Document:

Letter Agreement

 Exhibit 10.26 
 December 15, 2004 
 David L. Day, Director, 
 Office of Technology Licensing 
 University of Florida 
 Bldg 981 Museum Road 
 Box 115500 
 Gainesville, Florida 32611 
 Dear Mr. Day: 
 BC
International (BCI) requests that BCI and the University of Florida Research Foundation (UFRFI) enter into an agreement whereby certain terms of the Amended and Restated License Agreement dated as of October, 1995 are revised as follows: 

 

	 	1.	Paragraph 3.2 (d) requires payment by BCI to UFRFI if certain time requirements are not met regarding the commencement of construction of a facility. [***] due to UFRFI under
this requirement. Paragraph 3.2 (d) would be revised to align the timing of this requirement with BCI’s current timetable. The $[***] would not be [***] due. If BCI does not close on corporate financing providing gross proceeds of at
least $[***] by [***], the payment will become due immediately, and will be increased to $[***]. Furthermore, if BCI meets this first milestone but has not closed on a second corporate investment providing gross proceeds of at least $[***] by [***],
the payment will become due immediately, and will be increased to $[***]. If both milestones are met, no payment will be due and payment of this amount will be waived. 

  

	 	2.	Paragraph 3.2 (e) requires payment by BCI to UFRFI annually if it is not producing ethanol within a certain timeframe. Currently, $[***] will be due on [***] under this
requirement. Paragraph 3.2 (e) would be revised to align the timing of this requirement with BCI’s current timetable. If BCI does not close on corporate financing providing gross proceeds of at least $[***] by [***], the payment will
become due immediately, and will be increased to $[***]. If BCI meets this first milestone but has not closed on a second corporate investment providing gross proceeds of at least $[***] by [***], the payment will become due immediately, and will be
increased to $[***]. If BCI has not completed a project by [***], the [***] payments under Paragraph 3.2(e) will become due, each increased to $[***] for a total of $[***]. 

	***	CONFIDENTIAL TREATMENT REQUESTED. INFORMATION FILED SEPARATELY WITH THE COMMISSION 

 By signing below you agree to the terms of this offer and agree to enter into good faith efforts to develop and sign an
amendment to the License Agreement to implement the foregoing. 
  

	
	 Sincerely,

	
	 /s/ Robert J. Johnsen

	Robert J. Johnsen,
	President and Chief Executive Officer

  

			
	 Agreed to:

	
	 UNIVERSITY OF FLORIDA RESEARCH FOUNDATION

		
	 By:
	 	/s/ David L. Day
	 Name:
	 	  
	 Title:
	 	  

  

 -2-Research Agreement

 Exhibit 10.27 
 RESEARCH AGREEMENT 
 THIS AGREEMENT effective this 20 day of December, 2004 by and between BC INTERNATIONAL
CORPORATION, with offices located at 980 Washington Street, Suite 122, Dedham, MA 02026, (hereinafter referred to as “Sponsor”) and the UNIVERSITY OF FLORIDA BOARD OF TRUSTEES, an educational institution of the State
of Florida (“University”). 
 WITNESSETH: 
 WHEREAS, the research program contemplated by this Agreement is of mutual interest and benefit to University and to Sponsor, will further the instructional and research objectives of University in a manner consistent
with its status as a non-profit, tax-exempt, educational institution, and may derive benefits for both Sponsor and University through inventions, improvements and/or discoveries; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree to the following: 
 Article 1—Definitions 
 As used herein, the following terms shall have the following meanings: 
  

	1.1	“Contract Period” is [***] through [***], subject to renewal as provided in Section 10.1 below. 

  

	1.2	“License Agreement” means the Amended and Restated License Agreement dated October 26, 1995 between UFRFI and the Sponsor (as successor-in-interest to BioEnergy
International, L.C.), as amended to date. A copy of the License Agreement is attached hereto as Appendix A. 

