Document:

Exhibit 10.1

 

[ENGLISH TRANSLATION] 

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS AGREEMENT AND THE SCHEDULES HERETO MARKED BY *** HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

 

THIS SPECIFIC AGREEMENT is entered into
by the Commission of the National Council for Scientific and Technological Research (Consejo Nacional de Investigaciones
Cientificas y Técnicas, CONICET), hereupon represented by its President, Eduardo Charreau, domiciled at Rivadavia 1917,
Capital Federal, hereinafter referred to as “CONICET”; Universidad Nacional del Litoral, hereupon represented
by its Rector, Engineer Mario Domingo Barletta, domiciled at Bv. Pellegrini 2750, Santa Fe, hereinafter referred to as “THE
UNL;” on the one hand, and on the other Bioceres Sociedad Anónima, hereupon represented by Engineer Gustavo Grobocopatel
in his capacity of President, being its legal address Paraguay 777, 8th floor, office 4, Rosario, province of Santa
Fe, hereinafter referred to as “THE COMPANY.”

 

BACKGROUND

 

FIRST:

 

The team jointly directed by PhD Raquel
Chan and PhD Daniel H. González has developed certain findings which are useful for the future development of genetically modified
drought-resistant plants.

 

SECOND:

 

The Parties desire to set forth the terms
and conditions under which CONICET and THE UNL shall perform research work aimed at consolidating and contributing to the improvement
of the findings made by PhD Chan and PhD González’s team, in order to develop genetically modified drought-resistant plants
for commercial use.

 

    	 

    	 

    

  

THIRD:

 

The Company is interested in this development
and desires to obtain an exclusive license to use the results of the development or exploit them commercially, whether the results
turn out to be patentable or not.

 

FOURTH:

 

THE COMPANY has so far provided the funds,
up to the amount of *** Argentine pesos (*** AR$), necessary to draft and file:

 

a) A patent application in Argentina, over
the findings of the team jointly directed by PhD Raquel Chan and PhD Daniel H. González, File No. P030101532: “Gen de
un factor de transcripción inducible por condiciones de estrés hίdrico y ácido abscίsico de Helianthus annuus, promoter y plantas
transgénicas (Transcription factor gene induced by water deficit conditions and abscisic from Helianthus annuus, promoter and
transgenic plants),” and

 

b) A patent application under the provisions
of the Patent Cooperation Treaty (PCT), File No. 1422P-PCT: “Transcription factor gene induced by water deficit conditions
and abscisic from Helianthus annuus, promoter and transgenic plants”, hereinafter referred to as “the PATENTS.”

 

NOW, THEREFORE, the Parties agree as follows:

 

PROVISIONS:

 

FIRST: PURPOSE

 

By virtue of this Agreement the COMPANY
commissions CONICET and THE UNL the conduction of research related to the optimization of a system to obtain drought-resistant
Arabidopsis thaliana plants using Genetic Engineering techniques that allow to properly express the sunflower hahb-4
gene, which is the subject of the PATENTS, hereinafter referred to as “THE PROJECT”.

 

 

	*** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

    	 

    	 

    

 

THE PROJECT shall be carried out in accordance
with the specifications set forth in the work plan as described in Exhibit I herein.

 

SECOND: PROJECT EXECUTING UNIT

 

The performance of the work undertaken
by CONICET and THE UNIVERSITY shall be executed by a team of researchers, teachers, and interns of the Chair of Cellular and Molecular
Biology (Cátedra de Biologίa Celular y Molecular) of the School of Biochemistry and Biological Sciences (Facultad de Bioquίmica
y Ciencias Biológicas) of Universidad Nacional del Litoral.

 

THIRD: TECHNICAL DIRECTION

 

For the purpose of this Agreement, the
Parties shall appoint technical directors to create permanent and effective channels of communications. CONICET and THE UNL appoint
PhD Raquel Chan technical director. For its part, THE COMPANY appoints PhD Miguel Lucero.

 

FOURTH: OBLIGATIONS OF CONICET AND THE
UNL 

 

The obligations of CONICET and THE UNL are as follows:

 

a) To perform the activities set forth
in the work plan as described in Exhibit I herein.

