Document:

EX-10.1

 Exhibit 10.1 

WAIVER AND THIRD AMENDING AGREEMENT 

TO LOAN AGREEMENT 

THIS WAIVER AND THIRD AMENDING AGREEMENT (this “Agreement”) is made as of September 26, 2017 

AMONG: 
 BIOAMBER SARNIA INC. 

as Borrower 
 - and - 

THE LENDERS PARTY HERETO 

- and - 
 COMERICA BANK

 as Agent 
 BACKGROUND 

WHEREAS pursuant to a loan agreement dated as of June 20, 2014 (as amended by a waiver and first amending agreement
dated May 12, 2015 and by a waiver, consent and second amending agreement made as of August 9, 2016) among the parties hereto, the Lenders agreed to make certain credit facilities available to the Borrower for the purposes set forth
therein on and subject to the terms and conditions set forth therein (the “Loan Agreement”). 
 AND
WHEREAS the Borrower has requested the Secured Parties to grant certain waivers under and to agree to certain amendments of the Loan Agreement as set out in this Agreement, all pursuant to Sections 11.18 and 12.19 of the Loan Agreement, and the
Secured Parties are prepared to grant the waivers and agree to amend certain provisions of the Loan Agreement all as set out in this Agreement and on and subject to the terms and conditions set out in this Agreement. 

 NOW THEREFORE in consideration of the mutual obligations contained herein
and for other consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows: 
 ARTICLE 1

 INTERPRETATION 
  

	1.1	 Definitions 

Unless otherwise defined herein, words and expressions defined or given extended meanings in the Loan Agreement are used with
the same respective defined or extended meanings in this Agreement. In addition, words and expressions defined in Article 3 are used with the same respective defined or extended meanings elsewhere in this Agreement. 

 

	1.2	 Reference to Agreements 

Each reference in this Agreement to any agreement or document (including this Agreement and any other defined term that is an
agreement) shall be construed so as to include such agreement or document (including any attached schedules, appendices and exhibits) and each change thereto made at or before the time in question. 

 

	1.3	 Headings, etc. 

The division of this Agreement into Articles, Sections and Subsections and the insertion of headings are for the convenience of
reference only and shall not affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof”, “hereunder” and similar expressions refer to this Agreement and not to
any particular Article, Section, Subsection, paragraph, subparagraph, clause or other portion of this Agreement. The Annexes attached hereto form an integral part of this Agreement. 

 

	1.4	 Grammatical Variations 

In this Agreement, unless the context otherwise requires, (a) words and expressions (including words and expressions
(capitalized or not) defined, given extended meanings or incorporated by reference herein) in the singular include the plural and vice versa (the necessary changes being made to fit the context), (b) words in one gender include all
genders and (c) grammatical variations of words and expressions (capitalized or not) which are defined, given extended meanings or incorporated by reference in this Agreement shall be construed in like manner. 

ARTICLE 2 
 WAIVER

  

	2.1	 Waiver 

Subject to Article 4, the Secured Parties party hereto, constituting the Agent and all of the Lenders, hereby waive
(collectively, the “Waivers”): 
  

	 	(a)	 non-compliance with the representation and warranty set out in
Section 8.1.8 of the Loan Agreement and with the covenant set out in Section 9.1.1(a) of the Loan Agreement but solely in respect of the representation, warranty and covenant that the audited consolidated financial statements of BioAmber
for the fiscal year ended December 31, 2016 do not contain any Impermissible Qualification; 

  

	 	(b)	 non-compliance by the Borrower with the covenants and agreements set
out in Section 9.2.2 of the Loan Agreement for the months of October, November and December of 2016; and 

  

	 	(c)	 non-compliance by the Borrower with the covenants and agreements set
out in Section 9.2.3 of the Loan Agreement for (i) January and February 2017 and (ii) for the period commencing on March 1, 2017 and ending on the MCC Adjustment Date (as defined in Section 3.1(q)) provided that during such
period the Borrower shall at all time maintain a Minimum Cash Balance of not less than $2,000,000. 

 The
Waivers are only in respect of those matters expressly referred to in paragraphs (a), (b) and (c) of this Section 2.1 and shall not in any way be construed as a consent to, or a waiver of, any other condition, matter or provision relating
to, or contained in, the Loan Agreement or any other Secured Document. 

  
 - 2 - 

	2.2	 Validity 

The Waivers shall be void and of no force and effect if any of the conditions set forth in Article 4 are not satisfied,
fulfilled or otherwise met to the satisfaction of all of the Secured Parties, in which event the Secured Parties shall be deemed never to have given the Waivers. 

ARTICLE 3 

AMENDMENTS 
  

	3.1	 Amendments 

Subject to Article 4 of this Agreement, the Loan Agreement is hereby amended as follows: 

 

	 	(a)	 Section 1.1 of the Loan Agreement is amended by adding the following definitions in the correct
alphabetical order: 

 ““2017 Principal Payment Holiday Period” means the period
commencing on January 1, 2017 and ending on December 31, 2017. 
 “BioAmber Subordination
Agreement” means the subordination agreement made as of May 12, 2015 among BioAmber, the Borrower and the Agent, as amended by an amending agreement made as of August 9, 2016. 