  

	1.3	“Project” shall mean the description of the project described in Appendix B hereof, under the direction of Dr. Lonnie O. Ingram, as principal investigator
(University project director). 

  

	1.4	“Research Group” is a term employed for convenience in this Agreement and shall include within its definition both UFRFI and the University wherein the terms and
conditions of the various Articles herein in which the Research Group is a named party shall have applicability to both University and UFRFI. 

  

	1.5	“UFRFI” means the University of Florida Research Foundation, Inc. 

	***	CONFIDENTIAL TREATMENT REQUESTED. INFORMATION FILED SEPARATELY WITH THE COMMISSION 

	1.6	“University Intellectual Property” shall mean individually and collectively all inventions, improvements and/or discoveries which are conceived and/or made by one or more
employees of University in performance of Project. 

 Article 2—Research Work 
  

	2.1	University shall use reasonable efforts to perform such Project substantially in accordance with the terms and conditions of this Agreement. Anything in this Agreement to the
contrary notwithstanding, Sponsor and University may at any time amend Project by mutual written agreement. 

  

	2.2	In the event that the Principal Investigator becomes unable or unwilling to continue Project, and a mutually acceptable substitute is not available, University and/or Sponsor shall
have the option to terminate said Project. 

 Article 3—Reports and Conferences 
  

	3.1	Written program reports shall be provided by University to Sponsor quarterly, and a final report shall be submitted by University within forty-five (45) days of the conclusion
of the Contract Period, or early termination of this Agreement. 

  

	3.2	During the term of this Agreement, representatives of University will meet with representatives of Sponsor at times and places mutually agreed upon to discuss the progress and
results, as well as ongoing plans, or changes therein, of Project to be performed hereunder. 

 Article 4—Costs, Billings and Other
Support 
  

	4.1	It is agreed to and understood by the parties hereto that, subject to Article 2, the total cost to Sponsor hereunder shall be $[***], payable in equal monthly installments. The
first installment will be due [***] and payment of subsequent installments shall be due on the first business day of the applicable month. These payments include an overhead rate of [***]%. Upon the Company’s closing on second traunch of the VC
Financing, expected to occur at the [***], the balance of payments due will be paid in full. 

 Article 5—Publicity 
  

	5.1	Sponsor will not use the name of University, nor of any member of University’s Project staff, in any publicity, advertising, or news release without the prior written approval
of an authorized representative of University. University will not use the name of Sponsor, nor any employee of Sponsor, in any publicity without the prior written approval of Sponsor. 

	***	CONFIDENTIAL TREATMENT REQUESTED. INFORMATION FILED SEPARATELY WITH THE COMMISSION 

  

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 Article 6—Publications 
  

	6.1	Sponsor recognizes that under University policy, the results of University research must be publishable and agrees that Researchers engaged in Project shall be permitted to present
at symposia, national, or regional professional meetings, and to publish in journals, theses or dissertations, or otherwise of their own choosing, methods and results of Project, provided, however, that Sponsor shall have been furnished copies of
any proposed publication or presentation at least three (3) months in advance of the submission of such proposed publication or presentation to a journal, editor, or other third party. Sponsor shall have three (3) months, after receipt of
said copies, to object to such proposed presentation or proposed publication because there is patentable subject matter which needs protection. In the event that Sponsor makes such objection, said Researcher(s) shall refrain from making such
publication or presentation for a maximum of three (3) months from date of receipt of such objection in order for University to file patent application(s) with the United States Patent and Trademark Office and/or foreign patent office(s)
directed to the patentable subject matter contained in the proposed publication or presentation. 

 Article 7—Non-Disclosure

 The provisions of the Reciprocal Non-Disclosure Agreement attached as Appendix C are a part of this Agreement and the provisions
thereof shall survive the expiration or any termination of this Agreement. 
 Article 8—Intellectual Property 
  

	8.1	All rights and title to University Intellectual Property under Project shall belong to University and shall be subject to the terms and conditions of this Agreement, including the
option regarding the License Agreement as provided in Section 9.2 below. 