 

b) To submit three (3) quarterly reports,
which shall account for the advances achieved regarding the results, and a comprehensive final report indicating the results obtained.
The report submission terms shall be calculated as of the date of execution of this Agreement.

 

    	 

    	 

    

 

c) To record research-related progress
on signed and sealed books on a biweekly basis, according to what Parties agree.

 

FIFHT: OBLIGATIONS OF THE COMPANY

 

The obligations of THE COMPANY shall be
as follows:

 

a) To monitor and follow up the performance
of the activities specified in the first provision and in Exhibit I herein.

 

b) To provide the agreed upon funds according
to the estimate specified in Exhibit II herein.

 

c) To pay “CONICET” and “THE
UNIVERSITY” a percentage of the profits which may arise from trading technological development of plants with commercial
interest, or from sublicensing and/or trading the results before obtaining drought-tolerant plants species of commercial interest.

 

d) To afford at its own cost all expenses
related to patent application, prosecution and maintenance, including the assignment of rights and other expenditures incurred
because of the PATENTS application, follow-up and advocacy on behalf of CONICET and THE UNL. It is up to THE COMPANY to decide
in which countries the patent National stage under the terms of PCT shall be entered into, according to the potential market of
each country.

 

SIXTH: DURATION AND TERMINATION.

 

This agreement shall be binding upon the
Parties from the execution thereof; its validity term shall be twelve (12) months from the start-up date of the activities, except
for the ninth to eleventh provisions, and the twentieth provision, which shall remain in full effect thereon.

 

Failure to comply
with any of the obligations established herein by either of the parties shall entitle the non-defaulting party to terminate this
agreement. To that end, the non-defaulting party shall demand the defaulting party by sufficient means to observe and perform any
unfulfilled obligation arising from this agreement on its part to be observed or performed hereunder, under penalty of termination.
Should the defaulting party fail to observe and perform such unfulfilled obligation within thirty (30) days after the receipt of
written notice thereof from the non-defaulting party, the latter may terminate this agreement. In such case, the parties shall
mutually decide the manner in which the work in progress is to be concluded. That being the case, CONICET and THE UNL shall provide
THE COMPANY a report of the results obtained so far and the provisions hereto about the rights of invention, ownership and commercial
exploitation shall remain in force.

 

    	 

    	 

    

 

Should the agreement be terminated due
to default by CONICET, all the information, protocols, results, and procedures related to and obtained by virtue of the project
shall be and remain the sole propriety of THE COMPANY. Should the agreement be terminated due to default by THE COMPANY, all the
information, protocols, results, and procedures related to and obtained by virtue of the project shall be and remain the propriety
of CONICET and/or THE UNL in equal parts.

 

SEVENTH: PRICE:

 

THE COMPANY shall pay for the project as
described in Exhibit I herein the total sum of *** Argentine pesos (*** AR$.) Such payment shall be made as follows: Eleven consecutive
installments of *** Argentine pesos (*** AR$.) on a monthly basis, after the execution thereof; and a final payment of *** Argentine
pesos (*** AR$) for the twelfth month. All payments due under the terms of this agreement shall be made by deposit of immediately
available funds to the bank designated by CONICET and THE UNL, as per agreed in the estimate attached hereto as Exhibit II.

 

 

	*** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

    	 

    	 

    

 

EIGHT: FUND ADMINISTRATION

 

The Parties agree to commission the administration
of the funds which constitute the price paid by THE COMPANY to THE UNL, as per the previous provision, which shall act as Unit
of Technological Cooperation (Unidad de Vinculación Tecnológica.) Of such amount, THE UNL shall retain ***% as administration expenses,
and shall transfer to CONICET, to a bank specific account, another ***% of such amount as an institutional contribution. THE UNL
shall administer the remaining ***% of the funds provided by THE COMPANY according to the instructions of the project’s technical
direction, which shall be in compliance with the terms and conditions herein. THE UNL shall provide notice to CONICET of such administration
acts.

