Document:

exv10w8

Exhibit 10.8

*** Text Omitted and Filed Separately

Confidential Treatment Requested

Under 17 C.F.R. §§ 200.80(b)(4)

and 203.406

AMENDMENT AND RESTATEMENT OF THE LICENSE AGREEMENT

REGARDING MODIFIED E. COLI TECHNOLOGY

Between

BioEnergy International LLC

And

PURAC Biochem BV

This Amendment and Restatement of the License Agreement Regarding Modified E. Coli Technology (the
“Agreement”) is entered into by and between BioEnergy International LLC of Two Batterymarch
Park, Suite 301, Quincy, Massachusetts, 02169, USA (hereinafter “BE”) and PURAC Biochem BV
of Arkelsedijk 46, 4200 AA Gorinchem, The Netherlands (hereinafter “PURAC”) on the 19th day
of May 2008 (the “Effective Date”).

               WHEREAS, BE and the University of Florida Research Foundation, Inc. (UFRFI), are parties to
certain Standard Exclusive License Agreements with Sublicensing Terms as listed in Annex 1 (the
“UFRFI Licenses”);

               WHEREAS, pursuant to the UFRFI Licenses, BE is the exclusive licensee of UFRFI, pertaining to
modified strains of E. coli useful in the manufacture of D(-) lactic acid;

               WHEREAS, PURAC has an interest in developing a process for the manufacture of D(-) lactic acid
incorporating the technology owned by BE for the purpose of producing, marketing and selling D(-)
lactide; and

               WHEREAS, this Amendment and Restatement of the Agreement is intended by the Parties to contain
the entire agreement between the “Parties” (as used herein, “Party” shall mean either of BE or
PURAC and “Parties” shall mean both BE and PURAC) as to the subject matter hereof and supersedes
all prior oral and written agreements between the Parties, including without limitation the January
26, 2006 Modified E-Coli Technology Agreement between the Parties.

NOW, THEREFORE, BE and PURAC agree as follows:

Section 1 Definitions

	 	1.1	 	“Affiliate” shall mean, with respect to any Person, any Person which directly
or indirectly, or indirectly through one or more intermediaries,

 

			
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	 	 	 	controls or is controlled by, or is under common control with, such Person
specified.
	 
	 	1.2	 	“BE Intellectual Property” shall have the meaning set forth in Section 7.2.
	 
	 	1.3	 	“Change of Control” shall mean the occurrence of any of the following:

	 	a)	 	the consummation of a merger, sale, purchase, distribution,
reorganization, consolidation or other transaction, event or circumstance
through which PURAC is no longer a wholly-owned subsidiary of CSM nv, a
Netherlands based-company listed on Euronext Amsterdam N.V., (“CSM”);
	 
	 	b)	 	PURAC is not the surviving Person in any merger,
consolidation or other reorganization;
	 
	 	c)	 	PURAC sells, leases, transfers, disposes or exchanges all or
substantially all of its assets or its assets to which this Agreement relates
to any other Person (including any Affiliate of CSM or PURAC); or
	 
	 	d)	 	any Person, including a group as contemplated by Section
13(d)(3) of the US Securities Exchange Act of 1934, as amended, acquires or
gains ownership or control (including the power to vote) of more than 50% of
the outstanding shares of the CSM voting stock (based upon voting power).

	 	1.4	 	“Field” shall have the meaning set forth in Section 2.1.
	 
	 	1.5	 	“Indemnified Party” shall have the meaning set for in Section 12.2.1.
	 
	 	1.6	 	“Indemnification Notice” shall have the meaning set forth in Section 12.2.1.
	 
	 	1.7	 	“Inventions” shall have the meaning set forth in Section 7.1.
	 
	 	1.8	 	“Licensed Patents” shall refer to and mean all of the following:

	 	1.8.1	 	The PCT application entitled “Materials and Methods for
Improved Microbial Production of Organic Compounds”, filed on November 7, 2006
and assigned application number PCT/US2006/043380, and all patents based on
this patent application.
	 
	 	1.8.2	 	The Japanese patent application entitled “Materials and
Methods for Efficient Lactic Acid Production”, filed on August 9, 2006, and

 

			
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	 	 	 	assigned publication number JP2007049993, and all patents based on this
patent application.
	 
	 	1.8.3	 	The Chinese patent application entitled “Materials and
Methods for Efficient Lactic Acid Production”, filed on August 10, 2006, and
assigned publication number CN1912107, and all patents based on this patent
application.
	 
	 	1.8.4	 	The United States patent application entitled “Materials and
Methods for Efficient Lactic Acid Production”, filed on August 10, 2006 and
assigned publication number 2007/0037265, and all patents based on this patent
application.
	 
	 	1.8.5	 	The European Patent Application entitled “Materials and
Methods for Efficient Lactic Acid Production”, filed on August 2, 2006 and
assigned publication number EP1760156, and all patents based on this patent
application.
	 
	 	1.8.6	 	The Brazilian Patent Application entitled “Materials and
Methods for Efficient Lactic Acid Production”, filed on August 9, 2006 and
assigned publication number PI0603072, and all patents based on this patent
application.
	 
	 	1.8.7	 	The Thai patent application entitled “Escherichia coli B
Engineered for Lactic Acid Production”, filed on August 8, 2006 and assigned
application number 0601003764, and all patents based on this patent
application.

	 	1.9	 	“Licensed Technology” means any know-how, trade secrets, techniques,
methodologies, modifications, specifications, designs, and improvements or data
concerning modified E.coli, in particular strains originating from [...***...] that
were modified to produce D(-) lactic acid, including modified E.coli [...***...] to
produce D(-) lactic acid, including without limitation Program Intellectual Property,
that is (i) controlled by BE (whether by ownership or under license) as of the
Effective Date or at any time during the term of the Agreement and (ii) related to the
Licensed Patents and (iii) necessary or desirable for the research, development,
manufacture, use, import or sale of any Licensed Products.
	 
	 	1.10	 	“Licensed Products” means D(-) lactic acid and derivatives and by-products
thereof where the development, manufacture, use, import or sale of such D(-) lactic
acid and/or such derivatives and by-products are covered by the Licensed Patents or
the Licensed Technology.
	 
	 	1.11	 	“Market” means the total worldwide market for D(-) lactic acid and
derivatives and by-products.

 

			
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	 	1.12	 	“Person” means any individual, partnership, corporation, limited liability
company, trust, incorporated or unincorporated organization or association or other
legal entity of any kind.
	 
	 	1.13	 	“Program Intellectual Property” shall have the meaning set forth in Section
7.3.
	 
	 	1.14	 	“PURAC Intellectual Property” shall have the meaning set forth in Section
7.1.
	 
	 	1.14	 	“Ton” shall mean a metric ton of 2,200 pounds, or a tonne.

Section 2 Scope of the License

	 	2.1	 	Subject to the terms and conditions hereof, BE grants PURAC an exclusive,
worldwide, royalty-bearing license, without the right to grant sublicenses, to use the
Licensed Patents and the Licensed Technology inside the field, which is to produce the
Licensed Products for subsequent conversion by PURAC to D(-) lactide and derivatives
and by-products thereof for use and sale (the “Field”).
	 
	 	2.2	 	PURAC acknowledges that UFRFI reserves the right to use the Licensed Patents
and Licensed Technology for its educational and internal research purposes. BE
reserves the right to use and/or license or sublicense the Licensed Technology and
Licensed Patents for any purpose outside the Field or in the event the Field becomes
non-exclusive under Section 2.3 for any purpose whatsoever.
	 
	 	2.3	 	PURAC shall use its best efforts to develop and commercialize the Market for
the Licensed Products. Notwithstanding the foregoing, the Field shall become
non-exclusive in the event PURAC does not comply with each of the following
conditions:

	 	2.3.1	 	(a) PURAC fails to:

(i) by not later than June 30, 2012, sell and maintain sales
levels of the Licensed Products utilizing its then currently
available lactide production capacity (which PURAC projects to be
between [...***...] to [...***...] tons); and

(ii) maintain a minimum of [...***...] share of the total
sales of the Market. During the term hereof, PURAC shall provide
to BioEnergy on an the anniversary date of the Effective Date a
report with its good faith estimate of the Market size which shall
be based in part on third party industry reports, product and
customer surveys to substantiate its estimate of Market size. In
the event that

 

			
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BioEnergy disagrees with PURAC’s estimate of the Market size,
BioEnergy shall provide notice to PURAC of its disagreement within
thirty days (30) days of the receipt of the report and the Parties
shall confer with each other to attempt to reach agreement on the
Market size. If, however, the Parties have not reached agreement
on Market size within thirty (30) days of the BioEnergy notice,
the Parties shall jointly engage a third party to provide a report
on the size of the Market that shall be binding on the Parties.
If the Parties cannot agree on such an expert, then each party
shall choose its own expert and the experts chosen shall in turn
choose a third party expert who shall provide both Parties with
its estimate of the Market size. The Parties shall equally bear
the costs of any experts hired hereunder; and

(iii) pay BE an aggregate of [...***...] in royalties and
milestone payments December 31, 2012 (including, without
limitation, the minimum royalties provided for in Section 4.2
hereof);

	 	2.3.2	 	(b) The occurrence of a second separate default or breach of
this Agreement within any consecutive three-year period, including, without
limitation, for failure to pay royalties, patent or any other expenses when
due; or

	 	2.4	 	BE reserves the right to continue to fund research regarding the Licensed
Products by the University of Florida
	 
	 	2.5	 	Upon the request of BE, PURAC may grant BE a license to use the Program
Intellectual Property described in Section 7.5 under commercially reasonable terms to
be negotiated between the Parties for any purpose, except for use in lactic acid or
lactic acid derivatives. Purac will not unreasonably withhold the grant to BE of such
a license.

Section 3 Milestone Payment

	 	3.1	 	PURAC shall pay BE €50,000 within ten (10) days following the date on which
PURAC finalizes industrial scale production of Licensed Product. Industrial scale
production shall be deemed finalized on the date PURAC’s aggregate production of
Licensed Product reaches or exceeds two-hundred-and-fifty (250) m3.

Section 4 Royalties

	 	4.1	 	Subject to the minimum royalties provided in Section 4.2, PURAC shall pay BE
royalties set forth below in this Section 4.1. For the purpose of the calculation of
the royalties hereunder, the weight of Licensed Products

 

			
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	 	 	 	produced shall be determined on One Hundred Percent (100%) lactic acid basis. The
royalties under this Section 4.1 shall be considered incurred on the date PURAC
produces the corresponding quantities of Licensed Product.

	 	4.1.1	 	Royalty rate for applications with concentrations up to [...
        ...]% or less of polymer blends of PDLA with PLLA:

[...***...] for D(-) lactic acid volumes between [...***...] and
[...***...] tons per year; and

[...***...] for D(-) lactic acid volumes above [...***...] tons
per year.

	 	4.1.2	 	Royalty rate for applications with concentrations over
[...***...]% of polymer blends of PDLA with PLLA:

[...***...] for D(-) lactic acid volumes between [...***...] and
[...***...] tons per year; and

[...***...] for D(-) lactic acid volumes above [...***...] tons
per year.

	 	4.1.3	 	Royalty rate for D(-) lactic acid derivatives other than
lactides which are sold in the pharmaceutical market: [...***...] for all
volumes.
	 
	 	4.1.4	 	Royalty rate for D(-) lactic acid derivatives for the food,
feed, cosmetics and all other markets currently served by PURAC’s L(+)
derivatives other than the foregoing: [...***...] for all volumes.
	 
	 	4.1.5	 	Royalty rate for any D(-) lactic acid derivatives for any
markets not currently served by PURAC’s L(+) derivatives: [...***...] for all
volumes.

	 	4.2	 	PURAC shall pay BE minimum annual royalties in accordance with the following
schedule:

[...***...] (for 2007), upon signing of the Agreement;

[...***...] for 2008;

[...***...] for 2009; and

[...***...] for 2010.

	 	4.3	 	Royalties payable quarterly in arrears, within fifteen (15) days following
the end of the calendar quarter ending on March 31, June 30, September 30 or December
31 in which such amounts were earned. If, at the end of the 4th quarter of
a calendar year, the royalties based on the formula of Section 4.1 are less than the
minimum annual royalty for that year as

 

			
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	 	 	 	provided by Section 4.2, PURAC shall pay BE the balance of that minimum royalty,
taking into account payments as may have been made for Licensed Product produced
during the preceding quarters of that calendar year.

	 	4.4	 	All amounts owing to BE pursuant to this Agreement which remain unpaid more
than thirty (30) days after they are due to BE shall accrue interest until paid at the
rate of the lesser of (a) [...***...] per month or (b) the maximum amount allowed
under applicable law. However, in no event shall this interest provision be construed
as a grant of permission for any payment delays. PURAC shall also be responsible for
repayment to BE of any attorney, collection agency, or other out-of-pocket BE expenses
required to collect overdue payments due from this Agreement.
	 
	 	4.5	 	Except for income taxes that may be assessed against BE (other than with
respect to the “gross up” referred to below), all taxes and charges that may be
imposed by any government taxing authority on the amounts paid by PURAC to BE shall be
paid by PURAC for BE’s account. If PURAC is required to pay taxes or charges for the
account of BE, and withholds such taxes or charges from the amounts paid BE, PURAC
shall “gross up” its payments to BE in respect of such taxes.
	 