“DSCR Compliance” means, from and after June 30, 2018, in respect of any proposed payment (whether on
account of principal, interest, premium, tax gross-up, indemnification, royalties, commission, fees, expenses or otherwise), including (a) any proposed BDC Permitted Debt Payments and/or (b) any
proposed payment of fees, commissions or other amounts that is permitted under and satisfies each of the terms and conditions set out in the clauses (iv), (vii), (viii) and (ix) of Section 5.6.3(j), as applicable, in each case the Debt
Service Coverage Ratio immediately before such proposed payment is paid and after giving effect to such proposed payment is equal to or greater than 1.75:1 for the Test Period ending immediately prior to the Fiscal Quarter in which such proposed
payment is paid. 
 “Government Funding Permitted Debt Payments” means: 

 

	 	(a)	 scheduled principal payments and interest payments under the Government Funding Agreements (excluding the PI
Contribution Agreement and the SJIF Loan Agreement) then due and payable, provided that no payments in respect of principal amount (including, scheduled payments and, accretion, to the extent applicable, to such principal amount due to the accrual
of interest which is not paid but rather which is added to such principal amount) under or in connection with the Government Funding Agreements (excluding the PI Contribution Agreement, the SJIF Loan Agreement and the SCA Debenture) shall directly
or indirectly be paid by the Borrower or received and retained by any of the Government Funding Entities (excluding the PI Lender, the SJIF Lender and SCA) in cash or other property or by set-off or any other
manner during the 2017 Principal Payment Holiday Period; 

  

	 	(b)	 scheduled principal payments and interest payments under the PI Contribution Agreement then due and payable,
provided that no payments in respect of principal amount (including, scheduled payments and, accretion, to the extent applicable, to such principal amount due to the accrual of interest which is not paid but rather which is added to such principal
amount) under or in connection with the PI Contribution Agreement shall directly or indirectly be paid by the Borrower or received and retained by the PI Lender in cash or other property or by set-off or any

  
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other manner during the PI Principal Payment Adjustment Period, except that the Borrower may pay to the PI Lender under the PI Contribution Agreement the monthly principal amounts as indicated in
the PI Amending Agreement #5 during the PI Principal Payment Adjustment Period, provided that (i) no Default or Event of Default has occurred and is continuing at the time of each such proposed principal payment or could reasonably be expected
to occur after giving effect to each such principal payment and (ii) there is DSCR Compliance in respect of each such principal payment; and 

  

	 	(c)	 SJIF Permitted Debt Payments. 

“LA Principal Payment Holiday Period” means the period commencing on March 31, 2017 and ending on
March 30, 2018. 
 “Management & Administrative Support Arrangement” has the
defined meaning assigned to it in Section 5.6.3(j)(vii). 
 “Mitsui Billing Services Agreement” means
the billing services agreement dated February 2, 2016 between Mitsui and the Borrower. 
 “Mitsui
Canada” means Mitsui & Co. (Canada) Ltd., existing as a corporation under the laws of Canada. 

“Mitsui Canada Service Agreement” means the amended and restated service agreement dated August 31, 2016
between Mitsui Canada and the Borrower, replacing the service agreement dated July 14, 2014 between Mitsui Canada and the Borrower. 

“Mitsui Indemnity Agreement” has the defined meaning assigned to in Section 9.4.3.31. 

“Mitsui Mutual Release” has the defined meaning assigned to in Section 9.4.3.31. 

“Mitsui Sale Agreements” has the defined meaning assigned to in Section 9.4.3.31 

“Mitsui Security Agreement” has the defined meaning assigned to in Section 9.4.3.31. 

“Mitsui Share Purchase Agreement” has the defined meaning assigned to in Section 9.4.3.31. 

“Mitsui Subordination Agreement” means the subordination agreement made as of May 12, 2015 among Mitsui,
the Borrower and the Agent, as consented to by a consent made as of August 9, 2016. 
 “November 2016
Consent” means the consent dated November 3, 2016 among the Borrower, BioAmber, the Agent and the Lenders. 

“PI Amending Agreement #5” means the amending agreement #5 dated March 16, 2017 between the Borrower and
the PI Lender with respect to the PI Contribution Agreement. 
 “PI Principal Payment Adjustment Period”
means the period commencing on January 1, 2017 and ending on March 1, 2019. 
 “Second Amended and Restated
JVA” means the second amended and restated joint venture agreement dated as of February 15, 2016 among BioAmber, BioAmber Luxco, Mitsui, and the Borrower. 

