlike nature beyond the reasonable control and without fault or negligence of such Party.

18. SPECIAL CONDITIONS IN CONNECTION WITH DEFRA AGREEMENT NF 0426.

The Parties acknowledge that Defra is expected to assign or license exclusively to IGER any rights in Intellectual Property which would vest in  Defra or the Crown or the Secretary of State pursuant to the DEFRA agreement NF 0426. If IGER receives an exclusive license from Defra rather  than an assignment of rights, the following will apply.

18.1 To the extent the license grant to CERES on IGER BACKGROUND INTELLECTUAL PROPERTY in Article 5.3.2 relates to IGER  BACKGROUND INTELLECTUAL PROPERTY that constitutes Intellectual Property to which rights vest in Defra or the Crown or the Secretary  of State, the word license will be read as sublicense and all other terms of such Article will remain unchanged.

18.2 To the extent that IGER INTELLECTUAL PROPERTY or JOINT INTELLECTUAL PROPERTY created in a RESEARCH PROJECT  constitutes or includes Intellectual Property to which rights vest in Defra or the Crown or the Secretary of State, any conveyance or grant of  rights or licenses by IGER to CERES in this Agreement with respect to such IGER INTELLECTUAL PROPERTY or JOINT INTELLECTUAL  PROPERTY, will be read as the grant of an exclusive sublicense under IGER's exclusive license from Defra.         CERES-IGER Collaboration Agreement    Page 28 of 75







IN WITNESS WHEREOF, IGER and CERES have caused this Agreement to be duly executed as indicated below.                     INSTITUTE OF GRASSLAND AND  ENVIRONMENTAL RESEARCH   CERES, INC.

               By:   /s/ MERVYN HUMPHREYS   By:  /s/ RICHARD FLAVELL    Name:

Professor Mervyn Humphreys   Name:

Richard Flavell, CBE, FRS    Title:  Director   Title:  Chief Scientific Officer                        By:  /s/ RICHARD HAMILTON         Name:

Richard Hamilton         Title:  President and Chief Executive Officer          CERES-IGER Collaboration Agreement    Page 29 of 75







EXHIBIT A

to the Collaboration Agreement between IGER and CERES

DEFINITION OF COLLABORATION CROPS

Miscanthus and interbreeding species, including without limitation Saccharum and Erianthus species.         CERES-IGER Collaboration Agreement    Page 30 of 75







EXHIBIT B

to the Collaboration Agreement between IGER and CERES

PREFERRED FORM OF RECEIPT FORM

Packing Slip and Receipt Form  for material transferred pursuant to the Collaboration Agreement dated [x] between INSTITUTE OF  GRASSLAND AND ENVIRONMENTAL RESEARCH and CERES, INC. and SCHEDULES to such Agreement.

Material transferred pursuant to SCHEDULE [x] dated [...]

The undersigned [IGER/CERES] signatory certifies that the material and related information set forth hereinafter are included in the shipment with  which this form is enclosed.

The undersigned [IGER/CERES] signatory acknowledges having received in good order the material and related information set forth hereinafter.  The signature does not constitute an acceptance of the receiving party's qualification of the intellectual property (IP) status of the material  transferred, such IP status being defined in the Parties' Collaboration Agreement.

[Include description of material and related information with indication of IP status (e.g. Background, Joint IP) and any restrictions on transfer  to subcontractors.]

THIS MATERIAL AND RELATED INFORMATION ARE TRANSFERRED ONLY FOR USE IN COMPLIANCE WITH THE ABOVE MENTIONED  COLLABORATION AGREEMENT AND SCHEDULE. CONFIDENTIALITY OBLIGATIONS APPLY.                     For sending/receipt,   For receipt/sending,                   Signature:     Signature:



   Date:       Date:

               Name: Walter E. Nelson   Name:

                  Title: Product Development Manager CERES, INC.



Title:  INSTITUTE OF GRASSLAND AND  ENVIRONMENTAL RESEARCH



      CERES-IGER Collaboration Agreement    Page 31 of 75







EXHIBIT C

to the Collaboration Agreement between IGER and CERES

PREFERRED FORMS OF VARIETY EVALUATION AGREEMENT

(to be used for field evaluation)

FIELD TRIAL AGREEMENT  (Non transgenic. Fee for service. Academic.)

and

FIELD TRIAL AGREEMENT  (Non transgenic. No payment. Academic.)

PREFERRED FORM OF MATERIAL TRANSFER AGREEMENT  (to be used for transfer of material for other purposes than field evaluation)         CERES-IGER Collaboration Agreement    Page 32 of 75







FIELD TRIAL AGREEMENT  (Non transgenic. Fee for service. Academic.)

1.   THE PARTIES

    This Agreement is made effective on [date] (Effective Date) by and between [Ceres, Inc., a Delaware corporation with principal offices at  1535 Rancho Conejo Blvd., Thousand Oaks, CA 91320, United States of America] or [Institute of Grassland and Environmental Research,  a company limited by guarantee, registered in England No. 473456 and a registered Charity No. 272150, having an office at Plas  Gogerddan, Aberystwyth, Ceredigion, SY23 3EB, United Kingdom] hereinafter [CERES/IGER], and [Party information to be completed],  hereinafter [Party].

    THE PARTIES HERETO COVENANT AND AGREE AS FOLLOWS:

2.   FIELD TRIAL PROGRAM

  2.1   [CERES/IGER] will deliver to [Party] seeds or other propagating material as described in ANNEX I and related information (jointly  referred to as the CERES/IGER Plant Material). The delivery conditions are set forth in ANNEX I. Promptly upon receipt of the  CERES/IGER Plant Material, Party will sign and return the Receipt Form, in the preferred format attached as ANNEX II to this  Agreement, to [CERES/IGER] (attn: [responsible person at CERES/IGER]).

  2.2   [Party] agrees to perform the activities defined in ANNEX I which shall be referred to hereinafter as the Program. With reasonable  notice [CERES/IGER] may change the activities to be performed in the Program. If such changes do not result in additional work to be  performed by [Party], but consist for example of changes in experimental design or in observations to be made or in information to be  included in reports, they shall be set forth in a written document provided by [CERES/IGER] to [Party] which will be attached to  ANNEX I and form part of it. If such changes result in additional work to be performed by [Party] and require an adaptation of the  remuneration, they shall be set forth in an amendment to this Agreement signed by both Parties. [CERES/IGER] will consider any  suggestions for changes in the Program which [Party] may suggest.

  2.3   In performing the Program activities [Party] undertakes to comply with the work plan and time schedule set forth in ANNEX I.

  2.4   [Party] undertakes only to use the CERES/IGER Plant Material or any part, progeny or seeds thereof for performing the Program  activities to be carried out under the Program and not for any other purpose. Specifically, but without limitation, [Party] shall not use  the Plant Material or any progeny, plants, parts of plants, plant material, seeds or products derived therefrom in any form of reselection,  breeding, sexual crossing, seed production, back crossing, tissue culturing, mutagenesis, genetic transformation or any  biotechnological process, except as specifically approved in this Agreement.       CERES-IGER Collaboration Agreement    Page 33 of 75







  2.5   The CERES/IGER Plant Material will be used only on fields and at premises under the control of [Party] and identified in ANNEX I.

  2.6   Upon termination of the Program, [Party] will, at the option of [CERES/IGER], (i) allow [CERES/IGER] to remove any Plant Material  and any progeny, plants, plant material, seeds or products obtained in the Program or (ii) destroy any remaining CERES/IGER Plant  Material and any plants, plant material and seeds obtained under the Program within fifteen (15) days from [CERES/IGER]'s request to  destroy, and will send [CERES/IGER] forthwith an attestation of such destruction.

  2.7   Subject to giving at least one day's prior written notice in writing or by email to [Party], [CERES/IGER] and [CERES/IGER] invitees  will have the right to visit the fields where Program activities are being conducted at any time, to make observations and to collect  samples.

3.   REPORTS

  3.1   [Party] shall send [CERES/IGER] detailed written reports on the implementation of the Program activities and the observations made  and results obtained during the implementation of the Program. The frequency of the reports and the type of information to be included  in same is set forth in ANNEX I.

  3.2   During the entire Program, [Party] will promptly communicate to [CERES/IGER] any information on the Program activities or the  results obtained or observed that [CERES/IGER] may ask. Between reports, [Party] will also spontaneously communicate to  [CERES/IGER] any unexpected observations or results.

4.   REMUNERATION. PAYMENT

  4.1   [CERES/IGER] will pay [Party] a remuneration as set forth in ANNEX I for the implementation of the Program, in accordance with the  payment schedule set forth in such annex. Overhead costs included in the remuneration shall not exceed [x] percent (x%).

  4.2   The payments will be made on the dates set forth in the payment schedule in ANNEX I provided that [CERES/IGER] has received a  corresponding invoice from [Party] at least thirty (30) days in advance, by bank transfer to [Party's] account mentioned in its invoice.

5.   OWNERSHIP. INTELLECTUAL PROPERTY RIGHTS. EXPLOITATION

  5.1   This Agreement does not bring any change to the ownership and intellectual property rights relating to the CERES/IGER Plant  Material. [Party] acknowledges that the CERES/IGER Plant Material may be covered by patents or patent applications of  [CERES/IGER].

  5.2   [CERES/IGER] will exclusively own any plants, parts of plants, plant material, seeds, information, data, technology, or other findings or  inventions resulting from the       CERES-IGER Collaboration Agreement    Page 34 of 75







      Program that relate to the CERES/IGER Plant Material (hereinafter Results). [CERES/IGER] will have the exclusive rights to protect  any of the Results through patents or plant variety protection rights or similar protection, and any intellectual property rights arising  therefrom will belong exclusively to [CERES/IGER]. In case [Party] has made or contributed to any invention forming part of the  Results, [Party] shall promptly inform [CERES/IGER] thereof in writing and shall assign its rights and cause its employees and staff  members to assign their rights in any such invention to [CERES/IGER]. [Party] shall render such assistance as may be required for  assigning any rights [Party] inventors may have in such invention to [CERES/IGER] or [CERES/IGER]'s designee and for protecting  such invention, including but not limited to the signing of documents. Any inventor of [Party] will be recognized in patent applications  on an invention which is part of the Results in accordance with [U.S./U.K. patent law].

  5.3   [CERES/IGER] will have the exclusive right to commercialize any of the Results.

6.   CONFIDENTIALITY. PUBLICATIONS.

  6.1   [Party] will treat any and all information and material communicated or transferred to it by [CERES/IGER] pursuant to this Agreement  (including but not limited to the CERES/IGER Plant Material) and any Results (including without limitation any progeny, plants, seeds,  parts of plants, plant material, or products obtained directly or indirectly from the Plant Material) as strictly confidential and will not use  the same for any purpose other than as expressly allowed by this Agreement nor disclose or transfer the same to any third party other  than its employees or staff members necessary to carry out the Program and bound by appropriate secrecy and non-use undertakings  consistent with [Party's] obligations under this Agreement.

  6.2   [Party] shall take all precautions to prevent theft or pilferage of the Plant Material and any progeny, plants, seeds, parts of plants or  plant material obtained directly or indirectly from the Plant Material.

  6.3   [Party] will not grant access to any field where Plant Material or any progeny, plants, seeds, parts of plants or plant material obtained  directly or indirectly from the Plant Material can be viewed to any third party except with the prior written permission of  [CERES/IGER].

  6.4   Publication and Publish shall include any discussion with or presentation to a third party, other than parties referred to in Article  6.1. Examples of Publications include, without limitation: presentation at a conference, submission for publication to a journal,  submission of joint proposals, posting information on a website, posters, abstracts, Ph.D. dissertations, and informal oral discussions.  Subject to [CERES/IGER]'s prior written approval, which will not unreasonably be withheld, [Party] may proceed to Publication of  selected Results provided that: (i) no confidential information of [CERES/IGER] is revealed thereby, (ii) [Party] shall take into account  any suggestions which may be formulated by [CERES/IGER], and (iii) at least thirty (30) days prior to the submission to a publisher or  presentation to any third party, [Party]       CERES-IGER Collaboration Agreement    Page 35 of 75







      delivers copies of the proposed Publication to [CERES/IGER] for review. At [CERES/IGER]'s request, [Party] shall, for a reasonable  period up to ninety (90) days from initial delivery to [CERES/IGER], delay revealing any patentable subject matter in the disclosure in  order to permit the filing of patent applications. In any Publication, the Parties shall consider joint authorship and acknowledge the  contributions and publications of the other as scientifically appropriate.

7.   WARRANTIES. LIMITED LIABILITY

  7.1   [Party] acknowledges that the CERES/IGER Plant Material is of an experimental nature and will take all reasonable precautions to  prevent any damage or injury by the CERES/IGER Plant Material and any progeny, plants, parts of plants, plant material, seeds or  products derived therefrom.

  7.2   [Party] warrants that the CERES/IGER Plant Material will exclusively and restrictedly be used under suitable containment conditions,  and in accordance with all applicable regulations, and it will not be used on human subjects. In addition, [Party] will strictly comply  with any planting distance, isolation and similar requirements set forth in ANNEX I. [Party] will obtain any authorizations or permits or  proceed to any notifications which may be required for the Program activities, [Party] will inform [CERES/IGER] in writing, within  thirty (30) days from the Effective Date, of any such requirements and certify its compliance with same.

  7.3   [CERES/IGER] declines any liability for any damage which may be caused by the CERES/IGER Plant Material or the Program activities  or Results to [Party] or any third party.

  7.4   Neither Party shall be liable for indirect, special, remote, incidental or consequential damages or loss of profit in connection with this  Agreement or its implementation.

8.   GENERAL CONDITIONS

  8.1   Amendments: This Agreement, including its annexes, may only be amended by a written document signed by duly authorized  representatives of the Parties.

  8.2   Ambiguities: In case of ambiguity between this Agreement and its annexes, the contents of the agreement shall prevail.

  8.3   Number of copies: This Agreement including its annexes is being made in two (2) copies, one for each Party.

  8.4   Assignment / Subcontracts: [CERES/IGER] has concluded this Agreement with [Party] in view of [Party]'s specific qualifications and  [Party] shall not have the right to assign any of its rights or obligations under this Agreement nor to sub-contract any part of the  Program activities to any third party, except with the prior written approval of [CERES/IGER]. [CERES/IGER] has the right to assign its rights and obligations under this Agreement to any third party. Further, [CERES/IGER] has the right to       CERES-IGER Collaboration Agreement   Page 36 of 75







Made in two (2) copies.

      entrust the implementation of all or part of its obligations under this Agreement to any of its affiliates.

  8.5   Equitable Remedies: It is understood and agreed that money damages would not be a sufficient remedy for any breach of this  Agreement by [Party] and that [CERES/IGER] is entitled to equitable relief, including injunction and specific performance, as a remedy  for any such breach. Such remedies shall not be deemed to be the exclusive remedies for a breach by [Party] of this Agreement but  shall be in addition to all other remedies available at law or equity to [CERES/IGER].

  8.6   Governing Law / Jurisdiction: [to be completed]

9.   DURATION

  9.1   This Agreement will enter into force on the Effective Date and will remain in full force and effect until the latest of the following dates:  (i) the [third] anniversary of the Effective Date, (ii) the date of delivery by [Party] of the last report provided for in this Agreement, or  (iii) the dates on which the last payment due by [CERES/IGER] pursuant to this Agreement is made.

  9.2   Notwithstanding Article 9.3., [CERES/IGER] will have the right to terminate this Agreement including the Program at any time with  [three (3)] months' prior written notice. In case of such early termination, [CERES/IGER] will pay the remuneration provided in this  Agreement up to the effective date of termination, and all costs relating to the implementation of this Agreement which [Party]  irrevocably committed to prior to receipt of the notice of termination.

  9.3   Either Party will have the rights to terminate this Agreement unilaterally by registered letter addressed to the other Party in case such  other Party has committed a breach of any of its obligations under this Agreement and has failed to remedy such breach within thirty  (30) days from the receipt of a registered letter specifying the breach.

  9.4   The provisions of Articles 2.6, 5, 6, 7.3, 7.4, 8.5 and 8.6 will survive the expiration or termination of this Agreement.

              [Party]     [Institute of Grassland and Environmental Research] or [Ceres, Inc.]              By:       By:

Name:      Name:

Title:       Title:

             By:       By:

Name:      Name:

Title:       Title:

      CERES-IGER Collaboration Agreement   Page 37 of 75







ANNEX I

to the Field Trial Agreement between [CERES/IGER] and [Party]

PLANTING / MANAGEMENT PLAN FOR [CERES/IGER] MISCANTHUS EVALUATION TRIAL — [Party]

Trial Scope and Purpose:

1. Planting Material

2. Program Activities

3. Content and timing of reports         CERES-IGER Collaboration Agreement   Page 38 of 75







ANNEX II

to the Field Trial Agreement between [CERES/IGER] and [Party]

FORM OF RECEIPT FORM

Packing Slip and Receipt Form  for material transferred pursuant to the Field Trial Agreement dated [x] between [CERES/IGER] and [Party].

The undersigned [Party/[CERES/IGER]] signatory certifies that the material and related information set forth hereinafter are included in the  shipment with which this form is enclosed.

The undersigned [Party/[CERES/IGER]] signatory acknowledges having received in good order the material and related information set forth  hereinafter.

[Include description of material and related information.]

THIS MATERIAL AND RELATED INFORMATION ARE TRANSFERRED ONLY FOR USE IN COMPLIANCE WITH THE ABOVE MENTIONED  FIELD TRIAL AGREEMENT. CONFIDENTIALITY OBLIGATIONS APPLY.                 For sending/receipt,   For receipt/sending,             Signature:     Signature:

            Date:       Date:

            Name:       Name:                Title:       Title:    [CERES/IGER]   [Party]          CERES-IGER Collaboration Agreement   Page 39 of 75







FIELD TRIAL AGREEMENT  (Non transgenic. No payment. Academic.)

1.   THE PARTIES

    This Agreement is made effective on [date] (Effective Date) by and between [Ceres, Inc., a Delaware corporation with principal offices at  1535 Rancho Conejo Blvd., Thousand Oaks, CA 91320, United States of America] or [Institute of Grassland and Environmental Research,  a company limited by guarantee, registered in England No. 473456 and a registered Charity No. 272150, having an office at Plas  Gogerddan, Aberystwyth, Ceredigion, SY23 3EB, United Kingdom] hereinafter [CERES/IGER], and [Party information to be completed],  hereinafter [Party].

    WHEREAS, [CERES/IGER] wishes to obtain information from field trialing certain CERES/IGER plant material;

    WHEREAS, [Party] wishes to include CERES/IGER's plant material in field trials in consideration of its scientific interest in the observations  to be made in such trials and the right to publish certain observations, all subject to the terms and conditions of this Agreement;

    [or other introduction as appropriate]

    NOW THEREFORE, for and in consideration of the covenants, conditions and undertakings hereinafter set forth, [CERES/IGER] and [Party]  hereby agree as follows:

2.   FIELD TRIAL PROGRAM

  2.1   [CERES/IGER] will deliver to [Party] seeds or other propagating material as described in ANNEX I and related information (jointly  referred to as the CERES/IGER Plant Material). The delivery conditions are set forth in ANNEX I. Promptly upon receipt of the  CERES/IGER Plant Material, Party will sign and return the Receipt Form, in the preferred format attached as ANNEX II to this  Agreement, to [CERES/IGER] (attn: [responsible person at CERES/IGER]).

  2.2   [Party] agrees to perform the activities defined in ANNEX I which shall be referred to hereinafter as the Program. With reasonable  notice [CERES/IGER] may change the activities to be performed in the Program. If such changes do not result in additional work to be  performed by [Party], but consist for example of changes in experimental design or in observations to be made or in information to be  included in reports, they shall be set forth in a written document provided by [CERES/IGER] to [Party] which will be attached to  ANNEX I and form part of it. If such changes result in additional work to be performed by [Party], they shall be set forth in an  amendment to this Agreement signed by both Parties. [CERES/IGER] will consider any suggestions for changes in the Program which  [Party] may suggest.

  2.3   In performing the Program activities [Party] undertakes to comply with the work plan and time schedule set forth in ANNEX I.       CERES-IGER Collaboration Agreement   Page 40 of 75







  2.4   [Party] undertakes only to use the CERES/IGER Plant Material or any part, progeny or seeds thereof for performing the Program  activities to be carried out under the Program and not for any other purpose. Specifically, but without limitation, [Party] shall not use  the Plant Material or any progeny, plants, parts of plants, plant material, seeds or products derived therefrom in any form of reselection,  breeding, sexual crossing, seed production, back crossing, tissue culturing, mutagenesis, genetic transformation or any  biotechnological process, except as specifically approved in this Agreement.

  2.5   The CERES/IGER Plant Material will be used only on fields and at premises under the control of [Party] and identified in ANNEX I.

  2.6   Upon termination of the Program, [Party] will, at the option of [CERES/IGER], (i) allow [CERES/IGER] to remove any Plant Material  and any progeny, plants, plant material, seeds or products obtained in the Program or (ii) destroy any remaining CERES/IGER Plant  Material and any plants, plant material and seeds obtained under the Program within fifteen (15) days from [CERES/IGER]'s request to  destroy, and will send [CERES/IGER] forthwith an attestation of such destruction.

  2.7   Subject to giving at least one day's prior written notice in writing or by email to [Party], [CERES/IGER] and [CERES/IGER] invitees  will have the right to visit the fields where Program activities are being conducted at any time, to make observations and to collect  samples.

3.   REPORTS

  3.1   [Party] shall send [CERES/IGER] detailed written reports on the implementation of the Program activities and the observations made  and results obtained during the implementation of the Program. The frequency of the reports and the type of information to be included  in same is set forth in ANNEX I.

  3.2   During the entire Program, [Party] will promptly communicate to [CERES/IGER] any information on the Program activities or the  results obtained or observed that [CERES/IGER] may ask. Between reports, [Party] will also spontaneously communicate to  [CERES/IGER] any unexpected observations or results.

4.   REMUNERATION. PAYMENT

    No remuneration will be due.

5.   OWNERSHIP. INTELLECTUAL PROPERTY RIGHTS. EXPLOITATION

  5.1   This Agreement does not bring any change to the ownership and intellectual property rights relating to the CERES/IGER Plant  Material. [Party] acknowledges that the CERES/IGER Plant Material may be covered by patents or patent applications of  [CERES/IGER].

