Document:

Exhibit 10.8

INDEMNITY
AGREEMENT

 

This
Indemnity Agreement (this “Agreement”), dated as of [●], (the “Effective Date”) is made by and between
Bioceres S.A., a company organized and existing under the law of Argentina, being its legal address Ocampo 210 bis, Predio CCT,
Efidicio Indear, Rosario, Santa Fe (the “Company”), and [Ÿ]
(the “Indemnitee”).

 

WITHNESSEETH
THAT:

 

The
Indemnitee is Director of the Company and the Company desires to indemnify the Indemnitee with the corresponding Indemnification,
as defined in Section 2, for the development of his management as Director of the Company to the fullest extent permitted by applicable
law and in accordance with the provisions of this Agreement.

 

NOW,
THEREFORE, the Company and the Indemnitee agree as follows:

 

1.
DEFINITIONS

 

The
following terms as used herein shall have respectively the following meanings:

 

“Claim”
means any liability and / or claim that might arise or be directed against the Indemnitee as a consequence of any action and /
or omission on the part of the Company, including any suit, proceeding or alternative dispute resolution, imminent, pending or
completed (or any inquiry, hearing or investigation) in the civil, criminal, administrative courts or otherwise and / or any civil,
contractual, tort and / or criminal liability originating against the Indemnitee following an “Indemnifiable Event” (a
term defined below).

 

“D&O
Insurance” means a director’s liability insurance issued or to be issued by one or more insurers and any replacement or
substitute policies issued by one or more reputable insurers providing in all respects coverage at least comparable to and in the
same amount as that policy or policies to be replaced and that have been deemed acceptable by the Indemnitee.

 

“Excluded
Claim” means any Claim:

 

		(i)	resulting primarily from the intentionally fraudulent, dishonest, fraudulent conduct or with gross
negligence of the Indemnitee; or

 

		(ii)	whose payment by the Company under this Agreement is not permitted by applicable law.

 

“Expenses”
means all attorneys’ fees and all other costs, charges, travel costs, expert fees, transcription costs, filing fees, witness fees,
telephone charges, postage, courier fees, disbursements, expenses and liabilities of any kind paid or incurred by the Indemnitee
in connection with either the investigation, defense, or being a witness or participation (including appeals), or the preparation
for a defense, acting as a witness or participating in any Claim related to any Indemnifiable Event.

 

“Indemnifiable
Event” means any event or occurrence that (i) has occurred before or occurs after this Agreement is made, and is or has
been related to (in full or in part) the fact that the Indemnitee is or has been Director of the Company and (ii) relates to the
Indemnitee, in case he has acted as a signatory of any document executed on behalf of the Company, or by reason of anything done
or not done, or any act or omission, by Indemnitee in any such capacity.

 

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2.
Indemnity - Indemnification

 

The
Company shall indemnify the Indemnitee and hold him harmless, immediately and completely, from and against any Claims arising as
a consequence of an Indemnifiable Event, hereinafter the “Indemnification”. The Company shall indemnify the Indemnitee
to the fullest extent permitted by law.

 

For
the full implementation of this Agreement, the Company is committed to providing the Indemnitee with the means to afford all Expenses
necessary for the payment of any obligations that the Company may have assumed, and all Expenses incurred in connection with his
appointment as director the Company.

 

The
Indemnity ordered by a firm and consensual resolution of the competent court, which could not be appealed, will be made as soon
as possible but in no case later than thirty (30) business days after the Company receives a request in writing to that end. The
Indemnity, purpose of this agreement, includes every one of the Expenses, losses, damages (excluding psychological harm), judgements,
fines, penalties, amounts paid in settlement (including interest, taxes, and other charges paid or payable in connection with or
in respect of any such Expenses, losses, damages, judgements, fines, penalties, or amounts paid in settlement) or in relation to
a Claim against the Indemnitee as a consequence of a Indemnifiable Event and all federal, provincial, local or foreign taxes incurred
in or demanded by the Indemnitee resulting from the obligations of this Agreement.