  

	8.2	Rights to inventions, improvements and/or discoveries, whether patentable or copyrightable or not, relating to Project made solely by employees of Sponsor shall belong to Sponsor.
Such inventions, improvements, and/or discoveries shall not be subject to the terms and conditions of this Agreement. 

  

	8.3	University shall promptly notify Sponsor, in writing, if requested, and in such detail as reasonably requested, of any University Intellectual Property conceived and/or made during
the Contract Period under Project. If Sponsor directs that a patent application or application for other intellectual property protection be filed, the Research Group and Sponsor shall use the procedure set forth in Article VI of the License
Agreement. Within sixty (60) days of any disclosure of University Intellectual Property to Sponsor, Sponsor shall advise the University as to whether or not Sponsor will bear the cost of protecting the University Intellectual Property. Any
portion of University Intellectual Property so disclosed which Sponsor declines to bear the cost of protecting shall remain the property of the University, and Sponsor shall have no rights thereto under this Agreement, including under the option
regarding the License Agreement as provided in Section 9.2 below. 

  

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	8.4	If Sponsor decides to discontinue the financial support of the prosecution or maintenance of any patents with respect to University Intellectual Property developed in connection
with the Project, University shall be free to file or continue prosecution or maintain any such application(s), and to maintain any protection issuing thereon in the U.S. and in any foreign country at University’s sole expense and University
shall be free to license said applications or patents to third parties. 

 Article 9—Grant of Rights 
  

	9.1	University acknowledges that simultaneously herewith Sponsor is entering into an Option Agreement with UFRFI in the form of Appendix D hereto. 

  

	9.2	The University hereby grants Sponsor the first option to license any University Intellectual Property under the terms and conditions of the License Agreement attached as Appendix
A. The option shall extend for a period of [***] from the date of the applicable disclosure to Sponsor pursuant to Section 8.3 above. If the option is exercised, such University Intellectual Property shall be added to the Licensed Subject
Matter as defined in the License Agreement, and such addition shall not increase royalty rates or fees set forth in Article IV of the License Agreement within the field of use of ethanol production provided under the License Agreement.

  

	9.3	University grants Sponsor the first option to obtain for consideration a non-exclusive license or an exclusive license with a right to sublicense, on terms and conditions to be
mutually agreed upon, for any University Intellectual Property conceived and/or made during the Contract Period under the Project that does not come within the scope of the Licensed Subject Matter. The option shall extend for a period of [***] from
the date of the applicable disclosure to Sponsor pursuant to Section 8.3 above. 

 Article 10—Term and Termination 

 

	10.1	This Agreement shall become effective upon the date first hereinabove written and shall continue in effect for the full duration of the Contract Period unless sooner terminated in
accordance with the provisions of this Article. The parties hereto may, however, extend the term of this Agreement for additional periods as desired under mutually agreeable terms and conditions which the parties reduce to writing and sign.

	***	CONFIDENTIAL TREATMENT REQUESTED. INFORMATION FILED SEPARATELY WITH THE COMMISSION 

  

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	10.2	In the event that either party hereto shall commit any material breach of or default in any of the terms or conditions of this Agreement, and also shall fail to substantially remedy
such default or breach within ninety (90) days after receipt of written notice thereof from the other party hereto, the party giving notice may, at this option and in addition to any other remedies which it may have at law or in equity,
terminate this Agreement by sending notice of termination in writing to the other party to such effect, and such termination shall be effective as of the date of the receipt of such notice. 

  

	10.3	Subject to Article 9, termination of this Agreement by either party for any reason shall not affect the rights and obligations of the parties accrued prior to the effective date of
termination of this Agreement. No termination of this Agreement, however effectuated, shall affect the Sponsor’s rights and duties under Article 8 hereof, or release the parties hereto from their rights and obligations under Articles 4, 5, 6,
7, 8, 9 and 11. 