  5.2   [CERES/IGER] will exclusively own any plants, parts of plants, plant material, seeds, information, data, technology, or other findings or  inventions resulting from the       CERES-IGER Collaboration Agreement   Page 41 of 75







      Program that relate to the CERES/IGER Plant Material (hereinafter Results). [CERES/IGER] will have the exclusive rights to protect  any of the Results through patents or plant variety protection rights or similar protection, and any intellectual property rights arising  therefrom will belong exclusively to [CERES/IGER]. In case [Party] has made or contributed to any invention forming part of the  Results, [Party] shall promptly inform [CERES/IGER] thereof in writing and shall assign its rights and cause its employees and staff  members to assign their rights in any such invention to [CERES/IGER]. [Party] shall render such assistance as may be required for  assigning any rights [Party] inventors may have in such invention to [CERES/IGER] or [CERES/IGER]'s designee and for protecting  such invention, including but not limited to the signing of documents. Any inventor of [Party] will be recognized in patent applications  on an invention which is part of the Results in accordance with [U.S./U.K. patent law].

  5.3   [CERES/IGER] will have the exclusive right to commercialize any of the Results.

6.   CONFIDENTIALITY. PUBLICATIONS.

  6.1   [Party] will treat any and all information and material communicated or transferred to it by [CERES/IGER] pursuant to this Agreement  (including but not limited to the CERES/IGER Plant Material) and any Results (including without limitation any progeny, plants, seeds,  parts of plants, plant material, or products obtained directly or indirectly from the Plant Material) as strictly confidential and will not use  the same for any purpose other than as expressly allowed by this Agreement nor disclose or transfer the same to any third party other  than its employees or staff members necessary to carry out the Program and bound by appropriate secrecy and non-use undertakings  consistent with [Party's] obligations under this Agreement.

  6.2   [Party] shall take all precautions to prevent theft or pilferage of the Plant Material and any progeny, plants, seeds, parts of plants or  plant material obtained directly or indirectly from the Plant Material.

  6.3   [Party] will not grant access to any field where Plant Material or any progeny, plants, seeds, parts of plants or plant material obtained  directly or indirectly from the Plant Material can be viewed to any third party except with the prior written permission of  [CERES/IGER].

  6.4   Publication and Publish shall include any discussion with or presentation to a third party, other than parties referred to in Article  6.1. Examples of Publications include, without limitation: presentation at a conference, submission for publication to a journal,  submission of joint proposals, posting information on a website, posters, abstracts, Ph.D. dissertations, and informal oral discussions.  Subject to [CERES/IGER]'s prior written approval, which will not unreasonably be withheld, [Party] may proceed to Publication of  selected Results provided that: (i) no confidential information of [CERES/IGER] is revealed thereby, (ii) [Party] shall take into account  any suggestions which may be formulated by [CERES/IGER], and (iii) at least thirty (30) days prior to the submission to a publisher or  presentation to any third party, [Party]       CERES-IGER Collaboration Agreement   Page 42 of 75







      delivers copies of the proposed Publication to [CERES/IGER] for review. At [CERES/IGER]'s request, [Party] shall, for a reasonable  period up to ninety (90) days from initial delivery to [CERES/IGER], delay revealing any patentable subject matter in the disclosure in  order to permit the filing of patent applications. In any Publication, the Parties shall consider joint authorship and acknowledge the  contributions and publications of the other as scientifically appropriate.

7.   WARRANTIES. LIMITED LIABILITY

  7.1   [Party] acknowledges that the CERES/IGER Plant Material is of an experimental nature and will take all reasonable precautions to  prevent any damage or injury by the CERES/IGER Plant Material and any progeny, plants, parts of plants, plant material, seeds or  products derived therefrom.

  7.2   [Party] warrants that the CERES/IGER Plant Material will exclusively and restrictedly be used under suitable containment conditions,  and in accordance with all applicable regulations, and it will not be used on human subjects. In addition, [Party] will strictly comply  with any planting distance, isolation and similar requirements set forth in ANNEX I. [Party] will obtain any authorizations or permits or  proceed to any notifications which may be required for the Program activities, [Party] will inform [CERES/IGER] in writing, within  thirty (30) days from the Effective Date, of any such requirements and certify its compliance with same.

  7.3   [CERES/IGER] declines any liability for any damage which may be caused by the CERES/IGER Plant Material or the Program activities  or Results to [Party] or any third party.

  7.4   Neither Party shall be liable for indirect, special, remote, incidental or consequential damages or loss of profit in connection with this  Agreement or its implementation.

8.   GENERAL CONDITIONS

  8.1   Amendments: This Agreement, including its annexes, may only be amended by a written document signed by duly authorized  representatives of the Parties.

  8.2   Ambiguities: In case of ambiguity between this Agreement and its annexes, the contents of the agreement shall prevail.

  8.3   Number of copies: This Agreement including its annexes is being made in two (2) copies, one for each Party.

  8.4   Assignment / Subcontracts: [CERES/IGER] has concluded this Agreement with [Party] in view of [Party]'s specific qualifications and  [Party] shall not have the right to assign any of its rights or obligations under this Agreement nor to sub-contract any part of the  Program activities to any third party, except with the prior written approval of [CERES/IGER]. [CERES/IGER] has the right to assign its rights and obligations under this Agreement to any third party. Further, [CERES/IGER] has the right to       CERES-IGER Collaboration Agreement   Page 43 of 75







Made in two (2) copies.

      entrust the implementation of all or part of its obligations under this Agreement to any of its affiliates.

  8.5   Equitable Remedies: It is understood and agreed that money damages would not be a sufficient remedy for any breach of this  Agreement by [Party] and that [CERES/IGER] is entitled to equitable relief, including injunction and specific performance, as a remedy  for any such breach. Such remedies shall not be deemed to be the exclusive remedies for a breach by [Party] of this Agreement but  shall be in addition to all other remedies available at law or equity to [CERES/IGER].

  8.6   Governing Law / Jurisdiction: [to be completed]

9.   DURATION

  9.1   This Agreement will enter into force on the Effective Date and will remain in full force and effect until the latest of the following dates:  (i) the [third] anniversary of the Effective Date, (ii) the date of delivery by [Party] of the last report provided for in this Agreement, or  (iii) the dates on which the last payment due by [CERES/IGER] pursuant to this Agreement is made.

  9.2   Notwithstanding Article 9.3., [CERES/IGER] will have the right to terminate this Agreement including the Program at any time with  [three (3)] months' prior written notice.

  9.3   Either Party will have the rights to terminate this Agreement unilaterally by registered letter addressed to the other Party in case such  other Party has committed a breach of any of its obligations under this Agreement and has failed to remedy such breach within thirty  (30) days from the receipt of a registered letter specifying the breach.

  9.4   The provisions of Articles 2.6, 5, 6, 7.3, 7.4, 8.5 and 8.6 will survive the expiration or termination of this Agreement.

              [Party]     [Institute of Grassland and Environmental Research] or [Ceres, Inc.]              By:       By:

Name:      Name:

Title:       Title:

             By:       By:

Name:      Name:

Title:       Title:

      CERES-IGER Collaboration Agreement   Page 44 of 75







ANNEX I

to the Field Trial Agreement between [CERES/IGER] and [Party]

PLANTING / MANAGEMENT PLAN FOR [CERES/IGER] MISCANTHUS EVALUATION TRIAL — [Party]

Trial Scope and Purpose:

1. Planting Material

2. Program Activities

3. Content and timing of reports         CERES-IGER Collaboration Agreement   Page 45 of 75







ANNEX II

to the Field Trial Agreement between [CERES/IGER] and [Party]

FORM OF RECEIPT FORM

Packing Slip and Receipt Form  for material transferred pursuant to the Field Trial Agreement dated [x] between [CERES/IGER] and [Party].

The undersigned [Party/[CERES/IGER]] signatory certifies that the material and related information set forth hereinafter are included in the  shipment with which this form is enclosed.

The undersigned [Party/[CERES/IGER]] signatory acknowledges having received in good order the material and related information set forth  hereinafter.

[Include description of material and related information.]

THIS MATERIAL AND RELATED INFORMATION ARE TRANSFERRED ONLY FOR USE IN COMPLIANCE WITH THE ABOVE MENTIONED  FIELD TRIAL AGREEMENT. CONFIDENTIALITY OBLIGATIONS APPLY.                 For sending/receipt,   For receipt/sending,             Signature:     Signature:

            Date:       Date:

            Name:       Name:                Title:       Title:    [CERES/IGER]   [Party]          CERES-IGER Collaboration Agreement   Page 46 of 75







Material Transfer Agreement — Biological Material for Research Purposes

You have requested that the Institute of Grassland & Environmental Research (IGER) provides you with the Biological Material listed in the  Schedule. In consideration of providing the Biological Material, IGER asks you, and you agree, to observe the following conditions, for a period of  ten years from the date hereof:

          To:  Name:   (the Recipient)            Organisation:   (the Recipient Institution)            Address:

1.   To use the Biological Material only for the purpose of academic research at the laboratories of the Recipient and not in any collaboration  with a third party. More specifically the Biological Material will only be used for the following purpose:

    [to be completed]

    The Recipient will specifically but without limitation not use the Biological Material for the following purposes:

    Generation of plants for use in seed production to increase the volume of seed available; generation of plants for use in any breeding or  back crossing experiments; any tissue culture, mutagenesis, genetic transformation or any biotechnological process, except if expressly  defined as the purpose of this Agreement.

    The Biological Material will not be used for production of a commercial product, or for patent purposes or for applications for plant variety  rights.

2.   Not to provide samples of the Biological Material or samples of material extracted from or derived from the Biological Material or any  technical information relating thereto, to third parties without specific written permission from IGER. Samples may only be provided to  members of your immediate research team, who undertake to respect these conditions.

3.   Not without IGER's prior written permission (which shall not be unreasonably refused) to disclose to any third party or publish details of the  Biological Material, its manufacture or use, or details of any other material that could not have been made but for the Biological Material, or  information on results obtained through the use of the Biological Material and to acknowledge the source of the Biological Material in any  such publication for which permission is granted. The Recipient must provide IGER any proposed publication at least thirty (30) days prior to  submission. IGER will review such proposed publication for the need of intellectual property protection and/or to identify any inadvertent  disclosure of proprietary information. If necessary, the Recipient agrees to (i) delay publication by no more than sixty (60) days to enable the  filing of an application for intellectual property protection and/or (ii) remove any proprietary information identified by IGER.       CERES-IGER Collaboration Agreement   Page 47 of 75







The Schedule

[to be completed]

4.   The Recipient acknowledges that the Biological Material and any material or information obtained through the use thereof shall always  remain the property of IGER. Upon completion of the research activities defined herein, the Recipient shall, at the option of IGER, (i) return to  IGER all unused Biological Material supplied by IGER and all materials, regardless of type, produced from the Biological Material or (ii)  destroy all unused Biological Material supplied by IGER and all materials, regardless of type, produced from the Biological Material.

5.   The Recipient will not obtain, and will not attempt to obtain patent coverage on the Biological Material or on any use of the Biological  Material or on any other material or information that could not have been made or obtained but for the Biological Material.

6.   The Recipient agrees promptly to disclose to IGER all information relating to research performed using the Biological Material and all  information relating to any modifications or improvements of the Biological Material or any material derived from the Biological Material.  [specific reporting obligations to be included]

7.   The Recipient and Recipient Institution will use the Biological Material in compliance with all applicable laws and regulations including  current health and safety guidelines for work with recombinant DNA (if applicable) and for transport of materials and protection of the  environment. The Recipient and Recipient Institution agree to waive all claims against IGER and to defend and Indemnify IGER from all  claims and damages asserted by third parties arising from the use, storage, handling and disposal of the Biological material by the Recipient.

8.   The Biological Material is experimental in nature and is provided without any warranties express or implied, including any warranties of  merchantability or fitness for any purpose.

9.   IGER makes no representation that the use of the Biological Material will not infringe any patent or other intellectual property right and the  Recipient hereby indemnifies IGER from and against all actions, claims, proceedings or demands which may be brought against IGER by third  parties in respect of the infringement of any intellectual property right arising out of the Recipient's' exercising of its rights under this  Agreement.

10.   The Recipient shall ensure that its employees, officers and agents comply with the obligations imposed upon the Recipient by this  Agreement as if personally bound by such obligations.

      CERES-IGER Collaboration Agreement   Page 48 of 75







Signed for and on behalf of IGER:

Signature:

Name: P.A. Fentem

Title: Institute Business Manager

Date:



Recipient Institution:    Recipient:

Signature:    Signature:

Name:    Name:

Position:    Date:

Date:

      CERES-IGER Collaboration Agreement   Page 49 of 75







EXHIBIT D

to the Collaboration Agreement between IGER and CERES

EXTERNAL FUNDING

•   Defra project NF0426 The genetic improvement of miscanthus for Biomass

    1 April 2004 — 31 March 2009 — see EXHIBIT E

•   Energy crops in the Atlantic space: Possibilities for large scale implementation Interreg IIIB Atlantic Area

    1 January 2004 — 31 December 2007 — see EXHIBIT E

•   Supergen — Biomass, Biofuels and Energy Crops Consortium

    1 April 2003 — 31 March 2007 — see EXHIBIT E

•   BBSRC project: Optimising the development of the energy grass Miscanthus through manipulation of flowering time

    1 April 2007 — 31 March 2011 — see EXHIBIT E       CERES-IGER Collaboration Agreement   Page 50 of 75







EXHIBIT E

to the Collaboration Agreement between IGER and CERES

EXISTING AGREEMENTS

Title: Defra project NF 0426 'The genetic improvement of miscanthus for biomass'

Duration: 1/4/04 — 31/3/09

Partners: PRI

Scope and roles of partners

Material and information provided and to be provided by IGER: Provision of reports on results to Defra.

Rights of IGER and PRI on results: IP owned by Defra but now being assigned to IGER. Rights to use of results by PRI not specified in contract.

Rights of third parties on any IGER background material/information

IGER materials from China subject to rights of GAGE in royalty sharing and in access for research purposes.

Any exclusivity/non competition

No

Any rights of third parties on results obtained by IGER

Rights of Tinplant with respect to materials developed using their germplasm.  NOTE: any future use of Tinplant germplasm for breeding purposes will be subject to mutual agreement of IGER and CERES.

  1.   Assessment of genetic resources available in UK and elsewhere for yield, canopy development, flowering time (IGER) overwintering  and combustion quality (PRI)

  2.   Hybridisation and selection based on general and specific combining ability of diploid accessions (IGER, PRI)

  3.   Hybridisation of diploid and tetraploid accessions to produce new sterile triploid hybrids (IGER)

  4.   Improvement of breeding efficiency based on early morpho-physiological prediction of productivity and persistence and indirect  measurement of chemical composition (IGER)

  5.   The production of large trait mapping populations and identification of a realistic cost effective road map to more efficient breeding  through the development of marker-assisted selection (IGER,PRI)

  6.   Identification with Defra of the exploitation route in UK and Europe taking into account expertise in large scale production and  marketing (IGER,PRI)

      CERES-IGER Collaboration Agreement    Page 51 of 75







Title: Energy crops in the Atlantic space: Possibilities for large scale implementation Interreg IIIB Atlantic Area

Duration: 1/1/04 — 31/12/07

Partners and roles:

Instituto Superior de Agronomia (Portugal)  Agronomy and harvesting of Cynara, Arundo, Sorghum

Associacao de Prudutores Florestias (Portugal)  Agronomy, harvesting and conversion of Cynara, Arundo and Sorghum

Universidade de Evora (Portugal)  Agronomy, harvesting of Cynara, Sorghum

Instituto Nacional de Engenharia, Tecnologia e Invacao (Portugal)  Gasification and combustion of Cynara, Arunda, Sorghum

Associacao Florestal da Galizia (Spain)  Agronomy, combustion analysis and alcohol production from Cynara, Arunda, Sorghum

Mid-South Roscommon Rural Development Company Ltd (Ireland)  Identify and monitor farm performance of biomass crops including miscanthus, reed canary grass, and willow.

IGER (UK)  Agronomy and chemical composition analysis of miscanthus. Hybrid miscanthus trials.

Scope: Analysis of technical and economic aspects of installation of Cynara cardunculus, Arundo donax, Sorghum bicolor and miscanthus in  different regions.  Conversion of biomass by burning and through conversion to alcohol

Material and information provided and to be provided by IGER

Agronomy data, hybrid trial data, chemical composition data.

Rights of parties to results

All project results to be left 'free of all rights'

Rights of third parties on any Background

None

Any exclusivity/non competition

None

Rights of third parties on results obtained by IGR outside of agreement activities

None         CERES-IGER Collaboration Agreement    Page 52 of 75







Title: Supergen — Biomass, Biofuels and Energy Crops Consortium

Duration: 1/4/03 — 31.3.07

Scope: Feedstock options and meeting criteria of fuel quality for willow, miscanthus, reed canary grass and switch grass.

Conversion and energy generation — pyrrolysis and combustion  Economics and market issues   Integration of fuel production, conversion and end use  Environmental issues

Partners and roles

University of Leeds  Combustion behaviour of buiomass

Aston University  Mass pyrrolysis for biooil

University of Sheffield  Modelling combustion processes

University of Ulster  Techno-economics of combustion and pyrrolysis

Cranfield University  Corrosion in combustion

University of Manchester  Socio-economic analysis

Rothamsted Research  Agronomy (fertilizer requirements) of reed canary grass, switch grass and miscanthus

Alston Power Ltd  Combustion

Bical Ltd  Miscanthus agronomy

E.ON UK Ltd  Combustion

Rural Regeneration Ltd  Environmental impact         CERES-IGER Collaboration Agreement    Page 53 of 75







IGER

Materials and information provided by IGER

Lolium, Dactylis and Festuca material. NIRS calibrations for lignin, ADF and NDF for miscanthus (material sourced from European Miscanthus  Initiative)

Rights of IGER and other parties on results

All parties own their own Resulting IP.  Partners must make their Resulting IP available to other partners for research purposes   Subject to agreement on commercial terms partners grant each other non-exclusive license to use their IP for commercial purposes   A partner can not unreasonably refuse access on reasonable terms to a second partner to its IP if access is necessary for that second partner to  commercialise its own IP

Rights to IGER Background

Partners may use IGER's Background for purposes of project and for internal research purposes   IGER's Background may be made available to another partner for commercial purposes subject to commercial terms   IGER's Background to be licensed on fair and reasonable terms when necessary for another partner to commercially exploit its own Resulting IP.

Exclusivity/non competition

Should partners wish to exploit their own resulting IP with a third party (outside consortium) during the duration of the project, that party must  notify the other partners.

Ay rights of third parties/partners on results obtained outside of agreement activities

None         CERES-IGER Collaboration Agreement    Page 54 of 75







Title: BBSRC project: Optimising the development of the energy grass Miscanthus through manipulation of flowering time

Duration: 1/4/07 — 31/3/11

Scope: Identification of genes involved in flowering time of the two parents of Miscanthus X giganteus

Roles of partners:

Materials and information provided and to be provided by IGER:

A range of miscanthus genotypes from Japan, China and Taiwan to be characterised at field sites at IGER and Rothamsted. M siniensis mapping  family will also be assessed at IGER and Rothamsted. IGER mapping data will be made publicly available through a database which is part of the  BBSRC cross institute programme on monocot genetics.

Rights of parties to results

Each party owns the IP on the results it produces

Rights of third parties to any background

Rights of GAGE to collection covered in GAGE agreement

Exclusivity/non competition

None

Rights of third parties on IGER results outside of agreement activities

None

    IGER — Assessment of flowering time of miscanthus populations in the Field. Association of flowering time and senescence QTL with  miscanthus Genes. Identify miscanthus genes which are homologues of Arabidopsis, maize and rice flowering genes. Build genetic maps  around these genes and map flowering time QTL

Rothamsted — Assessment of flowering times of miscanthus populations in the field

      CERES-IGER Collaboration Agreement    Page 55 of 75







EXHIBIT F

to the Collaboration Agreement between IGER and CERES

PRODUCTION AND COMMERCIALIZATION ACTIVITIES

CERES will:

CERES shall provide to IGER a detailed, written annual report on its activities in furtherance of the obligations of this EXHIBIT, such report shall  be due at or about March 31 of each year. In addition, upon the request of IGER at any time, CERES will discuss the progress and results achieved  in regard to such activities; provided however, such contacts and discussions shall be reasonable in frequency and duration so as not to be  disruptive to the respective operations of either Party.

  1.   Identify growers and establish grower contracts

  2.   Lease, build or buy production facility

  3.   Establish quality testing capability

  4.   Establish a sales force and distribution network and/or distribution through existing distribution systems and/or establish any other  commercialization system.

      CERES-IGER Collaboration Agreement    Page 56 of 75







EXHIBIT G

to the Collaboration Agreement between IGER and CERES

MODEL LICENSE AGREEMENT FOR NON-TRANSGENIC VARIETIES / NON-UK

EXCLUSIVE LICENSE AGREEMENT FOR [VARIETY X]

THIS AGREEMENT is made this ___ day of _________, 20— (Effective Date), by and between INSTITUTE OF GRASSLAND AND  ENVIRONMENTAL RESEARCH (IGER), a company limited by guarantee, registered in England No. 473456 and a registered Charity No. 272150,  having an office at Plas Gogerddan, Aberystwyth, Ceredigion, SY23 3EB, United Kingdom and CERES, INC. (CERES), a Delaware corporation,  having an office at 1535 Rancho Conejo Blvd., Thousand Oaks, California 91320, United States of America.

WHEREAS, CERES and IGER entered into a COLLABORATION AGREEMENT, (CA), that contemplates a long-term research relationship by  and between the Parties for the enhancement and improvement of COLLABORATION CROPS (as defined in the CA) for biomass crops;

WHEREAS, CERES and IGER have jointly developed and jointly own a new MISCANTHUS variety [X] pursuant to SCHEDULE [1] to the CA;

WHEREAS, CERES wishes to commercialize MISCANTHUS variety [X];

WHEREAS, CERES has the ability to assume production of and to commercialize MISCANTHUS variety [X] and wishes to receive an exclusive,  world-wide license (except in the United Kingdom) to produce, use, sell and commercially exploit MISCANTHUS variety [X];

WHEREAS, in accordance with the provisions of the CA concerning the commercialization of MISCANTHUS varieties jointly developed and  jointly owned by the Parties under the CA, the Parties have developed this Agreement and its terms in accordance with the terms and obligations  set forth in the CA;

WHEREAS, CERES and IGER recognize that the rights intended to be granted hereunder can be a strong incentive for CERES to risk money and  other resources needed to produce, use, sell and commercially exploit MISCANTHUS for wide public enjoyment;

NOW THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein and of other good and  valuable consideration, the Parties have agreed and do hereby agree as follows:

1.1 MISCANTHUS is defined as COLLABORATION CROPS in the CA, and such definition is incorporated by reference herein.

1.  DEFINITIONS.

      CERES-IGER Collaboration Agreement    Page 57 of 75







1.2 LICENSED VARIETY shall mean the [NAME] MISCANTHUS variety jointly developed by the Parties pursuant to SCHEDULE [1] to the CA  and released, jointly by IGER and CERES, pursuant to the terms of SCHEDULE [1].