	 	4.6	 	PURAC shall take all steps necessary so that BE, within thirty (30) days of
its written request, audit, review and/or copy all books and records at a single U.S.
location to verify the accuracy of PURAC’s accounting. Such review may be performed by
any authorized employees of BE as well as by any attorneys and/or accountants
designated by BE, upon reasonable notice and during regular business hours. If a
deficiency with regard to any payment hereunder is determined, PURAC shall pay the
deficiency within thirty (30) days of receiving notice thereof along with applicable
interest as described in Section 4.4. If a royalty payment deficiency for a calendar
year exceeds three percent (3%) of the royalties paid for that year, then PURAC shall
be responsible for paying BE out-of-pocket expenses incurred with respect to such
review. If there is no shortfall, or if there is a shortfall of less than three
percent (3%), BE shall bear the fees of the certified public accountant.
	 
	 	4.7	 	PURAC shall keep books and records sufficient to verify the accuracy and
completeness of its accounting referred to in this Section 4, including without
limitation, inventory, purchase and invoice records, manufacturing records, sales
analysis, general ledgers, financial statements, and tax returns relating to the
Licensed Products and/or Licensed Technology. Such books and records shall be
preserved for a period not less than six years after they are created, both during and
after the term of this Agreement.

 

			
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Section 5 Research Cooperation

	 	5.1	 	PURAC shall report to BF semi-annually, with the next report due three (3)
months following the Effective Date, on the status of its development efforts,
including the progress made in the development effort since the last report and any
problems or challenges encountered in developing Licensed Products.
	 
	 	5.2	 	BE shall, upon request and subject to negotiation of a separate consulting
agreement containing mutually acceptable terms, provide PURAC with a limited number of
days of consulting services from its consultant. Lonnie Ingram, Ph.D., which services
shall be directed towards providing PURAC with advice and assistance as PURAC may
request regarding the research and development activities pursuant to this Agreement.

Section 6 Confidentiality

	 	6.1	 	Communications made by one Party to this Agreement to the other Party shall
be deemed confidential.
	 
	 	6.2	 	The Parties agree not to disclose confidential information to a third party,
or otherwise publish such information. For purposes of this Agreement, UFRFI shall be
considered a third party, excepting for such information that may be required to
satisfy the reporting requirements under BE’s license from UFRFI pertaining to royalty
payments and commercialization status. In addition, the Parties agree to use such
confidential information solely in furtherance of the objectives of this Agreement.
	 
	 	6.3	 	Notwithstanding the provisions of Section 6.1, a communication by a Party to
the other Party is not confidential if:

                         a) the receiving Party is able to prove that it had the information in its
possession prior to the date of disclosure by the disclosing party;

                         b) the receiving Party is able to prove that the information was in the public
domain prior to the date of disclosure by the disclosing Party; or

                         c) the receiving party is able to prove that, after the date of disclosure by
the disclosing Party, the information entered the public domain through no fault of
the receiving Party.

Section 7 IP Rights

	 	7.1	 	“PURAC Intellectual Property” means (a) all discoveries, inventions,
know-how, trade secrets, techniques, methodologies, modifications, improvements, works
of authorship, designs and data (whether or not protectable under patent, copyright,
trade secrecy or similar laws) (collectively, the “Inventions”) that are
conceived, discovered, developed,

 

			
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	 	 	 	generated, created, made or reduced to practice or tangible medium of expression
solely by employees or consultants of PURAC at any time if such Inventions are
not based upon or related to the performance of the research and
development activities pursuant to this Agreement; or (b) any tangible materials
provided by PURAC to BE for use in the conduct of the research and development
activities pursuant to this Agreement. Title to and any interest in the PURAC
Intellectual Property shall be the property of PURAC.

	 	7.2	 	“BE Intellectual Property” means (a) all Inventions that are
conceived, discovered, developed, generated, created, made or reduced to practice or
tangible medium of expression solely by employees or consultants of BE at any time
prior to the effective date of the Agreement, or after the effective date of the
Agreement if such Inventions are not based upon or related to the performance
of the research and development activities pursuant to this Agreement; or (b) any
tangible materials provided by BE to PURAC for use in the conduct of the research and
development activities pursuant to this Agreement. Title to and any interest in the
BE Intellectual Property shall be the property of BE.
	 
	 	7.3	 	“Program Intellectual Property” means all Inventions that are
conceived, discovered, developed, generated, created, made or reduced to practice or
tangible medium of expression in the context of the research and development
activities pursuant to this Agreement.
	 
	 	7.4	 	Program Intellectual Property, regardless of inventorship, shall be the
property of BE in the event and to the extent such Program Intellectual Property is
related to BE’s modified E.coli for production of D(-) lactic acid or improvements to
such modified E.coli for production of D(-) lactic acid. For the sake of clarity,
modified E.coli or improvements to such modified E.coli are considered to encompass
the nutrients for said modified E.coli or improvements thereof.
	 
	 	7.5	 	Program Intellectual Property, regardless of inventorship, shall be the
property of PURAC in the event and to the extent such Program Intellectual Property is
related to the fermentation process using BE’s modified E.coli for production of D(-)
lactic acid or improvements to such fermentation process for production of D(-) lactic
acid and the purification process of the D(-) lactic acid so produced. For the sake
of clarity, the fermentation process using BE’s modified E.coli for production of D(-)
lactic acid or improvements to such fermentation process for production of D(-) lactic
acid and the purification process of the D(-) lactic acid so produced is also
considered to encompass the medium in which said fermentation- and purification
process takes place.
	 
	 	 	 	An exception is the result of work carried out by BE or its consultants on the use
of [...***...] in the fermentation.

 

			
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	 	7.6	 	Neither party shall use Program Intellectual Property owned by the other
party, or the confidential information of the other party, outside of the performance
of the research and development activities pursuant to this Agreement.
	 
	 	7.7	 	PURAC shall not convey to BE any rights in any PURAC Intellectual Property
except as expressly set forth in the Agreement. Title to the PURAC Intellectual
Property shall at all times remain vested in PURAC. BE shall not convey to PURAC any
ownership rights in any BE Intellectual Property except for the rights expressly
granted and assigned as set forth in the Agreement. Title to the BE Intellectual
Property shall at all times remain vested in BE.
	 
	 	7.8	 	The Parties shall sign such documents, and cause their respective employees,
agents, consultants and other third parties participating in the research and
development activities pursuant to this Agreement to sign such documents, as necessary
to carry out the content of the provisions of this Agreement. Such documents may
include assignments of inventorship, assignments of proprietary information and
intellectual property rights or any such document necessary to fulfill the obligations
as set forth in this Agreement.

Section 8 Termination

	 	8.1	 	The duration of the Agreement, in consideration of the license grant with
respect to both Licensed Patents and Licensed Technology, unless earlier terminated,
shall continue until December 31, 2025 (the “Term”).
	 
	 	8.2	 	Either Party may terminate the Agreement with cause at any time upon 30 days’
notice to the other party if the other party commits a material breach, unless the
breach is cured within the 30-day notice period.
	 
	 	8.3	 	In addition to termination for breach, this Agreement may be terminated by
either Party upon sixty (60) days’ prior written notice to the other Party in the
event that (a) the other Party files in any court pursuant to any statute of any
government in any country a petition in bankruptcy or insolvency or for reorganization
or for the appointment of a receiver or trustee of such Party or its assets; or (b) if
any Person proposes a written agreement for extension of such other Party’s debts; or
(c) if the other Party shall be served with an involuntary petition against it, filed
in any insolvency or bankruptcy proceeding, and such petition shall not be dismissed
within sixty (60) days after filing thereof; (d) or if the other Party shall be a
party to any dissolution or liquidation; or (e) if the other Party shall make a
general assignment for the benefit of its creditors; or (f) if the other Party is
subject to any final order regarding insolvency or bankruptcy.

 

			
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	 	8.4	 	In addition to Sections 8.2 and 8.3 above, PURAC may elect to convert to a
non-exclusive license or terminate, upon One Hundred and Eighty (180) days’ prior
notice, in the event that:

	 	(i)	 	failure of PURAC to achieve industrial scale production
within the meaning of Section 3.1 is due solely to the characteristics of
modified E. Coli produced pursuant to the license granted to PURAC
hereunder.
	 
	 	(ii)	 	sales of D(-) lactide are materially and adversely
affected by competition arising out of the use by one or more competitors of
the technology covered by the Licensed Patents. Such adverse affect must
result in a ten percent (10%) decrease in sales to trigger this Section 8.4,
and such termination shall only be effective in the country for which the
minimum ten percent (10%) drop in sales has occurred. PURAC shall provide
BE documentation certify in writing by a duly authorized officer of PURAC of
such sales decrease.*

	 	8.5	 	In addition to Sections 8.2 and 8.3 above, BE may terminate immediately in
the event of a violation of the provisions prohibiting assignment contained in Section
14.12 hereof.
	 
	 	8.6	 	Effect of Termination.

	 	8.6.1	 	Upon any termination of this Agreement, all rights granted
pursuant to this Agreement shall immediately terminate.
	 
	 	8.6.2	 	After termination, any accrued fees, milestone payments and
royalties due will remain payable. PURAC shall have the right to sell any
Licensed Products that were manufactured before the termination date of this
Agreement, subject to PURAC’s payment of any royalties that are due.
	 
	 	8.6.3	 	Exercise of any right of termination afforded to either
Party under this Agreement (i) shall not prejudice any other legal rights or
remedies either Party may have against the other in respect of any breach of
the terms of this Agreement, and (ii) shall not relieve any obligation or
liability, including any obligation to pay any amounts, accruing prior to such
expiration or termination.
	 
	 	8.6.4	 	Within thirty (30) days after termination by either Party
pursuant to this Section 8, PURAC shall at its expense: (a) deliver, without
retaining any embodiments, copies, summaries, analyses, compilations, studies
or extracts thereof, to BE or its designee all

 

			
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	 	 	 	physical embodiments (including all works-in-progress) of the Licensed
Patents, BE Confidential Information, all files and related materials for
the prosecution, maintenance and defense of the Licensed Patents; and (b)
certify in writing by a duly authorized officer of PURAC that the terms of
this Section 8.6.4 have been complied with.

	 	8.6.5	 	Notwithstanding the expiration or termination of this
Agreement for any reason, Sections 6, 7, 8, 9, 10, 11, 12, 13 and 14 shall
remain in full force and effect.

Section 9 Patents

	 	9.1	 	Subject to Section 9.2 hereof, PURAC shall, at its sole cost, prepare, file,
prosecute and maintain the Licensed Patents. BE shall use its reasonable commercial
efforts to assist PURAC in such prosecution and maintenance, including without
limitation providing PURAC with access to BE employees, data and other information
reasonably necessary for PURAC to prepare, file and prosecute such Licensed Patent
applications. PURAC will keep BE reasonably informed as to matters relating to the
foregoing.
	 
	 	9.2	 	BE may elect at any time, at its sole discretion and cost, to prepare, file,
prosecute and maintain the Licensed Patents. If BE chooses to take any such actions,
PURAC shall use its reasonable commercial efforts to assist BE in such prosecution and
maintenance, including without limitation transferring to BE all pending Licensed
Patent applications and providing BE with access to PURAC employees, data and other
information reasonably necessary for BE to prepare, file and prosecute such Licensed
applications. PURAC further agrees to execute such documents as are reasonably
necessary to establish, transfer and/or perfect title in BE and/or UFRFI of the
Licensed Patents. BE will keep PURAC reasonably informed as to matters relating to
the foregoing.
	 
	 	9.3	 	BE and PURAC will each inform the other of suspected infringement by a third
party, and will cooperate in pursuing infringers and defending the Licensed Patents.
BE may in its sole discretion, prosecute such matter at its own expense and retain the
proceeds of any settlement. PURAC shall have no right to bring any such action.
	 
	 	9.4	 	In any infringement suit that BE may institute to enforce the Licensed
Patents pursuant to this Agreement, PURAC shall, at the request and expense of BE,
cooperate in all respects and, to the extent possible, have its employees testify when
requested and make available relevant records, papers, information, samples,
specimens, and the like.
	 
	 	9.5	 	In the event a declaratory judgment action alleging invalidity or
noninfringement of any of the Licensed Patents shall be brought against

 

			
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	 	 	 	PURAC, BE, at its option, shall have the right, within thirty (30) days after
commencement of such action, to intervene and take over the sole defense of the
action at its own expense.

Section 10 Representations and Warranties

	 	10.1	 	Each Party represents and warrants to the other Party that (a) it has the
full corporate right, power and authority to enter into this Agreement and to perform
its obligations hereunder, (b) the execution of this Agreement and the performance of
its obligations hereunder does not and shall not result in a material breach of any
other agreement to which it is a party, and (c) this Agreement has been duly executed
and delivered by such Party and constitutes the valid and binding agreement of such
Party, enforceable against such Party in accordance with its terms, except to the
extent that enforceability is limited by public policy or creditors’ rights generally.
	 
	 	10.2	 	BE warrants that it has the rights to grant PURAC the license described
herein; that the Licensed Patents have been timely filed in order to secure the
priority dates identified in Sections 1.8.1 through 1.8.5; that all necessary actions
have been taken to permit global protection of the inventions claimed in the Licensed
Patents; and that the inventions have not been communicated to the public in a form
and at a time that such communication might jeopardize the validity of the Licensed
Patents; that to the best of BE’s knowledge the patent applications meet the formal
requirements for patentability, in particular sufficiency of disclosure, the best mode
requirement, and the requirement to identify all true inventors
	 
	 	10.3	 	EACH PARTY AGREES AND ACKNOWLEDGES THAT, EXCEPT AS EXPRESSLY SET FORTH IN
SECTION 10.1 AND 10.2, NEITHER PARTY MAKES ANY REPRESENTATIONS OR EXTENDS ANY
WARRANTIES OF ANY KIND WHATSOEVER WITH RESPECT TO THIS AGREEMENT, EXPRESS, IMPLIED OR
STATUTORY, AND EACH PARTY HEREBY EXPRESSLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND
WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY AND ALL IMPLIED WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. In particular,
with no limitation implied, nothing in this Agreement will be construed as: (i) a
warranty or representation as to the issuance, validity, enforceability or scope of
any Licensed Patents or other intellectual property or proprietary rights; (ii) a
warranty or representation that anything made, used, sold, or otherwise disposed of
pursuant to the rights granted under this Agreement is or will be free from
infringement of intellectual property or proprietary rights of third parties; or (iii)
subject to the terms of Section 9, an obligation to bring or prosecute actions or
suits against third parties for infringement.