 Article 11—Independent Contractor 
  

	11.1	In the performance of all services hereunder: 

  

	 	11.1.1	University shall be deemed to be and shall be an independent contractor and, as such, University shall not be entitled to any benefits applicable to employees of Sponsor;

  

	 	11.1.2	Neither party is authorized or empowered to act as agent for the other for any purpose and shall not on behalf of the other enter into any contract, warranty, or representation as
to any matter. Neither shall be bound by the acts or conduct of the other. 

 Article 12—Insurance 
  

	12.1	University warrants and represents that University has adequate liability insurance, such protection being applicable to officers, employees, and agents while acting within the
scope of their employment by University, and University has no liability insurance policy as such that can extend protection to any other person. 

  

	12.2	Each party hereby assumes any and all risks of personal injury and property damage attributable to the negligent acts or omissions of that party and the officers, employees, and
agents thereof. 

 Article 13—Governing Law 
  

	13.1	This Agreement shall be governed and construed in accordance with the laws of the State of Florida. 

 Article 14—Assignment 
  

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	14.1	This Agreement shall not be assigned by either party without the prior written consent of the parties hereto and except as provided in Section 14.2 below.

  

	14.2	This Agreement is assignable (i) to any division of Sponsor, any majority stockholder of Sponsor, and/or any subsidiary of Sponsor in which 51 percent of the outstanding stock
is owned by Sponsor and (ii) to any entity acquiring all or substantially all of the Sponsor’s assets, subject, in the case of this clause (ii), to receiving University’s consent, which will not be unreasonably withheld.

 Article 15—Agreement Modification 
  

	15.1	Any agreement to change the terms of this Agreement in any way shall be valid only if the change is made in writing and approved by mutual agreement of authorized representatives of
the parties hereto. 

 Article 16—Notices 
  

	16.1	Notices, invoices, communications, and payments hereunder shall be deemed made if given by registered or certified envelope, postage prepaid, and addressed to the party to receive
such notice, invoice, or communication at the address given below, or such other address as may hereafter be designated by notice in writing: 

 If to Sponsor: 
  

	
	BC International Corporation
	980 Washington Street
	Suite 122
	Dedham, MA 02026
	Attention: President

 If to University: 
  

	
	Dr. Thomas E. Walsh, Director
	Sponsored Research
	University of Florida
	219 Grinter Hall
	Gainesville, FL 32611-2037

  

 6 

 If Technical Matter: 
 Dr. Lonnie O. Ingram 
 3132
NW 57th Terrace 
 Gainesville, FL 32606 
  

 7 

 IN WITNESS WHEREOF, the parties have caused these presents to be executed in duplicate as of the day and year above
written. 
  

									
	BC INTERNATIONAL CORPORATION	 		 	UNIVERSITY OF FLORIDA
					
	By:	 	/s/ Robert J. Johnsen	 		 	By:	 	/s/ Thomas Walsh
	Name:	 	Robert J. Johnsen	 		 	Name:	 	Thomas Walsh
	Title:	 	President & CEO	 		 	Title:	 	Director of Sponsored Research

  

			
	 Section 9.2 is acknowledged and agreed to:

	
	 UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

		
	By:	 	/s/ David L. Day
	Name:	 	  

	Title:	 	  

  

 8 

 APPENDIX A 
 License Agreement 

 APPENDIX B 
 Project Description 
 The Principal Investigator, Dr. Lonnie O. Ingram, and others working
under his direction, shall continue research in Dr. Ingram’s laboratory for the continued development of [***] with the following scope: The field of [***] and processes for the production of ethanol [***]; the product of these organisms
or the production of useful products or processes involving the use of these organisms for the production of ethanol; [***] as they relate to the technologies described above, and the practical commercialization of the technology describe above.