  
 - 4 - 

 “SJIF Permitted Debt Payments” means any Permitted Subordinated
Debt Interest Payments and Permitted Subordinated Debt Principal Payments (as each such term is defined in the SJIF Intercreditor Agreement) provided that (i) such Permitted Subordinated Debt Interest Payments and Permitted Subordinated Debt
Principal Payments is permitted pursuant to the terms of the SJIF Intercreditor Agreement and (ii) no Permitted Subordinated Debt Principal Payments shall be made by the Borrower to the SJIF Lender during the 2017 Principal Payment Holiday
Period.” 
 “Sponsor Permitted Agreements” means (i) the BioAmber Guarantee Fee Agreements,
(iii) the Mitsui Guarantee Fee Agreements, (ii) the BioAmber Marketing and Sales Agreement, (iii) the Mitsui Marketing and Sales Agreement, (iv) the Mitsui Billing Services Agreement, (v) the Management &
Administrative Support Arrangement, and (vi) such other agreements which the Lenders may consent to as being Excluded Agreements (as defined in each of the BioAmber Subordination Agreement and the Mitsui Subordination Agreement).” 

 

	 	(b)	 The definition of “BDC Permitted Debt Payments” in Section 1.1 of the Loan Agreement is amended
by deleting it in its entirety and replacing it with the following: 

 ““BDC Permitted Debt
Payments” means any payment by the Borrower to BDC in respect of the BDC Debt in accordance with the terms of the BDC Loan Agreement which consists of: (i) regularly scheduled (as opposed to accelerated) monthly cash interest payments
in respect of the principal amount of the BDC Debt under the BDC Loan Agreement provided that in any event such interest is in an amount not exceeding 14.9% per annum; (ii) regularly scheduled (as opposed to accelerated) payments of principal
amounts of the BDC Debt in accordance with the section of the BDC Loan Agreement entitled “Repayment: Instalments and Balloon Payment” which principal payments shall consist of consecutive monthly instalments of not greater than
$167,060.00 commencing on October 15, 2018 and continuing up to and including September 15, 2023; (iii) loan management fee of $250.00 per month; and (iv) reimbursement of expenses as may be incurred by BDC in accordance with the BDC
Loan Document prior to the occurrence of a Default or an Event of Default. For greater certainty, Permitted BDC Debt Payments shall not include voluntary or mandatory prepayments of principal or interest in respect of the BDC Debt under any BDC Loan
Document.” 
  

	 	(c)	 The definition of “Debt Service” in Section 1.1 of the Loan Agreement is amended by deleting it
in its entirety and replacing it with the following: 

 ““Debt Service” means, in
respect of any period, the sum of (i) the aggregate principal amount of the Loans repaid and scheduled to be repaid pursuant to Section 4.1 during such period, plus (ii) the aggregate amount of interest, fees and charges with respect
to the Loans paid and required to be paid during such period, plus (iii) the aggregate fee amount paid and scheduled to be paid under or in connection with this Agreement during such period, plus (iv) the aggregate amount of Permitted
Royalty Payments paid and required to be paid during such period, plus (v) the aggregate amount of fees, commissions and other amounts paid and required to be paid under the Sponsor Permitted Agreements during such period.” 

 

	 	(d)	 The definition of “Debt Service Coverage Ratio” in Section 1.1 of the Loan Agreement is amended
by deleting it in its entirety and replacing it with the following: 

 ““Debt Service Coverage
Ratio” means, as at any date of determination which occurs on and after June 30, 2018, the ratio of (i) Cash Flow Available for Debt Service during the Monthly Test Period ending on the date of the most recently ended calendar
month to (ii) Debt Service during such Monthly Test Period.” 

  
 - 5 - 

	 	(e)	 The definition of “Permitted Royalty Payment” in Section 1.1 of the Loan Agreement is amended
by deleting it in its entirety and replacing it with the following: 

 ““Permitted Royalty
Payment” means a royalty payment to be made by the Borrower to BioAmber under the License Agreement which is permitted under and satisfies each of the terms and conditions set out in Section 5.6.3(j)(i).” 

 

	 	(f)	 The definition of “SJIF Lender” in Section 1.1 of the Loan Agreement is amended by deleting it
in its entirety and replacing it with the following: 

 ““SJIF Lender” means Her
Majesty The Queen In Right of the Province of Ontario, as represented by the Minister of Economic Development and Growth (formerly (i) the Minister of Economic Development, Employment and Infrastructure, (ii) the Minister of Economic
Development and Innovation and (iii) the Minister of Economic Development and Trade).” 
  

	 	(g)	 Section 4.1 of the Loan Agreement is amended by deleting it in its entirety and replacing it with the
following: 

 “4.1 Scheduled Repayments of Loan Facility 

Subject to Section 10.1.29, the Borrower shall repay to the Lenders each outstanding Loan in quarterly
instalments commencing on the Scheduled Principal Repayment Commencement Date and on each Scheduled Principal Repayment Date thereafter (or the immediately preceding Business Day for each such Scheduled Principal Repayment Date that is not a
Business Day) provided that no quarterly instalment repayments shall be required on the Scheduled Principal Repayment Dates during the LA Principal Payment Holiday Period. Prior to March 31, 2017, each such quarterly instalment shall be in the
amount of $769,230.77. The quarterly instalment repayments of each outstanding Loan shall resume on the Scheduled Principal Repayment Date falling on March 31, 2018 (or the immediately preceding Business Day if such date is not a Business Day)
and shall continue thereafter on each Scheduled Principal Repayment Date and each such quarterly instalment shall be in the amount of $962,000. The Total Commitment shall be permanently cancelled and reduce on each such repayment date by the amount
of each such required repayment instalment. The Borrower shall repay to the Lenders any remaining balance of the outstanding Loans, if any, on the Maturity Date. The Borrower shall also pay to the Lenders on the Maturity Date all accrued and unpaid
interest under the Loan Facility and all unpaid fees with respect thereto. Any amounts repaid pursuant to this Section 4.1 may not be reborrowed.” 
  