 

3.
Excluding Coverage

 

(a)
The Company shall not be liable to indemnify and hold harmless the Indemnitee under this agreement for any expenses, damages, judgements,
fines, penalties or amount paid in settlement that constitute an Excluded Claim.

 

(b)
The Company shall not be liable to indemnify and hold harmless the Indemnitee under this agreement for any Expenses, damages, judgements,
fines, penalties or amount paid in settlement as long as the Indemnitee has received the payment for the insurance coverage or
any third parties with no appeals against the Indemnitee.

 

(c)
The Company shall not be liable to indemnify and hold harmless the Indemnitee under this agreement in cases in which the Claim
originating against the Indemnitee as a consequence of an Indemnifiable Event derives into an Excluded Claim.

 

4.
Purchase and Maintenance of D&O Insurance

 

(a)
The Company agrees hereby to provide the Indemnitee with a complete and accurate description of the D&O insurance policies
acquired by the Company, acknowledging that these policies remain in full force and effect until the Indemnitee is informed otherwise.

 

(b)
The Company agrees hereby that (i) the Indemnitee performs as a director of the Company and / or (ii) acting as a signatory of
bank accounts of the Company or any other document executed on behalf of the Company, and (iii) while the Indemnitee is subject
to a possible claim arising against him following an Indemnifiable Event and subject to the terms of this Section 4, the Company
shall maintain in full force and effect all D&O Insurance acquired by the Company.

 

(c)
The Indemnitee shall be included as an insured in any D&O Insurance policy hired by the Company, in order to give the Indemnitee
the same rights and benefits granted to other directors or officers of Companies.

 

(d)
The Company shall not hire and / or maintain a D&O Insurance in effect, if the Company determines, in good faith, that:

 

(i)
the insurance is not reasonably available;

 

(ii)
the cost of the premium for such insurance is disproportionate to the amount of coverage provided;

 

(iii)
the coverage supplied is limited by exclusions thus providing insufficient benefit; or

 

(iv)
the acquisition of the D&O Insurance for the Company violates any provision of the articles of the Company or of any laws or
regulations applicable to the Company.

 

If
the Company decides not to maintain the D&O insurance, it shall notify the Indemnitee, in which case, if the Indemnitee is
Director of the Company, he shall be entitled to resign. In any of the aforementioned cases, prior to the cancellation of any existing
D&O Insurance the Company agrees that in case the Indemnitee is Director, the Company shall accept his resignation and replace
him.

 

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5.
Indemnification Procedures

 

(a)
All payments deriving from the Indemnification obligations of the Company in this Agreement shall be made no later than thirty
(30) business days after the Company receives written request of the Indemnitee to that effect, except in case that the claims
that originated the Indemnitee’s request were Excluded Claims or they were not payable under this Agreement otherwise. The Company
shall pay in advance all Expenses arising from a Claim against the Indemnitee as a consequence of the Indemnifiable Event no later
than twenty (20) business days after the Company receives the written request of the Indemnitee.

 

(b)
The Indemnitee shall notify the Company no later than ten (10) business days after receiving a notification regarding the commencement
of a Claim against him as a consequence of an Indemnifiable Event, hereinafter, “Notification Period”. Failure to notify
the Company within the Notification Period shall not relieve the Company from any liability that it may have to the Indemnitee
by virtue of this Agreement; however, such failure will entitle the Company to take independent action against the INDENMITEE for
damages resulting from the lack of notification within the Notification Period. If, at the time of reception of such notice, the
Company has a D&O Insurance in effect, the Company shall immediately notify the commencement of such Claim to the insurers
in accordance with the procedures set forth in the respective policies in favour of the Indemnitee. The Company, shall, thereafter,
take all necessary or appropriate actions on behalf of the Indemnitee to make such insurers pay for all Expenses, losses, damages,
judgements, fines, penalties and amounts paid or payable in respect to such Claim against the Indemnitee following an Indemnifiable
Event in accordance with the terms of such policies.