1.3 VARIETY RELEASE DATE shall mean the date the LICENSED VARIETY was released pursuant to the terms of SCHEDULE [1].

1.4 TERRITORY shall mean all countries of the world except the United Kingdom.

1.5 COMMERCIAL PROPAGULE shall mean [propagules — seed — reproductive material] of MISCANTHUS that is sold for purposes other  than the production of propagating material.

1.6 INTELLECTUAL PROPERTY RIGHTS shall mean all rights in any plant variety, patent, plant breeders rights, registration or equivalent  intellectual property protection, or any applications thereof, for the LICENSED VARIETY, which may be filed in any jurisdiction in the  TERRITORY, with the exception of TRADEMARKS. INTELLECTUAL PROPERTY RIGHTS, when applied for or granted, will be set forth in  ANNEX I.

1.7 JOINT INTELLECTUAL PROPERTY is defined in the CA, and such definition is incorporated by reference herein. Any and all JOINT  INTELLECTUAL PROPERTY licensed under this Agreement shall be set forth in ANNEX I.

1.8 IGER INTELLECTUAL PROPERTY is defined in the CA, and such definition is incorporated by reference herein. Any and all IGER  INTELLECTUAL PROPERTY licensed under this Agreement shall be set forth in ANNEX I.

1.9 OTHER RESEARCH RESULTS is defined in the CA, and such definition is incorporated by reference herein.

1.10 BACKGROUND INTELLECTUAL PROPERTY is defined in the CA, and such definition is incorporated by reference herein. Any and all  IGER BACKGROUND INTELLECTUAL PROPERTY licensed under this Agreement shall be set forth in ANNEX I.

1.11 TRADEMARK shall mean any trademark, trade name or logo owned by CERES and intended for use with a LICENSED VARIETY.

1.12 COMMERCIAL NAME shall mean the complete, preferred name of a LICENSED VARIETY under which a specific LICENSED VARIETY will  be marketed and sold.

1.13 NET SALES shall mean the actual wholesale price for COMMERCIAL PROPAGULES of the LICENSED VARIETY received by CERES or  any AFFILIATED COMPANY for the sale of such propagules, excluding propagating material for further production of propagating material, less  any (a) customary trade, quantity, or cash discounts; (b) amounts repaid or credited by reason of rejection or return; (c) any sales, use, tariff,  customs duties, V.A.T. and/or other taxes, duties and similar governmental assessments (except taxes based on income); (d) outbound  transportation, shipping, packing, costs of insurance in transit paid by CERES or an AFFILIATED COMPANY; and (e) cost of any coating  materials that may have been applied to the COMMERCIAL PROPAGULES.         CERES-IGER Collaboration Agreement    Page 58 of 75







Where there is no identifiable sale price or when a LICENSED VARIETY is sold to other than bona fide, arms length customers of CERES or any  AFFILIATED COMPANY, CERES or the AFFILIATED COMPANY shall be deemed to have received an amount of NET SALES calculated based  on the final sale of the COMMERCIAL PROPAGULES (wholesale level) to an independent third party, usually referred to as net wholesale price  payable by dealers. If no such current price is available, a hypothetical fair market value price will be determined by the Parties jointly in good faith  for the purpose of calculating NET SALES. Further, TRAIT FEES, if any, shall be added to NET SALES.

1.14 TRAIT FEE shall mean any upfront or annual fee collected by CERES or any AFFILIATED COMPANY in conjunction with NET SALES as  an additional remuneration for the sale of COMMERCIAL PROPAGULES that have a particular valuable non-transgenic trait or characteristic.

1.15 LICENSE INCOME shall mean the amount actually received by either CERES or any AFFILIATED COMPANY in consideration for the grant  of SUBLICENSES to SUBLICENSEES that are not AFFILIATED COMPANIES to produce and sell COMMERCIAL PROPAGULES of the  LICENSED VARIETY, including up-front fees, lump sum payments and any running royalties on a product-by-product and jurisdiction-by- jurisdiction basis.

*NOTE: definitions of NET SALES and LICENSE INCOME may vary in function of the business models that may be developed

1.16 AFFILIATED COMPANY shall mean any company owned or controlled by, under common control with or controlling CERES, control  meaning in this context the direct or indirect ownership of more than fifty percent (50%) of the voting stock/shares of a company, or the power to  nominate at least half of the directors.

1.17 SUBLICENSE shall mean any sublicense granted (a) by CERES to an AFFILIATED COMPANY or (b) by CERES or an AFFILIATED  COMPANY to any third party (SUBLICENSEE), as authorized by this Agreement, to produce and sell a LICENSED VARIETY (or LICENSED  VARIETIES).

1.18 MARKETING PLAN shall mean a detailed written plan for production, distribution, sale and promotion of the LICENSED VARIETY  prepared by or on behalf of CERES and submitted to IGER. Each MARKETING PLAN shall include at least the information outlined in ANNEX II.  Actual, adopted MARKETING PLANS shall be attached as further annexes to this Agreement as adopted.

2.  GRANT OF LICENSE.
2.1 IGER hereby grants CERES under IGER'S interest in any JOINT INTELLECTUAL PROPERTY and OTHER RESEARCH RESULTS, the IGER  INTELLECTUAL PROPERTY set forth in ANNEX I, and the IGER BACKGROUND INTELLECTUAL PROPERTY set forth in ANNEX I:

  (a)   the exclusive right and license to produce COMMERCIAL PROPAGULES of the LICENSED VARIETY in the TERRITORY, including  intermediate propagation material; and       CERES-IGER Collaboration Agreement    Page 59 of 75
  (b)   the exclusive right and license to use, sell and commercially exploit the COMMERCIAL PROPAGULES of the LICENSED VARIETY in  the TERRITORY.






2.2 Sublicenses. CERES shall have the right to grant SUBLICENSES within the TERRITORY provided that:

(a)   The terms and obligations of any such SUBLICENSE shall be consistent with the terms and obligations of this Agreement;

(b)   CERES shall deliver to IGER (under an obligation of confidentiality) a written summary of each SUBLICENSE agreement, which shall  include the name and address of the SUBLICENSEE, scope of the SUBLICENSE, exclusive/non-exclusive status, territory,  remuneration, reporting and diligence obligations, if any. This summary shall be provided within thirty (30) days after execution,  modification or termination of the summarized agreement; and

(c)   CERES will use commercially reasonable efforts to collect any and all amounts due to CERES under any SUBLICENSE for the sale of  COMMERCIAL PROPAGULES of the LICENSED VARIETY.

2.3 Nothing in this Agreement shall be construed as conferring by implication, estoppel, or otherwise any license or rights under any  INTELLECTUAL PROPERTY RIGHTS, whether owned by IGER or licensed to IGER, other than the one(s) expressly set forth in this Agreement.






3.  INTELLECTUAL PROPERTY RIGHTS.




      3.1 CERES will prepare and file, in accordance with its best judgment, any and all applications for plant variety rights or other forms of intellectual  property protection or variety registration for the LICENSED VARIETY in the United States and/or Europe. Applications for plant variety rights  shall be filed in the joint names of CERES and IGER. At CERES' discretion, plant variety rights and/or other forms of intellectual property  protection may be filed in any other jurisdiction in the TERRITORY.

      3.2 If CERES intends to abandon any plant variety rights, pending or granted in any jurisdiction, CERES shall first give sufficient written notice to  IGER to permit IGER the opportunity to assume such filing, examination and/or maintenance.

      3.3 CERES and IGER will consult with regard to INTELLECTUAL PROPERTY RIGHTS.

      3.4 The obligations of this Article 3.4 shall not apply to any jurisdictions in which CERES has elected not to apply for intellectual property  protection. CERES and IGER shall avoid carrying out any act that would prejudice the grant of INTELLECTUAL PROPERTY RIGHTS. Without  limitation, neither Party shall make available reproductive material of the LICENSED VARIETY at a date or in a manner that might jeopardize the  right to seek INTELLECTUAL PROPERTY RIGHTS protection for the LICENSED VARIETY. CERES, whether directly or through any  SUBLICENSEE, shall not sell any propagules of the LICENSED VARIETY until such time as the requirements for INTELLECTUAL PROPERTY  RIGHTS have been established.
      CERES-IGER Collaboration Agreement    Page 60 of 75
3.5 CERES shall use all reasonable endeavors to ensure in any sales jurisdiction of the TERRITORY in which INTELLECTUAL PROPERTY  RIGHTS exist that all bags or containers supplied by CERES and any SUBLICENSEE containing only propagules of such LICENSED VARIETY are  clearly labeled to show that the LICENSED VARIETY is protected by INTELLECTUAL PROPERTY RIGHTS.

4.1 In partial consideration for the rights granted in this Agreement, CERES shall be responsible for any and all fees and expenses incurred in filing,  examining, certifying and maintaining any INTELLECTUAL PROPERTY RIGHTS for the LICENSED VARIETY, subject to the provisions of Article  3.

4.2 In partial consideration for the rights granted in this Agreement, CERES agrees to pay to IGER, on behalf of CERES and any AFFILIATED  COMPANY, for the LICENSED VARIETY, a royalty of:

Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

4.  LICENSED VARIETY CONSIDERATION.

  4.2.1  on NET SALES

  (a)   [***] percent ([***]%) of NET SALES if the LICENSED VARIETY constitutes IGER INTELLECTUAL PROPERTY, where the  genotype exists before the Effective Date of the CA, no further breeding or selection is required after the Effective Date of the CA,  and the LICENSED VARIETY is propagated by rhizomes;

  (b)   [***] percent ([***]%) of NET SALES if the LICENSED VARIETY constitutes IGER INTELLECTUAL PROPERTY, in all cases not  included in Article 4.2.1 (a); or

  (c)   [***] percent ([***]%) of NET SALES if the LICENSED VARIETY constitutes JOINT INTELLECTUAL PROPERTY.

  4.2.2  on LICENSE INCOME

  (a)   [x percentage to be determined in function of the business model] of LICENSE INCOME if the LICENSED VARIETY constitutes  IGER INTELLECTUAL PROPERTY, where the genotype exists before the Effective Date of the CA, no further breeding or selection  is required after the Effective Date of the CA, and the LICENSED VARIETY is propagated by rhizomes;

  (b)   [[***] x%] of LICENSE INCOME if the LICENSED VARIETY constitutes IGER INTELLECTUAL PROPERTY, in all cases not  included in Article 4.2.2 (a); or

  (c)   [[***] x%] of LICENSE INCOME if the LICENSED VARIETY constitutes JOINT INTELLECTUAL PROPERTY.       CERES-IGER Collaboration Agreement    Page 61 of 75







4.3 In addition to the royalty provided in Article 4.2, CERES agrees to pay a royalty on NET SALES of the LICENSED VARIETY equal to the  royalty due, on the basis of the Convention on Biological Diversity, by IGER to the country or countries where the material on which the  LICENSED VARIETY is based has been collected, up to a maximum of [***] percent ([***]%) of NET SALES, and an equivalent additional royalty  on LICENSE INCOME to be determined.

4.4 Where any royalty payments are subject to a withholding tax, CERES shall pay the net royalty and shall provide to IGER proper certificates for  such withholding tax.

4.5 All sums payable by CERES to IGER under this Agreement shall be payable in United States dollars. Royalties shall be payable by March 31 of  each year with respect to the NET SALES and LICENSE INCOME received by CERES and any AFFILIATED COMPANIES in the preceding  calendar year. Payments shall be made by check to the following address:

Institute Secretary  Institute of Grassland and Environmental Research  Plas Gogerddan  Aberystwyth  Ceredigion  SY23 3EB  United Kingdom

Such payments shall be accompanied by a written report setting forth the production volumes and sales by CERES, and each SUBLICENSEE, of  COMMERCIAL PROPAGULES during the calendar year, permitted exclusions, NET SALES, LICENSE INCOME and the royalties due.

4.6 Payments required under this Agreement shall, if overdue, bear interest at a per annum rate of one percent (1%) above the prime interest rate in  effect on the due date, as reported in the Wall Street Journal, from the date the payment is due until it is received.

5.1 The Parties acknowledge that the denomination for the subject variety is established as: [X].

5.2 CERES shall use the denomination of the LICENSED VARIETY to identify that variety.

5.3 CERES will determine a COMMERCIAL NAME for the LICENSED VARIETY under which the COMMERCIAL PROPAGULES of the LICENSED  VARIETY will be marketed and sold.

5.4 CERES may determine TRADEMARK(s) associated or intended for use with a LICENSED VARIETY. CERES shall be the owner of all rights in  any such TRADEMARK, chosen, applied to, used or registered in association with the LICENSED VARIETY.

Confidential Treatment Requested and the Redacted Material has been filed separately field with the Commission

5.  DENOMINATIONS, VARIETY NAMES, TRADE MARKS.

      CERES-IGER Collaboration Agreement    Page 62 of 75







6.1 CERES shall be responsible for multiplying propagating material of the LICENSED VARIETY within the TERRITORY and using commercially  reasonable efforts to produce, market and sell the resultant COMMERCIAL PROPAGULES so as to ensure that COMMERCIAL PROPAGULES of  the LICENSED VARIETY are commercially available in the United States and/or Europe in reasonable quantities and at a reasonable price no later  than [X years — depends on propagation] from the Effective Date.

6.2 CERES shall meet its own cost of promotion, trials and listing of the LICENSED VARIETY in the TERRITORY.

6.3 CERES shall use reasonable endeavors to ensure that all COMMERCIAL PROPAGULES of the LICENSED VARIETY offered for sale by  CERES, any AFFILIATED COMPANY or SUBLICENSEE shall meet the normally accepted standards of the propagule trade or certifying  authorities relating to propagule quality within the relevant jurisdiction of the TERRITORY.

6.4 CERES shall at all times comply with and abide by any governing law, rules, regulations, plant variety rights legislation or the like and/or  requirements relating to the quality and sale of COMMERCIAL PROPAGULES of the LICENSED VARIETY in the relevant jurisdictions of the  TERRITORY and shall use all reasonable commercial endeavors to obtain any necessary regulatory approvals for the LICENSED VARIETY.

7.1 CERES will use commercially reasonable efforts to actively market the LICENSED VARIETY in the United States, and in CERES' discretion, in  other jurisdictions in the TERRITORY, wherein such efforts shall be appropriately reflected in the MARKETING PLAN.

7.2 This provision shall apply after the third (3rd) anniversary of the market introduction of the LICENSED VARIETY in the United States  propagated by a method that results in the LICENSED VARIETY being commercially competitive as compared to other energy crops being grown  at that time in the United States. If IGER identifies a bona fide third party who presents a sound commercialization plan for the LICENSED  VARIETY in a country or countries of the TERRITORY where the LICENSED VARIETY is not commercially developed by or through CERES, or an  AFFILIATED COMPANY (COUNTRY), IGER will refer such opportunity to CERES by written notification and CERES will diligently investigate  such opportunity. No later than one (1) year after the aforementioned notification from IGER, CERES will inform IGER in writing whether or not  CERES wishes to commercialize the LICENSED VARIETY, directly or indirectly, in the COUNTRY. If CERES declines the opportunity entirely,  without REASONABLE GROUNDS, IGER will be granted a non-exclusive license with the right to grant sublicenses to test, produce and sell the  LICENSED VARIETY in the COUNTRY. If CERES informs IGER in writing that CERES is planning to commercialize the LICENSED VARIETY in all  or part of the COUNTRY, directly or indirectly (whether or not through the third party identified by IGER), and CERES has not taken reasonable  steps towards the implementation of such commercialization within two (2) years after so informing IGER, unless CERES informs IGER of  REASONABLE GROUNDS for its failure or delay

6.  QUALITY AND PERFORMANCE REGULATIONS.

7.  DILIGENCE.

      CERES-IGER Collaboration Agreement    Page 63 of 75







to implement commercialization plans, IGER will be granted a non-exclusive license with the right to grant sublicenses to test, produce and sell the  LICENSED VARIETY in the COUNTRY.

REASONABLE GROUNDS shall mean any factors that a reasonable business person would view as too negative to justify the market  opportunity in the light of usual legal business practices in the United States or Europe, including without limitation factors such as the risk that  products will be sold below a normal market price, the risk that dumping will occur, the risk of cannibalization of other markets for the LICENSED  VARIETY or of other products sold directly or indirectly by CERES, poor intellectual property protection or enforcement, no propagation method  which allows the LICENSED VARIETY to be commercially competitive in that country, etc.

7.3 CERES shall submit to IGER with its annual report under Article 4.5 a report of progress made by CERES (and any AFFILIATED COMPANY),  directly or through its SUBLICENSEES, in achieving marketing goals of previous years and meeting the objectives of the MARKETING PLAN  submitted and agreed upon for the TERRITORY. From time to time, but at least annually, CERES shall submit an amended and updated  MARKETING PLAN.

8.1 CERES shall keep and shall cause any SUBLICENSEE to keep accurate records of all production and sales of COMMERCIAL PROPAGULES of  the LICENSED VARIETY in each country of the TERRITORY where such sales are made. These records will include, at least, the number of acres  of LICENSED VARIETY COMMERCIAL PROPAGULES under production, the physical location of the LICENSED VARIETY production field  owned or controlled by CERES, any AFFILIATED COMPANY or any SUBLICENSEE, the total amount of LICENSED VARIETY COMMERCIAL  PROPAGULES produced, the total amount of LICENSED VARIETY COMMERCIAL PROPAGULES sold and all invoices or shipping documents  relating to such sales.

8.2 CERES shall allow an independent auditor, reasonably acceptable to CERES, appointed by and paid for by IGER to inspect the records of  CERES and any AFFILIATED COMPANY pertaining to the LICENSED VARIETY for the exclusive purpose of verifying the accuracy of the  reports provided. Any such audit shall occur no more frequently than annually. Any such inspection shall occur during normal business hours  and after IGER has provided written notice at least ten business days prior to the date of the intended inspection. IGER agrees that it and its  representatives will hold the information obtained from the inspection in confidence, and not use it for any purpose other than verification of the  royalties required to be paid hereunder.

9.1 Each Party shall notify the other of any suspected infringement of any INTELLECTUAL PROPERTY RIGHTS covering the LICENSED  VARIETY. CERES will have the exclusive right, but no obligation, at its own discretion and expense, to take any action to enforce and to initiate  and prosecute suits for infringement of the INTELLECTUAL PROPERTY RIGHTS. CERES and IGER will consult with each other upon a course of  action and enforcement strategy. CERES will be responsible for the conduct of any such enforcement action, and IGER will reasonably cooperate  with CERES to effect the enforcement action, and if appropriate, determine a settlement position. CERES shall be responsible for retaining counsel  and shall promptly notify IGER following

8.  BOOKS, RECORDS AND RIGHT OF AUDIT.

9.  ABATEMENT OF INFRINGEMENT.

      CERES-IGER Collaboration Agreement    Page 64 of 75







retention of counsel, and IGER agrees to be represented by such counsel as may be required for any enforcement action or settlement. For  purposes of settlement, CERES shall be the contact with the parties' counsel as well as the opposing party(ies) and shall have the right to enter  into settlements. CERES shall keep IGER advised as to all developments with respect to the enforcement action and settlement discussions, which  includes supplying to IGER copies of all papers received and filed in sufficient time for IGER to comment thereon. IGER may attend any and all  meetings with the parties' counsel and the opposing side for settlement purposes. IGER agrees to voluntarily join in any action brought by CERES  as a party plaintiff/defendant, if necessary, at the expense of CERES. If necessary, IGER agrees to enter into a joint defense agreement.

9.2 Any damages received by the CERES as a result of an enforcement action of the INTELLECTUAL PROPERTY RIGHTS, after deduction of all  enforcement related costs incurred by CERES, shall be considered as either NET SALES or LICENSE INCOME for the purpose of remuneration  payments to IGER, to whichever the damages are reasonably deemed equivalent.

10.1 As used in this Agreement, the term Confidential Information shall mean all non-public-information received by one Party from the other in  the framework of this Agreement. Confidential Information can include, but is not limited to, information concerning the disclosing Party's  operations, research, processes, techniques, data, sales, marketing, promotion and other activities.

10.2 From receipt to five (5) years after the disclosure of the relevant CONFIDENTIAL INFORMATION, the receiving Party shall not use, except  (a) for the benefit of the Parties' collaboration, or (b) such use as is expressly allowed by this Agreement, and/or disclose any Confidential  Information to any third party without the prior written consent of the disclosing Party if the Confidential Information was received from the other  Party, or the prior written consent of both Parties if the Confidential Information was generated during the performance of this Agreement,  excepting that information described in Article 10.3. Confidential Information shall only be made accessible to each Party's employees on a need- to-know basis.

10.3 The receiving Party shall have no obligations of confidentiality for information that: can be established through written evidence to be in the  possession of the receiving Party prior to the disclosure by the disclosing Party; is or becomes public knowledge through no fault of the  disclosing Party; is acquired from others not under an obligation of confidentiality to the disclosing Party. In addition, CERES shall have the right  to proceed to disclosures of Confidential Information (a) as required to file for INTELLECTUAL PROPERTY RIGHTS or registration, (b) as required  to exercise its commercialization rights granted in or on the basis of this Agreement and for related marketing activities, (c) as required by laws,  rules or regulation or court ordering such as, without limitation, SEC regulations, or (d) in CERES' reasonable judgment, to (potential) investors  and business partners.

Any notices required to be given or which shall be given under this Agreement shall be in writing and delivered by overnight (trackable) courier  addressed to the Parties as follows:

10.  CONFIDENTIALITY.

11.  NOTICES.

      CERES-IGER Collaboration Agreement    Page 65 of 75







Vice President of Product Development  cc: Legal Department  Ceres, Inc.  1535 Ranch Conejo Blvd.  Thousand Oaks, California 91320  United States of America

Institute Business Manager  OR for legal or financial notices:  Institute Secretary  Institute of Grassland and Environmental Research  Plas Gogerddan  Aberystwyth  Ceredigion  SY23 3EB  United Kingdom

Notices under this Agreement sent by overnight courier by one Party to the other Party at its above address shall be deemed to have been given  or made as of the date following the date so mailed.