	 	(h)	 Section 5.3(b) of the Loan Agreement is amended by deleting it in its entirety and replacing it with the
following: 

  

	 	“(b)	 On or prior to June 30, 2018, the Borrower shall deposit into the MRA an amount in cash representing the
then applicable Maintenance Reserve Requirement. Thereafter the Borrower shall fund the MRA from the Project Revenue Account in accordance with the Priority of Payments. The Borrower shall at all times from and including June 30, 2018 until
payment in full of all the Secured Obligations, maintain the balance in the Maintenance Reserve Account in cash equal to or greater than the Maintenance Reserve Requirement.” 

 

	 	(i)	 Section 5.6.3 of the Loan Agreement is amended by inserting the following at the end of the second
sentence of the first paragraph of such Section immediately before the colon: 

 “, provided that no
Default or Event of Default has occurred and is continuing at the time of each proposed payment or could reasonably be expected to occur after giving effect to such proposed payment” 

 

	 	(j)	 Section 5.6.3(a) of the Loan Agreement is amended by deleting it in its entirety and replacing it with
the following: 

  

	 	“(a)	 first, Approved Operating Costs (excluding (i) management or service fees and bonus payments and other
payments under the Joint Venture Agreement and (ii) the royalties, fees, commissions and other amounts payable pursuant to Section 5.6.3(j)) then due and payable or anticipated to become due and payable within the following thirty
(30) days, as certified to such effect by the Borrower;” 

  
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	 	(k)	 Section 5.6.3(f) of the Loan Agreement is amended by deleting it in its entirety and replacing it with
the following: 

  

	 	“(f)	 sixth, (i) Government Funding Permitted Debt Payments then due and payable, such amount then due
and payable or anticipated to become due and payable (or payable, as the case may be), as certified to such effect by the Borrower, and (ii) the BDC Permitted Debt Payments then due and payable, such amount then due and payable or anticipated
to become due and payable (or payable, as the case may be), as certified to such effect by the Borrower, in each case in item (ii) provided that (A) such BDC Permitted Debt Payment is permitted pursuant to the terms of the BDC
Intercreditor Agreement and (B) there is DSCR Compliance in respect of each such proposed payment.” 

  

	 	(l)	 Section 5.6.3(h) of the Loan Agreement is amended by deleting it in its entirety and replacing it with
the following: 

  

	 	“(h)	 eighth, on and after June 30, 2018, in accordance with Section 5.3 to the Maintenance Reserve
Account, the amount of any Maintenance Reserve Deficiency;” 

  

	 	(m)	 Section 5.6.3(j) of the Loan Agreement is amended by deleting it in its entirety and replacing it with
the following: 

  

	 	“(j)	 tenth, 

  

	 	(i)	 the royalties then due and payable or anticipated to become due and payable within the following thirty
(30) days to BioAmber pursuant to the License Agreement, as certified to such effect by the Borrower, provided that (A) the aggregate amount of such royalties shall not exceed the amount payable under the License Agreement in any Fiscal
Year, (B) in no event shall the royalty rate payable exceed U.S.$100/MT prior to the Proof of Capacity Date, and (C) in no event shall the royalty rate payable exceed U.S.$160/MT after the Proof of Capacity Date; 

 

	 	(ii)	 the fees payable to BioAmber pursuant to the BioAmber Guarantee Fee Agreements, as certified to such effect by
the Borrower, provided that the aggregate amount of such fees shall not exceed the fees payable under the applicable BioAmber Guarantee Fee Agreement in any Fiscal Year; 

 

	 	(iii)	 the fees payable to Mitsui pursuant to the Mitsui Guarantee Fee Agreements, as certified to such effect by the
Borrower, provided that the aggregate amount of such fees shall not exceed the fees payable under the applicable Mitsui Guarantee Fee Agreement in any Fiscal Year; 

 

	 	(iv)	 the commission payable to BioAmber pursuant to the BioAmber Marketing and Sales Agreement, as certified to
such effect by the Borrower, provided that (A) the aggregate amount of such commission shall not exceed the commission payable under the BioAmber Marketing and Sales Agreement in any Fiscal Year, (B) there is DSCR Compliance in respect of
each such proposed payment of commission; and (C) no commissions shall be paid by the Borrower to BioAmber pursuant to the BioAmber Marketing and Sales Agreement during the LA Principal Payment Holiday Period; 

  
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	 	(v)	 the commission payable to Mitsui pursuant to the Mitsui Marketing and Sales Agreement, as certified to such
effect by the Borrower, provided that the aggregate amount of such commission shall not exceed the commission payable under the Mitsui Marketing and Sales Agreement in any Fiscal Year; 

 