 

(c)
Once the Company is notified of the commencement of a Claim originating against the Indemnitee following an Indemnifiable Event,
the Company shall assume the defense of such Claim, with counsels who meet the requirements of the Indemnitee upon delivery to
the Indemnitee of a notification in writing of this choice, stipulating however, that the Indemnitee shall have the
right to employ his own counsels in such Claim, but the fees and expenses of such counsels incurred after notice from the Company
of their assumption of the defense shall be at the expense of the Indemnitee, and stipulating also, that counsels’ fees
and expenses will be afforded by the Company if (i) the employment of counsel by Indemnitee has been previously authorized by the
Company, (ii) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee
in the conduct of the defense of such action or (iii) the Company shall not in fact have employed counsel to assume the defense
of such action.

 

(d)
The Indemnitee shall reimburse the Company for all Expenses paid by the Company in relation to any Claim against the Indemnitee
as a consequence of an Indemnifiable Event following an Indemnifiable Event in the event that a competent court had issued a final
ruling that cannot be appealed and which provides that the Indemnitee shall not be entitled to be indemnified by the Company in
respect of such Expenses because (i) the claim is an Excluded Claim, or (ii) the Indemnitee is not entitled to payment under this
Agreement.

 

(e)
The Indemnification ordered by a final resolution of the competent court, which could not be appealed, shall be paid by the Company
to the Indemnitee thirty (30) business days following the moment the Company receives a request in writing for that purpose; if
is not paid in full, the Indemnitee may, at any time thereafter, bring an action against the Company to recover the unpaid amount
of the Claim against the Indemnitee as a consequence of an Indemnifiable Event, and in case the Indemnitee succeeds, in total or
part, the Indemnitee shall also be entitled to be paid by the Company for the Expenses (including reasonable attorneys’ fees) incurred
in connection with such Claim.

 

6.
Subrogation

 

In
the event the Company makes a payment under this Agreement, the Company shall surrogate the Indemnitee in all legal claims, demands
or rights that the Indemnitee may have against third parties (excluding spouse, heirs and descendants of Indemnitee) responsible
for the occurrence of the event giving rise to the Indemnifiable Event originating the obligations of the Company under this Agreement.

 

7.
Settlement

 

(a)              
The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Claims
against the Indemnitee as a consequence of an Indemnifiable Event effected without the Company’s prior written consent.

 

(b)              
The Company shall not settle any Claims against the Indemnitee as a consequence of an Indemnifiable Event that may, in any way,
impose a fine or other obligation to the Indemnitee without the written consent of Indemnitee.

 

(c)              
Neither the Company nor the Indemnitee will unreasonably withhold its consent to any proposed settlement.

 

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8.
Rights of the Indemnitee

 

(a)
The Indemnification and Expenses prepayment shall not apply in the event that the Indemnitee is effectively indemnified and held
harmless under any provision of law, any insurance policy, statute, agreement, vote or resolution of the shareholders or directors
or otherwise.

 

(b)
The Indemnification and Expenses prepayment shall continue even after the Indemnitee ceases to serve the Company as a director,
for a term not exceeding two years.

 

(c)
The Indemnitee shall be entitled to resign his position as director of the Company at any time and the Company agrees to accept
the resignation of the Indemnitee and appoint his replacement within a reasonable time.

 

9.
Execution

 

In
the event that the Indemnitee initiates any actions under this Agreement in relation to a Claim originating against the Indemnitee
following an Indemnifiable Event, the Indemnitee shall be entitled to request the Company to pay all costs and expenses of justice,
including reasonable attorneys’ fees, incurred by the Indemnitee with respect to such action, unless the court determines that
each of the substantive points made by the Indemnitee as the basis for such action were not made in good faith or lacked reasonable
cause.

 

10.
Severability

 

If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever by
a court the remaining provisions of the Agreement shall not in any way be affected or impaired thereby.