 

			
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Section 11 Limitation On Liability

	 	11.1	 	TO THE MAXIMUM EXTENT PERMITTED BY LAW, EXCEPT WITH RESPECT TO THE
MISAPPROPRIATION OR OTHER VIOLATION OF A PARTY’S INTELLECTUAL PROPERTY, NEITHER PARTY
NOR ANY RELATED PERSON THEREOF SHALL BE LIABLE TO THE OTHER PARTY, ANY RELATED PERSON
THEREOF OR ANY OTHER THIRD PARTY, UNDER THIS AGREEMENT OR ANY LICENSE OR ANY
SUBLICENSES GRANTED HEREUNDER FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL,
RELIANCE OR PUNITIVE DAMAGES OR LOST OR IMPUTED PROFITS OR ROYALTIES, LOST DATA OR
COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, WHETHER LIABILITY IS ASSERTED IN
CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT PRODUCT LIABILITY) INDEMNITY OR
CONTRIBUTION, IRRESPECTIVE OF WHETHER THAT PARTY OR ANY RELATED PERSON OF THAT PARTY
HAS BEEN ADVISED OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE.
	 
	 	11.2	 	BE has no control over the manner in which PURAC intends to practice the
Licensed Patents or to make, have made, use, have used, sell, have sold, offer for
sale, have offered for sale, import or export, have imported or exported or otherwise
exploit the Licensed Products. Notwithstanding any other provision of this Agreement,
BE shall not be liable to PURAC for any damages of any nature incurred or suffered by
PURAC or by a third party arising out of any dispute or other claims or proceedings
made by or brought against PURAC, nor shall BE be responsible in any way for any such
disputes, claims or proceedings, except as provided for herein.

Section 12 Indemnification And Insurance

	 	12.1	 	Scope of Indemnification.

	 	12.1.1	 	PURAC hereby agrees to indemnify, defend and hold harmless BE, UFRFI, the
Florida Board of Governors, the University of Florida Board of Trustees, the
University of Florida, and each of their directors, officers, employees, and
agents, and the inventors of the Licensed Patents, regardless of whether such
inventors are employed by the University of Florida at the time of the claim,
from and against any and all damages resulting from, arising out of or
otherwise in connection with any third-party claim, suit, action or proceeding
to the extent that such damages arise directly or indirectly out of (a) the
practice by PURAC and its Affiliates of any rights granted hereunder,
including claims of infringement or other violation of third-party
intellectual property rights, or arising from any negligent or willful act of
PURAC, or PURAC-related

 

			
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	 	 	 	Persons, or (b) PURAC’s or its Affiliate’s development, manufacture,
practice or other disposition of any Licensed Product.
	 
	 	12.1.2	 	BE shall defend, indemnify and hold harmless PURAC and its Affiliates and
their respective directors, officers, employees and agents, at the BE’s cost
and expense, from and against any liabilities, losses, costs, damages, fees or
expenses (including reasonable fees and expenses of legal counsel) arising out
of (a) any third party claim relating to any breach by the BE of any of
representation or warranty set forth in Section 10.1 or 10.2 hereof, or (b)
any negligent or willful act of BE or BE-related persons.

	 	12.2	 	Indemnification Procedure.

	 	12.2.1	 	With regard to any third-party claim for which indemnification may be sought
under this Section 12, the Person seeking indemnification under Section 12
(the “Indemnified Party”) shall promptly notify the indemnifying party
(the “Indemnifying Party”) in writing (“Indemnification
Notice”) of the commencement of any action, suit or proceeding relating to
such third-party claim or, if earlier, upon the assertion of any such claim by
a third party; provided that the failure by the Indemnified
Party to give an Indemnification Notice of a third-party claim as provided in
this Section 12.2.1 shall not relieve the Indemnifying Party of its
indemnification obligation under this Agreement except to the extent that the
Indemnifying Party is actually prejudiced by such failure.
	 
	 	12.2.2	 	Within thirty (30) days after delivery of the Indemnification Notice, the
Indemnifying Party may, upon written notice thereof to the Indemnified Party,
assume control of the defense of such action, suit, proceeding or claim. If
the Indemnifying Party provides written notice to the Indemnified Party that
it does not wish to assume control or maintain control of such defense, the
Indemnified Party shall control such defense. The party not controlling such
defense may participate therein at its own expense, and the party controlling
such defense shall keep the other party advised of the status of such action,
suit, proceeding or claim and the defense thereof and shall consider
recommendations made by the other party with respect thereto. Neither the
Indemnifying Party nor the Indemnified Party will agree to any settlement of
any action, suit, proceeding or claim subject to Section 10 or consent to any
judgment in respect thereof that does not include a complete and unconditional
release of the other from all liability with respect thereto or that imposes
any liability or obligation on the other without the other’s prior written
consent.

 

			
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	 	12.3	 	PURAC agrees that during the Term hereof and for three (3) years thereafter
it shall keep and maintain the following insurance with reputable carriers reasonably
satisfactory to BE:

	 	12.3.1	 	Comprehensive public liability including products liability coverage with
limits of not less than three million United States Dollars (US$3,000,000) per
incident, naming BE as an additional insured. Such insurance may be a
combination of primary and excess coverage, shall waive subrogation against BE
shall be primary and any insurance or self insurance of BE shall be excess and
non-contributory.
	 
	 	12.3.2	 	PURAC agrees to provide to BE certificates evidencing such coverage within
ten (10) days after the Effective Date and at least annually thereafter. Such
insurance certificates shall state that such insurance shall not be canceled
or materially altered except that upon written notice to BE. Any failure of
PURAC to comply with this Section 12.3 shall be a material breach of this
Agreement for which BE may terminate this Agreement.

Section 13 Governing Law and Resolution of Disputes

	 	13.1	 	The interpretation of this Agreement is governed by the substantive laws of
the Commonwealth of Massachusetts. Determination of the validity and scope of any of
the Licensed Patents will be made according to the laws of the country for which a
particular Licensed Patent is granted.
	 
	 	13.2	 	The Parties agree to seek amicable resolution of any disputes as may arise
pertaining to this Agreement. If the Parties are unable to amicably resolve a
dispute, an aggrieved Party may initiate mediation. If mediation is initiated by
PURAC the mediation shall take place in the USA under the auspices of a CPR accredited
mediator, unless the Parties agree to mediation in a different location and/or by a
different mediator. If mediation is initiated by BE the mediation shall take place in
The Netherlands under the auspices of a CEDR accredited mediator, unless the Parties
agree to mediation in a different location and/or by a different mediator.
	 
	 	13.3	 	If mediation is not successful the aggrieved Party may initiate arbitration
proceedings. Such arbitration proceedings shall be before a single arbitrator, whose
award will be binding on both Parties. If arbitration is initiated by PURAC, the
arbitration shall take place in the USA under the auspices of a CPR accredited
arbitrator, unless the Parties agree to arbitration in a different location and/or by
a different arbitrator. If arbitration is initiated by BE, the arbitration shall take
place in The Netherlands under the auspices of a CEDR accredited arbitrator, unless
the

 

			
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	 	 	 	Parties agree to mediation in a different location and/or by a different arbitrator

Section 14 Additional Provisions

	 	14.1	 	PURAC shall assure that the import, export, marketing, manufacturing, sale,
distribution and use of Licensed Products by PURAC, and its Affiliates, are conducted
in compliance with all applicable laws, regulations and court and governmental orders.
	 
	 	14.2	 	Each Party shall take, and shall cause its related Persons to take, such
action as the other Party may reasonably request to effect, perfect or confirm such
other Party’s ownership interests and other rights as set forth in this Agreement,
including by promptly (a) executing instruments of assignment, declarations,
affirmations or other documents in connection with the applicable provisions of this
Agreement, and (b) confirming in writing all waivers and consents under this Agreement
that are reasonably requested by the other Party from time to time.
	 
	 	14.3	 	Upon termination of this Agreement for any reason, if PURAC is not then in
default, as determined by UFRFI, PURAC shall receive from UFRFI, a grant similar in
scope as the grant set forth in this Agreement with the BE and all other rights in
this Agreement reasonably necessary to continue the business of this License except
that UFRFI shall be under no obligation to grant any rights which UFRFI does not have
or to perform any services for which it is unsuited. All payments required to be made
by PURAC shall, from the date of termination of this Agreement, be paid to UFRFI.
	 
	 	14.4	 	Use of Names

	 	14.4.1	 	PURAC shall not use the names of BE, UFRFI, or of the University of Florida,
nor of any of either institution’s employees, agents, or affiliates, nor the
name of any inventor of Licensed Patents, nor any adaptation of such names, in
any sales promotion, advertising, or any other form of publicity without the
prior written approval of BE in each case, except that PURAC may state that it
has received a license from BE under one or more or the Licensed Patents.
	 
	 	14.4.2	 	BE shall not use the name of PURAC, nor of any of its employees, agents, or
affiliates, nor any adaptation of such names, in any sales promotion,
advertising, or any other form of publicity without the prior written approval
of PURAC in each case, except that BE may state that it has granted a license
or sublicense to PURAC under one or more of the Licensed Patents.

	 	14.5	 	United States Government Interests

 

			
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	 	14.5.1	 	The Parties acknowledge and understand that the United States Government
(through any of its agencies or otherwise) has funded research during the
course of or under which the Licensed Patents were conceived or made. The
United States Government is entitled, as a right, under the provisions of 35
U.S.C. §202-212 and applicable regulations of Title 37 of the Code of Federal
Regulations, to a non-exclusive, nontransferable, irrevocable, paid-up license
to practice or have practiced the inventions of such Licensed Patents for
governmental purposes. Any license granted to PURAC in this Agreement shall
be subject to such right.
	 
	 	14.5.2	 	PURAC agrees that for Licensed Products covered by the Licensed Patents that
are subject to the non-exclusive royalty-free license to the United States
Government, said Licensed Products will be manufactured substantially in the
United States. PURAC further agrees that it shall abide by all the
requirements and limitations of US. Code, Title 35, Chapter 18, and
implementing regulations thereof, for all patent applications and patents
invented in whole or in part with federal money.

	 	14.6	 	This Amendment and Restatement of the Agreement constitutes the entire
agreement between the Parties in relation to the subject matters hereof and supersedes
all prior oral and written agreements between the Parties in relation to its subject
matter, including without limitation the January 26, 2006 Modified E-Coli Technology
Agreement between the Parties.
	 
	 	14.7	 	No amendment or variation to this Agreement shall be effective unless in
writing and signed by both Parties. A waiver by either Party of any breach or default
of any of the provisions contained herein shall not be construed as a waiver of any
succeeding or subsequent breach of this Agreement. No delay or lack of response nor
apparent forgiveness by a Party concerning the failure of the other Party to perform
any of its obligations hereunder shall be construed as a waiver.
	 
	 	14.8	 	The invalidity or unenforceability of any provision of this Agreement shall
not affect the validity or enforceability of any other provision of this Agreement and
any such invalid or unenforceable provision shall be deemed to be severable.
	 
	 	14.9	 	The Section headings of this Agreement are for organizational purposes only
and shall not be used in interpreting this Agreement. References to a Section
includes reference to all subsections of that section.
	 
	 	14.10	 	Any notices or other communications required or permitted under this
Agreement or otherwise in connection herewith shall be in writing and shall be deemed
to have been duly given (a) when delivered in person, (b) upon confirmation of receipt
when transmitted by facsimile transmission,

 

			
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	 		 	or (c) on receipt after dispatch by registered or certified mail, postage prepaid,
addressed as follows:

	 	 	 

	PURAC:

	 	PURAC biochem
	 

	 	Arkelsedijk 46, P.O. Box 21

4200 AA Gorinchem

The Netherland

Attn: Managing Director
	 
	 	 
	BE:

	 	Bioenergy International, LLC

Two Batterymarch Park

Suite 301

Quincy, MA 02169

Attn: Chairman and Chief Executive Officer
	 
	 	 
	With a copy to:

	 	Dewey & LeBoeuf LLP

260 Franklin Street

Boston, MA 02110

Attention:

Byron S. Kalogerou

Stanton J .Lovenworth

	 	14.11	 	Nothing in this Agreement shall be deemed to create any joint venture,
partnership, agency, or fiduciary relationship between the Parties. Neither Party
shall have the power or authority to bind or obligate the other except as expressly
set forth herein.
	 
	 	14.12	 	Through a Change in Control or otherwise, PURAC shall not, directly or
indirectly assign, mortgage, sublicense, or otherwise transfer this Agreement or any
interest therein, or of any of the rights, duties or obligations granted hereunder
(any of the foregoing being an “Assignment”), without the express written
consent of BE, such consent that will not to be unreasonably withheld, and any attempt
to effect such Assignment shall cause such Assignment to be void. Any purported
Assignment without the express prior written consent of BE shall be null and void and
shall be cause for termination of this Agreement by BE under Section 8.5 hereof.
	 