 

NINTH: INTELLECTUAL PROPERTY RIGHTS

 

All intellectual property rights related
to the results obtained under this agreement, whether partial or final, shall be and remain the propriety of CONICET and THE UNIVERSITY,
in equal shares. Patents already applied for and those to be applied for in the future, and any other kind of legal registration
concerning the results obtained under this agreement, whether in Argentina or in any country, shall be and remain the propriety
of CONICET and THE UNL. Neither CONICET, nor THE UNL, nor THE COMPANY, shall file or prosecute patent applications or any other
intellectual or industrial property rights over the results obtained under this agreement, whether before Argentine or foreign
authorities or entities. Notwithstanding the provisions above, both CONICET and THE UNIVERSITY shall acknowledge the right of the
intervening teachers and researchers to be identified as inventors in the patents to be applied for.

 

 

	*** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

    	 

    	 

    

 

TENTH: PATENT APPLICATION EXPENSES

 

All expenses related to the process of application, follow-up, procurement or maintenance of intellectual
property rights related to pending patents, and all expenses related to any other patent applied for at the national stage of the
Patent Cooperation Treaty (PCT), or any patents applied for over the results obtained from the project to be carried out under
this agreement, shall be afforded by THE COMPANY at its own cost.

 

ELEVENTH: LICENSE - SHARE OF THE PROFITS

 

CONICET and THE UNL grant THE COMPANY an
exclusive license over the use or commercial exploitation of the PATENTS, as well as over the results obtained as per this agreement,
whether patented or not, hereinafter referred to as THE RESULTS.

 

As a retribution for this license, THE COMPANY agrees to pay CONICET
and THE UNL a percentage of the Net Profits earned from the trading of any product that contains or is manufactured as per the
RESULTS and/or the PATENTS; or the Gross Profits earned from granting sublicenses to third parties. To that end, Net Profits shall
mean and refer to Profits minus investment minus the expenses incurred.

 

TWELFTH: SHARE OF PROFITS ACCORDING
TO TECHNOLOGICAL MILESTONES:

 

In order to reach an equitable share of
the profits referred to in the provision above, the Parties agree that the project purpose of this Agreement represents one stage
in the technological development of the plants of commercial interest, and that the share of the profits may vary as follows as
technological milestones are achieved:

 

a) As regards profits arising from the trading of the technological development occurred
before the end of stage 1 of the research project directed by PhD Raquel Chan under this agreement, *** percent (***%)
 of THE COMPANY’s profits correspond to CONICET and THE UNL in equal shares, and *** percent (***%) to THE COMPANY.

 

 

	*** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

    	 

    	 

    

 

b) As regards profits arising from the trading of the technological development occurred
after the end of stage 2, that is, after the fulfillment of stage 1 and the transformation of crops of commercial interest, ***
percent (***%) of THE COMPANY’s profits correspond to THE COMPANY and *** percent (***%) shall be distributed as follows:
*** percent (***%) corresponds to CONICET and THE UNL in equal shares, and *** percent (***%) corresponds to the Institution that
carries out the transformation of the crop of commercial interest.

 

c) As regards profits arising from the
trading of the technological development occurred after the end of stage 3, that is, after the fulfillment of stages 1 and 2 and
of the field trials, *** percent (***%) of THE COMPANY’s profits correspond to THE COMPANY and *** percent (***%) snail be
distributed as follows: *** percent (***%) corresponds to CONICET and THE UNL in equal shares, *** percent (***%) corresponds to
the institution that carries out the transformation of crop of commercial interest, and *** percent (***%) corresponds to the institution
that practices the field trials.

 

Notwithstanding the provisions of this article, both CONICET and THE UNL acknowledge, according
to their internal regulations, the right of the intervening teachers and researchers to have a share of profits.

 

THE COMPANY shall not be held liable for
the payment of royalties or any other kind of compensation to the intervening teachers or researchers with regard to the profits
earned from the commercialization or exploitation of the PATENTS.

 

 

	*** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

    	 

    	 

    

 

The Institutions that may participate in
the performance of stages 2 and 3 shall represent their knowledge and acceptance of the terms and conditions herein, especially
as regards the percentages set forth in this provision.

 

THIRTEENTH: COMMERCIALIZATION – SALE
OF PRODUCTS BY THIRD PARTIES - SUBLICENSES

 

THE COMPANY may grant sublicenses to third
parties over the PATENTS and/or RESULTS obtained under this agreement, at any stage or technological milestone described before,
and shall pay CONICET and THE UNL the share of the profits specified in the TWELFTH provision.