12.1 THE PARTIES ACKNOWLEDGE AND AGREE THAT NEITHER PARTY HAS MADE ANY REPRESENTATIONS OR WARRANTIES,  EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR  PURPOSE.

12.2 IN NO EVENT SHALL EITHER PARTY BE HELD RESPONSIBLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL  DAMAGES OR LOSS OF PROFIT ARISING OUT OF THE USE OF ANY INTELLECTUAL PROPERTY RIGHTS COVERED BY THIS  AGREEMENT, OR THE IMPLEMENTATION OF THIS AGREEMENT, EVEN IF SUCH PARTY IS ADVISED IN ADVANCE OF THE POSSIBILITY  OF SUCH DAMAGES.

12.3 Nothing in this Agreement shall be construed as:

12.  DISCLAIMERS.

  (a)   a warranty or representation by either Party as to the validity or scope of any INTELLECTUAL PROPERTY RIGHTS, patent rights or  plant variety rights;

  (b)   a warranty or representation by either Party that anything made, used, sold or otherwise disposed of pursuant to any license granted  under this Agreement is or will be free from infringement of patents of third parties;

  (c)   any obligations by either Party to bring or prosecute actions or suits against third parties for patent infringement; and

  (d)   a grant by implication, estoppel, or otherwise of any licenses under any intellectual property rights of IGER or other persons other than  as provided in Article 2.1 hereof.       CERES-IGER Collaboration Agreement    Page 66 of 75







Excluding those acts directly attributable to the negligence or willful misconduct of IGER, CERES agrees to indemnify, hold harmless and defend  IGER, its trustees, officers, employees and agents and the breeders (as named in the INTELLECTUAL PROPERTY RIGHTS, if any) against any and  all liability and/or damages with respect to any claims, suits, demands, judgments or causes arising out of (a) the production, development,  storage, sale or any other use of the LICENSED VARIETY propagules and/or exercise of rights granted hereunder by CERES, its SUBLICENSEES,  distributors, agents, representatives or AFFILIATED COMPANIES; (b) the use by end-users and other third parties of LICENSED VARIETY  propagules; and/or (c) any representation, warranty or statement by CERES, its SUBLICENSEES, distributors, agents, representatives or  AFFILIATED COMPANIES, concerning IGER, LICENSED VARIETY propagules or any INTELLECTUAL PROPERTY RIGHTS. In the event any  such claims, demands or actions are made, CERES shall defend IGER at CERES' sole expense by counsel selected by CERES and reasonably  acceptable to IGER. IGER shall promptly notify CERES, in writing, of any such claims, suits or demands upon discovery and shall cooperate with  CERES in the defense, provided that CERES shall have the right to lead the defense including entering into any settlement. CERES will keep IGER  informed about the conduct of the defense and consult IGER regarding any settlement proposals.

14.1 Neither Party shall publicize or disclose the terms of this Agreement without the prior written approval of the other Party, subject to the same  exceptions as set forth in Article 10.3(a) through (d).

14.2 The Parties intend to issue joint press releases regarding this collaboration. Any such press release and any press release by either Party will  be subject to the prior written approval of both Parties; provided however, that (i) CERES shall have the right to otherwise disclose information as  may be required in CERES' judgment to comply with SEC regulations or other laws, rules or regulations governing disclosure of information and (ii)  IGER shall have the right to otherwise disclose information as may be required in IGER's judgment to comply with applicable regulations or other  laws, rules or regulations governing disclosure of information. Notwithstanding the unilateral disclosure rights provided for in this article, the  disclosing Party shall provide the other Party a copy of any such unilateral disclosure preferably prior to its release.

15.1 All disputes, differences or questions arising out of or in connection with this Agreement, or related to the alleged breach, termination,  validity, interpretation or violation thereof, shall be submitted for resolution to the Chief Executive Officer of CERES and the Director of IGER, who  shall convene, whether in person or otherwise, to resolve such dispute through negotiation in a timely manner. Either Party may initiate a  resolution procedure by providing written notice (Dispute Notice) to the other Party, and any such Dispute Notice must set forth the subject  matter of the dispute, difference or question. If the dispute remains unresolved sixty (60) days after the Dispute Notice, either Party may initiate  proceedings pursuant to Article 15.2.

13.  INDEMNIFICATION.

14.  PUBLICITY AND USE OF NAMES.

15.  DISPUTE RESOLUTION AND APPLICABLE LAW.

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15.2 Dispute Resolution and Arbitration. In the event of any dispute arising out of or in connection with this Agreement, the Parties agree to  submit the matter to settlement proceedings under the ICC ADR Rules. If the dispute has not been settled pursuant to the said Rules within forty- five (45) days following the filing of a Request for ADR or within such other period as the Parties may agree in writing, such dispute shall be finally  settled under the Rules of Arbitration of the International Chamber of Commerce by three (3) arbitrators appointed in accordance with the said  Rules of Arbitration. The provisions set forth hereinafter shall apply to the arbitration procedures, without prejudice to the ICC Rules of  Arbitration.

15.2.1 Qualifications of Arbitrators. Each arbitrator appointed shall have a reputation as being experienced in the legal and technical matters  related to the dispute, shall be required to disclose, among other disclosures, any prior involvement with the legal and technical matters related  to the dispute and any involvement with a competitor of any Party, and shall not be presently nor in the past have been affiliated with any Party  or a competitor of any Party. Notwithstanding the method of their appointment, each arbitrator shall be required to meet the standards  contained in the Rules with respect to independence.

15.2.2 Location of the Arbitration. The seat of arbitration shall be Paris, France. The arbitrators may hold hearings at such other locations as the  arbitrators shall determine, after consultation with the Parties.

15.2.3 Language of Arbitration. The arbitral proceedings and all pleadings and written evidence shall be in the English language. Any written  evidence originally in a language other than English shall be submitted in English translation accompanied by the original or true copy thereof

15.2.4 Limitation on Remedies. The arbitrators are precluded from awarding punitive or exemplary damages. In no event shall the arbitrators  have the powers of an amiable compositeur.

15.3 Applicable law. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York  without regard to the principles of conflicts of law thereof.

16.1 Subject to any other rights of termination under this Article, this Agreement shall remain in full force and effect until:

16.  TERM AND TERMINATION.

  (a)   on a jurisdiction-by-jurisdiction basis, the expiration of the INTELLECTUAL PROPERTY RIGHTS in the respective jurisdiction  covering the LICENSED VARIETY; or

  (b)   in those jurisdictions in which the LICENSED VARIETY is sold but no INTELLECTUAL PROPERTY RIGHTS are obtained, the tenth  (10th) anniversary of the date of the first sale of a LICENSED VARIETY in such jurisdiction.       CERES-IGER Collaboration Agreement    Page 68 of 75







16.2 Each Party shall have the right to terminate this Agreement unilaterally by giving written notice of termination to the other Party if such other  Party fails to satisfy its material obligations, which shall include but are not limited to, making required reports and making required payments,  under this Agreement, and such Party subsequently fails to cure such failure(s) within (a) thirty (30) days for failures to remit payment for amounts  due under this Agreement and (b) ninety (90) days for all other obligations after receipt of written notice from the non-breaching Party specifying  such failure.

16.3 IGER will have the right to terminate this Agreement unilaterally with thirty (30) days' written notice to CERES, (a) if CERES seeks protection  under any bankruptcy, insolvency, receivership, trust, deed, creditors arrangement or comparable proceeding or if any such proceeding is  instituted against CERES (and not dismissed within one hundred twenty (120) days) or (b) in case of dissolution or winding up of CERES  (excluding any situation where all or substantially all of CERES' assets, stock or business to which this Agreement relates are acquired by a third  party (whether by sale, acquisition, merger, operation of law or otherwise)).

16.4 CERES may after consultation with IGER terminate this Agreement by written notice if in the commercially reasonable opinion of CERES the  markets for the LICENSED VARIETY change or do not develop as anticipated, so as to render the production, promotion and sale of the  LICENSED VARIETY uneconomical or impractical or if CERES decides to cease substantially all activities in MISCANTHUS.

16.5 The Parties may terminate this Agreement at any time by mutual, written agreement.

16.6 Termination of this Agreement for any reason will not relieve either Party of any obligation or liability accrued under this Agreement before  termination or rescind any payments made or due before termination. Articles 8, 10, 11, 12, 13, 14, 15, and 17 will survive any termination of this  Agreement.

16.7 Termination of this Agreement shall not affect the rights and obligations of the Parties accrued prior to termination hereof.

16.8 Upon termination of this Agreement, no existing SUBLICENSES granted by CERES or AFFILIATED COMPANIES to third parties shall be  affected by such termination, and all such sublicenses shall remain in effect according to their terms, pursuant to the election of each  SUBLICENSEE. IGER shall continue to be entitled to payments relating to such SUBLICENSES pursuant to this Agreement and such  SUBLICENSES.

16.9 Termination of this Agreement shall not prevent:

  (a)   IGER from recovering any royalties due as of termination; and

  (b)   either Party from obtaining a remedy for any breach of the provisions of this Agreement.       CERES-IGER Collaboration Agreement    Page 69 of 75







17.1 Entire Agreement/Modifications. This Agreement constitutes the entire agreement between the Parties hereto with respect to the subject  matter hereof, and there are no representations, warranties, covenants or obligations except as set forth herein. This Agreement supersedes all  prior and contemporaneous agreements, understandings, negotiations and discussions, written or oral, of the Parties hereto relating to the subject  matter hereof. This Agreement may only be amended, modified or superseded by a writing executed by the authorized representative of the Parties  hereto.

17.2 Severability. This Agreement, to the greatest extent possible, shall be construed so as to give validity to all of the provisions hereof. If any  provision of this Agreement is or becomes invalid, is ruled illegal by a court of competent jurisdiction or is deemed unenforceable under the  current applicable law from time to time in effect during the term of this Agreement, the remainder of this Agreement will not be affected or impaired  thereby and will continue to be construed to the maximum extent permitted by law. In lieu of each provision which is invalid, illegal or  unenforceable, there will be substituted or added as part of this Agreement by mutual written agreement of the Parties, a provision which will be as  similar as possible, in economic and business objectives as intended by the Parties to such invalid, illegal or unenforceable provision, but will be  valid, legal and enforceable.

17.3 Waiver. No failure or delay by either Party in exercising any right or remedy under this Agreement will waive any provision of this Agreement.  Nor will any single or partial exercise by either Party of any right or remedy under this Agreement preclude it from otherwise or further exercising  any rights or remedies which it may have, or any other rights or remedies granted by any law or any related document.

17.4 Enforcement. In the event an action is commenced by either Party against the other to enforce any of the provisions of this Agreement, the  prevailing Party shall be entitled to recover from the other Party reasonable attorneys' fees, court costs and necessary disbursements incurred in  connection with such action.

17.5 Licensor-Licensee Relationship. The relationship of the Parties is that of independent contractors and licensor-licensee. Nothing herein is  intended or will be construed to establish any agency, partnerships, or joint ventures. Neither Party has any authority to act for and/or to bind the  other Party in any way or to represent that either is in any way responsible for the acts of the other, except as may be explicitly provided for herein  or authorized by the non-acting Party in writing. Neither Party is authorized or empowered to act as an agent for the other Party for any purpose,  nor shall either Party be bound by the acts or conduct of the other Party.

17.6 Assignablility. This Agreement binds and enures to the benefit of the Parties, their successor or assigns, but may not be assigned by either  Party without the prior written consent of the other Party; provided however, CERES shall have the right to assign its rights and obligations under  this Agreement to any AFFILIATED COMPANY without such prior consent. Each Party shall have the right to assign its rights and obligations  under this Agreement to a third party in conjunction with the transfer to such third party of substantially all of the assets of such Party associated  with performance under this Agreement without such prior consent.

17.  GENERAL.

      CERES-IGER Collaboration Agreement    Page 70 of 75







17.7 Force Majeure. No Party shall be responsible to the other Party for delay or failure in performance of any the obligations imposed by this  Agreement, provided such failure shall be occasioned by fire, flood, explosion, lightning, wind storm, hailstorm, earthquake, subsidence of soil,  failure of machinery or equipment or supply of materials, discontinuity in the supply of power, court order or governmental interference, terrorist  attacks, civil commotion, riot, war, strikes, labor disturbances, transportation difficulties, labor shortage, natural genetic variation of any living  matter or by any other cause of like or unlike nature beyond the reasonable control and without fault or negligence of such Party.

IN WITNESS WHEREOF, IGER and CERES have caused this Agreement to be duly executed as indicated below.                 INSTITUTE OF GRASSLAND   AND ENVIRONMENTAL RESEARCH   CERES, INC.

            By:       By:

Name:     Name:

Title:      Title:

Date:      Date:

            By:       By:

Name:     Name:

Title:      Title:

Date:      Date:

      CERES-IGER Collaboration Agreement    Page 71 of 75







ANNEX I   INTELLECTUAL PROPERTY

INTELLECTUAL PROPERTY RIGHTS for the LICENSED VARIETY

JOINT INTELLECTUAL PROPERTY

IGER INTELLECTUAL PROPERTY

IGER BACKGROUND INTELLECTUAL PROPERTY         CERES-IGER Collaboration Agreement    Page 72 of 75







ANNEX II  MARKETING PLAN  (Article 1.18)

1.   TIMING

    The MARKETING PLAN is to cover a five year period and shall be reviewed annually with adjustments made for further five year periods in  line with market conditions (or projections of the same) and the agronomic performance of the LICENSED VARIETY.

2.   POSITIONING

    An assessment of the potential of the LICENSED VARIETY in an identified market.

3.   PROMOTION

    Details of all project promotional activities, plus anticipated, related expenditures, that are intended to the LICENSED VARIETY achieves its  maximum market potential.

4.   DISTRIBUTION

    Details of the proposed distribution network and activities for supporting the distributor or retailer plus anticipated promotion activities of  the distributor/retailer. NOTE: If the anticipated distribution network includes the creation of a new COMMERCIAL PROPAGULES company,  details regarding this important component should be included here.

5.   EVALUATION

    Details of planned evaluation and demonstration, if any.

6.   PROTECTION

    Anticipated intellectual property protection requirements.

7.   COMMERCIAL PROPAGULES SALES

    Estimated sales including grade of COMMERCIAL PROPAGULES, volume and price and country of destination.

8.   ROYALTY INCOME

  a.   Estimated royalty payments; and

  b.   Commencement date of payment.

9.   COMMERCIAL PROPAGULES PRODUCTION

    Estimated production, including grade of COMMERCIAL PROPAGULES, land area to be sown, estimated production and harvest date.       CERES-IGER Collaboration Agreement    Page 73 of 75







EXHIBIT H

to the Collaboration Agreement between IGER and CERES

CERTAIN REMUNERATION PRINCIPLES

1. If CERES uses germplasm that is IGER INTELLECTUAL PROPERTY or IGER BACKGROUND INTELLECTUAL PROPERTY or JOINT  INTELLECTUAL PROPERTY to develop varieties of the COLLABORATION CROP outside the RESEARCH PROJECTS, the following guiding  principles will apply to determine the remuneration due to IGER by CERES upon commercialization of such varieties:

1.1 Royalty on NET SALES (defined as in EXHIBIT H) of varieties resulting from crosses of IGER INTELLECTUAL PROPERTY or IGER  BACKGROUND INTELLECTUAL PROPERTY germplasm with CERES or third party or public germplasm:

1.1.1 if the variety contains equal to or less than one hundred percent (100%) but more than seventy-five percent (75%) of IGER  INTELLECTUAL PROPERTY or IGER BACKGROUND INTELLECTUAL PROPERTY germplasm where said germplasm's genotype exists  before the Effective Date of the CA, no further breeding or selection is done in any RESEARCH PROJECT and the variety is commercialized  by rhizomes: [***] percent ([***]%)

1.1.2 if the variety contains equal to or less than one hundred percent (100%) but more than seventy-five percent (75%) of IGER  INTELLECTUAL PROPERTY or IGER BACKGROUND INTELLECTUAL PROPERTY germplasm in all cases not included in 1.1.1: [***]  percent ([***]%)

1.1.3 if the variety contains equal to or less than one hundred percent (100%) but more than seventy-five percent (75%) of JOINT  INTELLECTUAL PROPERTY germplasm: [***] percent ([***]%)

1.1.4 if the variety contains equal to or less than seventy-five percent (75%) but more than twenty-five percent (25%) of IGER  INTELLECTUAL PROPERTY or IGER BACKGROUND INTELLECTUAL PROPERTY germplasm: [***] percent ([***]%)

1.1.5 if the variety contains equal to or less than seventy-five percent (75%) but more than twenty-five percent (25%) of JOINT  INTELLECTUAL PROPERTY germplasm: [***] percent ([***]%)

1.1.6 if the variety contains twenty-five percent (25%) or less IGER INTELLECTUAL PROPERTY or IGER BACKGROUND INTELLECTUAL  PROPERTY or JOINT INTELLECTUAL PROPERTY germplasm, but contains one (1) TRAIT that has been introduced through crossing from  such germplasm: [***] percent ([***]%); if two (2) or more TRAITS introduced through crossing from such germplasm: [***] percent  ([***]%)

Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

      CERES-IGER Collaboration Agreement    Page 74 of 75







1.1.7 in cases other than 1.1.1 through 1.1.6 no remuneration will be due (except if clause 2 hereinafter applies).

2. If CERES uses IGER INTELLECTUAL PROPERTY or JOINT INTELLECTUAL PROPERTY other than germplasm to develop a product, a fair and  reasonable remuneration will be due by CERES to IGER, taking into account the relative contributions of the Parties to the research, development,  production, marketing and sales of the product. Upon CERES' request, the Parties will negotiate diligently and in good faith to determine such  remuneration for one or more particular inventions or products.

3. Duration of royalty payments will be similar to what is provided in the model license agreement for non-transgenic varieties (non-UK) in  EXHIBIT G.

    TRAIT shall mean a valuable characteristic of a plant selected by CERES (e.g. drought tolerance, specific flowering time) where at least  seventy percent (70%) of such characteristic is associated with no more than two (2) identified markers.

    1.2 Royalty on LICENSE INCOME (defined as in EXHIBIT H) — to be determined in function of business model.

      CERES-IGER Collaboration Agreement    Page 75 of 75







AMENDMENT I

to the Collaboration Agreement effective as of April 1, 2007 between Institute of Grassland and Environmental Research (IGER) and Ceres, Inc.  (CERES) (the Agreement).

Made in two (2) copies.

Page 1 of 1

  1.   The Parties agree to replace sixty (60) days by two hundred ten (210) days in Article 14.1 (e) (v) of the Agreement.

  2.   The Parties agree that this Amendment I is effective as of June 1, 2007.

  3.   For the remainder, the Agreement remains unchanged and this Amendment I shall form an integral part thereof.

                      INSTITUTE OF GRASSLAND AND ENVIRONMENTAL RESEARCH     CERES, INC.      By:    /s/ MERVYN HUMPHREYS     By:  /s/ RICHARD FLAVELL    Name:

Professor Mervyn Humphreys    Name:

Richard Flavell, CBE, FRS    Title:   Director     Title:  Chief Scientific Officer                              By:  /s/ RICHARD HAMILTON            Name:

Richard Hamilton            Title:  President and Chief Executive Officer







AMENDMENT II

to the Collaboration Agreement effective as of April 1, 2007 between the Institute of Grassland and Environmental Research (IGER) and Ceres,  Inc. (CERES), as amended (the Agreement) and to SCHEDULE 1 between the Institute of Grassland and Environmental Research (IGER) and  Ceres, Inc. (CERES) and dated April 1, 2007, as amended (Schedule 1).

WHEREAS, the Institute of Grassland and Environmental Research (IGER) and CERES entered into the Agreement and Schedule 1 on April 1,  2007;

WHEREAS, on April 1, 2008 IGER merged with Aberystwyth University Institutes of Biological Sciences and Rural Sciences to form the new  Institute of Biological, Environmental and Rural Sciences of Aberystwyth University (AU);

WHEREAS, as a consequence of such merger, the Parties wish to substitute AU in place of IGER as a contract party to the Agreement;

WHEREAS, AU and CERES wish to amend the Agreement, as set forth hereinafter.

NOW THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein and of other good and  valuable consideration, the Parties have agreed and do hereby agree as follows:

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  1.   The Parties agree that Aberystwyth University, a Higher Education Establishment registered in the United Kingdom No. RC000641,  having an office at Old College, King Street, Aberystwyth SY23 2AX (AU) should be substituted as a contract party to the Agreement  in place of IGER.

  2.   The Parties agree to amend Article 14.1 (e) (v) of the Agreement so as to read as follows:

      (v) with thirty (30) days' written notice to AU if Defra has not assigned to AU, or granted to AU a license reasonably satisfactory to  CERES on, the Intellectual Property vested in Defra or the Crown or the Secretary of State pursuant to the DEFRA agreement NF 0426  within three (3) years from the Effective Date (the Assignment/License); provided however that Ceres will not unreasonably refuse to  extend such three (3) year term by six (6) months if so requested by AU by December 31, 2009.

  3.   The Parties agree to add the following clause in Article 6 of Schedule 1:

      As long as the assignment or license grant by Defra to AU, and the corresponding grant of a license or sublicense to CERES in  compliance with the Agreement, has not occurred, CERES will have the right to withhold [***]







Made in two (2) copies.

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      percent ([***]%) of the funding payable by CERES to AU pursuant to Attachment B — Budget, attached to Schedule 1 (as this may be  amended from time to time). CERES' rights to withhold such payments will terminate:

  (i)   with respect to [***] percent ([***]%) of the funding, as of the date CERES effectively receives a license or sublicense  satisfactory to CERES on CERTAIN MISCANTHUS ACCESSIONS (defined in Article 3.2.1 b. of the Agreement) and related  information.

  (ii)   with respect to [***] percent ([***]%) of the funding as of the date CERES effectively receives a license or sublicense  satisfactory to CERES on the Intellectual Property vested in Defra or the Crown or the Secretary of State pursuant to the Defra  agreement NF0426.

  4.   The Parties agree that this Amendment II is deemed to have become effective as of May 1, 2008.

  5.   For the remainder, the Agreement and Schedule 1 remain unchanged and this Amendment II shall form an integral part thereof.

                      ABERYSTWYTH UNIVERSITY      CERES, INC.      By:   Name:   /s/ S.G.A. DURBIN

S.G.A. Durbin     By:  Name:   /s/ RICHARD FLAVELL

Richard Flavell, CBE, FRS

Title:  Director, Risk & Research Finance     Title:  Chief Scientific Officer

          By:  Name:   /s/ RICHARD HAMILTON

Richard Hamilton

        Title:  President and Chief Executive Officer







Pages where confidential treatment has been requested are stamped 'Confidential Treatment Requested and the Redacted Material has been  separately filed with the Commission,' and the confidential section has been marked as follows: [***].