	 	14.13	 	The Parties agree that in the event of a breach or threatened breach of the
confidentiality provisions of this Agreement, the harm suffered by the non-breaching
Party may not be fully compensated in money damages alone, and accordingly, the
breaching Party shall, in addition to all other

 

			
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	 	 	 	available legal or equitable remedies, be entitled to an injunction against such
breaches without any requirement for posting any bond or undertaking in connection
therewith to prevent any further breach or threatened breach hereunder. This
remedy is separate and apart from, and without prejudice to, any other remedies a
Party may have.
	 
	 	14.14	 	This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original, and all of which shall together constitute one and the
same instrument. This Agreement shall become binding when one or more counterparts
hereof, individually, or taken together, shall bear the signatures of all of the
Parties reflected hereon as the signatories. Facsimile copies of this Agreement may
be executed and original executed copies of this Agreement shall be provided as soon
as possible.

 

			
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SIGNATURE PAGE TO LICENSE AGREEMENT regarding MODIFIED E.COLI TECHNOLOGY BETWEEN BIOENERGY
INTERNATIONAL, LLC AND PURAC BIOCHEM BV

	 	 	 	 	 	 	 	 	 

	PURAC BIOCHEM B.V.	 	BIOENERGY INTERNATIONAL, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	By: 

Title:

	 	/s/ Arno Nande Ven
 

Vice President, Chemicals & Pharma
	 	By:

Title:
	 	/s/ Stephen J. Gatto
 

Chief Executive Officer
	 	 
	 
	 	 	 	 	 	 	 	 
	Date: May 19, 2008	 	Date: May 19, 2008	 	 
	 
	 	 	 	 	 	 	 	 
	PURAC BIOCHEM

	 	B.V.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ F.R. Rampinelli	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Title:

	 	President & CEO	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date: June 5, 2008	 	 	 	 	 	 

 

			
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21exv10w20

Exhibit 10.20

MYRIANT CORPORATION

2011 Omnibus Incentive Plan

(As Amended and Restated Effective January 1, 2011)

ARTICLE 1

Background And Purpose

     1.1 Background. This 2011 Omnibus Incentive Plan (the “Plan”) permits the
grant of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights,
Restricted Shares, Restricted Share Units, Unrestricted Shares, and other equity-based awards.

     1.2 Purpose. The purposes of the Plan are (a) to attract, reward and retain highly
competent persons as Employees, Directors, and Consultants; (b) to provide additional incentives to
such Employees, Directors, and Consultants by aligning their interests with those of the Company’s
shareholders; and (c) to promote the success of the business of the Company.

     1.3 Eligibility. Employees, Consultants, and Directors are eligible to be granted
Awards under the Plan. However, Incentive Stock Options may only be granted to Employees.

     1.4 Definitions. Capitalized terms used in the Plan and not otherwise defined herein
shall have the meanings set forth below.

          (a) “Affiliate” means any entity that is designated by the Board or the Committee as a
participating employer under the Plan; provided, however, that the Company owns a “controlling
interest” in such entity within the meaning of Code Section 409A.

          (b) “Applicable Laws” means the requirements relating to, connected with, or otherwise
implicated by the administration of long-term incentive plans under applicable state corporation
laws, United States federal and state securities laws, the Code, any stock exchange or quotation
system on which the Shares are listed or quoted, and the applicable laws of any foreign country or
jurisdiction where Awards are, or will be, granted under the Plan.

          (c) “Award” means, individually or collectively, a grant under the Plan of Options,
Stock Appreciation Rights, Restricted Shares, Restricted Share Units, or other equity-based awards.

          (d) “Award Agreement” means a written agreement setting forth the terms and provisions
applicable to an Award granted under the Plan (which may, but need not be executed, at the
discretion of the Committee). Each Award Agreement shall be subject to the terms and conditions of
the Plan.

          (e) “Beneficiary” means the individual designated by a Participant to receive payments
upon the death of the Participant. To be effective, a beneficiary designation must be in writing
on a form approved by the Committee and filed with the Committee.

          (f) “Board” means the Board of Directors of the Company.

 

          (g) “Cause”, as used in connection with the termination of a Participant’s employment
or service, means (1) with respect to any Participant employed under a written employment agreement
with an Employer which agreement includes a definition of “cause,” “cause” as defined in that
agreement, or (2) with respect to any other Participant, any of the following:

          (i) The failure of the Participant to perform any of his or her material duties to the
Employer, including, without limitation, a breach of an Employer’s code of conduct, conflict
of interest or other material employment policies;

          (ii) The Participant is convicted of or takes a plea of nolo contendere for a felony or
a crime involving moral turpitude;

          (iii) Any act or omission to act by the Participant (other than the Participant’s
resignation or retirement) that would reasonably be likely to have the effect of injuring
the reputation, business or business relationships of an Employer;

          (iv) Acts of theft, embezzlement, fraud, dishonesty, misrepresentation or falsification
of documents or records involving an Employer; or

          (v) A breach of the terms of any confidentiality agreement, non-competition agreement
and non-solicitation agreement or any other agreement between the Participant and an
Employer, after giving effect to the notification provisions, if any, and the mechanisms to
remedy or cure a breach, if appropriate, as described in any such agreement.

The Committee shall determine whether conduct constituting “Cause” has occurred for
purposes of the Plan. For purposes of this definition, the term “Cause” is not limited to
events that have occurred before a Participant’s termination of employment or service, as
applicable, nor is it necessary that the Committee’s finding of “Cause” occur prior to such
termination of employment or service, as applicable.

          (h) “Class A Common” means the Class A Common Stock, $0.00001 par value per share, of
the Company.

          (i) “Class B Common” means the Class B Common Stock, $0.00001 par value per share, of
the Company.

          (j) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a
section of the Code herein shall include any regulations or other guidance of general applicability
promulgated under such section, and shall further include any successor or amended section of such
section of the Code that is so referred to and any regulations thereunder.

          (k) “Committee” means the Board or, if designated by the Board to administer the Plan,
the Compensation Committee of the Board. With respect to any decision relating to an Executive
Officer, the Committee shall consist solely of two or more Directors who are disinterested within
the meaning of Rule 16b-3 promulgated under of the Exchange Act.

- 2 -

 

          (l) “Common Stock” means the Common Stock, $0.00001 par value per share, of the
Company.

          (m) “Company” means Myriant Corporation, a Delaware corporation, or any successor
thereto.

          (n) “Consultant” means any (i) natural person, including an advisor, (ii) sole
proprietorship of a natural person, or (iii) an entity (such as an LLC) which is taxed as a sole
proprietor for federal income tax purposes, engaged by the Company or an Affiliate to render bona
fide services (other than in connection with the offer or sale of securities in a capital raising
transaction or to promote or maintain a market for securities) to such entity.

          (o) “Deemed Liquidation Event” shall be the first to occur of any one of the following
events:

                    (i) a merger or consolidation in which

          (1) the Company is a constituent party, or

          (2) a subsidiary of the Company is a constituent party and the Company
issues shares of its capital stock pursuant to such merger or consolidation,

except any such merger or consolidation involving the Company or a subsidiary in which the shares
of capital stock of the Company outstanding immediately prior to such merger or consolidation
continue to represent, or are converted into or exchanged for shares of capital stock that
represent, immediately following such merger or consolidation at least a majority, by voting power,
of the capital stock of (1) the surviving or resulting corporation or (2) if the surviving or
resulting corporation is a wholly owned subsidiary of another corporation immediately following
such merger or consolidation, the parent corporation of such surviving or resulting corporation
(provided that, for the purpose of this definition of “Deemed Liquidation Event”, all Shares
issuable upon the exercise of Options outstanding immediately prior to such merger or consolidation
or upon conversion of any other convertible securities outstanding immediately prior to such merger
or consolidation shall be deemed to be outstanding immediately prior to such merger or
consolidation and, if applicable, converted or exchanged in such merger or consolidation on the
same terms as the actual outstanding Shares are converted or exchanged); or

                    (ii) the acquisition by any person or group, other than holders of capital stock of the
Company on January 13, 2011, of a majority of the voting power of the outstanding shares of capital
stock of the Company (other than a financing transaction, the proceeds of which are paid to the
Company and not directly or indirectly to any stockholders of the Company including but not limited
to an initial public offering); or

                    (iii) the sale, lease, transfer, or other disposition, in a single transaction or series of
related transactions, by the Company and its subsidiaries of all or substantially all the assets of
the Company and its subsidiaries taken as a whole or the sale or disposition (whether by merger or
otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the
Company and its subsidiaries taken as a whole are held by

- 3 -

 

such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or
other disposition is to a wholly owned subsidiary of the Company; or;

                    (iv) the sale or transfer of all of the Company’s and its subsidiaries’ right, title and
interest in and to, or encumbrance of title to (other than through a license), all material IP of
the Company and its subsidiaries, other than licensing transactions in the ordinary course of
business of the Company or its subsidiaries such as corporate partnering and commercial licensing
transactions. “IP” shall mean all patents, patent applications, trademarks, trademark
applications, service marks, service mark applications, tradenames, copyrights, trade secrets,
know-how, design, domain names, rights to apply for registration of any of the foreign, and
proprietary rights and processes, similar or other intellectual property rights, subject matter of
any of the foregoing, tangible embodiments of any of the foregoing, proprietary information, and
any and all such cases that are owned or used by the Company in the conduct of the Company’s
business as now conducted and as presently proposed to be conducted. Notwithstanding the
foregoing, this subparagraph (iv) shall not apply to any Awards granted after May 27, 2011.

Notwithstanding the foregoing, unless otherwise determined in a specific case by majority vote of
the Board, a Deemed Liquidation Event shall not occur unless as a result of the occurrence of any
such events, the stockholders of the Company receive cash and/or
securities; provided, however, that this limitation shall not apply
on and after the Company’s initial public offering. In addition, unless
otherwise determined in a specific case by majority vote of the Board, a Deemed Liquidation Event
shall not be deemed to have occurred solely because (i) the Company, (ii) a subsidiary, (iii) any
one or more members of the executive management of the Company or their affiliates, (iv) any
employee stock ownership plan or any other employee benefit plan of the Company or any subsidiary
or (v) any combination of the persons referred to in the preceding clauses (i) through (iv) becomes
the actual or beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of at least 50% of the combined voting power of the voting securities of the Company then
outstanding after giving effect to such acquisition.

          (p) “Director” means a member of the Board.

          (q) “Disability” or “Disabled” means (1) with respect to any Participant
employed under a written employment agreement with an Employer which agreement includes a
definition of “disability,” “disability” as defined in that agreement, or (2) with respect to any
other Participant, a condition under which a Participant —

          (i) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which
has lasted or can be expected to last for a continuous period of not less than 12 months; or

          (ii) has, by reason of any medically determinable physical or mental impairment which
can be expected to result in death or which has lasted or can be expected to last for a
continuous period of not less than 12 months, received income replacement benefits for a
period of not less than 3 months under an accident or health plan covering Employees of an
Employer.

- 4 -

 

The Committee shall determine both whether Disability has occurred and the date of its occurrence.
For the purpose of determining Disability, the Committee may require a Participant to be examined
by a physician selected or approved by the Committee.

     (r) “Effective Date” means the date of approval of the Plan by the Board; provided
that the Plan and any Awards granted hereunder shall be null and void if the Plan is not approved
by the Company’s stockholders within twelve (12) months of such date.

     (s) “Employee” means any person whom the Company or any Affiliate classifies (or has
classified) as an employee or former employee (including an officer) for employment tax purposes,
whether or not that classification is correct. Neither service as a Director nor payment of a
Director’s fee by the Company shall be sufficient to constitute “employment” by the Company.

     (t) “Employer” means the Company or any Affiliate for whom a Service Provider is
performing services.

     (u) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (v) “Executive Officer” means an individual who meets the functional definition of an
“executive officer” (as defined by Rule 3b-7 under the Exchange Act) with respect to the Company.

     (w) “Fair Market Value” means, as of any date, the value of a Share as determined by
the Committee, in its discretion, subject to the following:

                    (i) Except as otherwise determined by the Committee (or in the case of a cashless exercise
pursuant to Section 5.4(d)), if, on such date, Shares are listed or quoted on a national or
regional securities exchange or quotation system, the Fair Market Value of a Share shall be the
closing price of a Share as quoted on the national or regional securities exchange or quotation
system constituting the primary market for the Shares, as reported in The Wall Street Journal or
such other source as the Committee deems reliable. If the relevant date does not fall on a day on
which Shares have traded on such securities exchange or quotation system, the date on which the
Fair Market Value shall be established shall be the last day on which the Shares were so traded or
quoted prior to the relevant date, or such other appropriate day as shall be determined by the
Committee, in its discretion.

                    (ii) Notwithstanding the foregoing, the Committee may, in its discretion, determine the Fair
Market Value of a Share on the basis of the opening, closing, or average of the high and low sale
prices of a share of Stock on such date or the preceding trading day, the actual sale price of a
Share, any other reasonable basis using actual transactions involving Shares as reported on a
national or regional securities exchange or quotation system, or on any other basis consistent with
the requirements of Section 409A. The Committee, in the case of Options granted in connection with
the Registration Date, may also determine the Fair Market Value upon the average closing price for
Shares during a specified period that is within thirty (30) days before or thirty (30) days after
such date, provided that, with respect to the grant of an Option or Stock Appreciation Right, the
commitment to grant such Award based on such valuation method must be irrevocable before the
beginning of the specified period. The

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Committee may vary its method of determining Fair Market Value as provided in this Section for
different purposes under the Plan to the extent consistent with the requirements of Section 409A.