 

If a third party sells a product
acting as a sales agent of THE COMPANY, THE COMPANY shall notice CONICET and UNL and liquidate the profits as if the products that
contain or are manufactured as per the PATENTS and/or the RESULTS were sold directly by THE COMPANY.

 

FORTEENTH: REPORTS - TERMS - AUDITS

 

Whether THE COMPANY decides to grant sublicenses
or to exploit the PATENTS and/or the RESULTS commercially, directly or through third parties, pursuant to the TWELFHT provision,
CONICET and THE UNL shall be entitled to a share in the profits over the fixed sums collected, or over the sales volume in case
of commercial exploitation, direct or through third parties, that shall be made effective within sixty (60) consecutive days after
the expiration of each royalty period. Liquidations for CONICET and THE UNL shall be accompanied by a report of THE COMPANY indicating
the way in which such payment was calculated. THE COMPANY agrees to keep updated and complete records of the sales of products
that contain or are manufactured as per the PATENTS and/or RESULTS, whether such sales take place through third parties on behalf
of THE COMPANY or by THE COMPANY itself. THE COMPANY shall allow CONICET, THE UNL, or a designated person, to audit its accounting
records and to inspect the industrial plant and/or production sites of the products containing or manufactured as per the PATENTS
and/or the RESULTS. The expenses arising from such audits shall be afforded solely by whoever performs them.

 

    	 

    	 

    

 

FIFTEENTH: FAILURE TO EXPLOIT THE RESULTS
COMMERCIALLY

 

If THE COMPANY fails to commercially exploit
or to sufficiently exploit the patents and/or the research results obtained under this agreement, at CONICET and THE UNL’s
request, both Institutions may agree either to revoke the license, in which case THE COMPANY shall be entitled to recover the expenses
incurred because of the RESULTS development, or to continue the joint ownership granting exploitation licenses over the PATENTS
and/or RESULTS to other Companies. To that extent, insufficient exploitation shall be deemed to have occurred if the industrial
and commercial implementation of a final product does not take place within twenty-four (24) months of the date in which such implementation
could have begun. This term may be extended due to technical difficulties considered reasonable by CONICET, THE UNL and THE COMPANY’S
technical directors, as well as due to delays beyond THE COMPANY and/or its sublicensees’ control related to the process
of industrial plant and product approval by applicable authorities.

 

SIXTEENTH: CONFIDENTIALITY

 

The Parties hereto agree to preserve the
confidentiality of the information which comes to their knowledge because of the PROJECT under this agreement, which shall not
be disclosed to, used or acquired by third parties without the proprietary party’s consent. This obligation of confidence
shall remain in full force even in the event of termination of this agreement.

 

    	 

    	 

    

 

Additionally, CONICET, THE UNL and THE
COMPANY agree to preserve the confidentiality of the research performed under this Agreement. To that end, each Party shall take
the necessary measures to ensure the confidential treatment of the information by its employees, and shall be liable for any infringement
by its employees to the provisions hereof.

 

Confidential information refers to all
the information that is so labeled by the disclosing party. The information complying with the terms specified under Argentine
Law No. 24.766 shall be regarded as confidential, namely:

 

“Information which is secret, in
that it is not publicly known or easily accessible, as a whole or in the exact configuration of its components, by those involved
in the fields in which such information is normally used; b) Information with trade value due to its confidentiality; c) Information
which has been subject to reasonable measures taken by those who have legitimate control over it to maintain its confidentiality.”

 

The non-disclosure obligation involves all information, whether it may be provided orally, in writing, or via electronic or magnetic
means, optical disk, microfilm, film or by any other means.

 

SEVENTEENTH: PUBLICATION

 

None of the Parties shall make the results
obtained under this agreement public without the other Parties’ written consent. Any publication made shall refer to the
parties hereinto and mention that the publication is the result of research conducted as per this agreement, as well as its authors
and the extent of their participation.

 

    	 

    	 

    

 

THE COMPANY shall make reference to the
participation of CONICET, THE UNL and the intervening researchers when disclosing any information related to the products containing
the PATENTS and/or the RESULTS.