	 	(vi)	 the fees payable to Mitsui pursuant to the Mitsui Billing Services Agreement, as certified to such effect by
the Borrower, provided that the aggregate amount of such fees shall not exceed the fees payable under the Mitsui Billing Services Agreement in any Fiscal Year; 

 

	 	(vii)	 the fees or other amounts payable to BioAmber and/or BioAmber Canada Inc. in connection with the provision by
BioAmber and/or BioAmber Canada Inc. to the Borrower of management, administrative, information technology and other support services together with, without duplication, the allocation of reasonable overhead costs related to such services, including
in respect of a portion of the salaries of the chief executive officer and chief operating officer of BioAmber and/or BioAmber Canada Inc. (the “Management & Administrative Support Arrangement”), as
certified to such effect by the Borrower, provided that (A) the aggregate monthly costs of such fees or other amounts payable to BioAmber and BioAmber Canada Inc. collectively shall not exceed an aggregate of $85,000.00 per month, starting as
of January 1, 2017; and (B) there is DSCR Compliance in respect of each such proposed payments; 

  

	 	(viii)	 the fees, commission or other amounts payable to BioAmber or Mitsui, as applicable, pursuant to any other
Sponsor Permitted Agreement not referred to in Clauses (i) to (vii), inclusive above, as certified to such effect by the Borrower, provided that (A) the aggregate amount of such fees, commission or other amounts shall not exceed the fees,
commission or other amounts payable under such Sponsor Permitted Agreement in any Fiscal Year, (B) there is DSCR Compliance in respect of each such proposed payment of fees, commission or other amounts; and (C) no fees, commission or other
amounts shall be paid by the Borrower to BioAmber or Mitsui, as applicable, pursuant to such Sponsor Permitted Agreement during the LA Principal Payment Holiday Period; and 

 

	 	(ix)	 the fees and other amounts payable to Mitsui Canada pursuant to the Mitsui Canada Service Agreement, as
certified to such effect by the Borrower, provided that (A) the aggregate amount of such fees and other amounts shall not exceed the fees and other amounts payable under the Mitsui Canada Service Agreement in any Fiscal Year, and (B) there
is DSCR Compliance in respect of each such proposed payment of fees and other amounts;” 

  

	 	(n)	 Section 9.1.1(e) of the Loan Agreement is amended by deleting it in its entirety and replacing it with
the following: 

  

	 	“(e)	 as soon as practicable and in any event not later than five Business Days before the first day of each
calendar month or, at the request of the Agent, not later than five Business Days before the first day of each two week period: 

  

	 	(i)	 a statement of cash flow forecast (in Excel format) for the Borrower for the next 13 week period commencing as
of the first day of such calendar month or such two week period, as applicable; 

  
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	 	(ii)	 a statement of cash flow forecast (in Excel format) for BioAmber for the next 13 week period commencing as of
the first day of such calendar month or such two week period, as applicable; and 

  

	 	(iii)	 a statement of cash flow forecast (in Excel format) for BioAmber and the Borrower on a consolidated basis for
the next 13 week period commencing as of the first day of such calendar month or such two week period, as applicable:” 

  

	 	(o)	 Section 9.1.1 of the Loan Agreement is amended by inserting immediately after Section 9.1.1(e) and
immediately before Section 9.1.1(f) the following new provision: 

  

	 	“(eI)	 as soon as practicable and in any event not later than five Business Days before the first day of each
calendar month: 

  

	 	(i)	 a statement of cash flow and income statement forecast (in Excel format) for the Borrower for the next 12
calendar months commencing as of the first day of such calendar month on a rolling forward basis; 

  

	 	(ii)	 a statement of cash flow and income statement forecast (in Excel format) for BioAmber for the next 12 calendar
months commencing as of the first day of such calendar month on a rolling forward basis; and 

  

	 	(iii)	 a statement of cash flow and income statement forecast (in Excel format) for BioAmber and the Borrower on a
consolidated basis for the next 12 calendar months commencing as of the first day of such calendar month on a rolling forward basis;” 

  

	 	(p)	 Section 9.1.3 of the Loan Agreement is amended by deleting the reference to “15th” in the first paragraph thereof and replacing it with “45th”. 

 

	 	(q)	 Section 9.2 of the Loan Agreement is amended by deleting it in its entirety and replacing it with the
following: 

 “9.2 Financial Covenants 

Until all Secured Obligations are paid in full, the Borrower covenants and agrees with the Secured Parties that
it will ensure that each of the following financial tests and covenants is complied with at all times on and after the Commercial Operation Date. 

9.2.1 Debt Service Coverage Ratio. The Debt Service Coverage Ratio shall at all times be equal to or greater than
1.75:1, to be certified on a calendar monthly basis in each Compliance Certificate. In addition, the Borrower shall deliver to the Agent prior to July 15, 2018 a Certificate of the Borrower in form and substance satisfactory to the Agent which
(a) certifies the Debt Service Coverage Ratio as at June 30, 2018 and that such Debt Service Coverage Ratio is not less than 1.75:1, and (b) attaches the calculation of such Debt Service Coverage Ratio to such Certificate. 