          (x) “Good Reason” means (1) with respect to any Participant employed under a written
employment agreement with an Employer which agreement includes a definition of “good reason,” “good
reason” as defined in that agreement, or (2) with respect to any other Participant, the occurrence
of one of the following conditions without the Participant’s consent:

          (i) A material adverse change in the nature or scope of the Participant’s
responsibilities, authorities, powers, functions or duties;

          (ii) A material reduction in the Participant’s base salary, except for across-the-board
salary reductions similarly affecting all, or substantially all, similarly-situated
employees; or

          (iii) The relocation of the offices at which a Participant is principally employed to a
location more than fifty (50) miles from such offices.

Notwithstanding the foregoing, the conditions described immediately above in (i)-(iii) shall not
give rise to a termination by the Participant for Good Reason, unless the Participant has notified
the Employer in writing within sixty (60) days of the initial occurrence of such condition, the
Employer has failed to correct the condition within thirty (30) days after the Employer’s receipt
of such written notice, and the Participant actually terminates employment or service with the
Employer within 90 days of the initial occurrence of the condition.

          (y) “Grant Date” means the date on which the Committee makes the determination
granting an Award or such other date as is determined by the Committee, provided that in the case
of an Incentive Stock Option, the Grant Date shall be the later of the date on which the Committee
makes the determination granting such Incentive Stock Option or the date of commencement of the
Participant’s employment relationship with the Company.

          (z) “Incentive Stock Option” means an Option intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code, as designated in the applicable Award
Agreement.

          (aa) “Initial Public Offering” means a firm commitment underwritten public offering of
common equity securities of the Company pursuant to an effective registration statement under the
Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any
successor or similar form.

          (bb) “Non-Qualified Option” means an Option not intended to qualify as an Incentive
Stock Option, as designated in the applicable Award Agreement.

          (cc) “Option” means an option to purchase Shares that is granted pursuant to Article 5
of the Plan. An Option may be an Incentive Stock Option or a Non-Qualified Option.

          (dd) “Participant” means the holder of one or more outstanding Awards, or the Shares
issuable or issued upon the exercise of such Awards, under the Plan.

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          (ee) “Performance Objective” means a performance objective or goal that must be
achieved before an Award, or a feature of an Award, becomes nonforfeitable, as described in Section
4.3 of the Plan.

          (ff) “Period of Restriction” means the period during which Restricted Shares, the
remuneration underlying Restricted Share Units, or any other feature of an Award is subject to a
substantial risk of forfeiture. A Period of Restriction shall be deemed to end when the applicable
Award ceases to be subject to a substantial risk of forfeiture.

          (gg) “Qualified Performance-Based Award” means an Award or portion of an Award that is
intended to satisfy the requirements for “qualified performance—based compensation” under Section
162(m) of the Code. The Committee shall designate any Qualified Performance—Based Award as such
at the time of grant.

          (hh) “Registration Date” shall mean the date on which the Company sells its Shares in
a bona fide, firm commitment underwriting pursuant to a registration statement under the Securities
Act.

          (ii) “Restricted Shares” mean Shares that, during a Period of Restriction, are subject
to restrictions as described in Article 7 of the Plan.

          (jj) “Restricted Share Unit” means an Award that entitles the recipient to receive
Shares or cash after a Period of Restriction, as described in Article 8 of the Plan.

          (kk) “Retirement” means a termination of employment or service, as applicable, by a
Service Provider when the Service Provider has attained age 65 with 10 years of employment or
service, as applicable, with an Employer; it being understood that if a Service Provider’s
employment or service is terminated for Cause at the time that he or she has satisfied the age and
service requirements set forth herein, in no event shall such Service Provider’s employment or
service be deemed to have been terminated due to Retirement.

          (ll) “Securities Act” means the Securities Act of 1933, as amended and the rules
promulgated thereunder.

          (mm) “Service Provider” means an Employee, Director, or Consultant of Employer.

          (nn) “Share” means a share of the Company’s Common Stock, par value $0.00001 per
share.

          (oo) “Stock Appreciation Right” means an Award that entitles the recipient to receive,
upon exercise, the excess of (i) the Fair Market Value of a Share on the date the Award is
exercised, over (ii) a base amount specified by the Committee which shall not be less than the Fair
Market Value of a Share on the Grant Date, as described in Article 6 of the Plan.

          (pp) “Tax Year” means the Company’s taxable year. If an Award is granted by an
Affiliate, such Affiliate’s taxable year shall apply instead of the Company’s taxable year.

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          (qq) “Transition Period” shall mean the period beginning with the Registration Date
and ending as of the earlier of (i) the date of the first annual meeting of stockholders of the
Company at which directors are to be elected that occurs after the close of the third calendar year
following the calendar year in which the Registration Date occurs, and (ii) the expiration of the
“reliance period” under Treasury Regulation Section 1.162-27(f)(2).

          (rr) “Unrestricted Shares” means Shares that are awarded pursuant to Article 7 of the
Plan.

ARTICLE 2

Share Limits

     2.1 Shares Subject to the Plan.

          (a) Share Reserve. Awards may be made under the Plan for up to an aggregate of
4,189,130 Shares. In addition, the share reserve shall be increased annually on January 1st from
2012 through 2016 by an amount equal to the lesser of (1) two million (2,000,000) Shares, (2) five
percent (5%) of the outstanding Shares of the Company as of the December 31st preceding such date,
or (3) such lesser amount determined by the Board. The share increase described in the immediately
preceding sentence shall be subject to adjustment under Section 2.2 of the Plan. At all times the
Company will reserve and keep available a sufficient number of Shares to satisfy the requirements
of all outstanding Awards made under the Plan and all other outstanding but unvested Awards made
under the Plan that are to be settled in Shares.

          (b) Shares Counted Against Limitation. If an Award is exercised, in whole or in part,
by tender of Shares under Section 5.4(b), or if the Company’s tax withholding obligation is
satisfied by withholding Shares under Section 11.7(b), the number of Shares deemed to have been
issued under the Plan (for purposes of the limitation set forth in this Section 2.1) shall be the
net number of Shares actually issued upon such exercise.

          (c) Lapsed Awards. If an Award: (i) expires; (ii) is terminated, surrendered, or
canceled without having been exercised in full; or (iii) is otherwise forfeited in whole or in part
(including as a result of Shares constituting or subject to an Award being repurchased by the
Company pursuant to a contractual repurchase right), then the unissued Shares that were subject to
such Award and/or such surrendered, canceled, or forfeited Shares (as the case may be) shall become
available for future grant or sale under the Plan (unless the Plan has terminated), subject
however, in the case of Incentive Stock Options, to any limitations under the Code.

          (d) Substitute Awards. The Committee may grant Awards under the Plan in substitution
for stock and stock-based awards held by employees, directors, consultants or advisors of another
corporation (an “Acquired Corporation”) in connection with a merger, consolidation or
similar transaction involving such Acquired Corporation and the Company or an Affiliate or the
acquisition by the Company or an Affiliate of property or stock of the Acquired Corporation. The
Committee may direct that the substitute Awards be granted on such terms and conditions as the
Committee considers appropriate in the circumstances. Any substitute Awards granted under the Plan
shall not count against the share limitations set forth in Section 2.1(a).

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          (e) Incentive Stock Option Maximum. In no event shall the number of Shares issued
upon the exercise of Incentive Stock Options exceed 14,189,130 Shares, subject to adjustment as
provided in Section 2.2.

          (f) Maximum Awards. The number of Shares that may be granted in the form of any type
of Award under this Plan in a single Tax Year to a Participant may not exceed 500,000 Shares,
subject to adjustment as provided in Section 2.2 below, and excluding any Substitute Awards or
other Awards described in this Section 2. For avoidance of doubt, the maximum limit described in
the immediately preceding sentence shall separately apply to Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units, Performance Shares and Other Equity Awards under Article
9 below. In addition, the maximum Performance Award opportunity that may be granted in any fiscal
year and payable in cash to a Participant is $2 million, excluding any Substitute Awards or other
Awards described in Section 2.1(d) above.

     2.2 Adjustments. The following provisions will apply if any extraordinary dividend or
other extraordinary distribution occurs in respect of the Shares (whether in the form of cash,
Shares, other securities, or other property), or any reclassification, recapitalization, stock
split (including a stock split in the form of a stock dividend), reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of
Shares or other securities of the Company or any similar, unusual or extraordinary corporate
transaction (or event in respect of the Shares), including a Deemed Liquidation Event, occurs. The
Committee will, in such manner and to such extent (if any) as it deems appropriate and equitable:

          (a) proportionately adjust any or all of (i) the number and type of Shares (or other
securities) that thereafter may be made the subject of Awards (including annual increases to the
share reserve, specific maximums and numbers of shares set forth elsewhere in the Plan), (ii) the
number, amount and type of Shares (or other securities or property) subject to any or all
outstanding Awards, (iii) the grant, purchase, or exercise price of any or all outstanding Awards,
(iv) the securities, cash or other property deliverable upon exercise of any outstanding Awards or
(v) the performance standards appropriate to any outstanding Awards, or

          (b) in the case of an extraordinary dividend or other distribution, recapitalization,
reclassification, merger, reorganization, consolidation, combination, sale of assets, split up,
exchange, or spin off make provision for (i) a cash payment, (ii) the substitution or exchange of
any or all outstanding Awards, (iii) the cash, securities or property deliverable to the holder of
any or all outstanding Awards based upon the distribution or consideration payable with respect to
Shares upon or in respect of such event, (iv) all vested Options and Stock Appreciation Rights to
be exercised by a date certain in connection with such event at which time these stock rights
(whether or not then vested) shall terminate, provided Participants are given advance written
notice or (v) a combination of the foregoing, which may vary among Participants.

The Committee shall value Awards as it deems reasonable in the event of a cash settlement and, in
the case of Options, Stock Appreciation Rights or similar stock rights, may base such settlement
solely upon the excess if any of the per Share amount payable upon or in respect of such event over
the exercise price of the Award. The Committee’s determination with respect to any adjustments
under this Section 2.2 shall be final and conclusive. The Committee may act

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under this Section 2.2 at any time to the extent that the Committee deems such action necessary to
permit a Participant to realize the benefits intended to be conveyed with respect to the underlying
Shares in the same manner as is or will be available to stockholders generally. In the case of any
stock split or reverse stock split, if no action is taken by the Committee, the proportionate
adjustments contemplated by Section 2.2(a) above shall nevertheless be made.

ARTICLE 3

Plan Administration

     3.1 Administrator. The Plan shall be administered by the Committee.

     3.2 Powers of the Committee. Subject to the provisions of the Plan, Applicable Law,
and the specific duties delegated by the Board to the Committee, the Committee shall have the
authority in its discretion: (a) to determine the Fair Market Value; (b) to designate an Affiliate
as a participating employer pursuant to Section 13.1 of the Plan; (c) to select the Service
Providers to whom Awards may be granted hereunder and the types of Awards to be granted to each;
(d) to determine the number of Shares to be covered by each Award granted hereunder; (e) to
determine whether, to what extent, and under what circumstances an Award may be settled in cash,
Shares, other securities, other Awards, or other property; (f) to approve forms of Award
Agreements; (g) to determine and amend, in a manner consistent with the terms of the Plan, the
terms and conditions of any Award granted hereunder, based on such factors as the Committee, in its
sole discretion, shall determine; (h) to construe and interpret the terms of the Plan and Award
Agreements; (i) to correct any defect, supply any omission, or reconcile any inconsistency in the
Plan or any Award Agreement in the manner and to the extent it shall deem desirable to carry out
the purposes of the Plan; (j) to prescribe, amend, and rescind rules and regulations relating to
the Plan, including rules and regulations relating to sub-plans established pursuant to Section
13.2 of the Plan; (k) to authorize withholding arrangements pursuant to Section 11.7(b) of the
Plan; (l) to authorize any person to execute on behalf of the Company any instrument required to
effect the grant of an Award granted by the Committee; (m) to accelerate the vesting of an Award;
(n) to determine the treatment of Awards in connection with any adjustment described under Section
2.2 of the Plan; (o) to amend any Award after the Grant Date, including, but not limited to, the
exercise price for an Option, and (p) to make all other determinations and take all other action
described in the Plan or as the Committee otherwise deems necessary or advisable for administering
the Plan and effectuating its purposes.

     3.3 Compliance with Applicable Law. The Committee shall administer, construe,
interpret, and exercise discretion under the Plan and each Award Agreement in a manner that is
consistent and in compliance with a reasonable, good faith interpretation of all Applicable Laws,
and that avoids (to the extent practicable) the classification of any Award as “deferred
compensation” for purposes of Section 409A of the Code, as determined by the Committee, or if an
Award is subject to Section 409A, in a manner that complies with Section 409A. Notwithstanding the
foregoing, the failure to satisfy the requirements of Section 409A with respect to the grant of an
Award under the Plan shall not affect the validity of the action of the Committee otherwise duly
authorized and acting in the matter.

     3.4 Effect of Committee’s Decision and Committee’s Liability. The Committee’s
decisions, determinations and interpretations shall be final and binding on all Participants and

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any other holders of Awards. Neither the Committee nor any of its members shall be liable for
any act, omission, interpretation, construction, or determination made in good faith in connection
with the Plan or any Award Agreement.