 

EIGHTEENTH: NO EXPENDITURES IN CHARGE
OF CONICET AND THE UNL

 

No expenditures of any kind whatsoever
shall be due by CONICET or THE UNL by virtue of the execution of this agreement.

 

NINETEENTH: CONTRACTUAL NATURE OF THE
RELATIONSHIP

 

This Agreement shall not be deemed as a
partnership among the Parties. Therefore, as regards the obligations undertaken by each party that have not been specified in this
agreement, the parties are not to be held jointly and severally liable. CONICET and THE UNL accept exclusive liability for payment
of payroll taxes for its employees who are to participate in the research object of this agreement.

 

TWENTIETH: CONFLICT RESOLUTION

 

All claims, disputes and controversies
arising out of, or relating to this agreement shall be resolved by mutual agreement. The Parties hereto shall endeavor to bring
the dispute to an end by arriving at a mutual decision. Should the Parties fail to arrive at a mutual decision, they shall submit
the dispute to the jurisdiction of the Federal Courts of Capital Federal.

 

TWENTY FIRST: DOMICILES - NOTICES

 

For all purposes of this agreement, the
Parties hereto establish their elected domiciles at the addresses first mentioned, or at the ones to be sufficiently informed in
the future, where all notices and communications hereunder shall be validly served.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, both Parties have
caused this Agreement to be duly executed in three counterparts of the same tenor and to a sole effect, which are signed in the
city of Buenos Aires on the       day of                          
2003.

 

	/s/	 	/s/
	Dr. EDUARDO H. CHA REAU	 	ENGINEER MARIO D. BARUETTA
	PRESIDENT	 	RECTOR - UNL
	 	 	 
	/s/Exhibit 10.2

 

[ENGLISH TRANSLATION]

  

CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS AGREEMENT AND THE SCHEDULES HERETO MARKED BY *** HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

 

Buenos Aires, June 11th, 2010

1484

“2010 – Bicentennial of the May Revolution”

	 	 
	 	Ministry of Science, Technology and Innovative Products

        National Council of Technical and Scientific Research

	 	 
	 	Buenos Aires, June 11th 2010
	 	 
	 	IN VIEW of the file No. 1527/05 of the National Council, and CONSIDERING:

 

That the aforementioned
file resulted in the approval of an agreement celebrated by this National Council, the National University of Litoral (Universidad
Nacional del Litoral, UNL) and Bioceres.

 

That the payment of
royalties according to specific percentages and basis of calculations was agreed upon in the aforementioned agreement.

 

That the Parties agreed
to modify the royalty percentages, basis of calculations and mobility as new technological milestones are achieved.

 

That the Directorate
of Technology Transfer (Dirección de VinculaciónTecnólogica), the Directorate of Legal Affairs (Dirección de AsuntosJurídicos),
the Management of Scientific and Technological Development (Gerencia de DesarrolloCientίficoTecnológico) and the Management of
Legal Affairs (Gerencia de AsuntosLegales) have acted according to their obligations.

 

That this decision
was agreed upon by the Directorate in the meetings held on May 26th and 27th 2010.

 

That this resolution
is issued by virtue of the powers conferred by Decrees No. 1661/96; 310/07; 607/08; 1538/08 where applicable; and 538/10; and Resolutions
No. 346/02; 671/04 and 2782/08.

 

Witnesseth that

 

    	 

    	 

    

  

THE DIRECTORATE

 

OF THE NATIONAL COUNCIL OF TECHNICAL AND
SCIENTIFIC RESEARCH

 

DETERMINES:

 

ARTICLE 1°: The
content of the Amendment attached as Exhibit I is approved.

 

ARTICLE 2°: Be
recorded, and once communicated to the parties involved, the Management of Scientific and Technological Development –
Directory of Technology Transfer, the Internal Audit Unit, be filed.