  
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 9.2.2 Minimum Gross Revenue From Product Sales Covenant. Commencing as of
the calendar month end immediately prior to the Commercial Operation Date and thereafter, the aggregate Gross Revenue From Project Sales for the three consecutive calendar months ending on the calendar month end set out below shall not be less than
the amount set out opposite the applicable date set out below: 
  

					
	 Calendar Month End Date
	  	Minimum Gross Revenue
From Product Sales	 
	 April 30, 2016
	  	$	500,000	 
	 May 31, 2016
	  	$	1,000,000	 
	 June 30, 2016
	  	$	1,500,000	 
	 July 31, 2016
	  	$	2,000,000	 
	 August 31, 2016
	  	$	3,500,000	 
	 September 30, 2016
	  	$	3,500,000	 
	 October 31, 2016
	  	$	5,000,000	 
	 November 30, 2016
	  	$	6,500,000	 
	 December 31, 2016
	  	$	8,000,000	 
	 January 31, 2017
	  	$	1,200,000	 
	 February 28, 2017
	  	$	1,350,000	 
	 March 31, 2017
	  	$	2,500,000	 
	 April 30, 2017
	  	$	2,500,000	 
	 May 31, 2017
	  	$	3,500,000	 
	 June 30, 2017
	  	$	4,500,000	 
	 July 31, 2017
	  	$	5,000,000	 
	 August 31, 2017
	  	$	5,000,000	 
	 September 30, 2017
	  	$	5,000,000	 
	 October 31, 2017
	  	$	7,500,000	 
	 November 30, 2017
	  	$	7,500,000	 
	 December 31, 2017
	  	$	7,500,000	 

 The aggregate Gross Revenue From Product Sales for the three consecutive calendar months
ending on each calendar month end on and after January 31, 2018 shall be an amount determined by the Lenders’ in their sole discretion prior to November 30, 2017. 

9.2.3 Minimum Cash Covenant. The Borrower shall (a) maintain a Minimum Cash Balance of not less than $2,000,000 at
all times prior to the MCC Adjustment Date and (b) maintain a Minimum Cash Balance of not less than $4,000,000 at all times on and after the MCC Adjustment Date. For the purposes of this Section 9.2.3, “MCC Adjustment
Date” means the date which is the earlier to occur of (i) the date upon which the Borrower receives a cash contribution of not less than $8,000,000 to the equity of the Borrower and (ii) March 31, 2017.” 

  
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	 	(r)	 Section 9.4.16(c) of the Loan Agreement is amended by deleting it in its entirety and replacing it with
the following: 

  

	 	“(c)	 Permitted Royalty Payment. No royalties shall be paid by the Borrower to BioAmber pursuant to the
License Agreement except for Permitted Royalty Payments.” 

  

	 	(s)	 Section 9.4 of the Loan Agreement is amended by inserting the following new provisions immediately after
Section 9.4.28 of the Loan Agreement: 

 “9.4.29 Payments under the Government Funding
Agreements and the BDC Loan Documents. No payments (whether on account of principal, interest, premium, tax gross-up, indemnification, fees, expenses or otherwise) under or in connection with the
Government Funding Agreements and the BDC Loan Documents shall directly or indirectly be paid by the Borrower or received and retained by any of the Government Funding Entities and/or BDC, as applicable, in cash or other property or by set-off payments, except for Government Funding Permitted Debt Payments that are paid to the applicable Government Funding Entity and BDC Permitted Debt Payments that are paid to BDC, which in each case is permitted
under and satisfies each of the applicable terms and conditions set out in Section 5.6.3(f). For greater certainty, no payments in respect of principal amount (including, scheduled payments, or to the extent applicable, accretion to such
principal amount due to the accrual of interest which is not paid but rather which is added to such principal amount) under or in connection with the Government Funding Agreements (excluding the SCA Debenture) or the BDC Loan Documents shall
directly or indirectly be paid by the Borrower or received and retained by (i) any of the Government Funding Entities (except for SCA) in cash or other property or by set-off or any other manner during
the 2017 Principal Payment Holiday Period or PI Principal Payment Adjustment Period, as applicable, except for the payments to the PI Lender that are permitted under and satisfy each of the terms and conditions set out in clause (b) of the
definition of Government Funding Permitted Debt Payments or (ii) BDC in cash or other property or by set-off or any other manner prior to October 15, 2018. 

9.4.30 Payments under Sponsor Permitted Agreements and Other Agreements. No payments (whether on account of principal,
interest, premium, tax gross-up, indemnification, royalties, commission, fees, expenses or otherwise) under or in connection with the Sponsor Permitted Agreements or the Mitsui Canada Service Agreement shall
directly or indirectly be paid by the Borrower or received and retained by BioAmber, BioAmber Canada Inc., Mitsui or Mitsui Canada, as applicable, in cash or other property or by set-off or any other manner,
except for payments under the Sponsor Permitted Agreements to BioAmber, BioAmber Canada Inc. or Mitsui, as applicable, or under the Mitsui Canada Service Agreement to Mitsui Canada, which in each case are permitted under and satisfy the applicable
terms and conditions set out in Section 5.6.3(j). For greater certainty, no payments whatsoever shall be paid by the Borrower to BioAmber under the BioAmber Marketing and Sales Agreement during the LA Principal Payment Holiday Period. 