     3.5 Delegation to Executive Officers. To the extent permitted by Applicable Law, the
Committee may delegate to one or more Executive Officers the powers: (a) to designate Service
Providers who are not Executive Officers or Directors as eligible to receive awards under the Plan;
and (b) to determine the amount and type of Awards that may be granted to Service Providers who are
not Executive Officers or Directors. Any such delegation by the Committee shall include a
limitation as to the amount and type of Awards that may be granted during the period of the
delegation and shall contain guidelines as to permissible grant dates for awards, the determination
of the exercise price of any Option or SAR and the vesting criteria. The Committee may revoke or
amend the terms of a delegation at any time but such action shall not invalidate any prior actions
of the Committee delegatee or delegatees that were consistent with the terms of the Plan.

     3.6 Awards may be Granted Separately or Together. In the Committee’s discretion,
Awards may be granted alone, in addition to, or in tandem with any other Award or any award granted
under another plan of the Company or an Affiliate. Awards granted in addition to or in tandem with
other awards may be granted either at the same time or at different times.

ARTICLE 4

Vesting And Performance Objectives

     4.1 General. The vesting schedule or Period of Restriction for any Award shall be
specified in the Award Agreement. The criteria for vesting and for removing restrictions on any
Award may include (i) performance of substantial services for an Employer for a specified period;
(ii) achievement of one or more Performance Objectives; or (iii) a combination of (i) and (ii), as
determined by the Committee.

     4.2 Period of Absence from Providing Substantial Services. To the extent that vesting
or removal of restrictions is contingent on performance of substantial services for a specified
period, a leave of absence (whether paid or unpaid) shall not count toward the required period of
service unless the Award Agreement specifically provides otherwise or unless otherwise determined
by the Committee.

     4.3 Performance Objectives.

          (a) Possible Performance Objectives. Any Performance Objective shall relate to the
Service Provider’s performance for the Company (or an Affiliate) or the Company’s (or Affiliate’s)
business activities or organizational goals, and shall be sufficiently specific that a third party
having knowledge of the relevant facts could determine whether the Performance Objective is
achieved. Performance Objectives may be absolute in their terms or measured against or in
relationship to other companies comparably, similarly or otherwise situated or other external or
internal measures and may include or exclude extraordinary charges, losses from discontinued
operations, restatements and accounting changes and other unplanned special charges such as
restructuring expenses, acquisitions, acquisition expenses (including without

- 11 -

 

limitation expenses related to goodwill and other intangible assets), stock offerings, stock
repurchases and strategic loan loss provisions. Performance Objectives with respect to any Award
may include any one or more of the following financial and/or Operational Objectives or combination
thereof, as established by the Committee in its sole discretion, which may be applicable on a
Company-wide basis and/or with respect to operating units, divisions, subsidiaries, acquired
businesses, minority investments, partnerships, or joint ventures:

          (i) Increasing the Company’s net sales;

          (ii) Achieving a target level of earnings (including gross earnings; earnings before
certain deductions, such as interest, taxes, depreciation, or amortization; or earnings per
Share);

          (iii) Achieving a target level of income (including net income or income before
consideration of certain factors, such as overhead) or a target level of gross profits for
the Company, an Affiliate, or a business unit;

          (iv) Achieving a target return on the Company’s (or an Affiliate’s) sales, revenues,
capital, assets, or stockholders’ equity;

          (v) Maintaining or achieving a target level of appreciation in the price of the Shares;

          (vi) Increasing the Company’s (or an Affiliate’s) market share to a specified target
level;

          (vii) Achieving or maintaining a Share price that meets or exceeds the performance of
specified stock market indices or other benchmarks over a specified period;

          (viii) Achieving a level of Share price, earnings, or income performance that meets or
exceeds performance in comparable areas of peer companies over a specified period;

          (ix) Achieving specified reductions in costs or targeted levels in costs;

          (x) Achieving specified improvements in collection of outstanding accounts or specified
reductions in non-performing debts;

          (xi) Achieving a level of cash flow;

          (xii) Introducing one or more products into one or more new markets;

          (xiii) Acquiring a prescribed number of new customers in a line of business;

          (xiv) Achieving a prescribed level of productivity within a business unit;

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          (xv) Completing specified projects within or below the applicable budget;

          (xvi) Completing acquisitions of other businesses or integrating acquired businesses;

          (xvii) Expanding into other markets;

          (xviii) Scientific or regulatory achievements;

          (xix) Implementation, completion or attainment of measurable objectives with respect to
research, development, patents, inventions, products, projects or facilities and other key
performance indicators; and

          (xx) Similar objectives as may be determined by the Committee from time to time.

          (b) Documentation of Performance Objectives. With respect to any Award, the
Performance Objectives shall be set forth in writing no later than ninety (90) days after
commencement of the period to which the Performance Objective(s) relate(s) (or, if sooner, before
25% of such period has elapsed) and at a time when achievement of the Performance Objectives is
substantially uncertain. Such writing shall also include the period for measuring achievement of
the Performance Objectives, which shall be no greater than five consecutive years, as established
by the Committee. Once established by the Committee, the Performance Objective(s) may not be
changed to accelerate the settlement of an Award or to accelerate the lapse or removal of
restrictions on Restricted Shares that otherwise would be due upon the attainment of the
Performance Objective(s).

          (c) Committee Certification. Prior to settlement of any Award that is contingent on
achievement of one or more Performance Objectives, the Committee shall certify in writing that the
applicable Performance Objective(s) and any other material terms of the Award were in fact
satisfied.

          (d) Negative Discretion. The Committee may reduce, but may not increase, the number
of Shares deliverable or the amount payable under any Award after the applicable Performance
Objectives are satisfied.

ARTICLE 5

Stock Options

     5.1 Terms of Option. Subject to the provisions of the Plan, the type of Option, term,
exercise price, vesting schedule, and other conditions and limitations applicable to each Option
shall be as determined by the Committee and shall be stated in the Award Agreement.

     5.2 Type of Option.

          (a) Each Option shall be designated in the Award Agreement as either an Incentive Stock Option
or a Non-Qualified Option.

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          (b) Neither the Company nor the Committee shall have liability to a Participant or any other
party if an Option (or any part thereof) which is intended to be an Incentive Stock Option does not
qualify as an Incentive Stock Option. In addition, the Committee may make an adjustment or
substitution described in Section 2.2 of the Plan that causes the Option to cease to qualify as an
Incentive Stock Option without the consent of the affected Participant or any other party.

     5.3 Limitations.

          (a) Maximum Term. No Option shall have a term in excess of ten (10) years measured
from the Grant Date. In the case of any Incentive Stock Option granted to a 10% Stockholder (as
defined in Section 5.3(d), below), the term of such Incentive Stock Option shall not exceed five
years measured from the Grant Date.

          (b) Minimum Exercise Price. Subject to Section 2.2(b) of the Plan, the exercise price
per Share of an Option shall be determined in the sole discretion of the Committee and shall not be
less than 100% of the Fair Market Value per Share on the Grant Date. In the case of any Incentive
Stock Option granted to a 10% Stockholder (as defined in Section 5.3(d), below), subject to Section
2.2(b) of the Plan, the exercise price per share of such Incentive Stock Option shall not be less
than 110% of the Fair Market Value per Share on the Grant Date.

          (c) $100,000 Limit for Incentive Stock Options. Notwithstanding an Option’s
designation, to the extent that Incentive Stock Options are exercisable for the first time by the
Participant during any calendar year with respect to Shares whose aggregate Fair Market Value
exceeds $100,000 (regardless of whether such Incentive Stock Options were granted under the Plan,
or any other plan of the Company or any Affiliate), Options having a value in excess of $100,000
shall be treated as Non-Qualified Options. For purposes of this Section 5.3(c), Fair Market Value
shall be measured as of the Grant Date and Incentive Stock Options shall be taken into account in
the order in which they were granted consistent with Applicable Law.

          (d) 10% Stockholder. For purposes of this Section 5.3, a “10% Stockholder” is an
individual who, immediately before the date an Award is granted, owns (or is treated as owning)
stock possessing more than 10% of the total combined voting power of all classes of stock of the
Company (or an Affiliate), determined under Section 424(d) of the Code.

     5.4 Form of Consideration. The Committee shall determine the acceptable form of
consideration for exercising an Option, including the method of payment. In the case of an
Incentive Stock Option, the Committee shall determine the acceptable form of consideration at the
time of grant. To the extent approved by the Committee, the consideration for exercise of an
Option may be paid in any one, or any combination, of the forms of consideration set forth in
subsections (a), (b), (c), and (d) below.

          (a) Cash Equivalent. Consideration may be paid by cash, check, or other cash
equivalent approved by the Committee.

          (b) Tender of Shares. Consideration may be paid by the tendering of other Shares to
the Company in exchange for the Company’s reducing the number of Shares issuable upon the exercise
of the Option. Shares tendered in exchange for Shares issued under the Plan

- 14 -

 

may not be Restricted Shares at the time they are tendered. The Committee shall determine
acceptable methods for tendering Shares to exercise an Option under the Plan and may impose such
limitations and prohibitions on the use of Shares to exercise Options as it deems appropriate. For
purposes of determining the amount of the Option price satisfied by tendering Shares, such Shares
shall be valued at their Fair Market Value on the date of tender.

          (c) Broker-Assisted Cashless Exercise. Subject to the Committee’s approval and
further subject to the Shares being actively traded on a securities exchange, consideration may be
paid by the Participant’s (i) irrevocable instructions to the Company to deliver the Shares
issuable upon exercise of the Option promptly to a broker (acceptable to the Company) for the
Participant’s account, and (ii) irrevocable instructions to the broker to sell Shares sufficient to
pay the exercise price and upon such sale to deliver the exercise price to the Company. A
Participant may use this form of exercise only if the exercise would not subject the Participant to
liability under Section 16(b) of the Exchange Act or would be exempt pursuant to Rule 16b-3
promulgated under the Exchange Act or any other exemption from such liability. The Company shall
deliver an acknowledgement to the broker upon receipt of instructions to deliver the Shares, and
the Company shall deliver the Shares to such broker upon the settlement date. Upon receipt of the
Shares from the Company, the broker shall deliver to the Company cash sale proceeds sufficient to
cover the exercise price and any applicable withholding taxes due. Shares acquired by a cashless
exercise shall be deemed to have a Fair Market Value on the Option exercise date equal to the gross
sales price at which the broker sold the Shares to pay the exercise price.

          (d) Other Methods. Consideration may be paid using such other methods of payment as
the Committee, at its discretion, deems appropriate from time to time.

     5.5 Exercise of Option.

          (a) Procedure for Exercise. Any Option granted hereunder shall be exercisable
according to the terms of the Plan and at such times and under such conditions as set forth in the
Award Agreement. An Option shall be deemed exercised when the Committee receives: (i) written or
electronic notice of exercise (in accordance with the Award Agreement) from the person entitled to
exercise the Option and (ii) full payment for the Shares (in a form permitted under Section 5.4 of
the Plan) and satisfaction of any applicable tax withholding obligations with respect to which the
Option is exercised in accordance with Section 11.7(b) of the Plan.

          (b) Rights as a Stockholder. Shares subject to an Option shall be deemed issued, and
the Participant shall be deemed the record holder of such Shares, on the Option exercise date.
Until such Option exercise date, no right to vote or receive dividends or any other rights as a
stockholder shall exist with respect to the Shares subject to the Option.

          (c) Limitations on Exercise of Option. Notwithstanding the terms of any Award
Agreement to the contrary, the Committee shall have the absolute discretion to impose a “blackout”
period on the exercise of an Option with respect to any or all Participants (including those whose
employment or service with the Company has been terminated) to the extent that it determines that
doing so is required or desirable in order to comply with applicable securities laws, provided
that, if any blackout period occurs, the term of the Option shall not expire until

- 15 -

 

the earlier of (i) thirty (30) days after the blackout period ends, or (ii) the Option’s
expiration date; provided, however, if the Option expires prior to the end of the blackout period,
the Company makes a cash payment to each affected Participant within thirty (30) days thereafter in
an amount equal to the Black-Scholes value of the Option immediately before its expiration to the
extent then vested and exercisable. The Committee shall have the discretion to determine whether
and to what extent the vesting of Options shall be tolled during any unpaid leave of absence;
provided, however, that in the absence of such determination, vesting of Options shall be tolled
during any such leave approved the Company.

     5.6 Termination of Relationship as a Service Provider.

          Unless otherwise provided by the Committee and set forth in the Award Agreement, in the event
a Participant’s employment or service with an Employer, as applicable, is terminated before
exercise of an Option, the following rules shall apply:

               (a) Generally. An Option may be exercised after the date of the Participant’s
termination of employment or service, as applicable, only to the extent that the Option was vested
as of the date of such termination. Any Option not vested at the time of a Participant’s
termination of employment or service, as applicable, shall terminate and the Shares underlying such
Option shall revert to the Plan and become available for future Awards. An Option may not be
exercised after the expiration of one of the periods described below in (b) through (f) or after
the expiration of the Term of such Option as set forth in the Award Agreement.

               (b) Termination without Cause or for Good Reason. If a Participant’s employment or
service, as applicable, is terminated by an Employer without Cause or by the Participant for Good
Reason, the Participant may exercise the vested portion of a Non-Qualified Option for up to ninety
(90) days following the Participant’s termination of employment or service, as applicable.

               (c) Termination upon death, Disability or Retirement. If a Participant’s employment or
service, as applicable, is terminated due to his or her death, Disability, or Retirement, the
Participant (or the Participant’s Beneficiary) may exercise the vested portion of a Non-Qualified
Option for up to one (1) year after the date of the Participant’s termination of employment or
service, as applicable.

               (d) Termination for Cause. If the Participant’s termination of employment or service,
as applicable, is terminated by an Employer for Cause, no portion of any unvested Option may be
exercised, and any vested Option will immediately expire and be forfeited upon such termination.