	 
	RESOLUTION No. 1484
	 
	Dr. Marta G. Rovira
	 
	President of CONICET
	 
	EXHIBIT I

 

AMENDMENT TO THE AGREEMENT CONCERNING THE
DEVELOPMENT OF GENETICALLY MODIFIED DROUGHT-TOLERANT PLANTS AND TO THE CONTRACT OF RESEARCH AND DEVELOPMENT

 

THIS AMENDMENT TO
THE AGREEMENT CONCERNING THE DEVELOPMENT OF GENETICALLY MODIFIED DROUGHT-RESISTANT PLANTS and to the RESEARCH AND
DEVELOPMENT AGREEMENT is entered by and between the Commission of the National Council for Scientific and Technological
Research (Consejonacional de investigacionescientíficas y técnicas, CONICET), hereupon represented by its
President, Dr. Marta Graciela Rovira, domiciled at Rivadavia 1917, Ciudad Autónoma de Buenos Aires, hereinafter
referred to as “CONICET” on the one hand; the National University of Litoral, hereupon represented by its
Rector, Dr. AlborCantard, domiciled at Bv. Pellegrini 2750, Santa Fe, hereinafter referred to as “UNL” on the
other hand; and Bioceres S.A., hereupon represented by its President, Dr. Victor Hugo Trucco, domiciled at Moreno 878, 4°
floor, Rosario, province de Santa Fe, hereinafter referred to as “THE COMPANY;” the three of which shall
hereinafter be referred to collectively as the “Parties;” whereas:

	 	 	 
	 	I.	The Parties entered into an Agreement Concerning the Development of Genetically Modified Drought-Resistant Plant (the “Agreement”), by virtue of which THE COMPANY commissioned CONICET and UNL the research concerning the development of drought-resistant plants.

 

    	 

    	 

    

  

	 	II.	The parties decided to modify (i) the calculation basis of the share profits
    percentage agreed upon under the ELEVENTH provision of the Agreement, in order to define it according to the gross profit and
    the aliquot percentages specified under the TWELFTH provision of the Agreement. III. The Parties covenant the technological
    milestones specified for the determination of aliquots agreed upon in the TWELFTH provision of the Agreement shall be studied
    individually for every crop.
	 	 	 
	 	IV.	The Parties entered into a Research and Development Agreement (hereinafter referred to as
    “The Research and Development Agreement”) on July 18th 2005 and by virtue of which THE COMPANY
    entrusts CONICET and UNL with the research concerning the development of plant transformation tools.
	 	 	 
	 	V.	The Parties agreed to make part of the Research and Development Agreement the same royalties, percentages and technological milestones procedures described in the Agreement, as per stated under the THIRD provision (c) of the Research and Development Agreement.

 

	 	Now, therefore, the Parties agree as follows:
	 	 
	 	Article 1: Definitions. Capitalized terms in this Amendment shall have the meaning set forth in the Agreement and
    in the Research and Development Agreement, unless a different meaning is specifically ascribed herein.
	 	 
	 	Article 2: Amendment to the ELEVENTH provision of the Agreement. The Parties agreed to amend the ELEVENTH provision of the Agreement as follows;
	 	 
	 	“ELEVENTH:LICENSE – SHARE OF THE PROFITS;

 

CONICET and UNL grant THE COMPANY
an exclusive license over the use or commercial exploitation of the PATENTS, as well as over the results obtained out of this
agreement, either patented or not, hereinafter referred to as RESULTS”. 

 

As consideration, THE COMPANY agrees to
pay CONICET and UNL a percentage of the Gross Profit earned from the commercialization of any product that contains or is manufactured
as per the RESULTS and/or the PATENTS; or the Gross Profit earned from granting sublicenses to third parties for the RESULTS and/or
the PATENTS.”

 

    	 

    	 

    

  

Article 3: Amendment to
the TWELFTH provision of the Agreement. The Parties agreed to amend the TWELFTH provision of the Agreement as
follows;

 

“TWELFTH: SHARE OF PROFITS ACCORDING
TO TECHNOLOGICAL MILESTONES:

 

In order to reach an equitable share of profits detailed in the previous provision, the Parties agree
that the project purpose of this Agreement represents one stage in the technological development of the plants for commercial use,
and that the share of profits may vary as technological milestones on each crop of commercial interest are achieved as follows:

 

a) Milestone 1: As regards
profits from technological development prior to obtaining transgenic events in the crop intended for commercial use ***%
of THE COMPANY’s profit correspond to CONICET and UNL shared equally, that is, ***% correspond to CONICET, ***% to THE
UNIVERSITY and ***% to THE COMPANY.