 

	 	(t)	 9.4.31 Mitsui Sale Agreements. The Borrower shall not change any of the following agreements except
with the prior consent of the Agent (acting on the instructions of the Required Lenders): (i) the Share Purchase Agreement dated as of August 1, 2017 among the Borrower, BioAmber and Mitsui (the “Mitsui Share Purchase
Agreement”); (ii) the Indemnity Agreement dated as of August 1, 2017 among the Borrower, BioAmber and Mitsui (the (“Mitsui Indemnity Agreement”); (iii) the Security Agreement dated as of August 1, 2017 among the
Borrower, BioAmber and Mitsui (the “Mitsui Security Agreement”); and (iv) the Mutual Release dated as of August 1, 2017 among the Borrower, BioAmber and Mitsui (the “Mitsui Mutual Release” and together
with the Mitsui Share Purchase Agreement, the Mitsui Indemnity Agreement and the Mitsui Security Agreement, the “Mitsui Sale Agreements”).” 

  
 - 11 - 

	 	(u)	 Section 12.10.1 of the Loan Agreement is amended by inserting the following new sentence immediately
after the last sentence of such Section: 

 “For greater certainty, effective as of November 4,
2016 BioAmber is the successor of BioAmber Luxco under and for the purposes of each Loan Document and each reference to BioAmber Luxco in each Loan Document shall be construed as a reference to BioAmber unless the context otherwise requires.”

  

	 	(v)	 Schedule 11 of the Loan Agreement is amended by inserting the following new items immediately after item 25 of
Schedule 11 of the Loan Agreement: 

  

	 	“26.	 Notarial Deed (as defined in November 2016 Consent). 

 

	 	27.	 Assignment and Assumption Agreement (as defined in the November 2016 Consent). 

 

	 	28.	 Cargill License Agreement (as defined in the November 2016 Consent). 

 

	 	29.	 LA Notice (as defined in the November 2016 Consent). 

 

	 	30.	 JVA Notice (as defined in the November 2016 Consent). 

 

	 	31.	 JVA Joinder Agreement (as defined in the November 2016 Consent). 

 

	 	32.	 Second Amended and Restated JVA. 

 

	 	33.	 Mitsui Billing Services Agreement. 

 

	 	34.	 Each Sponsor Permitted Agreement not otherwise set out in this Schedule 11. 

 

	 	35.	 Mitsui Canada Service Agreement. 

 

	 	(w)	 Schedule 12 of the Loan Agreement is amended by inserting the following new items immediately after item 12 of
Schedule 12 of the Loan Agreement: 

  

	 	“12A.	 Pledge and assignment agreement dated November 4, 2016 between, BioAmber and the Agent (the
“BioAmber PAA”).” 

  

	 	(x)	 Schedule 13 of the Loan Agreement is amended by inserting the following new items immediately after item 6A of
Schedule 13 of the Loan Agreement: 

  

	 	“6B.	 Consent dated May 12, 2015 among Cargill Incorporated, the Borrower, BioAmber Luxco and the Agent (the
“Cargill Consent”). 

  

	 	6C.	 Reaffirmation agreement made as of November 4, 2016 among Cargill Incorporated, the Borrower, BioAmber
and the Agent relating to the Cargill Consent.” 

  

	 	(y)	 Schedule 17 of the Loan Agreement is deleted in its entirety and replaced with Schedule 17 contained in Annex
A hereto. 

  

	 	(z)	 Schedule 21 of the Loan Agreement is deleted in its entirety and replaced with Schedule 21 contained in Annex
B hereto. 

  

	3.2	 Validity 

Each of the foregoing amendments to the Loan Agreement set forth in Section 3.1 (collectively, the
“Amendments”) shall be void and of no force and effect if any of the conditions set forth in Article 4 is not satisfied, fulfilled or otherwise met to the satisfaction of all of the Secured Parties, in which event the Secured
Parties shall be deemed never to have agreed to give the Amendments. 

  
 - 12 - 

 ARTICLE 4 

CONDITIONS PRECEDENT TO WAIVERS AND AMENDMENTS 
  

	4.1	 Conditions Precedent 

None of the Waivers nor the Amendments shall become effective unless the conditions precedent set forth in this
Section 4.1 have been satisfied, fulfilled or otherwise met to the satisfaction of all of the Secured Parties and the Agent confirms in writing to the Borrower and provides a copy to the Secured Parties (the “Effective
Notice”): 
 4.1.1 the Agent shall have received each of the following in form and substance satisfactory to the Secured
Parties (in original, or, at the Agent’s discretion, pdf or other copy): 
  

	 	(a)	 this Agreement duly executed by each party hereto; 

 

	 	(b)	 a guarantee and security confirmation duly executed by each Obligor party thereto; 

 

	 	(c)	 an amending agreement with respect to the BDC Intercreditor Agreement duly executed by each party thereto;

  

	 	(d)	 an amending agreement with respect to the SJIF Intercreditor Agreement duly executed by each party thereto;

  