               (e) Other Terminations. Upon any other termination of employment or service, as
applicable, other than for the reasons set forth in subsections (a) through (d) above, the
Participant may exercise the vested portion of the Option for up to thirty (30) days after the date
of the Participant’s termination of employment or service, as applicable.

               (f) Incentive Stock Options. The time periods for exercising Incentive Stock Options
shall be as prescribed by the Code.

- 16 -

 

ARTICLE 6.

Stock Appreciation Rights

     6.1 Terms of Stock Appreciation Right. The term, base amount, vesting schedule, and
other conditions and limitations applicable to each Stock Appreciation Right shall be as determined
by the Committee and shall be stated in the Award Agreement. Except as otherwise provided by the
Committee, all Awards of Stock Appreciation Rights shall be settled in Shares issuable upon the
exercise of the Stock Appreciation Right. All stock appreciation rights that may be settled in
Shares shall be counted against the number of Shares available for issuance under the Plan,
regardless of the number of Shares actually issued upon settlement of the SARs.

     6.2 Exercise of Stock Appreciation Right.

           (a) Minimum Exercise Price. Subject to Section 2.2(b) of the Plan, the per Share base
amount of a Stock Appreciation Right shall be determined in the sole discretion of the Committee
and shall not be less than 100% of the Fair Market Value per Share on the Grant Date.

           (b) Procedure for Exercise. Any Stock Appreciation Right granted hereunder shall be
exercisable according to the terms of the Plan and at such times and under such conditions as set
forth in the Award Agreement. A Stock Appreciation Right shall be deemed exercised when the
Committee receives written or electronic notice of exercise (in accordance with the Award
Agreement) from the person entitled to exercise the Stock Appreciation Right.

           (c) Rights as a Stockholder. Shares subject to a Stock Appreciation Right shall be
deemed issued, and the Participant shall be deemed the record holder of such Shares, on the date
the Stock Appreciation Right is exercised. Until such date, no right to vote or receive dividends
or any other rights as a stockholder shall exist with respect to the Shares subject to the Stock
Appreciation Right.

ARTICLE 7

Restricted Shares; Unrestricted Shares

     7.1 Terms of Restricted Shares. Subject to the provisions of the Plan, the Period of
Restriction, the number of Shares granted, the purchase price paid for such Shares (if any), and
other conditions and limitations applicable to each Award of Restricted Shares shall be as
determined by the Committee and shall be stated in the Award Agreement. Unless the Committee
determines otherwise, Restricted Shares shall be held by the Company as escrow agent until the
restrictions on such Shares have lapsed.

          (a) Transferability. Except as provided in this Article 7, Restricted Shares may not
be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of
the applicable Period of Restriction.

          (b) Other Restrictions. The Committee, in its sole discretion, may impose such other
restrictions on Restricted Shares as it may deem advisable or appropriate, including, but not
limited to, achieving Performance Objectives under Article 4.

- 17 -

 

          (c) Removal of Restrictions. Except as otherwise provided in this Article 7, and
subject to Section 11.5 of the Plan, Restricted Shares covered by an Award made under the Plan
shall be released from escrow, and shall become fully transferable, as soon as practicable after
the Period of Restriction ends, and in any event no later than 21/2 months after the end of the Tax
Year in which the Period of Restriction ends.

     7.2 Terms of Unrestricted Shares. Subject to the provisions of the Plan, the number
of Shares granted, the purchase price paid for such Shares (if any), and other conditions and
limitations applicable to each Award of Unrestricted Shares shall be as determined by the Committee
and shall be stated in the Award Agreement.

     7.3 Voting Rights. During the Period of Restriction, Service Providers holding
Restricted Shares granted hereunder may exercise full voting rights with respect to those Shares,
unless otherwise provided in the Award Agreement. Service Providers holding Unrestricted Shares
granted hereunder may exercise full voting rights with respect to those Shares, unless otherwise
provided in the Award Agreement.

     7.4 Dividends and Other Distributions. During the Period of Restriction, Service
Providers holding Restricted Shares shall be entitled to receive all dividends and other
distributions paid with respect to such Shares, unless otherwise provided in the Award Agreement.
Service Providers holding Unrestricted Shares granted hereunder shall be entitled to receive all
dividends and other distributions paid with respect to such Shares, unless otherwise provided in
the Award Agreement.

          (a) Unless otherwise provided by the Committee, if any such dividends or distributions are
paid in Shares, the Shares shall be subject to the same restrictions (and shall therefore be
forfeitable to the same extent), if any, as the Restricted Shares or Unrestricted Shares with
respect to which they were paid.

          (b) If any such dividends or distributions are paid in cash, the Award Agreement may specify
that the cash payments shall be subject to the same restrictions as the related Restricted Shares
or Unrestricted Shares, in which case they shall be accumulated during the Period of Restriction
(if applicable) and paid or forfeited when the related Restricted Shares or Unrestricted Shares
vest or are forfeited, as the case may be. Alternatively, the Award Agreement may specify that the
dividend equivalents or other payments shall be unrestricted, in which case they shall be paid as
soon as practicable after the dividend or distribution date. Unless otherwise set forth in an
applicable Award Agreement, no cash dividend or distribution be paid later than 21/2 months after the
Tax Year in which the dividend or distribution becomes nonforfeitable.

ARTICLE 8

Restricted Share Units

     8.1 Terms of Restricted Share Units. Subject to the provisions of the Plan, the
Period of Restriction, number of underlying Shares, and other conditions and limitations applicable
to each Award of Restricted Share Units shall be as determined by the Committee and shall be stated
in the Award Agreement. The Committee, in its sole discretion, may impose such other

- 18 -

 

restrictions on Restricted Share Units as it may deem advisable or appropriate, including, but
not limited to, achieving Performance Objectives under Article 4.

     8.2 Settlement of Restricted Share Units. Subject to Section 11.5 of the Plan, unless
otherwise provided in an Award Agreement, the number of Shares specified in the Award Agreement, or
cash equal to the Fair Market Value of the underlying Shares specified in the Award Agreement,
shall be delivered to the Participant as soon as practicable after the end of the applicable Period
of Restriction, and in any event no later than 21/2 months after the end of the Tax Year in which the
Period of Restriction ends.

     8.3 Dividend and Other Distribution Equivalents. The Committee is authorized to grant
to holders of Restricted Share Units the right to receive payments equivalent to dividends or other
distributions with respect to Shares underlying Awards of Restricted Share Units. The Award
Agreement may specify that the dividend equivalents or other distributions shall be subject to the
same restrictions as the related Restricted Share Units, in which case they shall be accumulated
during the Period of Restriction and paid or forfeited when the related Restricted Share Units are
paid or forfeited. Alternatively, the Award Agreement may specify that the dividend equivalents or
other distributions shall be unrestricted, in which case they shall be paid on the dividend or
distribution payment date for the underlying Shares, or as soon as practicable thereafter. In no
event shall any unrestricted dividend equivalent or other distribution be paid later than 21/2 months
after the Tax Year in which the record date for the dividend or distribution occurs.

ARTICLE 9

Other Equity-Based Awards

     9.1 Other Equity-Based Awards. The Committee shall have the right to grant other
Awards based upon or payable in Shares having such terms and conditions as the Committee may
determine, including deferred stock units, Unrestricted Shares, the grant of Shares upon the
achievement of a Performance Objective and the grant of securities convertible into Shares. The
Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an
Award in the nature of a purchase right granted under this Article 9 shall be purchased for such
consideration, paid for at such times, by such methods, and in such forms, including, without
limitation, cash, Shares, other Awards, notes, or other property, as the Committee shall determine.
Cash awards, as an element of or supplement to any other Award under the Plan, may also be granted
pursuant to this Article 9.

ARTICLE 10

Termination Of Service

     10.1 Effect of Termination of Service on Awards; Forfeiture.

          (a) The Committee may provide, by rule or regulation or in any Award Agreement, or may
determine in any individual case, the circumstances in which Awards shall be exercised, vested,
paid or forfeited in the event a Participant ceases to be a Service Provider prior to the end of a
performance period, Period of Restriction or the exercise, vesting or settlement of such Award.
Unless otherwise determined by the Committee if, with respect to any

- 19 -

 

Award, (a) a Participant’s termination of employment or service, as applicable, occurs before
the end of the Period of Restriction or the vesting date applicable to such Award (or the
applicable portion of such Award) or (b) any Performance Objectives are not achieved in whole or in
part (as determined by the Committee) by the end of the period for measuring such Performance
Objectives, then all such then unvested and/or unearned Awards shall be forfeited by the
Participant.

          (b) Awards under the Plan shall not be affected by the change of a Participant’s status within
or among the Company and any Affiliate, so long as the Participant remains a Service Provider. For
purposes of the Plan and any Award hereunder, if an entity that the Service Provider is employed by
or otherwise providing services to ceases to be an Affiliate, a Participant shall be deemed to
terminate employment or service, as applicable, on the date of the entity’s change in status,
unless the Participant continues as a Service Provider in respect of the Company or another
Affiliate (after giving effect to the change in status).

ARTICLE 11

Additional Terms of Awards

     11.1 No Rights to Awards. No Service Provider shall have any claim to be granted any
Award under the Plan, and the Company is not obligated to extend uniform treatment to Participants
or Beneficiaries under the Plan. The terms and conditions of Awards need not be the same with
respect to each Participant.

     11.2 No Effect on Employment or Service. Neither the Plan nor any Award shall confer
upon a Participant any right with respect to continuing the Participant’s relationship as a Service
Provider with any Employer, nor shall it interfere in any way with the Participant’s right or an
Employer’s right to terminate such relationship at any time, with or without Cause, to the extent
permitted by Applicable Laws.

     11.3 No Fractional Shares. No fractional Shares shall be issued or delivered pursuant
to the Plan or any Award, and the Committee shall determine whether cash, other securities, or
other property shall be paid or transferred in lieu of any fractional Shares, or whether such
fractional Shares or any rights thereto shall be canceled, terminated, or otherwise eliminated.

     11.4 Transferability of Awards. Unless otherwise determined by the Committee, an
Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner
other than by will or by the laws of descent or distribution and may be exercised, during the
lifetime of the Participant, only by the Participant. Subject to the approval of the Committee in
its sole discretion, Non-Qualified Options may be transferable to members of the immediate family
of the Participant and to one or more trusts for the benefit of such family members, partnerships
in which such family members are the only partners, or corporations in which such family members
are the only stockholders. “Members of the immediate family” means the Participant’s spouse,
children, stepchildren, grandchildren, parents, grandparents, siblings (including half brothers and
sisters), and individuals who are family members by adoption. To the extent that any Award is
transferable, such Award shall contain such additional terms and conditions as the Committee deems
appropriate.

- 20 -

 

     11.5 Conditions on Delivery of Shares and Lapsing of Restrictions.

          (a) The Company shall not be obligated to deliver any Shares pursuant to the Plan or to remove
restrictions from Shares previously delivered under the Plan until (a) all conditions of the Award
have been met or removed to the satisfaction of the Committee, (b) subject to approval by the
Company’s counsel, all other legal matters (including any Applicable Laws) in connection with the
issuance and delivery of such Shares have been satisfied, and (c) the Participant has executed and
delivered to the Company such representations or agreements as the Committee may consider
appropriate to satisfy the requirements of Applicable Laws.

          (b) A Participant shall not be entitled to receive Shares under the Plan under the Participant
executes and delivers to the Company one or more of the following documents as required by the
Company: that certain Voting Agreement, as amended from time to time, by and among the Company and
the parties named therein; that certain Investor Rights Agreement, as amended from time to time, by
and among the Company and the parties named therein; that certain Right of First Refusal and
Co-Sale Agreement, as amended from time to time, by and among the Company and the parties named
therein; and any other agreement imposing terms generally applicable to other similarly-situated
shareholders of the Company, and delivery to the Company of such executed agreements. Any Shares
issued pursuant to the Plan shall be non-transferable except as may be set forth in the Plan.

     11.6 Inability to Obtain Authority. The inability of the Company to obtain authority
from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to
be necessary to the lawful issuance or sale of any Shares hereunder, shall relieve the Company of
any liability in respect of the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained.

     11.7 Withholding.

          (a) Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to
the grant, exercise, vesting, or settlement of an Award, the Company shall have the power and the
right to deduct or withhold, or to require a Participant or Beneficiary to remit to the Company, an
amount sufficient to satisfy any federal, state, and local taxes the Company determines is required
to be withheld to comply with Applicable Laws. The Participant or Beneficiary shall remain
responsible at all times for paying any federal, state, and local income or employment tax due with
respect to any Award, and the Company shall not be liable for any interest or penalty that a
Participant or Beneficiary incurs by failing to make timely payments of tax.

          (b) Withholding Arrangements. The Committee, in its sole discretion and pursuant to
such procedures as it may specify from time to time, may permit a Participant or Beneficiary to
satisfy such tax withholding obligation, in whole or in part, by (i) electing to have the Company
withhold otherwise deliverable Shares, or (ii) delivering to the Company already-owned Shares
having a Fair Market Value equal to the minimum statutory amount required to be withheld. The Fair
Market Value of the Shares to be withheld or delivered, or with respect to which restrictions are
removed, shall be determined as of the date that the taxes are required to be withheld.

- 21 -

 

     11.8 Repurchase of Shares.

          (a) Upon any termination of a Participant’s employment or service with an Employer, the
Company will be entitled to repurchase at the Company’s election all or any of the Shares held by a
Participant (whether or not previously acquired by the Participant in connection with the exercise
of an Option or SAR or upon settlement of any other Award) (the “Repurchase Option”). If
the Company elects to exercise the Repurchase Option with respect to Shares held by any Participant
pursuant to this Section 11.8, it shall deliver written notice (the “Repurchase Notice”) to
such Participant to such effect within one (1) year after the occurrence of the event giving rise
to the Repurchase Option.