SCHEDULE 1—Plant Breeding, Markers, Composition, Agronomy and Propagation

THIS SCHEDULE is made this 1st day of April, 2007.

WHEREAS, CERES and IGER have entered into a Collaboration Agreement (CA), dated April 1, 2007, which allows for the undertaking of  RESEARCH PROJECTS pursuant to SCHEDULES, these terms being defined in the CA; and

THEREFORE, the Parties have agreed to undertake the following RESEARCH PROJECT as defined herein on the following terms and conditions:

GENERAL

RESEARCH PROJECT TITLE: Developing Miscanthus Cultivars for Use in Bioenergy Production

Development of Miscanthus Species for Energy Crops — Scientific Overview

Miscanthus species are capable of producing large quantities of biomass with minimal inputs over a wide geographic range. CERES and IGER aim  to develop commercial biomass crops from leading Miscanthus lines via a collaboration with 2 major foci: I) propagation; and II) breeding. These  are described in turn below.

I. Propagation.

The major barrier to profitable Miscanthus cropping is efficient and inexpensive propagation. In the UK, subsidy support makes [***] of  Miscanthus x giganteus an economically viable planting method. This is not the case in [***], where there is no government support for the crop  and initial [***] from which to generate planting material is extremely limited.

It is not commercially feasible to produce Miscanthus on a large scale in [***] from traditional [***] schemes. Success of Miscanthus crops for  large markets will be determined by development of

CERES-IGER SCHEDULE 1

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      BETWEEN   CERES, INC. (CERES), a Delaware corporation, having its principal place of business at 1535 Rancho Conejo Blvd., Thousand  Oaks, CA 91320, United States of America, and



INSTITUTE OF GRASSLAND AND ENVIRONMENTAL RESEARCH (IGER), a company limited by guarantee, registered in  England No. 473456 and a registered Charity No. 272150, having an office at Plas Gogerddan, Aberystwyth, Ceredigion, SY23 3EB,  United Kingdom

A.   Unless otherwise specified herein, the terms of the CA shall apply to this SCHEDULE.

B.   In the event of any difference between the terms of this SCHEDULE and the CA, then the terms of this SCHEDULE shall prevail.

I.A.  Rationale:







cost-effective propagation technology, and the magnitude of success depends on the speed with which this technology can be developed.

All other lines of crop development research in this collaboration will be dependent on success with propagation.

To be successful, Miscanthus must be planted from small, homogenous propagules that can be cheaply and rapidly produced, flow-ably  transported, stored for months and consistently emerge after planting. In theory, the best propagule for Miscanthus production is seed. However,  propagation of Miscanthus from seed is complicated and difficult. Development of [***] Miscanthus varieties will be a [***] of the [***] of this  collaboration.

An alternative approach to seed in the short term is to [***] Miscanthus from [***] as is common in [***]. [***] is more feasible with decreasing  [***] and has not been thoroughly explored in Europe. The potential of [***] should be investigated from both an applied and basic perspective.  It was agreed that while the approach is more likely to work in [***], it should also include x [***] and at least initially [***].

Development of [***] and [***] techniques for [***] Miscanthus cropping systems will utilize a combination of theoretical and applied methods  in the lab, glasshouse and field.

CERES-IGER SCHEDULE 1

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I.B.  Goal: Applied methods for effective [***] of Miscanthus hybrids.

      I.B.i. Objective 1: Identify [***] techniques and optimize them with existing hybrids.

      Methods: Screen [***], x [***] and other species at least initially for [***] ability with multiple techniques in a broad range of factorial field  and glasshouse experiments. Glasshouse experiments can be conducted year-round at IGER and at CERES in Thousand Oaks, CA.  Additional experiments may be conducted at other CERES locations added at a later date. Field experiments will be conducted [***] at IGER  and begin in multiple locations in [***] during the three (3) year period of this SCHEDULE.

      I.B.ii. Objective 2: More basic genetic and physiological work aimed at characterising and understanding [***].

      Methods: A series of experiments into the [***] of [***] with a focus on inducing plant growth from [***] ([***] and [***]) [***]. Work  should explore [***] cues ([***], [***], [***]) as well as [***] ([***]). Explore [***] and score in [***] if possible, to locate [***].  Evaluate candidate [***] (from Arabidopsis, [***] if possible and other species) promoting [***] frequency.

I.C.  Goal: Applied methods for effective [***] of Miscanthus hybrids.

      I.C.i. Objective 1: Demonstrate potential of [***] and create protocols.

      Methods: Check [***] of [***] and [***] of a wide range of [***] in response to [***] and [***] with a combination of [***], glasshouse  and finally field experiments. Interpret results in context of [***] range, genotype and [***] conditions under which the [***] was [***].  Produce guidelines for effective [***] and [***].

I.D.  Goal: [***] based systems for rapid [***] of germplasm and plants to be used in [***].







II. Breeding

Miscanthus is an unimproved plant species with great potential as an energy crop. [***] has not yet been fully collected and characterized.  Miscanthus species are capable of crossing with [***] — a characteristic that has long been exploited in [***] where Miscanthus germplasm is  used to [***]. The use of Miscanthus for biomass is a relatively new area, thus initial collection and evaluation of germplasm may discover lines  already suited to the commercial market, and will certainly provide the base for the breeding needed to develop [***] into dedicated bioenergy  crops. This breeding programme will employ traditional methodology to [***] and [***] for traits of interest. Molecular markers will be developed  to assist identification of traits and expedite development of elite lines. Major traits of interest include increased biomass production, altered  composition for improved conversion to fuel, [***] tolerance and seed suitable to produce [***] ([***]) [***].

As lines with commercial potential are identified they will be selected for direct field trialing at IGER and/or at CERES locations in [***] to speed up  commercial variety development.

CERES-IGER SCHEDULE 1

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      I.D.i. Objective 1: Provide plants for [***] based [***].

      Methods: [***] plants using clean systems for shipment to [***] in accordance with international regulations.

      I.D.ii. Objective 2: Investigate [***] in [***] of lines potentially useful in breeding, including hybrids.

      Methods: Evaluate the [***] capacity of breeding line candidates in response to standard or improved [***] techniques.

      I.D.iii. Objective 3: Develop estimates of time and cost required to [***] plants in [***] based systems.

      Methods: Conduct a desk study to compare the costs/benefits and barriers associated with large scale [***] methodology including [***].

I.E.  Goal: Proof of Concept field trials of research findings in target locations.

      I.E.i. Objective 1: Evaluate and optimize propagation techniques under commercially relevant conditions.

      Methods: Use IGER and CERES infrastructure for field trialing methods in the UK and at multiple locations in [***] and elsewhere. These  should expand on research performed at IGER and test genotype by environment interactions, with a focus on potentially commercial  genotypes.

      I.E.ii. Objective 2: Evaluate and optimize germplasm performance in the UK and in multiple [***].

      Methods: Use IGER and CERES infrastructure for field trialing at multiple locations in the UK, [***] and elsewhere. These should expand  on research performed at IGER and test genotype by environment interactions with a focus on potentially commercial genotypes.

II.A.  Rationale:

II.   B. Goal: A complete and documented Miscanthus [***].







CERES-IGER SCHEDULE 1

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      II.B.i. Objective 1: [***] to [***] in [***].

      Methods: In accordance with international conventions, e.g., the Convention on Biodiversity (CBD), [***] Miscanthus [***] from the  [***] of [***]. Document the phenotype and growing [***], using [***] to accurately record the [***]. [***] to [***] for [***] and  subsequent phenotype documentation.

      II B.ii. Objective 2: Characterize full [***].

      Methods: Document the morphological, physiological and [***] of interest in the [***] using consistent phenotyping nomenclature and  [***] compositional analysis. Develop molecular markers associated with phenotypic traits.

      II.B.iii. Objective 3: Assess relatedness of plants identified as useful parents for hybrids.

      Methods: Use molecular markers developed for traits of interest in combination with germplasm characterization data, particularly [***], to  select parents with desired traits that are also likely to present [***].

      II.B.iv. Objective 4: Develop a dynamic warehouse to store data and develop systems to analyse data and support multidisciplinary  collaborative research.

      Methods: IGER and CERES to consider best options for developing the database. Populate the database with the [***] and [***]  information [***]. As germplasm is characterized, integrate phenotype and marker data and use to facilitate choice of promising [***] lines  as well as inform the preparation needed to ensure [***] (e.g. [***]). As data become available from other components of the collaborative  research, such as field trialing and conversion analysis, it will be added to the database to allow PIs to synergistically design next step  experiments.

II.C.  Goal: Improved Miscanthus hybrids for commercial use.

      II.C.i. Objective: Select improved parents.

      Methods: [***] within [***] using information from molecular markers and composition analysis to shorten and streamline the selection of  parents. Cross between [***] and evaluate hybrids to identify improved parents.

      II.C.ii. Objective: Make crosses of selected [***] lines.

      Methods: Appropriate germplasm will be selected for crossing using the database decision tool. Plants will be [***] to [***] in  glasshouses and [***] made both in the glasshouse and outdoors at IGER, depending on time of year. Improve efficiency of [***] and, for  [***], [***]. Determine [***] — and [***]. Send seed of [***] candidates and [***] to CERES locations for trialing.

      II.C. iii Objective: Selection of superior [***].

      Methods: [***] will be transplanted to field. Important morpho-physiological traits will be recorded over [***] years after which the best  genotypes will be selected, [***] and [***] into rhizomes. The value of early prediction of traits will be assessed. A mass selection  reservoir (MSR) will be maintained as a safety net and to contain interesting genotypes that do not justify commercial development.







CERES-IGER SCHEDULE 1

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      II.C.iv. Objective: Field evaluation of hybrids.

      Methods: From rhizomes taken in iii, replicated trials will be established. After [***] (or [***]) years, the best genotypes will be provided to  CERES to test at diverse locations for commercially relevant evaluation.

      II D. Goal: Improved Miscanthus Varieties.

      II.D.i. Objective: Explore new methods of breeding.

      Methods: Set up and test [***] in terms of [***] and [***]. Set up and test [***] in terms of [***] and [***] to determine whether [***]  will be acceptable. The results will guide applications for the setting up of Plant Breeders' Rights schemes.

3.   RESEARCH AND DEVELOPMENT PLAN

    The RESEARCH AND DEVELOPMENT PLAN (Attachment A to this SCHEDULE) contains:

  •   Research and evaluation activities to be performed by each Party in detail, including locations for such activities

  •   Timelines of such activities

  •   Goals, expected results and deliverables

  •   Milestones and go/no-go decision points, if applicable

  •   FTEs

4.   LOCATION OF WORK:

    IGER Work:

    IGER laboratory and glasshouse facilities and properties at its Welsh location and potential subcontractor locations.

    CERES Work:

    Thousand Oaks, CA and potential subcontractor locations.

5.   PHD LEVEL SCIENTIFIC STAFF:

    Dr. John Clifton-Brown (IGER)  Dr. Iain Donnison (IGER)

    Dr. Richard Flavell (CERES)  Dr. Bonnie Hames (CERES)  Dr. Emily Heaton (CERES)  Dr. Peter Mascia (CERES)  Dr. Steve Thomas (CERES)

    The Parties agree to complete this list within three (3) months from the commencement date of this SCHEDULE.







CERES-IGER SCHEDULE 1

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6.   FUNDING APPROVED:

    See attached Budget (Attachment B).

7.   REPORTS:

    All reports shall be delivered to the MANAGEMENT COMMITTEE on or before the required delivery dates for the same.

    IGER and CERES will deliver at each quarterly MANAGEMENT COMMITTEE meeting (or annual meeting, as the case may be):

  •   Quarterly status update and FTE breakout based on attached planning document.

  •   Actual spending relative to budget.

  •   INTELLECTUAL PROPERTY generated during the period.

  •   Copies of slide presentations summarizing research progress (template attached as Attachment C to this SCHEDULE).

  •   Annual Report (compilation of slide presentations and quarterly minutes) (annual meeting).

    Additional information, if not specifically included in the delivered information (above), shall be delivered (or later provided, wherein the  delivering Party shall indicate the delivery method and time) as supporting information at the related quarterly meeting, if available:

  •   Breeding records.

  •   Copies of field or glasshouse books and records.

  •   Copies of raw field trial data.

  •   Biological material, including [***] lines from crosses and/or [***].

8.   REPORT DATES:

    Annual report: Due at annual meeting in January.

    Quarterly reports and information: Due at quarterly meetings of the MANAGEMENT COMMITTEE per the CA (e.g., April, July, October,  January).

9.   SUBCONTRACTORS AND LOCATIONS:

    Actual locations and work at the locations will be decided by the MANAGEMENT COMMITTEE at the quarterly meetings.

10.  MAJOR CONSUMABLES TO BE PURCHASED:

    None designated at the commencement date of this SCHEDULE.

11.  ASSETS:







CERES-IGER SCHEDULE 1

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    Not applicable.

12.  INSURANCE:

    Not applicable.

13.  INTELLECTUAL PROPERTY RIGHTS:

13.1  IGER Background Intellectual Property:

    See Attachment D. The Parties agree that Attachment D will be worked out in more detail and completed within thirty (30) days of the  commencement date of this SCHEDULE.

  13.2.  CERES Background Intellectual Property:

  •   Molecular markers

  •   Genome sequence information

  •   [***]

  •   [***] information

  •   Proprietary software

14.  USE AND COMMERCIALIZATION RIGHTS:

    Controlled by CA. License agreements for non-transgenic varieties developed pursuant to this SCHEDULE 1 will be based on the Model  License Agreement for Non-transgenic Varieties in EXHIBIT G to the CA.

15.  CONFIDENTIALITY/PUBLICATION:

    Controlled by CA.

16.  COMMENCEMENT/TERM:

    Commencement: April 1, 2007

    Term: Three (3) years provided however, at least one (1) year before the end of the term of this SCHEDULE, the Parties shall decide whether to  extend it for one (1) or more years, with appropriate updates to the RESEARCH AND DEVELOPMENT PLAN (Attachment A), and FUNDING  (Article 6 of this SCHEDULE).

17.  PROVISIONS FOR EARLY TERMINATION:

    This SCHEDULE does not terminate automatically upon termination of the CA.







CERES-IGER SCHEDULE 1

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Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

    This SCHEDULE shall expire pursuant to the terms set forth in this SCHEDULE, unless extended by the mutual agreement of the Parties, or  unless sooner terminated in accordance with the following provisions of this Article:

    (a) mutual, written agreement of the Parties;

    (b) failure of one Party to satisfy its material obligations under this SCHEDULE, and such Party subsequently fails to cure such failure(s)  within (i) thirty (30) days for failures to remit payment for amounts due under this SCHEDULE and (ii) ninety (90) days for all other  obligations in each case after receipt of written notice from the non-breaching Party specifying such failure(s);

    (c) one (1) year's written notice of termination by either CERES or IGER to the other Party in case either the terminating Party or the other  Party ceases substantially all activities in the COLLABORATION CROPS;

    (d) IGER will have the right to terminate this SCHEDULE unilaterally with thirty (30) days' written notice to CERES, (i) if CERES seeks  protection under any bankruptcy, insolvency, receivership, trust, deed, creditors arrangement or comparable proceeding or if any such  proceeding is instituted against CERES (and not dismissed within one hundred twenty (120) days); (ii) in case of dissolution or winding up  of CERES (excluding any situation where all or substantially all of CERES' assets, stock or business to which the CA relates are acquired by  a third party (whether by sale, acquisition, merger, operation of law or otherwise)); (iii) with written notice to CERES, if CERES has failed in a  substantial manner, three (3) years after either Party or the Parties jointly have developed a [***] method for Miscanthus that results in the  crop being commercially competitive in the United States or in Europe as compared to other energy crops being grown at that time in the  relevant geography, to implement the activities set forth in EXHIBIT F to the CA, and does not remedy such failure or offer a remediation  plan which is reasonably acceptable to IGER within ninety (90) days after receipt of a written notice from IGER specifying such failure;

    (e) CERES will have the right to terminate this SCHEDULE unilaterally: (i) with thirty (30) days' written notice to IGER if John Clifton-Brown  or Iain Donnison cease(s) to be associated with IGER and the research activities associated with this SCHEDULE, and IGER has not  replaced such person(s) within one hundred twenty (120) days by (a) person(s) reasonably acceptable to CERES; (ii) with ninety (90) days'  written notice to IGER, if the institutional mission, purpose, structure or funding of IGER would change substantially and adversely affect  IGER's ability to satisfy its obligations hereunder; (iii) with one (1) years' written notice to IGER, if CERES has a documented compelling  business reason to cease the collaboration, (for example, without limitation, lack of sufficient processing capacity for COLLABORATION  CROPS within the expected timeframe in the United States; COLLABORATION CROPS are non-competitive with other biomass sources);  (iv) with three (3) months' prior written notice to IGER, such notice to be given no earlier than eighteen (18) months after the Effective Date  of the CA, if no rights to commercialize (including determination of the compensation due upon commercialization) COLLABORATION  CROPS germplasm provided by IGER which is included in the RESEARCH PROJECT covered by this SCHEDULE have been







CERES-IGER SCHEDULE 1

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Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

      secured to CERES' reasonable satisfaction in compliance with the CBD; or (v) with thirty (30) days' written notice to IGER if Defra has not  assigned to IGER, or granted to IGER an exclusive license reasonably satisfactory to CERES on, the Intellectual Property vested in Defra or  the Crown or the Secretary of State pursuant to the DEFRA agreement NF 0426 within sixty (60) days from the Effective Date (the  Assignment/License), provided however that such termination may be for the entirety of this SCHEDULE or only for certain parts of the  RESEARCH PROJECT covered by this SCHEDULE.

18.  SPECIAL CONDITIONS:

  18.1  VARIETY RELEASE

    18.1.1 RELEASE DATE shall mean the date that CERES determines that a variety developed, tested and evaluated pursuant to the terms  of this SCHEDULE is ready for release, wherein upon such decision, such variety will be formally released by IGER and CERES jointly (if  the variety constitutes JOINT INTELLECTUAL PROPERTY) or by IGER (if the variety constitutes IGER INTELLECTUAL PROPERTY) or  by CERES (if the variety constitutes CERES INTELLECTUAL PROPERTY).

      18.1.2 For the purposes of this SCHEDULE, CERES, on advice of the breeder(s) of each variety via the MANAGEMENT COMMITTEE,  shall establish, in its sole discretion, an appropriate RELEASE DATE for such varieties.

    18.1.3 At or about the RELEASE DATE for a variety, CERES will determine a COMMERCIAL NAME for such variety under which the seed  of the same will be marketed and sold. COMMERCIAL NAME means the complete, preferred name of a released variety under which it  will be marketed and sold.

    18.1.4 The Parties agree that the development of new varieties will not always result in varieties that are commercially acceptable or  releasable. Provided all Parties execute their respective obligations under this SCHEDULE in an appropriate and reasonable manner, no one  Party shall be liable to the other for any refund or other recompense because no commercially acceptable new variety is produced.

  18.2  BBSRC project: Optimizing the development of the energy grass Miscanthus through manipulation of the flowering time.

      Reference to this project (BBSRC grant) is included in EXHIBIT E to the CA.

      The RESEARCH AND DEVELOPMENT PLAN in Attachment A hereto refers to certain activities to be conducted by IGER pursuant to the  BBSRC grant. The Parties expressly acknowledge and agree that:







IN WITNESS THEREOF this SCHEDULE has been executed on the date hereinbefore entered.

CERES-IGER SCHEDULE 1

Page 10 of 10

  (i)   the results of such activities shall constitute IGER INTELLECTUAL PROPERTY, and

  (ii)   IGER may make certain data resulting from such activities publicly available in compliance with the BBSRC grant.

              INSTITUTE OF GRASSLAND AND ENVIRONMENTAL RESEARCH   CERES, INC.               By:  /s/ M. Humphreys   By:  /s/ Richard Flavell

Name: Professor Mervyn Humphreys   Name: Richard Flavell, CBE, FRS Title: Director   Title: Chief Scientific Officer                     By:  /s/ Richard Hamilton

      Name: Richard Hamilton       Title: President and Chief Executive Officer







      Attachment A - RESEARCH AND DEVELOPMENT PLAN   Breeding Project Plan                                                                                                                                                                                                                                                            A    B           C     D     E     F     G   H    I    J    K   L  M    N    O    P    Q    R     S   T    U    V    W   X  Y    Z    AA    AB    AC   AD     AE   AF    AG   Ah    1         IGER          Task  Objective  Comments          year 1                                                                        year 2                                                                          year 3                        2         Ceres                                           FTE        Ceres  [***]                     IGER  [***]                     FTE        Ceres  [***]                    IGER  [***]                        FTE         Ceres  [***]    3        CIGER                                            1     2     3      4    5   6   7       8      9   10   11   12     1     2     3      4    5   6   7     8      9   10     11     12       1     2       3      4    4    1                  [***]                                                                                                                                                                                                                             5        IGER          [***]                                                                                                                                                                                                                             6



A



IGER



[***]



To capture  important  [***] to  improve  productivity  and [***] (re  [***] for  climate  change).  Particular  [***] are  geographical  including [***]  where [***].  [***] can  demonstrate  Google map  showing [***]

The earliest  this could be  done in  Oct/Nov 20 [***]. It may  be possible to  continue to  work with our  [***] of 20 [***]. Target  countries are  [***] (incl  [***], [***]  and [***].  EH would  also like to  know about  ethnobiology.

This needs  to be  included in  the budget  at £30- 40K.

                                                                                                                                                                                                7



B



IGER



[***]



Ensure these  can be used  without  importation of  disease outside  [***]



[***] will be  inspected in  Sept [***] by  DEFRA. I  have  contacted  DEFRA  about [***]  import and  await a  reply. [***]  could be  [***] in  [***] to 1)  fulfil [***]  requirements  2) make a  modest level  of  multiplication  so that [***]  can be  compared on  different  sides of the  [***].                                                                                                                                                                                                         8



IGER



Sample leaf  material

Detailed  genetic  analysis

                          from 1 rep,  extract DNA,   using markers                                                                                                                                                                                                                                          send to Ceres                                                                                                                                                                                                                         9          Ceres           SNPmarker  analysis   Evaluate  material for

                                  markers, send  results to                                                                                                                                                                                                                                                  IGER                                               [***]                                                                            [***]                                                                               [***] 10



C



IGER



[***] and send  subset of about  [***] to [***] for  further evaluation.  Decide which  lines Nov 20[***].  Also see [***]  sheet.