 

11.
Jurisdiction 

 

Any
dispute, controversy or claim arising between the parties concerning this Agreement, its existence, validity, qualification, interpretation,
scope, compliance or violation will be attempted to be resolved through negotiations in good faith to reach an agreement, for a
period of ten (10) days.

 

If
the resolution of such dispute is not possible, such dispute, controversy or claim shall be settled exclusively and definitively
by the Ordinary Courts in Civil and Commercial Matters of the city of Rosario, Santa Fe Province, waiving any rules on conflict
of laws that might apply.

 

12.
Governing Law 

 

This
Agreement shall be governed in accordance with the current legislation in Argentina.

 

13.
Successor and Assigns

 

This
Agreement shall be binding upon the Company, its successors and assigns (including any assigns of all or substantially all of its
assets and any successor by merger or otherwise by operation of law) of the Company and (ii) shall be binding upon and inure to
the benefit of the heirs of the Indemnitee.

 

14.
Modification and Waiver

 

(a)
No amendment, modification, termination or resolution of this Agreement shall be binding unless executed in writing by both of
the parties hereto.

 

(b)
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof
(whether or not similar) and such waiver shall not constitute a continuing waiver.

 

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15.
Notice

 

All
notices under this Agreement shall be in writing and shall be deemed duly given when delivered at the above mentioned addresses.

 

Two
counterparts of the same tenor and to a sole effect are signed, in the city of Rosario on the aforementioned date and year.

 

	[Ÿ]	President
	 	 
	Director	BIOCERES S.A.

 

    	5Exhibit 10.9

 

[ENGLISH TRANSLATION]

 

Loan Agreement

 

PMT III ARAI

 

008

 

    	 

    	 

    

 

[ENGLISH
TRANSLATION]

 

LOAN
AGREEMENT PMT ARAI 008

 

This agreement is entered
into by the AGENCY FOR NATIONAL SCIENTIFIC AND TECHNOLOGICAL PROMOTION (AGENCIA NACIONAL DE PROMOCION CIENTIFICA
Y TECNOLOGICA) decentralized body within the jurisdiction of the SECRETERIAT OF SCIENCE, TECHNOLOGY AND INNOVATION of
the MINISTERY OF EDUCATION, SCIENCE AND TECHNOLOGY, hereinafter referred to as the AGENCY, hereupon represented by the
director of the Management Control and legal affairs on Dr. Rodolfo Ariel BLASCO (DNI No 14.102.302) on the one
hand, and on the other, INDEAR SOCIEDAD ANÓNIMA, hereupon represented by Mr. Marcelo Luis ARGUELLES UGARTEBURU
(DNI 4.555.043), in his capacity of President, hereinafter referred to as the "Beneficiary"; the parties agree to
enter into this agreement subject to the following provisions:

 

FIRST:
OBJECT. The Agency grants a loan to the Beneficiary within the framework of the lines Aportes Reembolsables a Instituciones
(ARAI) - Refundable Contributions to Institutions, of total obligatory refund, for the amount of FIVE MILLION FORTY SIX
THOUSAND TWO HUNDRED AND THIRTY NINE PESOS (5,046,239.00), which will be applied to the execution of the Project "Organization
of INDEAR, an strategic association between the public and private sector for the development of agrobiotechnological innovation",
identified as file Number PNT 111 ARAI 008, which is part of this agreement. The beneficiary will be in charge of the execution
of the project.

 

SECOND:
COFINANCING. The beneficiary is obliged to make contributions allocated to the project for the amount of TEN MILLION FOUR
HUNDRED AND SIXTY THOUSAND THREE HUNDRED AND SIXTY THREE PESOS ($ 10.460.363,00.), which together with the amount of the loan
granted as per the aforementioned provision, is the total amount of FIFTEEN MILLION FIVE HUNDRED SIX THOUSAND SIX HUNDRED AND TWO
PESOS ($ 15.506.602,00.) for financing the project.

 

    	 

    	 

    

 

THIRD:
 TERMS. The terms are set forth as follows: a) an investment period planned for implementing the project, which is set at
twenty-four (24) months from the date of the first disbursement to the Beneficiary; b) a grace period, which is set in forty-eight
(48) months from the date of first disbursement; c) the amortization period, for the repayment of capital and interest set in seventy-two
(72) months from the expiration of the grace period.