 

b) Milestone 2: As
regards profits from technological development after reaching the transformation of the crop intended for commercial use and
prior to the first field trial, ***% of the profits correspond to THE COMPANY and ***% to CONICET and UNL shared equally,
that is ***% correspond to CONICET and, ***% to UNL.

 

c) Milestone 3: As regards
profits arising from technological development occurred after the first field trial of the crop intended for commercial use,
***% of the profits correspond to THE COMPANY and ***% to CONICET and UNL
shared equally, that is, ***% to CONICET and ***% to UNL.

 

The Parties agree that the
share of profits will be determined on a case by case basis, according to the stage of the technological milestone achieved
at the moment the profit is made. Consequently, the share of profits on each crop may vary as THE COMPANY, directly or
through a third party, contributes to the technological development and to the resulting milestones. THE COMPANY may
commission CONICET and UNL additional activities to promote the technological development and milestones. In such case, an
additional share in the Gross Benefits or other kind of compensation according to the scale and importance of the
contribution shall be agreed upon.

 

 

	*** Certain information on this page has been omitted
    and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to
    the omitted portions.

 

    	 

    	 

    

  

Likewise, the Parties
state that the soybean, corn and wheat crops development is currently at Milestone 3. Nevertheless, THE COMPANY shall pay
both institutions an additional ***% (***% each), apart from the benefit applicable to Milestone 3, on account of the
contribution made to the technological development related to these crops.

 

Notwithstanding the provisions of this
article, both CONICET and UNL acknowledge, according to their internal regulations, the right of the intervening teachers and researchers
to have a share of profits.

 

THE COMPANY shall not be held liable for
the payment of royalties or any other kind of compensation to the intervening teachers or researchers with regard to the profits
arising from the commercialization or exploitation of the PATENTS or RESULTS.

 

Article 4: Amendment to
the THIRTEENTH provision of the Agreement. The Parties agree to amend the THIRTEENTH provision of the Agreement as follows;

 

“THIRTEENTH: COMMERCIALIZATION –
SALE OF PRODUCTS BY THIRD PARTIES - SUBLICENSES

 

THE COMPANY may grant sublicenses to third
parties over the PATENTS and/or the RESULTS obtained under this agreement, at any technological milestone described before, and
shall pay CONICET and UNL the share of profits specified under the TWELFTH provision.

 

If a third party sells a product acting
as a sales agent of THE COMPANY, THE COMPANY shall notice CONICET and UNL and liquidate the profits as if the products that contain
or are manufactured as per the PATENTS and/or the RESULTS were sold directly by THE COMPANY.

 

 

	*** Certain information on this page has been omitted
    and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to
    the omitted portions.

 

    	 

    	 

    

  

The sublicenses granted by THE COMPANY
shall be confidential and the Parties agree not to disclose such information, in accordance with the SIXTEENTH provision.”

 

Article 5: Amendment to the Research
and Development Agreement. The Parties agree to make part of the Research and Development Agreement the same royalties, percentages
and technological milestones procedure described in the Agreement, as per stated in the THIRD provision (c) of the Research and
Development Agreement, in the following terms:

 

“SIXTEENTH: SHARE OF PROFITS ACCORDING
TO TECHNOLOGICAL MILESTONES:

 

In order to reach an equitable distribution
of the profits detailed in the THIRD CLAUSE, the Parties agree that the project purpose of this Agreement represents one stage
in the technological development of the plants for commercial use, and that the share of the profits may vary as technological
milestones on each kind of crop are achieved as follows:

 

a) Milestone 1: As regards profits arising
from technological development occurred before obtaining transgenic events in the crop intended for commercial use, ***% of THE
COMPANY’s profits corresponds to CONICET and UNL on equal basis, that is, ***% to CONICET, ***% to UNL, and ***% to THE COMPANY.

 

b) Milestone 2: As regards profits arising
from technological development occurred after obtaining the transformation of the crop intended for commercial use and before to
the first field trial, ***% of the profits correspond to THE COMPANY and ***% to CONICET and UNL on equal basis, that is,
***% to CONICET and ***% to UNL.