Characterise  morphological  and  physiological  [***] relevant  [***] in [***]



This  obviously  would link to  the Trials  worksheet. It  is practical to  start  identifying  key material  in 20[***] -  which  perhaps  should be put  [***].                                                                                                                                                                                                         11         Ceres           Evaluate [***] in  [***].                                                                                                                                                                                                                         12



IGER



Identify G X E



Analyse if G  has a [***]

Completion  may be  beyond

                          interactions and   effect in [***]   [***] year  workplan

                          identify climatic  zones                                                                                                                                                                                                                         13         IGER           Develop  supporting           I guess we  mean the



techniques for  phenotype

protocols,  which I  suggest



trials



we base on  EMI. These  can be



drawn up  with  statistical

                                          advice ro test  30 genotypes



well in  advance of  the [***]

                                          multiplication  stage                                                                                                                                                                                                         14  C  IGER          [***]                                                                                                                                                                                                                         15         IGER           Dig samples of  [***] key   Test [***] to  [***]

                          Miscanthus  genotypes

                          from EMI plots,  [***]                                                                                                                                                                                                                         and transfer to





Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

                         [***]                                                                                                                                                                                                                         16         Ceres           [***] in [***]   Test [***] and  [***] in [***]                                                                                                                                                                                                                 17



D



CIGER  JCB



WvA  and



Obtain  Commecialization  Rights



Freedom to  commercialize  [***]  developed in  program                                                                                                                                                                                                                 18   2                  Characterise                                                                                                                                                                                                                                                  A) existing and                                                                                                                                                                                                                                                  B) new [***] at

                          IGER C) selected  [***]                                                                                                                                                                                                                                                  in [***]                                                                                                                                                                                                                         19



A



IGER



Assess phenotype  trial (planted at  IGER in April  [***]) for  morphological  and physiological  [***] relevant  [***]. Include  [***], [***] status  etc in [***].



Record  important  morphometric  characters  including  winter [***],  spring [***],  [***] to [***]  spring [***]  and summer  [***] (incl  [***]), [***]/  [***], [***]  and intensity,  [***] and  [***], [***],  [***], [***]  and [***],  visual  assessment of  [***]

Scoring  systems need  to be  transferable.  Bar code  reading  needs to be  investigated.



This is the  [***] year  following  [***] so  the mature phenotype  is ready  for the 20 [***]  season. It  should be  repeated  in 20[***]  to check  the impact  of [***] in  [***]



      CERES-IGER SCHEDULE 1   April 1, 2007







      Attachment A - RESEARCH AND DEVELOPMENT PLAN   Breeding Project Plan                                                                                                                                                                                                                                                                            A    B         C   D   E   F  G H I  J  K L    M   N   O   P  Q  R  S  T  U  V  W  X    Y  Z  AA  AB  AC  AD  AE  AF  AG  Ah  AI  AJ    Ak  Al  AM  AN AO  20          IGER         Sample leaf  material  from 1 rep,  extract  DNA, send  to Ceres

  Detailed genetic  analysis using  markers

 NB One sacc was received  as four plants and may not  be a clone

                                  [***]                                                                  [***]                                                                            [***]

21         Ceres         SNPmarker  analysis   Evaluate  material for  markers, send  results to IGER



22    B   IGER         New  phenotype  trial to be  [***] 20 [***] based  on [***].NB  [***]  material will  consist of  [***] plants  per [***]  derived  from [***].

  Characterise  morphological  and  physiological  [***] relevant  [***]

 We plan to follow the  design of Phenotype Trial  [***] above with the [***]  at IGER. If [***] through  [***] works (we have  started this), we may get  this trial started in June  [***]. However, it is also  likely planting will be  delayed until May [***].  We could then include the  [***] which should have  cleared [***].



23    3                 [***] for  [***]

24         CIGER         Set [***]  protocols for  [***]  analysis

  Method  harmonization  for future [***]  analysis



25          IGER         Sample  whole plant  material  harvested at  [***],  analyze  using [***],  send [***] to  Ceres

  More detailed  [***]  characterisation  will reveal  important [***]

 Samples to be taken for 20 [***] spring harvest from  [***] and [***] (this is  earlier than ideal - and  should be repeated in 20 [***])

  SuperGen  funds work  on [***]  phenotype  trial for  [***], [***]  and [***].  CERES will  provide  added value  to this (eg  [***],  [***],  [***],  [***],  [***])



26         Ceres         Obtain [***]  and/or [***]   Enable review  of IGER [***]

27         Ceres         Review  [***]  phenotype  trial [***]  and choose  samples to  analyze for  [***] set

  Choose subset  of samples to  analyze with  [***] from  [***] x [***]  reps = ~ [***]

 IGER will review as well  as part of Supergen  project. SuperGen will  concentrate on combustion  and gasification.



28          IGER         Send  selected  samples to  Ceres for  [***]  analysis

  Develop [***]  sets at Ceres  and IGER to  harmonise  [***] analysis



29         CIGER         [***]  analysis of  samples for  [***] of  [***]  models

  Develop models  of biomass  [***] to  harmonise  Ceres/IGER  [***] analysis



30         CIGER         [***]  analytical  methods

  Protocol  development  and  harmonisation  so that [***]  data sent to  Ceres can be  translated to  [***] data as  collected by  Ceres.

 IGER can perform some  [***] based assays for  which [***] already exist  ([***], [***], and [***]  for calculation of [***]  and [***]) or those being  developed ([***] and  [***]) however Ceres  may wish to perform  additional analyses and  there will be a need to  standardise protocols and  equipment between sites at  Aberystwyth and  Thousand Oaks

                                  [***]                                                                  [***]                                                                            [***]

31         Ceres         send [***]  results from  [***] set to  IGER

         includes [***] results of  the [***] set, the validation  data for the [***] and the  [***] of the [***] samples  in 05 phenotype trial (total  [***] x [***])

  Joint  publication?

32                        sample  whole plant  material,  analyze  using [***],  send [***] to  Ceres

  More detailed  [***]  characterisation  will reveal  important [***]



33         Ceres         Use  developed  model to  determine  [***] from  [***]. Send  results to  IGER

  Provide timely  detailed  information on  [***] of  phenotype trial  [***]

 May need additional  samples to ensure  accuracy/expand [***] set



34         CIGER         Develop  database and  analytical  tools to assist  in making  [***]

  To assist [***]  and recording  of [***] data

 We are currently  developing the tools to  integrate different types of  datasets and to query  them.

  CERES and  IGER to  share  inforamtion  on this using  both IT







Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

decisions parties. 35    4                 [***]                                                                                                                                                                                                                                  36    a   IGER         Plan [***]  programme  according  phenotypic,  genotypic  and [***]  data

  Make useful  [***]  Use preliminary database  as a decision support tool.

37          IGER         Plant  maintenance  and

         We prototyped large

                         set up  including          containers in 20[***].  These

                         staggering of  plant          lead to plants with more

                         development          [***] - improving the  [***].

      CERES-IGER SCHEDULE 1   April 1, 2007







      Attachment A - RESEARCH AND DEVELOPMENT PLAN   Breeding Project Plan                                                                                                                                                                                                                                                                                     A   B         C     D   E     F    G  H   I   J   K   L  M  N  O  P  Q  R  S  T  U  V   W   X  Y  Z  AA  AB  AC  AD  AE  AF  AG  AH   AI   AJ  AK  AL  AM  AN  AO

38       IGER       Carry out the  [***] - a)

[***] additional [***] for  CERES ([***]) Sub-samples  of [***] (if available)  protected by agreement to be  sent to Ceres to inform IGER  selection.   (Material  from

                      [***]  glasshouses

CIGER  shall not  be

                                         used to  create

                                         CERES  material.)

39       IGER       b) [***]  (outside)

40       IGER       c) [***]  (inside)

41       IGER       Development  of [***]          a) [***] of [***]. With M.                                                                                                                                                                                                                                                                           [***] this is easier. With                                                                                                                                                                                                                                                                           M. [***] we have now                                                                                                                                                                                                                                                                           modified the [***] on the                                                                                                                                                                                                                                                                           glass house to follow the                                                                                                                                                                                                                                                                              [***] - [***].                                                                                                                                                                                                                                        42       IGER                      b) detached [***]                                                                                                                                                                                                                                      43       IGER                      c) optimising [***] incl.                                                                                                                                                                                                                                                                           [***] and [***]                                                                                                                                                                                                                                      44       IGER                      d) [***] with [***]

45  b  IGER       Carry out and  optimise [***]  Increase [***] of  [***] from [***]  Optimise media and [***].

46       IGER       Make [***] x  [***]  Make [***]  [***] with [***] and [***]                                                                                                                                                                                                                                                                           (JML to help?)

47       IGER       [***] from  [***].   Obtain [***] for  selection

                              phase. Determine  [***]- and

                              [***]  relationships                                       [***]                                                                    [***]                                                                             [***]

48  5  IGER

Test  alternative  [***]          A step in [***]

                      systems as  proof of                                                                                                                                                                                                                                                                           principle                                                                                                                                                                                                                                                      49       IGER      Plan [***]  Produce [***]  Make [***] in 20[***] using                                                                                                                                                                                                                                                                           database for [***] etc.                                                                                                                                                                                                                                                                           Include [***] if possible in                                                                                                                                                                                                                                                                              20[***].

50       IGER       Carry out  [***] in          The emphasis would be on

                      [***]  chambers           [***] genotypes but we  would                                                                                                                                                                                                                                                                           test several [***] of [***],                                                                                                                                                                                                                                                                           [***] and [***].

51       CIGER      Test [***],  [***] and           see [***] tab for  methodology

                      [***]  characteristics

52       CIGER      [***] and/or  [***] from   Evaluate [***] in  IGER and [***]

                      relevant [***]  to [***]

53       CIGER      Assess [***]  in field   Determine if  [***] is  Field scale phenotypic                                                                                                                                                                                                                                                                   acceptable  assessments for above [***].

54  d  IGER      Create [***]   Develop methods  for large

                              scale [***] with  [***]                                                                                                                                                                                                                                                                           advantages                                                                                                                                                                                                                                              55       IGER      Harvest [***]

56       CIGER      [***] of [***]  to [***]   Evaluate [***] in  IGER and                                                                                                                                                                                                                                                                              [***]

57       CIGER

Assess  phenotype in  field  Record important



morphometric  characters as  described in 2A i.

58       CIGER      Evaluate  [***] relative   Determine levels  of [***],

                      to [***] in  field  [***] of [***]

59  6               Selection  from [***]   To identify  superior                                                                                                                                                                                                                                                                           genotypes

60       IGER

Raise plants  from [***] in  Glasshouse   Select best on  basis of [***]

61       IGER       Sample,  extract DNA,   Use marker  analysis to aid  [***]-[***] samples x

                      send to Ceres  for marker  selection  [***]-[***] markers.                                                                                                                                                                                                                                                           analysis          Throughput of [***] needs to                                                                                                                                                                                                                                                                           be confirmed. Include [***]                                                                                                                                                                                                                                                                           trial, [***] x [***]                                                                                                                                                                                                                                                                           material and [***] of all                                                                                                                                                                                                                                                                           [***]. See marker section.

62       Ceres       SNP marker  analysis   evaluate material  for

                              markers, send  results to                                                                                                                                                                                                                                                                           IGER

63       IGER       Transplant to  field

64       IGER       Raise plants  from [***].  Select [***].   [***] MORE [***] TO BE  [***].





Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

                      Also [***] to  [***].

65       CIGER      Assess  phenotype   Recaord  important

                              morphometric  characters

                              including winter  [***],

                              spring [***],  [***] to [***]

                              spring [***] and  summer

                              [***] (incl [***]), [***]/

                              [***], [***] and  intensity,

                              [***] and [***],  [***],

                              [***], [***] and  [***],

                              visual assessment  of [***]                                       [***]                                                                    [***]                                                                             [***]

      CERES-IGER SCHEDULE 1   April 1, 2007







Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

      Attachment A - RESEARCH AND DEVELOPMENT PLAN   Breeding Project Plan                                                                                                                                                             A   B         C   D   E  F G  H   I   J  K   L   M  N  O  P  Q  R  S  T  U  V  W   X   Y  Z  AA  AB  AC  AD  AE  AF  AG  AH  AI   AJ   AK  AL  AM  AN  AO   66       IGER      Sample whole plant  More detailed [***]

                      material, analyze using   characterisation will  reveal                                                                                                                                                                                                                                                          [***], send [***] to  important [***]                                                                                                                                                                                                                                                          Ceres                                                                                                                                                                                                                                             67         IGER       Select, [***] and [***]  (or [***]           This depends on the success of the early morphometirc

                      best genotypes for  replicated trials.           selection. If selections                                                                                                                                                                                                                                                  Interesting plants not          after year [***] are                                                                                                                                                                                                                                                  quite making the grade          reliable reflection of the                                                                                                                                                                                                                                                  will be transferred to a          mature phenotype, then we                                                                                                                                                                                                                                                  mass selection          could start this in 20[***]                                                                                                                                                                                                                                                  reservoir to continue          - making plots.                                                                                                                                                                                                                                                  montoring for [***].                                                                                                                                                                                                                                             68       Ceres      Use developed model to Provide timely detailed                                                                                                                                                                                                                                                          determine [***] from  information on [***]                                                                                                                                                                                                                                                          [***]. Send results to  of [***].                                                                                                                                                                                                                                                          IGER                                                                                                                                                                                                                                             69    7                [***] Trials           NEED TO DETERMINE  WHAT IS

                                      DONE OUTSIDE [***]  PROGRAM                                                                                                                                                                                                                                                  Small plot yield                                                                                                                                                                                                                                                                  assessments in                                                                                                                                                                                                                                                                  replicated ([***] or                                                                                                                                                                                                                                                                  [***]) single or                                                                                                                                                                                                                                                                  multiple rows ([***]) of                                                                                                                                                                                                                                                                 [***] or [***] plants          Promising lines to be [***].                                                                                                                                                                                                                                                  per row, depending on  To test [***] on an area Connects to [***] and                                                                                                                                                                                                                             70       IGER      [***] on [***].  basis and scale up  Trialling project schedules                                                                                                                                                                                                                             71       IGER      After [***] years, the          I suspect we will need help                                                                                                                                                                                                                                                  best genotypes will be          from [***] to multiply                                                                                                                                                                                                                                                  provided to [***] and          promising plants for

                      UK for testing at [***]           agronomic trials since  [***]                                                                                                                                                                                                                                                  locations as part of          is [***] only about [***]                                                                                                                                                                                                                                                  [***] relevant          [***] after [***] growing                                                                                                                                                                                                                                                  evaluation.          seasons.                               [***]                                                                 [***]                                                                              [***]                                      72       IGER      Evaluate green cut of                                                                                                                                                                                                                                                                  Miscanthus in terms of                                                                                                                                                                                                                                                                  [***], [***] and [***]                                                                                                                                                                                                                                             73       IGER      To investigate [***]          Several suitable [***] were                                                                                                                                                                                                                                                                  not tested in 20[***]                                                                                                                                                                                                                                                                  application.                                                                                                                                                                                                                             74       IGER      To investigate methods          This is practical issue and                                                                                                                                                                                                                                                  of preventing [***] at          may be sorted by [***] or                                                                                                                                                                                                                                                  field borders (applies          more likely by [***]                                                                                                                                                                                                                                                  to M. [***])                                                                                                                                                                                                                                             75  8              Project Management                                                                                                                                                                                                                                                                                  Telemeetings would be fine                                                                                                                                                                                                                                                                 every quarter - with an                                                                                                                                                                                                                             76                   Telemeetings          annual visit.                                                                                                                                                                                                                             77                   Face to face meetings

78                    Reporting           based on these project  plans                               [***]                                                                 [***]                                                                              [***]

      CERES-IGER SCHEDULE 1   April 1, 2007







Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

      Attachment A - RESEARCH AND DEVELOPMENT PLAN   Marker Project Plan                                                               IGER                                                   CERES           year 1           year 2           year 3               CIGER           FTE   Ceres [***]   IGER [***]   FTE FTE   Ceres [***]   IGER [***]   FTE   Ceres [***]   IGER [***]   1     Marker Development ( Year 1-)    Objectives   Notes   1 2 3 4   5 6 7 8   9 10 11 12   1 2 3 4   5 6 7 8   9 10 11 12   1 2 3 4   5 6 7 8   9 10 11 12  A



Identify target [***] for mapping  including [***], [***],  [***], [***], [***], [***], [***],  [***]











































 B



Compare and share candidate gene  sequences. Use [***] and  proprietary gene databases to  predict Miscanthus variants of  genes of interest.











































 C



Agree on joint list and determine  long-term strategy including  complementation of BBSRC funded  work











































 D



Grow plants of [***] and mapping  [***]. Take samples from [***].  DNA extractions to be made at  IGER using Autogen and sent to  Ceres











































        a) [***] Planted April [***]; grow  out in field           [***]

          [***]

          [***]



        [***] planted April [***]; sample,  extract, send DNA to Ceres





b) ~[***] in November [***], timing  dependent on [***]; grow plants in  field















































~[***] in November [***], timing  dependent on [***]; sample,  extract, send DNA to Ceres











































        c) [***] mapping [***] individuals,  for [***]; grow plants in field





[***] mapping [***] individuals;  sample, extract, send DNA to  Ceres













































  d) [***] ([***]), for [***], [***],

[***] and [***]; grow plants in field











































        [***] ([***]; [***] + [***] plants);

sample, extract, send DNA to Ceres

        e) [***] ([***]), for [***], [***];

grow plants in field

        [***] ([***]; [***]); sample,  extract, send DNA to Ceres

 E



DNA to be used at IGER for AFLP  analysis (a and b above)



determine  [***]  diversity  and [***]  structure







































      CERES-IGER SCHEDULE 1   April 1, 2007







Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

      Attachment A - RESEARCH AND DEVELOPMENT PLAN   Marker Project Plan                                                               IGER                                                   CERES           year 1           year 2           year 3             CIGER           FTE   Ceres [***]   IGER [***]   FTE FTE   Ceres [***]   IGER [***]   FTE   Ceres [***]   IGER [***]   F



Define primers [[***] to be tested]  for [***] carefully selected and  agreed genes such that PCR [***]  can be sequenced and results  unequivocally interpreted.

Develop  markers  for  consensus  genes







































 G



Evaluate polymorphisms in selected  [***]. Assay ~[***] DNA samples  from [***] in a) c) d) and e)  supplied by IGER to search for  SNP polymorphisms in [***] genes  using primers, PCR and  Sequencing. Define additional [***]  (?)primers for genes that show  insufficient polymorphisms in key  materials















































Evaluate polymorphisms in selected  [***]. Assay ~[***] DNA samples  from [***] in [***] supplied by  IGER to search for SNP  polymorphisms in [***] genes using  primers, PCR and Sequencing.











































 H     Compare and share strategies for  association mapping

  I



Conduct association mapping with  field phenotype data for a) Conduct  association mapping with [***] and  field phenotype data for b)









[***]







[***]











[***]













  J



DNA to be used at IGER for SSR  analysis using primers from [***],  [***] and [***] (BBSRC [***]  grant) ([***] and [***] from [***]  and [***])

integration  of [***]  maps









































 K



Construct private and public [***]  maps and associate marker  polymorphisms with [***] in [***]  and mapping [***]. [***]











































  L



Review results, write-up in  confidential reports and non- confidential papers and devise  strategies for implentation











































  2     Marker validation and  implementation (Year 2-)

 A



Phenotype mapping [***] for the  target [***] selected in 1A (start in  year [***] to enable early  morphometric analyses) and grown  in 1D











































 B



Map [***] and relate to markers  particularly those derived from  candidate genes











































      CERES-IGER SCHEDULE 1   April 1, 2007







Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

      Attachment A - RESEARCH AND DEVELOPMENT PLAN   Marker Project Plan                                                               IGER                                                   CERES           year 1           year 2           year 3             CIGER           FTE   Ceres [***]   IGER [***]   FTE FTE   Ceres [***]   IGER [***]   FTE   Ceres [***]   IGER [***]   3     Develop new mapping [***] of > [***] plants

 A     Agree on [***] for new mapping  [***]

 B     Assess results of [***] for target  [***]

 C     Grow and phenotype new mapping  [***] for agreed [***]

 D     make maps from new [***] from  mapping [***] d) and e)

  4     Use markers 'routinely' in the  [***] programme

 A



Assess relatedness of plants as  useful [***] in [***] program based  on correlations with [***],  conclusions from Items 1-3 and  [***] data and [***] in field











































 B     IGER to extract DNA from [***]  of [***] for marker analysis           [***]

          [***]

          [***]



 C



Assay all [***] from all [***] for a  subset of markers ( [***]) based on  results from Items1-3, [***]  required and [***] of plants in field.  Aim is to discover if we can [***]  many of the [***] early on from  marker work.











































 D



Compare performance of using  markers on [***] of [***] from the  [***] programme with [***] where  no markers are used











































  5



Functional analysis of target genes  which map to [***] (from  association or QTL mapping)











































 A     Q -PCR using a range of [***]  from selected genotypes

 B     [***] of Miscanthus with selected  target genes which map to [***]

  6



Development of BAC libraries  (BBSRC)



Identification  of [***] gene  sequences  and  generation of  a physical  map







































      CERES-IGER SCHEDULE 1   April 1, 2007







      Attachment A - RESEARCH AND DEVELOPMENT PLAN   Propagation Project Plan                                                     IGER  Consultant       year 1           year 2           year 3         Ceres  CIGER       FTE   Ceres [***]   IGER [***]   FTE   Ceres [***]   IGER [***]   FTE Ceres [***]  Task  Objective  Comment    1 2 3 4   5 6 7 8  9 10 11 12  1 2 3 4  5 6 7 8  9 10 11 12  1 2 3 4  5 1  [***]                                A   Assess [***] for  [***]           [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Quantify [***]  number and size  by [***]  individual [***]  from



Assessing [***]  and [***] in  [***]



Investigate  [***]  conditions  to dicipher  G x E  impacts on  [***]   [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



a) in the  20[***] [***]  Trial  at IGER

Existing range of  [***] in [***],  [***]

Mature 20 [***]

  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



b) 20[***]  [***] as [***]

new range of  [***] in [***],  [***]



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



c) from  20[***] [***]  in  field / glasshouse  at IGER

new range





  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



d) on [***]  ([***] and [***]  from [***] to  [***])

[***]





  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]            [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



[***] to [***]  number of [***]  plants



Increase the  identified  promising  genotypes  for [***]



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]            [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] B



A series of field  relevant  experiments to  guide Best  Management  Practices

Demonstrate  potential of [***] and create  protocols. Find  [***] associated  with [***]



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]

  [***] from all  [***]           [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Typically [***]  from each [***]  which are [***]  in trays for  raising [***] for  field selection  will be  monitored. We  intend to datalog  [***] (order for  equipment in  progress)

To screen all  [***] for [***]  and rate of [***]  under monitored  [***]



Year 1  data will  be less  detailed  than in  later  years.