 

FOURTH:
AMORTIZATION. The loan amortization will be made by the Beneficiary in EIGHTEEN (18) quarterly, equal and consecutive instalments,
calculated according to the French System; the first one with expiration date six months after the grace period.

 

FIFTH:
INTERESTS. During the period of investment of the project and the grace period interests shall accrue, which, after the
grace period, shall accumulate with the capital. The interest rate is set by Resolution ANPCyT Number 152, dated August 7, 2006.

 

SIXTH:
VARIATION. The Agency shall inform the Beneficiary of any variations that might occur in the interest rate during the term
of the agreement as well as the amount of interest accrued at the end of the grace period at the moment of accumulating them with
the capital lent.

 

SEVENTH:
GUARANTEE. The Beneficiary undertakes to provide a guarantee to the satisfaction of the ANPCyT in the peremptory time limit
of no more than thirty (30) days from the date hereof.

 

EIGHTH:
REPAYMENT CURRENCY. The currency for the repayment of obligations shall be PESOS.

 

    	 

    	 

    

 

NINTH:
DISIBURSEMENTS. The loan amount will be disbursed by instalments, subject to the progressive realization of the committed
work and investments planned in accordance with the project that is part of this agreement and with the prior approval of the AGENCY;
it may take any of the following methods or their combination: i) advancing funds to the Beneficiary, ii) reimbursement of payments
made to the Beneficiary, iii) direct payment to suppliers and / or agreementors of the Beneficiary.

 

TENTH:
PREVIOUS PROCEDURES. For the purpose of having any disbursements, the Beneficiary shall: a) identify a bank account to use
in the project where disbursements shall be deposited. If the Beneficiary has more than one loan, they may use the same account
enabling sub accounts for each project; b) report who are the people authorized to operate with the account; c) appoint a person
responsible for their representation at the AGENCY regarding the management of resources.

 

ELEVENTH:
USE OF RESOURCES. The beneficiary is obliged to make their contributions in a timely manner and to apply them, along with
the loan resources, strictly and faithfully to the implementation of the project on schedule.

 

TWELFTH: OBLIGATIONS OF THE
BENEFICIARY. The beneficiary shall: a) execute the project being financed strictly and faithfully and apply its resources
to the purposes set forth; b) individualize the expenses for the execution of the project in their accounting records,
differentiating them as per source of financing; c) keep the supporting documentation for each and every one of the project
expenditures so that they can be verified, at least, five years after the last disbursement; d) observe the procedures for
procurement established by the Loan Agreement 1728/0C-AR and its operating regulations approved by Resolution SCyT Number
1084/06; e) render accounts to the AGENCY of both the loan resources and the corresponding contributions of the beneficiary,
and produce progress reports every six months and a final report at the end of the project; f) submit to the AGENCY the
Consolidated Acquisitions Plan (PAC) in the term of thirty (30) calendar days from the signing of this document; g) notify
the AGENCY of any significant developments that may affect the project, alter compliance with the agreement, affect the
guarantees or other situation, that under the principle of good faith should be made known to the counterpart; h) introduce
new guarantees to ensure compliance with the agreement, at the request of the AGENCY and to its satisfaction, in the period
of time reasonably set by the latter; i) submit to the request of the agency and / or the Inter American Development Bank
(BID) all information related to the project that might be required, as well as receiving inspections, displaying places or
things and providing the fullest cooperation to monitor their growth.

 

THIRTEENTH:
AMENDMENTS. The Beneficiary shall request authorization from the AGENGY to introduce any amendments in the use of the funds
lent.

 

FOURTEENTH:
ASSIGNMENT. The Beneficiary shall not transfer in total or in part, for any reason whatsoever, the loan granted, except
with written permission from the AGENCY.