 

c) Milestone 3: As regards profits from
technological development after the first field trial of the crop intended for commercial use, ***% of the profits correspond to
THE COMPANY and ***% to CONICET and UNL shared equally, that is, ***% to CONICET and ***% to UNL.

 

 

	*** Certain information on this page has been omitted
    and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to
    the omitted portions.

 

    	 

    	 

    

  

Notwithstanding the provisions of this
article, both CONICET and UNL acknowledge, according to their internal regulations, the right of the intervening teachers and researchers
to have a share in the profits.

 

THE COMPANY shall not be held liable for
royalties or any other kind of compensation to the intervening teachers or researchers with regard to the profits earned from the
commercialization or exploitation of the RESULTS.”

 

Article 6: Amendment to
the NINTH provision of the Research and Development Agreement. The Parties agree to add sections d) and e) to the NINTH
provision of the Research and Development Agreement, according to the following terms:

 

“d) As consideration, THE COMPANY agrees
to pay CONICET and UNL a percentage of the Gross Profit earned from the commercialization of any product that contains or is manufactured
as per the RESULTS, or the Gross Profit earned from granting sublicenses of the RESULTS to third parties.”

 

e) The sublicenses granted by THE COMPANY
shall be confidential and the Parties agree not to disclose such information in accordance with the SIXTH provision.”

 

Article 7: The Parties agree
that the new royalties, percentages, technological milestones and the differential treatment of crops established specified
in the Agreement shall be applicable to the License Agreement celebrated by Bioceres and Advanta India Limited on September
the 7th 2009. Consequently, any payment to be made to CONICET and UNL shall be determined on a case by case basis
as per the technological milestone achieved at the moment the profits are made. At the moment of the execution of this
Amendment, the crops included in the agreement with Advanta are at Stage ***.

 

Article 8: The Parties agree
to make the products protected by the Patents and the Results available and affordable to the public. Likewise, the Parties
agree to set attainable prices and to supply the market in reasonable market conditions.

 

 

	*** Certain information on this page has been omitted
    and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to
    the omitted portions.

 

    	 

    	 

    

  

Article 9: The Parties state that
UNL and CONICET have completed both the PROJECT purpose of the Agreement and the work plan described under Exhibits I and II of
the Research and Development Agreement; and that THE COMPANY has exercised due diligence in handling the development of the PROJECT
purpose of the Agreement and the work plan described under Exhibits I and II of the Research and Development Agreement. Furthermore,
THE COMPANY states that it has contributed in its entirety to both the funds estimated in the budget described under Exhibit II
of the Agreement and the funds estimated in the budget described under Exhibit III of the Research and Development Agreement. Therefore,
the Parties represent that all obligations have been fulfilled.

 

Article 10: Terms and Conditions. AII other terms
and conditions of the Agreement and the Research and Development Agreement that were not specifically amended by the
provisions herein shall remain in full effect and shall be legally binding for the Parties.

 

Article 11: Complementary nature. This Amendment is complementary
to the Agreement and the Research and Development Agreement. The provisions of the Agreement and the Research and Development Agreement
regarding governing laws, jurisdiction and notices are applicable to this Amendment. lN WITNESS WHEREOF, both Parties have caused
this Agreement to be duly executed in three counterparts of the same tenor and to a sole effect, which are signed in the city of
Santa Fe on the FIFTH day of May 2010.

 

	/s/	 	 	 	 
	Dr.	MARTA G. ROVIRA	 	 
	 	PRESIDENT	 	 
	 	CONICET	 	 
	 	 	 	 	 
	CONICET	 	 
	 	 	 	 	 
	Name:	 	 	 
	Title:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	UNL	 	 	 	 
	 	 	 	 	 
	Name:	 	 	 
	/s/	ALBOR A. CANTARO, ESQ.	 	 
	 	RECTOR	 	 
	Title:	 	 	 
	 	 	 	 	 
	 	 	 
	/s/	BIOCERES S.A. DR. VICTOR TRUCCO	 	 
	 	PRESIDENT	 	 
	 	 	 	 	 
	Name:		 	 
	Title:

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