  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Greenhouse /CE experiments to  investigate [***] best practice

to determine  [***] in [***]  under controlled  [***] and  optimise [***]

depends on  a PhD  student

  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Test [***] on  [***] of selected genotypes



Characteristaion  of [***]  conditions to  stimulate [***] in different  genotypes. This  provides  information  about [***]  where [***]  could be  considereds  (based on [***]).



One can  test [***]  over [***]  days of  [***]  genotypes  (each in  one lane)  at [***]  different  [***]  ([***] has  [***]  wells).  [***] per  [***]  therefore  we can  only do this with  genotypes  that  produce > [***].   [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Field bed  preparation  ([***])  at [***] (use  [***]  as a control)

scale up to real  conditions  including effect  of [***] & [***]





  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Record [***] &  [***]



relate  laboratory tests  to field  conditions



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Monitoring  [***] + winter  [***]

ensure proper  quantification of  conditions



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]

      CERES-IGER SCHEDULE 1   April 1, 2007





Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission







      Attachment A - RESEARCH AND DEVELOPMENT PLAN   Propagation Project Plan                                                     IGER  Consultant       year 1           year 2           year 3         Ceres  CIGER       FTE   Ceres [***]   IGER [***]   FTE   Ceres [***]   IGER [***]   FTE Ceres [***]



Development  of [***]  techniques



Precision  [***]  considerations. Optimising  [***] and  [***] at field  scale.



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]            [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] 2  [***]         [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Establish [***]  capacity of  certain  genotypes and  protocols

Identify [***]  amenable lines.





  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Send lines to  external  contractor for  [***].

[***]  promising  [***] lines



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Send [***] to  Ceres



Provide [***]  successfully  produced in  [***]  program for  additional

dependent  on [***]  success

  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] 3



[***]



Demonstrate  potential of  [***] and  create  protocols.  Explore timing  of basic  research to  inform applied  work.



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] A Applied [***]         [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



visit global  [***] experts



benefit from  expertise and  tie into the  project  ([***])

done  during  [***] trip  to [***]    [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



[***] global  experts visit  IGER

benefit from  expertise  ([***])



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Expert  Consultancy  ([***])



provide  guidance  for [***]  projects,  possibly advise  student



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



gather  information to  develop field  and glasshouse  protocols







  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



assess [***] in  Miscanthus  [***]  characteristics  of [***] and  [***]



optimise [***],  inform [***]



20[***]  assessment will be  include  [***]. 20 [***]+  [***] will  be [***]   [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



treatments to  [***], e.g.  [***]

optimise [***]





  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Glasshouse  tests of [***]  growth  conditions

to predict  conditions in  which  [***] can be  used



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Field tests of  [***]



survivorship of [***] plants  and G by E  interactions



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Iterative field  testing of [***]  techniques

Evaluate field  suitability of  [***]  techniques



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] B   Basic [***]  Research           [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Assess [***]  leading to  [***] growth



develop  articicial [***]  of [***]  growth and  [***]



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Assess [***]  cues leading to  [***] growth.



develop  articicial [***]  of [***]  growth and  [***]



  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] 4  [***]/[***]         [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] A   [***] Lines,  [***] lines           [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]



Desk study of  state of art in  industry







  [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] Discuss with  PM what could







Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission



be done quickly  to demonstrate feasibility       [***] [***] [***] [***]  [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]

      CERES-IGER SCHEDULE 1   April 1, 2007







Attachment B - Budget

* See page 2

Page 1

Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

                  2007/8   2008/9   2009/10 No of Months   12.00   12.00   12.00 SALARY   [***]   [***]   [***] NI [***]%   [***]   [***]   [***] super [***]%   [***]   [***]   [***] PAY COSTS   [***]   [***]   [***]   OTHER RECURRENT             CONSUMABLES   [***]   [***]   [***] CONSUMABLES MOLECULAR BIO   [***]   [***]   [***] CASUAL & OVERTIME   [***]   [***]   [***] TRAVEL & SUBSISTENCE   [***]   [***]   [***] STUDENTSHIP (PhD)   [***]   [***]   [***] SUB- TOTAL   [***]   [***]   [***]   OTHER COSTS             ESTATES COST   [***]   [***]   [***] RECRUITMENT   [***]   [***]   [***] ANALYTICAL CHEMISTRY   [***]   [***]   [***] CONTROLLED ENVIRONMENT   [***]   [***]   [***] BIOINFORMATICS   [***]   [***]   [***] ULTRASTRUCTURE & IMMUNOLOGY   [***]   [***]   [***] MASS SPECTOMETRY   [***]   [***]   [***] SEQUENCING   [***]   [***]   [***] EXTENSION TECHNOLOGIES   [***]   [***]   [***] TRANSFORMATION TECHNOLOGIES   [***]   [***]   [***] SEED STORE   [***]   [***]   [***] ROAD VEHICLES   [***]   [***]   [***] AGRI VEHICLES   [***]   [***]   [***] FARM   [***]   [***]   [***] GLASSHOUSE   [***]   [***]   [***] SUB CONT   [***]   [***]   [***] TOTAL OTHER COSTS   [***]   [***]   [***]   OVERHEAD COSTS*             ESTABLISHMENT SERVICES   [***]   [***]   [***] ADMIN SERVICES   [***]   [***]   [***] INSTITUTE & SITE MANAGEMENT   [***]   [***]   [***] FEC NOTIONAL INSURANCE   [***]   [***]   [***] CAPITAL CHARGE   [***]   [***]   [***] DEPARTMENT   [***]   [***]   [***] TOTAL OVERHEAD COSTS   [***]   [***]   [***] TOTAL   [***]   [***]   [***] CERES payment for reasonable perf   [***]   [***]   [***] CERES payment for full completion   [***]   [***]   [***] TOTAL paid by CERES   [***]   [***]   [***] SURPLUS OVER TOC   [***]   [***]   [***]



      CERES-IGER SCHEDULE 1   April 1, 2007







Attachment B — Budget

This Budget is agreed upon for contract years 1 through 3. A contract year (Year) is April 1 — March 31, starting April 1, 2007. CERES agrees to  provide funding for IGER's RESEARCH PROJECT activities covered by this SCHEDULE in accordance with Article 1.8 of the CA as set forth in the  Budget in page 1 of this Attachment B, taking into account what is provided hereinafter. Pay Costs, Other Recurrent and Other Costs are as in the  Budget. Overhead Costs will be payable as follows:

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  -    Each contract year CERES will pay [***]% of the overheads asked, (e.g. of the [***] pounds in Year 1), for the expected reasonable  performance in the various aspects of the program Year by Year and especially for all the items listed in the attached document. This  [***]% amounts to [***] pounds in contract Year 1.

  -    Furthermore, CERES will pay for Year 1 an additional [***]% of the asked overhead ( i.e.[***]% in total of the asked overhead) for full  completion of the Year 1 items A and B listed hereinafter. This additional [***]% equals [***] pounds.

  -    For Year 2 CERES will pay an additional [***]% of the overhead costs asked for full and successful completion of Year 2 items A and C  hereinafter.

  -    For Year 3 CERES will pay an additional [***]% of the overhead costs asked for full and successful completion of Year 3 items A, B, C  and D listed hereinafter.

  -    The MANAGEMENT COMMITTEE will bring forth recommendations to the Parties at the beginning of each Year for the items that IGER  should satisfy to obtain extra overheads, outlined in the framework above.

  -    Assessment on achievements of the nominated items will be made at the end of each Year by the MANAGEMENT COMMITTEE and  recommendations made to the Parties. Upon agreement, CERES will respond to an invoice from IGER as agreed. Should some items in a  section not be achieved then the amount paid will be reduced on a pro-rata basis on the number of items in the section.       CERES-IGER SCHEDULE 1   April 1, 2007







Attachment B — Budget

Suggested milestones, for discussion, for full overhead payments

The Parties agree to finalize this document within thirty (30) days from the commencement date of this SCHEDULE.

Year 1 (April 1 to March 31):

A. [***] research to create an economically viable business

1. [***] and [***] variation affecting [***] amongst available (numbers?) [***] and their behaviour through the season/[***] reported; any clear  winners [***]

2. [***] and [***] variation affecting [***] (numbers?) [***] and early [***] across different [***] and [***] reported; any clear leaders [***] and  sent to Ceres

3. XXX [***] of Miscanthus [***] ([***]?) (good [***]) with Miscanthus [***] made and followed by [***] where necessary. [***] of [***] sent  to Ceres by early 20[***].

4. First [***] of [***] x [***] made based on results from 20[***] field [***] and [***]

B. [***] to Ceres to help [***] in [***] as early as possible

1. [***] of latest [***] of [***] from [***] via [***] (how many?) sent into [***] in 20[***] when requested by Ceres

2. Selected set of promising [***] including [***] lines and [***] trialled to date sent to Ceres in [***] in 20[***] for trial in [***]

3. Samples of [***] of Year 1 [***] sent to Ceres, including a sample of [***] (Numbers of [***]?)

4. Approximately [***] from [***] (how many?) occurring in the field in 20[***] believed to be [***]x x [***]x sent to Ceres

C. Advancing the [***] assisted [***] program as early as possible

1. DNA from about [***] plant [***] phenotyped in the field since 20[***] and first [***] delivered to Ceres in 20[***].

2. DNA from about new [***] plant [***] in [***] in 20[***], other [***] and other selected [***] delivered to Ceres in 20[***]

D. Advancing the [***] program

1. xxx new [***] of [***] x [***] made based on phenotypes and presumed [***]

2. xxx [***] of M [***] x other made

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      CERES-IGER SCHEDULE 1   April 1, 2007







Attachment B — Budget

3. [***] phenotype/[***] assessments of material in [***] since 20[***] reported and correlations made with assessments in years 1 and 2 and  with [***]

E. Advancing [***] research

1. Samples (how many?) and [***] (how many?) sent to Ceres

F. Enhancing [***]

1. Additional [***] made and materials brought into [***] in IGER to fill in specific [***] needed for likely commercialization locations

Year 2 (April 1 to March 31):

A. [***] research to create an economically viable business

1. [***]/[***] variation affecting [***] amongst large range of [***] (numbers?) and their behaviour through the season/[***] reported; any clear  winners [***]

2. [***]/[***] variation affecting [***] (numbers?) [***] and early growth across different [***] and [***] reported; any clear leaders [***] and  sent to Ceres

3. XXX [***] of Miscanthus [***] ([***]) (good [***]) with Miscanthus [***] made and followed by [***] where necessary. [***] of [***] sent  to Ceres by early 20[***].

4. Next [***] of [***] x [***] made based on results from 20[***] field [***] and [***]

5. Synthesis of best practice for [***] of miscanthus based on [***] and [***], [***] and other methods to meet market costs and  commercialization in different geographies

B. [***] to Ceres to help [***] in [***] as early as possible

1. Approximately [***] from [***] occurring in the field in 20[***] believed to be [***]x x [***]x sent to Ceres

2. Samples of [***] of Year 2 [***] (numbers?) sent to Ceres, including a sample of [***]

3. Promising selected genotypes from [***]/[***]/[***] program [***] in [***] and sent to Ceres

C. Advancing the [***] assisted [***] program as early as possible

1. DNA from relevant [***] from [***] program, [***] etc delivered to Ceres in 20[***]

2. Preliminary phenotyping of [***] in field and preliminary [***] made with Ceres

3. [***] and [***] aligned with [***] and [***] and [***]

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      CERES-IGER SCHEDULE 1   April 1, 2007







Attachment B — Budget

D. Advancing the [***] program

1. xxx new [***] of [***] x [***] made based on phenotypes, presumed [***], [***] and other characters

2. xxx new [***] of M [***] x other made

3. [***] phenotype/[***] assessments of material in [***] since 20[***] reported and correlations made with assessments in previous years and  with [***]

4. Selection and [***] of genotypes for further trialing for potential commercialization based on geography, [***] and [***]

5. Report on methods to [***] large scale [***] with commercial advantages

Year 3 (April 1 to March 31):

A. [***] research to create an economically viable business

1. [***]/[***] variation affecting [***] amongst available [***] (how many?) and their behaviour through the season/[***] reported; any clear  winners [***]

2. [***]/[***] variation affecting [***] ( how many?) [***] and early [***] across different [***] and [***] reported; any clear leaders [***] and  sent to Ceres.

3. Synthesis of best practice for [***] of miscanthus based on [***] and [***], [***] and other methods to meet market costs and  commercialization in different geographies.

4. XXX [***] of Miscanthus [***] ([***]) (good [***]) with Miscanthus [***] made and followed by [***] where necessary. [***] of [***] sent  to Ceres by early 20[***].

5. Next [***] of [***] x [***] made based on results from 20[***] field [***] and [***]

B. [***] to Ceres to help [***] in [***] as early as possible

1. Approximately [***] from [***] occurring in the field in 20[***] believed to be [***]x x [***]x sent to Ceres

2. Samples of [***] of Year 3 [***] (how many?) sent to Ceres, including a sample of [***]

3. Promising selected genotypes from [***]/[***] program [***] in [***] and sent to Ceres

C. Advancing the [***] assisted [***] program as early as possible

1. DNA from relevant [***] from [***] program, [***] etc delivered to Ceres in 20[***]

2. Advanced phenotyping of [***] in field and [***] made with Ceres

D. Advancing the [***] program

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      CERES-IGER SCHEDULE 1   April 1, 2007







Attachment B — Budget

1. xxx new [***] of [***] x [***] made based on phenotypes and presumed [***], [***] and [***] and [***] samples transferred to Ceres

2. xxx new [***] of M [***] x other made and [***] samples transferred to Ceres

4. Initial evaluation of [***] in field; report on [***], and commercial feasibility of [***]

5. Selection and [***] of promising genotypes from all [***] to date for further trialing for potential commercialization based on geography, [***]  and [***] and selections transferred to Ceres

6. Establishment of multisite trial of promising genotypes

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      CERES-IGER SCHEDULE 1   April 1, 2007









Attachment C     CERES-IGER SCHEDULE 1   April 1, 2007



Quarterly Report Format

Prepared by  Date

1

      Confidential Project # and name









Concept and Goals

2

•   Concept

•   Goals

      Confidential Project # and name









FTEs and Budget Projected vs. Actual

Dollars



FTEs



3

•   People and activities

      Confidential Project # and name









Action Items and Deliverables for the Period

4

                      Expected     Actual   Action Item or Deliverable   Finish     Finish                           Confidential Project # and name









Key Milestones or Deliverables for the Period

5

•   Progress on Key Milestones and Deliverables

•   Are we on, ahead or behind schedule       Confidential Project # and name









Technical Highlights

6

•   1 or 2 slides covering technical highlights       Confidential Project # and name









Results

7

•   Several slides summarizing results (if applicable)       Confidential Project # and name









What's Ahead: Key Milestones and Deliverables Next 4 Quarters

8

•   Quarter 1

•   Quarter 2

•   Quarter 3

•   Quarter 4       Confidential Project # and name









Research Plan

9

•   Goal

  —   Impact

  —   Tasks

  —   Milestones

  —   Deliverables

•   Duplicate this slide as needed to cover each goal for the next period       Confidential Project # and name









Timeline Summary



10

T i m e  t o  a c h i e v e  M i l e s t o n e  1  2  3  4  5  6  7  8  9  1 0  1 1  1 2 M i l e s t o n e  1 M i l e s t o n e  2 M i l e s t o n e  3 E t c

•   Assumptions and risk factors

•   Use additional slide if necessary

•   Use red if behind schedule until completed or otherwise resolved

•   Should be indicated in red as soon as the delay is identified

•   See issue resolution if behind schedule       Confidential Project # and name









IP

11

•   Filings during the period

•   Applications in progress

      Confidential Project # and name









SOPs

12

•   List SOPS for all Key processes       Confidential Project # and name









Issue Resolution and Decision Making Slides

These can be used to address new issues or  implement corrective action or assist in decision  making such as variety release, etc.

13

      Confidential Project # and name









Issue Resolution and Decision Making





14

•   Issue (e.g. milestone 3 behind schedule)

      Confidential Project # and name



   Actual

•  What is happening

   Expected

•  What should be happening







Issue Resolution and Decision Making

15

•   Issue (e.g. milestone 3 behind schedule)

•   Possible alternative slide to address new issues

      Confidential Project # and name



Needs   Wants







Decision

16

•   Summary of decision to be made       Confidential Project # and name









Options

17

•   Summary of options       Confidential Project # and name









Recommendations

18

•   What do we need to do to get back on track or address new issue       Confidential Project # and name









Resources Required

19

      Confidential Project # and name









Plan and Schedule

20

                  Action Items   Who     When                           Confidential Project # and name









Attachment D

IGER BACKGROUND INTELLECTUAL PROPERTY

Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

          Miscanthus accessions from the following sources:   Number IGER collection from [***] ([***]), [***] and [***] in 20[***]    approx. [***]               Kew/ADAS (BRL agreement)    -see attached list               [***]    -see attached list               [***]    -see attached list               Other European sources    -see attached list               CERES-IGER SCHEDULE 1        April 1, 2007







List of Donated Accessions                                             AccID   Accession   Species   SuppliedBy   PreviousID   Restrictions   [***]   Type   [***]   Comments 1   Mb 1    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

2   Mb 2    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

3   Mb 3    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

4   Mb 4    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

5   Mb 5    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

6   Mb 6    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

7   Mb 7    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

8   Mb 8    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

9   Mb 9    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

10   Mb 10    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

11   Mb 11    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

12   Mb 12    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

13   Mb 13    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

14   Mb 14    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

15   Mb 15    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

16   Mb 16    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

17   Mb 17    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

18   Mb 18    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

19   Mb 19    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

20   Mb 20    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

21   Mb 21    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

22   Mb 22    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]    No longer retained.

23   Mb 23    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

24   Mb 24    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

25   Mb 25    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

26   Mb 26    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

27   Mb 27    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

28   Mb 28    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

29   Mb 29    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

30   Mb 30    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

31   Mb 31    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

32   Mb 32    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

33   Mb 33    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

34   Mb 34    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

35   Mb 35    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

36   Mb 36    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

37 Mb 37 Miscanthus [***] [***] under MTA [***] [***] [***]





    [***]               38   Mb 38    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

39   Mb 39    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

40   Mb 40    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

41   Mb 41    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

42   Mb 42    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

43   Mb 43    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]    No longer retained.

44   Mb 44    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

45   Mb 45    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]    No longer retained.

46   Mb 46    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

47   Mb 47    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

48   Mb 48    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

49   Mb 49    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

50   Mb 50    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

51   Mb 51    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

52   Mb 52    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

53   Mb 53    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

54   Mb 54    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

55   Mb 55    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

56   Mb 56    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

57   Mb 57    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

58   Mb 58    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

59   Mb 59    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

60   Mb 60    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

61   Mb 61    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

62   Mb 62    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]      No longer retained.

63   Mb 63    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

64   Mb 64    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

65   Mb 65    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

66   Mb 66    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

67   Mb 67    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

68   Mb 68    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

69   Mb 69    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

70   Mb 70    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

71   Mb 71    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

72   Mb 72    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

73   Mb 73    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

74   Mb 74    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

75   Mb 75    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

76 Mb 76 Miscanthus [***] [***] under MTA [***] [***]





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Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

    [***]               77   Mb 77    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

78   Mb 78    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

79   Mb 79    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

80   Mb 80    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

81   Mb 81    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

82   Mb 82    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

83   Mb 83    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

84   Mb 84    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

85   Mb 85    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

86   Mb 86    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

87   Mb 87    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

88   Mb 88    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

89   Mb 89    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

90   Mb 90    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

91   Mb 91    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

92   Mb 92    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

93   Mb 93    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

94   Mb 94    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

95   Mb 95    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

96   Mb 96    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

97   Mb 97    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]







List of Donated Accessions                                            98   Mb 98    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

99   Mb 99    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

100   Mb 100    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

101   Mb 101    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

102   Mb 102    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

103   Mb 103    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

104   Mb 104    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

105   Mb 105    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

106   Mb 106    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

107   Mb 107    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

108   Mb 108    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

109   Mb 109    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

110   Mb 110    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

111   Mb 111    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

112   Mb 112    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

113   Mb 113    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

114   Mb 114    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

115   Mb 115    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

116   Mb 116    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

117   Mb 117    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

118   Mb 118    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

119   Mb 119    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

120   Mb 120    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

121   Mb 121    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]      No longer retained.

122   Mb 122    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]      No longer retained.

123   Mb 123    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

124   Mb 124    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

125   Mb 125    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

126   Mb 126    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

127   Mb 127    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

128   Mb 128    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

129   Mb 129    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

130   Mb 130    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

131   Mb 131    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

132   Mb 132    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

133   Mb 133    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

134   Mb 134    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]





135   Mb 135    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

136   Mb 136    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

137   Mb 137    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

138   Mb 138    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

139   Mb 139    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

140   Mb 140    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

141   Mb 141    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

142   Mb 142    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

143   Mb 143    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

144   Mb 144    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

145   Mb 145    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

146   Mb 146    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

147   Mb 147    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

148   Mb 148    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

149   Mb 149    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

150   Mb 150    Miscanthus  [***]   [***]    [***]    none    [***]    [***]      No longer retained.

151   Mb 151    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

152   Mb 152    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

153   Mb 153    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

154   Mb 154    Miscanthus  [***]   [***]    [***]    none    [***]    [***]      No longer retained.

155   Mb 155    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

156   Mb 156    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

157   Mb 157    Miscanthus  [***]   [***]    [***]    none    [***]    [***]      No longer retained.

158   Mb 158    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

159   Mb 159    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

160   Mb 160    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

161   Mb 161    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

162   Mb 162    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

163   Mb 163    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

164   Mb 164    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

165   Mb 165    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

166   Mb 166    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

167   Mb 167    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

168   Mb 168    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

169   Mb 169    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

170   Mb 170    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

171   Mb 171    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

172   Mb 172    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

173   Mb 173    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]





Page 2

Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

174   Mb 174    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

175   Mb 175    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

176   Mb 176    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

177   Mb 177    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

178   Mb 178    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

179   Mb 179    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

180   Mb 180    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

181   Mb 181    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

182   Mb 182    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

183   Mb 183    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

184   Mb 184    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

185   Mb 185    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

186   Mb 186    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

187   Mb 187    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

188   Mb 188    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

189   Mb 189    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

190   Mb 190    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

191   Mb 191    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

192   Mb 192    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

193   Mb 193    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

194   Mb 194    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

195   Mb 195    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]







List of Donated Accessions                                            196   Mb 196    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