  

  

	***	CONFIDENTIAL TREATMENT REQUESTED. INFORMATION SEPARATELY FILED WITH THE COMMISSION 

 APPENDIX C 
 Reciprocal Non-Disclosure Agreement 
 APPENDIX D 
 Option Agreement 

 Exhibit 10.27 (cont) 
 Amendment No. 1 
 To the 
 RESEARCH AGREEMENT 
 THIS Research Agreement (RA) effective this 20th day of December,
2004 by and between BC INTERNATIONAL CORPORATION, with offices located at 980 Washington Street, Suite 122, Dedham, MA 02026, (hereinafter referred to as "Sponsor") and the UNIVERSITY OF FLORIDA BOARD OF TRUSTEES, an
educational institution of the State of Florida (“University”). 
 The preamble shall be modified to change the “Sponsor”
name to: CELUNOL CORP...980 Washington Street, Suite 122, Dedham, MA 02026-6704... 
 Article 1—Definitions 
 As used herein, the following terms shall have the following meanings: 
  

	1.1	"Contract Period" is [***] through [***], subject to renewal as provided in Section 10.1 below. The “Contract Period” is modified to include the first renewal period
to: [***] through [***] to reflect a renewal period. 

  

	1.3	"Project" shall mean the description of the project described in Appendix A hereof, under the direction of Dr. Lonnie O. Ingram, as principal investigator
(University project director) is modified to include an Appendix A for the first renewal period [***] through [***]. 

 Article
4—Costs, Billings and Other Support 
  

	4.1	It is agreed to and understood by the parties hereto that, subject to Article 2, the total cost to Sponsor for the Initial Funding Period ([***]) is $[***] hereunder shall be
increased by $[***] for the first renewal contract period ([***]). The current total amount of the contract shall not exceed the sum of $[***] payable in equal monthly installments due on the first business day of the applicable month.

 *** CONFIDENTIAL TREATMENT REQUESTED. INFORMATION FILED SEPARATELY WITH THE COMMISSION 
  

 Article 16—Notices 
  

	16.1	If to Sponsor modify from BC International Corporation to: 

 Celunol Corp 
 980 Washington Street 
 Suite 122 
 Dedham, MA 02026 
 Attention: President 
 If to University: 
 Oliverne M. “Vimi” Mattson, MA 
 Research Coordinator 
 IFAS Sponsored Programs 
 University of
Florida-IFAS 
 G022 McCarty Hall ‘D’ Bldg 498 
 PO BOX 110110 
 Gainesville, FL 32611-0110 
 Telephone: (352) 392-2356 x27 
 Tax:
(352) 392-8479 
 Email: omm@ifas.ufl.edu 
 IN WITNESS WHEREOF, the parties have caused these presents to be executed in duplicate as of the day and year above written. 
  

									
		 		 		 		 	UNIVERSITY OF FLORIDA
					
		 	 /s/ John R. Malloy, Jr.
	 		 		 	/s/ Brandi K. Boniface
		 	 Name: John R. Malloy, Jr.
 Title: Executive Vice
President
	 		 		 	 By: Brandi K. Boniface
 Title: Assistant Director of
Research

  

 Appendix A for the first renewal period [***] 
 Project Description 
 The Principal
Investigator, Dr. Lonnie O. Ingram, and others working under his direction, shall continue research in Dr. Ingram’s laboratory for the continued development of [***] with the following scope for this renewal period: 

 

	 	1.	[***]. 

  

	 	2.	[***]. 

  

	 	3.	Further improvements in the [***]. 

  

	 	4.	Further improvements in [***]. 

  

	 	5.	Work by [***] and Lonnie Ingram on [***]. 

  

	 	6.	Work by [***] and Lonnie Ingram on [***]. 

 *** CONFIDENTIAL TREATMENT
REQUESTED. INFORMATION FILED SEPARATELY WITH THE COMMISSION 
  

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