 

    	 

    	 

    

 

FIFTEENTH:
WITHDRAWAL. The AGENCY is entitled to have the agreement withdraw because of causes attributable to the Beneficiary and
to consider that the obligation of the Beneficiary's are past due and enforceable in the following cases: a) In case the Beneficiary
has provided false information to the AGENCY or fails to provide information that being relevant for decision making is not favourable
to them, even when applying for the loan. b) In case the Beneficiary uses the funds lent for purposes other than those in the project
to which they are bound. c)   If the Beneficiary fails to make their contributions to co-finance the project, in which case,
disbursements may be suspended, in advance. d) In case the advance and final reports and the rendering of accounts are not implemented
timely, or if those accounts had serious flaws motivating their rejection. e) In case the Beneficiary incurred in the abandonment
of the execution of the project, understanding as such, cases in which without justifying cause the Beneficiary would stop the
execution for a period longer than two months and in spite of being called on to restart the execution, they would not do so in
a period no longer than fifteen days. f) In case the Beneficiary or the people responsible for the execution of the project opposed
to the inspection or did not provide information at a specific request. g) Cessation of activities on the part of the Beneficiary,
insolvency or bankruptcy, dissolution and liquidation, or any other situation that prevents the free administration of their property.
h) Any breach done by the Beneficiary serious enough so as to prevent the agreement from continuing; in this latter case, the AGENCY
may suspend disbursements, in advance.

 

SIXTEENTH:
 AGREEMENT INTEGRATION. The elements constituting this agreement are: a) BID Loan Agreement 1728/00-AR, approved by Decree
of the National Executive Power Number 987106 b) Operating regulation of the component, approved by Resolution of the SECRETERIAT
OF SCIENCE, TECHNOLOGY AND PRODUCTIVE INNOVATION of MINISTERY OF EDUCATION Number 1084/06, c) the project approved and identified
as file Number PMT III ARAI 008, instruments that the Beneficiary acknowledges and accepts.

 

Legal
relationships established by the Beneficiary with third parties for the purposes of the execution of the project object of this
agreement, are outside those regulated hereby and no rights may be derived or payments required to the AGENCY nor to the Inter-American
Development Bank in relation to this agreement.

 

SEVENTEENTH:
SPECIAL DOMICILES. To all the effects of this agreement the parties establish special domiciles in: The AGENCY at Av. Córdoba
831, first floor Ciudad Autónoma de Buenos Aires; the Beneficiary, at Constitución 4234, Ciudad Autónoma de
Buenos Aires, where everyone and each of the notifications sent on the occasion of this agreement shall be considered firm and
valid. Those domiciles shall be deemed as subsisting as long as the parties do not notify a new one.

 

EIGHTEENTH:  JURISDICTION.
By mutual decision, the parties agree to submit any disputes arising from this agreement to the jurisdiction of Tribunales Federales
en lo Contencioso-Administrativo, in Buenos Aires City.

IN WITNESS THEREOF, two counterparts of the same tenor and to a sole effect are signed, in the city of Buenos Aires on the 30th
day of May 2007.

 

	/s/	 	 
	/s/	 	 
	Dr. Rodolfo A. BLASCO	 	 
	Director	 	 
	Management Control Unit	 	 

 

 

    	 

    	 

    

 

BOND
LOAN AGREEMENT PMT III ARAI 008

 

Mr.
Marcelo Luis ARGUELLES AGARTEBURU (D.N.I No 4.555.043) domiciled at Constitución 4234, Ciudad Autónoma de Buenos
Aires, becomes joint and several guarantor and primary payor of all obligations undertaken by himself in his capacity as President
of INDEAR S.A in the Loan Agreement PMT III ARAI 008, dated May 30 2007. He expressly waives the benefits of excussion and division.

 

In
case of insolvency or death of the guarantor the Agency may require other security from the guarantor to replace this guarantee,
which shall be constituted in a peremptory and non deferrable period of 30 calendar days from the date of the event.

Compliance with this obligation has suspensive effect on the commitments made by the parties in this agreement.

 

/s/

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