          (b) The repurchase price (the “Repurchase Price”) for a Participant’s Shares to be
repurchased (the “Surrendered Securities”) shall be the Fair Market Value of such
Surrendered Securities on the date of termination of employment or service; provided that
in the case of a termination of a Participant’s employment or service by an Employer for Cause, the
Repurchase Price shall be the lesser of the Fair Market Value of the Surrendered Securities on the
date of termination of employment or service and the original exercise price (or other amount paid
with respect to an Award, if any, in the case of Awards other than Options and SARs) paid for such
Surrendered Securities or the Fair Market Value of such Surrendered Securities on the original date
of purchase, as applicable.

          (c) (i) Within ten (10) business days after the Repurchase Price for the Surrendered
Securities has been determined, the Company shall send a notice to such holder of the Surrendered
Securities setting forth the consideration to be paid for such securities and the time and place
for the closing of the transaction, which date shall not be more than twenty (20) days nor less
than five (5) days after the delivery of such notice. At such closing, the holder of the
Surrendered Securities shall deliver all certificates (if any exist) evidencing the Surrendered
Securities to be repurchased to the Company, and the Company shall pay for the Surrendered
Securities to be repurchased pursuant to the Repurchase Option by delivery of a (i) check, (ii)
wire transfer, (iii) a three-year note bearing interest at the short-term applicable federal rate
(as determined on the same date the Repurchase Price is determined) in the aggregate amount of the
Repurchase Price for such securities.

          (ii) The Company shall be entitled to receive customary representations and warranties
from such holder that he or she is the record and beneficial owner of the Surrendered
Securities free and clear of any liens, and that he or she will transfer and deliver valid
title to such securities free and clear of any liens.

          (d) Notwithstanding anything to the contrary contained in this Plan, all repurchases of
Surrendered Securities by the Company shall be subject to applicable state and federal laws and
regulations and, to the extent applicable, the Company’s debt and equity financing agreements. If
any of the foregoing prohibits (in the discretion of the Company) the repurchase of Surrendered
Securities which are otherwise permitted or required hereunder, the time periods provided in this
Section 11.8 shall be suspended, and the Company may make such repurchases as soon as it is
permitted to do so under such restrictions.

- 22 -

 

          (e) In the event the Company delivers a Repurchase Notice to a Participant but does not elect
to repurchase all Shares held by such Participant, the Shares held by such Participant which the
Company has not elected to repurchase in the Repurchase Notice shall no longer be subject to the
Repurchase Option.

          (f) The Company’s rights under this Section 11.8 shall terminate on a Deemed Liquidation Event
or upon a Qualified Public Offering.

     11.9 Market Stand-Off. Each Participant hereby agrees that it will not, without the
prior written consent of the managing underwriter, during the period commencing on the date of the
final prospectus relating to an initial public offering registration and ending on the date
specified by the Company and the managing underwriter (such period not to exceed one hundred eighty
(180) days, or such other period as may be requested by the Company or an underwriter to
accommodate regulatory restrictions on (1) the publication or other distribution of research
reports and (2) analyst recommendations and opinions, including, but not limited to, the
restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions
or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or
contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant
to purchase; or otherwise transfer or dispose of, directly or indirectly, any Shares or any
securities convertible into or exercisable or exchangeable (directly or indirectly) for Shares held
immediately before the effective date of the registration statement for such offering or (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of such securities, whether any such transaction described in
clause (i) or (ii) above is to be settled by delivery of Shares or other securities, in cash, or
otherwise. The foregoing provisions of this Subsection 11.9 shall be applicable to the
Participants only if all officers, Directors and stockholders individually owning more than one
percent (1%) of the Company’s outstanding Shares (after giving effect to conversion into Shares of
all outstanding Class A Common Stock and Class B Common Stock) are subject to the same
restrictions. The underwriters in connection with such registration are intended third party
beneficiaries of this Subsection 11.9 and shall have the right, power, and authority to enforce the
provisions hereof as though they were a party hereto. Each Participant further agrees to execute
such agreements as may be reasonably requested by the underwriters in connection with such
registration that are consistent with this Subsection 11.9 or that are necessary to give further
effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such
agreements by the Company or the underwriters shall apply pro rata to all Participants and other
stockholders subject to such agreements, based on the number of shares subject to such agreements.

     11.10 Other Provisions in Award Agreements. In addition to the provisions described
in the Plan, any Award Agreement may include such other provisions (whether or not applicable to
the Award of any other Participant) as the Committee determines appropriate, including restrictions
on resale or other disposition, rights of the Company to repurchase Shares or Shares underlying
Awards, provisions with respect to the treatment and/or forfeiture of Awards in the event that a
Participant breaches any confidentiality, non-competition, non-solicitation or other restrictive
covenant, and provisions to comply with Applicable Laws. Without limiting any other express
authority of the Committee under (but subject to) the express limits of the Plan, the Committee may
waive conditions of or limitations on Awards to Participants that the Committee

- 23 -

 

in the prior exercise of its discretion had imposed, without the Participant’s consent, and
may make other changes to the terms and conditions of Awards.

     11.11 Accelerated Vesting upon a Deemed Liquidation Event. Except as otherwise
determined by the Committee in accordance with Section 2.2(b) and as set forth in an applicable
Award Agreement or under a Participant’s employment agreement with the Employer, in the event an
Employer (or a successor) terminates a Participant’s employment without Cause or a Participant
terminates his employment for Good Reason, in either case, within a twelve (12) month period
following a Deemed Liquidation Event, (a) all outstanding Stock Options and Stock Appreciation
Rights held by such Participant shall become vested and exercisable; (b) all restrictions on
Restricted Shares and Restricted Share Units held by such Participant shall lapse; and (c) all
other equity-based Awards and cash Awards held by such Participant, shall vest and be delivered or
paid, as applicable, and Restricted Share Units held by such Participant shall be settled.
Notwithstanding the foregoing and except as otherwise set forth in an applicable Award Agreement or
under a Participant’s employment agreement with the Employer, in the event a Participant holds an
Award that is subject to vesting conditions based on the Company’s performance, there shall be no
accelerated vesting or lapse in vesting restrictions due solely to the Deemed Liquidation Event.
All determinations hereunder shall be made by the Committee in its sole discretion.

     11.12 Non-Competition and Non-Solicitation Covenants. The Participant’s prior
execution of an Employee Noncompetition, Nonsolicitation, Inventions and Confidentiality Agreement
(or similar agreement) and confirmation of Participant’s obligations thereunder is a material
inducement for the Company’s grant of any Award under the Plan. Shares awarded under the Plan
shall be subject to forfeiture as a result of the Participant’s violation of any Employee
Noncompetition, Nonsolicitation, Inventions and Confidentiality Agreement (or similar agreement),
regardless of whether such agreement is later determined to be unenforceable.

     11.13 Section 16 of the Exchange Act. It is the intent of the Company that Awards and
transactions permitted by Awards be interpreted in a manner that, in the case of Participants who
are or may be subject to Section 16 of the Exchange Act, qualify, to the maximum extent compatible
with the express terms of the Awards, for the exemption from liability provided in Rule 16b-3
promulgated under the Exchange Act. The Company shall have no liability to any Participant or
other person for Section 16 consequences of Awards or events in connection with Awards if an Award
or related event does not so qualify. The provisions of this Section 11.13 shall only be
applicable following the initial public offering of the Company.

     11.14 Not Benefit Plan Compensation. Payments and other benefits received by a
Participant under an Award made pursuant to the Plan shall not be deemed a part of a Participant’s
compensation for purposes of determining the Participant’s benefits under any other employee
benefit plans or arrangements provided by the Company or an Affiliate, except where the Committee
expressly provides otherwise in writing.

- 24 -

 

ARTICLE 12

Term, Amendment, and Termination of Plan

     12.1 Term of Plan. The Plan shall become effective on the Effective Date.

     12.2 Termination. The Plan shall terminate upon the earliest to occur of (i) the
tenth anniversary of Board approval of the Plan; (ii) the date on which all Shares available for
issuance under the Plan have been issued as fully vested Shares; or (iii) an earlier date
determined by the Board pursuant to its authority under Section 12.3 of the Plan.

     12.3 Amendment. Subject to Section 12.4 of the Plan, the Board or the Committee may
at any time amend, alter, suspend, or terminate the Plan, without the consent of the Participants
or Beneficiaries. The Company shall obtain stockholder approval of any Plan amendment to the
extent necessary to comply with Applicable Laws.

     12.4 Effect of Amendment or Termination. No amendment, alteration, suspension, or
termination of the Plan shall impair the rights of any Participant or Beneficiary under an
outstanding Award, unless required to comply with an Applicable Law or mutually agreed otherwise
between the Participant and the Committee; any such agreement must be in writing and signed by the
Participant and the Company. Termination of the Plan shall not affect the Committee’s ability to
exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to
the date of such termination.

ARTICLE 13

Miscellaneous

     13.1 Participation by Affiliates. An Affiliate may become a participating employer by
adopting the Plan and obtaining approval for such adoption from the Board. By adopting the Plan,
an Affiliate shall be deemed to agree to all of its terms, including (but not limited to) the
provisions granting exclusive authority (a) to the Board to amend the Plan, and (b) to the
Committee to administer and interpret the Plan. Any Affiliate may terminate its participation in
the Plan at any time. The liabilities incurred under the Plan to the Participants who are employed
by, or performing services for, an Affiliate shall be solely the liabilities of that Affiliate.

     13.2 Authorization of Sub-Plans. The Committee may from time to time establish one or
more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities, and/or
tax laws of various jurisdictions. The Committee shall establish such sub-plans by adopting
supplements to the Plan containing (i) such limitations as the Committee deems necessary or
desirable, and (ii) such additional terms and conditions not otherwise inconsistent with the Plan
as the Committee shall deem necessary or desirable. All sub-plans adopted by the Committee shall
be deemed to be part of the Plan, but each sub-plan shall apply only to Participants within the
affected jurisdiction and the Company shall not be required to provide copies of any sub-plans to
Participants in any jurisdiction which is not the subject of such sub-plan.

     13.3 Governing Law. The provisions of the Plan and all Awards made hereunder shall be
governed by and interpreted in accordance with the laws of the Commonwealth of Massachusetts,
regardless of the laws that might otherwise govern under any state’s applicable principles of
conflicts of laws.

     13.4 Committee Manner of Action. Unless otherwise provided in the bylaws of the
Company or the charter of the Committee: (a) a majority of the members of a Committee shall

- 25 -

 

constitute a quorum, and (b) the vote of a majority of the members present who are qualified
to act on a question assuming the presence of a quorum or the unanimous written consent of the
members of the Committee shall constitute action by the Committee. The Committee may delegate the
performance of ministerial functions in connection with the Plan to such person or persons as the
Committee may select.

     13.5 Expenses. The costs of administering the Plan shall be paid by the Company.

     13.6 Severability. If any provision of the Plan, an Award or an Award Agreement is
determined by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any
jurisdiction, or as to any person or Award, such provision shall be construed or deemed to be
amended to resolve the applicable infirmity, unless the Committee determines that it cannot be so
construed or deemed amended without materially altering the Plan or the Award, in which case such
provision shall be stricken as to such jurisdiction, person, or Award, and the remainder of the
Plan and any such Award shall remain in full force and effect.

     13.7 No Trust or Fund Created. Neither the Plan nor any Award Agreement shall create
or be construed to create a trust or separate fund of any kind or a fiduciary relationship between
the Company (or an Affiliate) and a Participant or any other person. To the extent that any person
acquires a right to receive payments from the Company (or an Affiliate) pursuant to an Award, such
right shall be no more secure than the right of any unsecured general creditor of the Company (or
the Affiliate, as applicable).

     13.8 Headings. Headings are given to the sections and subsections of the Plan solely
as a convenience to facilitate reference. Such headings shall not be deemed in any way material or
relevant to the construction or interpretation of the Plan or any provision thereof.

     13.9 Complete Statement of Plan. This document is a complete statement of the Plan.

     13.10 Compliance with Section 162(m).

               (a) Transition. Notwithstanding any other provision of this Plan to the contrary,
prior to the Registration Date and during the Transition Period, the provisions of this Plan
requiring compliance with Section 162(m) of the Code for Awards intended to qualify as
“performance-based compensation” shall only apply to the extent required by Section 162(m) of the
Code. This Plan is intended to be subject to the relief set forth in Treasury Regulation Section
1.162-27(f)(1) and shall be interpreted accordingly during the Transition Period.

               (b) Shareholder Approval. Awards that are intended to be issued as Qualified
Performance-Based Awards after the end of the Transition Period shall be subject to majority
stockholder approval under Section 162(m) of the Code and the Treasury Regulations promulgated
thereunder. All Qualified Performance-Based Awards and the provisions hereunder applicable to such
Awards shall be interpreted consistent with the requirements of Section 162(m).

[Signature Page to Follow]

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     IN WITNESS WHEREOF, the Company has caused this Plan to be executed in its name and behalf
this ____ day of _________ 2011, by its duly authorized officer, effective as of that same date.

MYRIANT CORPORATION

	 	 	 	 	 

	By:
	 	 	 	 
	 

	 	 

Stephen J. Gatto, President and Chief Executive Officer
	 	 
	 
	 	 	 	 
	Witness:	 	 
	 
	 	 	 	 
	By:

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