197   Mb 197    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

198   Mb 198    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

199   Mb 199    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

200   Mb 200    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

201   Mb 201    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

202   Mb 202    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

203   Mb 203    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

204   Mb 204    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

205   Mb 205    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

206   Mb 206    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

207   Mb 207    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

208   Mb 208    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

209   Mb 209    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

210   Mb 210    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

211   Mb 211    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

212   Mb 212    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

213   Mb 213    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

214   Mb 214    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

215   Mb 215    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

216   Mb 216    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

217   Mb 217    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

218   Mb 218    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

219   Mb 219    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

220   Mb 220    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

221   Mb 221    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

222   Mb 222    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

223   Mb 223    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

224   Mb 224    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

225   Mb 225    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

226   Mb 226    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

227   Mb 227    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]    No longer retained.

228   Mb 228    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

229   Mb 229    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

230   Mb 230    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

231   Mb 231    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

232   Mb 232    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]





233   Mb 233    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

234   Mb 234    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]    No longer retained.

235   Mb 235    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

236   Mb 236    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

237   Mb 237    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

238   Mb 238    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

239   Mb 239    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

240   Mb 240    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

241   Mb 241    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

242   Mb 242    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

243   Mb 243    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

244   Mb 244    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

245   Mb 245    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

246   Mb 246    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

247   Mb 247    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

248   Mb 248    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

249   Mb 249    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

250   Mb 250    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

251   Mb 251    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

252   Mb 252    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

253   Mb 253    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

254   Mb 254    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

255   Mb 255    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

256   Mb 256    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

257   Mb 257    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

258   Mb 258    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

259   Mb 259    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

260   Mb 260    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

261   Mb 261    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

262   Mb 262    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

263   Mb 263    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

264   Mb 264    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

265   Mb 265    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

266   Mb 266    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

267   Mb 267    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

268   Mb 268    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

269   Mb 269    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

270   Mb 270    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

271   Mb 271    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]





Page 3

Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

272   Mb 272    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]    [***]

273   Mb 273    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

274   Mb 274    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

275   Mb 275    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

276   Mb 276    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

277   Mb 277    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

278   Mb 278    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

279   Mb 279    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

280   Mb 280    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

281   Mb 281    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

282   Mb 282    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

283   Mb 283    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

284   Mb 284    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

285   Mb 285    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

286   Mb 286    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

287   Mb 287    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

288   Mb 288    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

289   Mb 289    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

290   Mb 290    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

291   Mb 291    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

292   Mb 292    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      No longer retained.

293   Mb 293    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]







List of Donated Accessions                                            294   Mb 294    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

295   Mb 295    Miscanthus  [***]   [***]    [***]    unclear    [***]    [***]

296   Mb 296    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

297   Mb 297    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

298   Mb 298    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

299   Mb 299    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

300   Mb 300    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

301   Mb 301    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

302   Mb 302    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

303   Mb 303    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

304   Mb 304    Miscanthus  [***]   [***]    [***]    none    [***]    [***]      No longer retained.

305   Mb 305    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      Mix of accessions

306   Mb 306    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]      Mix of accessions

307   Mb 307    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

308   Mb 308    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

309   Mb 309    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

310   Mb 310    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

311   Mb 311    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]

312   Mb 312    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

313   Mb 313    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

314   Mb 314    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

315   Mb 315    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

316   Mb 316    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

317   Mb 317    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

318   Mb 318    Miscanthus  [***]   [***]    [***]    none    [***]    [***]    [***]

319   Mb 319    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

320   Mb 320    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

321   Mb 321    Miscanthus  [***]   [***]    [***]    none    [***]    [***]      No longer retained.

322   Mb 322    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]      No longer retained.

323   Mb 323    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

324   Mb 324    Miscanthus  [***]   [***]    [***]    under MTA    [***]    [***]

325   Mb 325    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]    [***]

326   Mb 326    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]    [***]

327   Mb 327    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]    [***]

328   Mb 328    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]    [***]

329   Mb 329    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]    [***]

330   Mb 330    Miscanthus  [***]   [***]    [***]    no MTA    [***]    [***]    [***]    No longer retained.





Page 4

Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission

331   Mb 331    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

332   Mb 332    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

333   Mb 333    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

334   Mb 334    Miscanthus  [***]   [***]    [***]    none    [***]    [***]

335   Mb 335    Miscanthus  [***]   [***]    [***]    none    [***]    [***]







Pages where confidential treatment has been requested are stamped 'Confidential Treatment Requested and the Redacted Material has been  separately filed with the Commission,' and the confidential section has been marked as follows: [***].

AMENDMENT I

to SCHEDULE 1 between CERES, INC. and INSTITUTE OF GRASSLAND AND ENVIRONMENTAL RESEARCH dated April 1, 2007 (the  Schedule).

Made in two (2) copies.

Page 1 of 3

  1.   The Parties agree to replace the suggested Year 1 (April 1 to March 31) milestones in Attachment B of the Schedule in their entirety by the  Ceres-IGER Milestones — Year 1, as attached hereto. For clarity, no change is made to pages 1 and 2 of such Attachment B. Any changes  to the suggested Year 2 and Year 3 milestones will be addressed in separate amendments to the Schedule.

  2.   The Parties agree that this Amendment I is effective as of January 1, 2008.

  3.   For the remainder, the Schedule remains unchanged and this Amendment I shall form an integral part thereof.

                  INSTITUTE OF GRASSLAND AND  ENVIRONMENTAL RESEARCH   CERES, INC.

                  By:   /s/ M Humphreys  By:   /s/ Peter Mascia

Name: Professor Mervyn Humphreys

Name: Peter Mascia      Title: Director      Title: Vice President of Product Development                            By:   /s/ Richard Flavell

Name: Richard Flavell, CBE, FRS              Title: Chief Scientific Officer







Ceres-IGER Milestones — Year 1

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              Contract Year             (April 1 - March 31)   Schedule   Milestone   See key Year 1     Agronomy    Characterise [***] in the potential for [***] amongst [***]  from the [***]   A

            Year 1   Agronomy  Survey of [***] capacity of [***] genotypes taken from the [***] trial during July 20[***].   A             Year 1   Agronomy  Understand [***] affecting [***] across different [***] of [***] different [***].   A             Year 1     [***]    [***] of [***] controlled [***] of Miscanthus [***] ([***]) with Miscanthus [***]. [***] of  [***] or [***] to [***] by early 20[***].   A

            Year 1     Agronomy    [***] of [***] (additional to [***] required by DEFRA) [***] of [***] x [***] made based on  staggered [***].   D

            Year 1   [***]  [***] of [***] x [***] will be made based on results from 20[***] field [***] and [***].   A             Year 1



[***]



[***] based on outstanding phenotype and [***] geography at [***] from [***] put into [***].  In [***] or [***] or [***] (multiples per [***]) available to put into [***] in 20[***] when  requested by Ceres

B

            Year 1     [***]    [***] promising [***] including [***] lines and [***] trialed to date [***] to [***] in [***] or  [***] or [***] for trial in [***] when requested.   B

            Year 1     [***]    Samples of [***] from Year 1 [***] and [***] sent to Ceres. At a minimum [***] + [***] = [***];  more if possible from [***] of [***] x [***] and [***] x [***] and [***] of [***] x [***] ([***]).   B

            Year 1     [***]    [***] to Ceres from M. [***] ([***]) x M. [***] ([***]) in the field in 20[***]; believed to be  [***] .   B

            Year 1     Markers    [***]/DNA from [***] plant [***] phenotyped in the field since 20[***] and first [***]  delivered to Ceres in 20[***].   C

            Year 1



Markers



[***]/DNA from plant [***] in [***] in 20[***] where material is available, plus other [***]  individuals (numbers defined in Marker schedule) and other selected genotypes where material  is available delivered to Ceres in 20[***]

C

            Year 1     [***]    Year 2 and [***] phenotype/[***] assessments of material in [***] trials reported for Ceres to  make correlations between assessments and markers   D

            Year 1   Markers  [***] sent to Ceres, samples as requested by Ceres for [***].   E             Year 1     [***]    [***] made in 20[***] and materials brought into [***] in IGER to fill in specific [***] needed  for likely [***].   F







KEY

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A  [***] research to create an economically viable business

B   [***] to Ceres to help [***] in [***] as early as possible

C   Advancing the marker assisted [***] program as early as possible

D   Advancing the [***] program

E   Advancing [***] research

F   Enhancing [***]







Pages where confidential treatment has been requested are stamped 'Confidential Treatment Requested and the Redacted Material has been  separately filed with the Commission,' and the confidential section has been marked as follows: [***].

AMENDMENT II

to the Collaboration Agreement effective as of April 1, 2007 between the Institute of Grassland and Environmental Research (IGER) and Ceres,  Inc. (CERES), as amended (the Agreement) and to SCHEDULE 1 between the Institute of Grassland and Environmental Research (IGER) and  Ceres, Inc. (CERES) and dated April 1, 2007, as amended (Schedule 1).

WHEREAS, the Institute of Grassland and Environmental Research (IGER) and CERES entered into the Agreement and Schedule 1 on April 1,  2007;

WHEREAS, on April 1, 2008 IGER merged with Aberystwyth University Institutes of Biological Sciences and Rural Sciences to form the new  Institute of Biological, Environmental and Rural Sciences of Aberystwyth University (AU);

WHEREAS, as a consequence of such merger, the Parties wish to substitute AU in place of IGER as a contract party to the Agreement;

WHEREAS, AU and CERES wish to amend the Agreement, as set forth hereinafter.

NOW THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein and of other good and  valuable consideration, the Parties have agreed and do hereby agree as follows:

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  1.   The Parties agree that Aberystwyth University, a Higher Education Establishment registered in the United Kingdom No. RC000641,  having an office at Old College, King Street, Aberystwyth SY23 2AX (AU) should be substituted as a contract party to the Agreement  in place of IGER.

  2.   The Parties agree to amend Article 14.1 (e) (v) of the Agreement so as to read as follows:

      (v) with thirty (30) days' written notice to AU if Defra has not assigned to AU, or granted to AU a license reasonably satisfactory to  CERES on, the Intellectual Property vested in Defra or the Crown or the Secretary of State pursuant to the DEFRA agreement NF 0426  within three (3) years from the Effective Date (the Assignment/License); provided however that Ceres will not unreasonably refuse to  extend such three (3) year term by six (6) months if so requested by AU by December 31, 2009.

  3.   The Parties agree to add the following clause in Article 6 of Schedule 1:







Made in two (2) copies.

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      As long as the assignment or license grant by Defra to AU, and the corresponding grant of a license or sublicense to CERES in  compliance with the Agreement, has not occurred, CERES will have the right to withhold [***] percent ([***]%) of the funding payable  by CERES to AU pursuant to Attachment B — Budget, attached to Schedule 1 (as this may be amended from time to time). CERES' rights  to withhold such payments will terminate:

  (i)   with respect to [***] percent ([***]%) of the funding, as of the date CERES effectively receives a license or sublicense  satisfactory to CERES on CERTAIN MISCANTHUS ACCESSIONS (defined in Article 3.2.1 b. of the Agreement) and related  information.

  (ii)   with respect to [***] percent ([***]%) of the funding as of the date CERES effectively receives a license or sublicense  satisfactory to CERES on the Intellectual Property vested in Defra or the Crown or the Secretary of State pursuant to the Defra  agreement NF0426.

  4.   The Parties agree that this Amendment II is deemed to have become effective as of May 1, 2008.

  5.   For the remainder, the Agreement and Schedule 1 remain unchanged and this Amendment II shall form an integral part thereof.

                ABERYSTWYTH UNIVERSITY   CERES, INC.   By: /s/ S.G.A. Durbin   By: /s/ Richard Flavell   Name: S.G.A. Durbin     Name: Richard Flavell, CBE, FRS   Title: Director, Risk & Research Finance     Title: Chief Scientific Officer           By: /s/ Richard Hamilton           Name: Richard Hamilton           Title: President and Chief             Executive Officer







Pages where confidential treatment has been requested are stamped 'Confidential Treatment Requested and the Redacted Material has been  separately filed with the Commission,' and the confidential section has been marked as follows: [***].

CONFIDENTIAL

AMENDMENT III

to the SCHEDULE 1 between the Institute of Biological, Environmental and Rural Sciences (IBERS) of Aberystwyth University and Ceres, Inc.  (CERES) and dated April 1, 2007, as amended (Schedule 1).

WHEREAS, IBERS and CERES entered into Schedule 1 on April 1, 2007;

WHEREAS, the initial term of Schedule 1 was for three (3) years;

WHEREAS, the Parties wish to extend the term of Schedule 1 to cover additional research and development activities;

WHEREAS, IBERS and CERES further wish to amend Schedule 1, as set forth hereinafter.

NOW THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein and of other good and  valuable consideration, the Parties have agreed and do hereby agree as follows:

Richard Flavell (CERES)  Jeff Gwyn (CERES)  Charlie Rodgers (CERES)  Timothy Swaller (CERES)

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  1.   The Parties agree to substitute the RESEARCH AND DEVELOPMENT PLAN referred to in Article 3 of Schedule 1 and attached as  Attachment A to Schedule 1 by a new Attachment A/2010 revision, as attached to this Amendment III.

  2.   The Parties agree to amend Article 5 PHD LEVEL SCIENTIFIC STAFF for CERES staff so as to read as follows:

  3.   The Parties agree to substitute the Budget referred to in Article 6 of Schedule 1 and attached as Attachment B to Schedule 1 by a new  Attachment B/2010 revision, as attached to this Amendment III.

  4.   The Parties agree to amend Article 16 Term of Schedule 1 so as to read as follows:

      Term: Five (5) years provided however, at least one (1) year before the end of the term of this SCHEDULE, the Parties shall decide  whether to extend it for one (1) or more years, with appropriate updates to the RESEARCH AND DEVELOPMENT







Made in two (2) copies.

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      PLAN (Attachment A/2010 revision), and FUNDING (Article 6 of this SCHEDULE).

  5.   The Parties agree that this Amendment III is deemed to have become effective as of March 31, 2010.

  6.   For the remainder, Schedule 1 remains unchanged and this Amendment III shall form an integral part thereof.

                ABERYSTWYTH UNIVERSITY   CERES, INC.   By: /s/ E. Reynolds   By: /s/ Jefferson Gwyn   Name: Emyr Reynolds     Name: Jefferson Gwyn   Title: Head of Research Grants     Title: Vice President of Breeding & Genomics           By: /s/ Richard Flavell           Name: Richard Flavell, CBE, FRS           Title: Chief Scientific Officer







Attachment A/2010 revision

RESEARCH AND DEVELOPMENT PLAN

April 1, 2010 — March 31, 2011 workplan

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          Action proposed   Dates Performed   Summary of action taken 1. Supply [***] from the [***]  best [***] to CERES partners in  [***]

April 2010



Supplied [***], [***] checked [***] to [***] company as directed by CERES

          2. Supply plants for [***]  observation and miniplot trials



April to July  2010



Supplied [***] for the establishment of the following trials [***] 4 ON ([***])  [***] 5 MP (best lines — [***] and [***]) [***] 1 ON (best lines — [***] and  [***]) [***] 4 ON [***] 13 MP (best [***] from [***], JKI etc.) [***] A9 ON  ([***] survivors, [***], [***]) [***] A 10 ([***] survivors, [***], [***]) [***]  A11 RP (small plots of [***])           3. Gather phenotyping data  from [***] trials to identify the  most promising [***] to be  used in [***]



July to  November



Best [***] was identified based on autumn [***] scores. [***] 'Generic high  [***] found in [***] at [***] and [***].    Technical enabling  A new [***] field nomenclature was developed to ensure clear communication so  that each plant or plot in the [***] trials was identified by a UID.     Photographs and data loaded to MSCAN and discussed at the January 2011  quarterly.     Development of the controlled vocabularies for phenotyping fields is ongoing.    [***] data was recorded in [***] and [***] on the [***]    [***] data in Feb 2011 gathered but needs developed of the controlled  vocabularies before this can be loaded to MSCAN and analysed.











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          Action proposed   Dates Performed   Summary of action taken 4. Send [***] of the best  selections from [***] and [***]  to [***] identified by June 2010

October



[***] Miscanthus samples for [***] under [***] on behalf of Dr. Charlie  Rodgers. The Miscanthus [***] in this package are provided under a research  agreement between IBERS and CERES and are restricted to release only to  CERES, Inc. They are not [***].

          6. Develop knowledge of [***]  for [***] in a wide range of  [***] in order to [***]

April — Oct



[***] experiments were run in 2010. Discovery of the [***] effect when plants  were grown under simulated [***] conditions.

5. Create [***] based on a  knowledge of [***] available   All year and  ongoing   Table shows number of [***] attempted by [***] types.

Restricted: a form of [***] where [***] within a [***] has occurred and the  plants have been [***] to [***]. The potential [***] contributors can be short  listed from the [***] monitoring data. [***]: [***] wise [***] produce two [***]  records since [***] contain both [***] and [***] parts. [***]: single [***]  [***]: Here the [***] from [***] are registered as [***] ops.

In 2010 encumbrances ([***] and [***]) stopped us going down the route of  [***] M. [***] with the well characterized [***] from [***].

              [***] Type   Number   % [***]   Produced >[***] [***]    [***]   [***]   [***] [***]    [***]   [***]   [***] [***]    [***]   [***]   [***] [***]    [***]   [***]   [***] Total    [***]   [***]   [***]







April 1, 2011 — March 31, 2012 workplan

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          Action proposed   Dates Performed   Summary of action taken 7. [***] experiments    April to Oct   A small trial revealed the value of [***] in [***] of [***] M. [***] from [***].           8. Leaf samples from DNA to  develop the [***]    Oct    Freeze dried samples sent to CERES from [***]

          9. [***] from 2010 [***] raised  for planting in [***] trials    Jan — March    [***] tests identified successful [***]. A tray of each [***] was raised where  possible (1 tray = [***] plants)           10. [***] from 2010 [***] sent  to CERES    April 2011    From these [***] from [***] with interesting [***] were sent to Charlie.

          11. Reporting







Powerpoints of July 13 meeting sent   Powerpoints of August 28 meeting sent   Powerpoints of 1 and 2 Nov meeting sent   Document on forward plans (Nov 2010)   Powerpoints of meeting 20-21 Jan 2011

          milestone   Projected Dates   Summary of planned actions 1. Characterise [***] from the  [***] to inform development  tracks 1 to 4

Ongoing



For [***] from the [***] we will perform measurements to collect:

      [***] (when plants are [***] ([***] years from planting) [***] status in autumn  [***] (scores and measurements)           2. Development of [***]/ [***]  with desirable characters

Ongoing



Attempt >[***] exploratory [***] between [***] in [***] of the [***] Perform at  least [***] with best [***] identified in [***] using the [***] and [***] in 2010  From these [***] of [***] and [***] with interesting [***] to be sent to Charlie.







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          milestone   Projected Dates   Summary of planned actions 3. Development of [***]  (CERES, IBERS)







Organize [***] phenotype data for use by CERES in collaboration with [***] (on  a BBSRC funded flowering grant) and [***] (on the [***]). Monitor [***] planted  in 20[***] through collaboration with [***] and the [***]. Supply of further leaf  samples as requested for [***] analysis.







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              milestone   Projected Dates   Summary of planned actions 4. Initiate field evaluation of  selected potential new  Miscanthus [***] and [***],  measure [***] and other key  [***].

April to Aug 2011



Notes  [***] and [***]  for [***] selections



Putative Trial name  [***] 6 ST

      plus [***] controls   [***] 7 MP       [***] blocks           based on best           [***]   [***] 5 CB       [***] blocks           based on best           [***]   [***] 6 CB       [***] blocks           based on best           [***]   [***] 7 CB       [***] blocks           based on best           [***]   [***] 8 CB       [***] testing   [***] 9 ON       miniplots, sue's           choices   [***] 3 MP       miniplots, sue's           choices   [***] 25 MP       [***] from           2010 [***]   [***] 26 ST       [***]   [***] 27 CB       [***]   [***] 28 CB       [***]           which are now           in [***]'   [***] 29 ON       Library of [***]           used           in [***] (E.G.           #1 To 5'S)   [***] 30 ON       Selected lines           into [***]   [***] 3 ON       Sue's MP           selections   [***] 1 MP







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          milestone   Projected Dates   Summary of planned actions 5. [***] and [***]



Ongoing



[***] of [***] currently being raised from use in [***] will be supplied to [***].    [***] screens on [***] to be performed and added to MSCAN.           6. [***] experiments        Field experiments with direct sowing using [***].           7. Reporting        Minutes and powerpoints from meetings







Attachment B/2010 revision

Budget

CERES shall pay IBERS £[***] (GBP) per year for the implementation of the RESEARCH AND DEVELOPMENT PLAN set forth in Attachment  A/2010 revision. Annual payments from CERES to IBERS shall not exceed £[***] (GBP).

Payment details shall be as set forth in Article 1.8 of the Collaboration Agreement.

1.8 Where a SCHEDULE provides that CERES will make a financial contribution to certain RESEARCH PROJECT activities performed by IBERS,  unless agreed otherwise in the appropriate SCHEDULE, IBERS will submit invoices after the end of each calendar quarter for the work performed  during that quarter. Each such invoice shall reflect only those costs that have been incurred in performance of the RESEARCH PROJECT and shall  provide a breakdown of costs similar to the detail set forth in the budget of the related SCHEDULE. CERES will pay all such invoices within thirty  (30) days after the invoice date. Payments shall be remitted to:

Institute of Biological, Environmental and Rural Sciences (IBERS) of  Aberystwyth University  Plas Gogerddan  Aberystwyth  Ceredigion  SY23 3EB  United Kingdom

Page 9 of 9         Confidential Treatment Requested and the Redacted Material has been separately filed with the Commission. 
Question: Highlight the parts (if any) of this contract related to Cap On Liability that should be reviewed by a lawyer. Details: Does the contract include a cap on liability upon the breach of a party’s obligation? This includes time limitation for the counterparty to bring claims or maximum amount for recovery.

SOLUTION:
97148