	 	(e)	 an amending agreement with respect to the subordination agreement dated May 12, 2015, as amended by an
amending agreement dated as of August 9, 2016, among BioAmber, the Borrower and the Agent duly executed by each party thereto; 

  

	 	(f)	 an amending agreement with respect to the subordination agreement dated May 12, 2015 among Mitsui, the
Borrower and the Agent duly executed by each party thereto; 

  

	 	(g)	 a certificate of an officer of the Borrower with respect to and attaching true and complete copies of the
following documents: 

  

	 	(i)	 amending agreement dated on or about the date hereof between the Borrower and BDC with respect to the BDC Loan
Agreement; 

  

	 	(ii)	 amending agreement #4 dated March 6, 2015 between the PI Lender and the Borrower with respect to the PI
Contribution Agreement; 

  

	 	(iii)	 PI Amending Agreement #5; 

 

	 	(iv)	 amending agreement dated on or about the date hereof between the Borrower and the AIP Lender with respect to
the AIP Loan Agreement; 

  

	 	(v)	 letter amending agreement dated May 12, 2016 between the SJIF Lender and the Borrower relating to the
SJIF Loan Agreement; 

  

	 	(vi)	 the Mitsui Share Purchase Agreement; 

 

	 	(vii)	 the Mitsui Indemnity Agreement; 

 

	 	(viii)	 the Mitsui Security Agreement; and 

 

	 	(ix)	 the Mitsui Mutual Release. 

 

	 	(h)	 a Certificate of each Obligor (i) attaching true copies of (A) such Obligor’s Constitutional
Documents and (B) documents evidencing all necessary internal corporate and/or other management action taken by such Obligor to authorize the execution, delivery and performance by it of this Agreement and each agreement and document
contemplated herein to which it is a party and the consummation of the transactions contemplated thereby and (ii) certifying (A) as to incumbency and true signatures of its Responsible Officers signatory to the Loan Documents,

  
 - 13 - 

	 	 
(B) in the case of the Borrower and BioAmber only, no Material Adverse Change has occurred since January 31, 2014, (C) in the case of the Borrower only, each of the representations and
warranties under Section 8.1 of the Loan Agreement is true and correct in all material respects (except to the extent any such representation or warranty is already qualified by materiality, in which case it must be true and correct in all
respects) on the date hereof and as of the Effective Date, (D) in the case of the Borrower and BioAmber only, no Default, Event of Default or Material Adverse Change exists on the date hereof and on the Effective Date, and (E) in the case
of the Borrower and BioAmber only, no Default or Event of Default shall have occurred and be continuing or will result from giving effect to the Waivers and the Amendments before or after giving effect to any of the Waivers or the Amendments; and
(F) in the case of the Borrower and BioAmber only, there shall not exist on the date any injunction or temporary restraining order which would prohibit the transactions contemplated under this Agreement, or any litigation which would reasonably
be expected to result in a Material Adverse Effect; 

  

	 	(i)	 a certificate of good standing, or equivalent, with respect to each Obligor (other than Mitsui) for its
jurisdiction of incorporation and in respect of the Borrower a certified corporate profile report from the Province of Ontario and in respect of Mitsui a certificate of the commercial registration (rireki jikou zenbu shomeisho) and a certificate of
the seal impression of the registered seal (inkan shomeisho); 

  

	 	(j)	 favourable opinions from the Borrower’s Counsel addressed to the Secured Parties and the Lenders’
Counsel, in respect of the laws of jurisdictions and in such form as the Agent (acting on the advice of Lenders’ Counsel) may reasonably require; 

  

	 	(k)	 (i) the original share certificate A- 24 of the Borrower issued to
BioAmber representing 800,000 Class “A” shares together with an accompanying executed and undated power of attorney to transfer securities; and (ii) the original share certificate A- 25 of the
Borrower issued to BioAmber representing 6,610,000 Class “A” shares together with an accompanying executed and undated power of attorney to transfer securities, which BioAmber required from Mitsui pursuant to the Mitsui Share Purchase
Agreement; 

  

	 	(l)	 a confirmation with respect to the Mitsui Security Agreement duly executed by Mitsui; 

 

	 	(m)	 such other agreements, documents and instruments as the Agent may, in its judgment, require;

 4.1.2 no Default or Event of Default shall have occurred and be continuing or will result from giving effect to
the Waivers and the Amendments before or after giving effect to any of the Waivers or the Amendments; 
 4.1.3 all of the
representations and warranties contained in Section 5.1 are true and correct on and as of the date hereof and on the Effective Date; 

4.1.4 there shall not exist on the date hereof and on the Effective Date any injunction or temporary restraining order which, in the
judgment of the Agent, would prohibit the transactions contemplated under this Agreement, or any litigation which would reasonably be expected to result in a Material Adverse Effect; 

4.1.5 on or before March 31, 2017 the Borrower shall have received a cash contribution of not less than $8,000,000 to the equity
of the Borrower from either Mitsui or BioAmber and the Agent shall have received evidence satisfactory to it that such cash contribution has been deposited into the Project Revenue Account; 

4.1.6 the Agent shall have received from the Borrower payment in full of all reasonable out-of-pocket fees, costs and expenses incurred by the Agent and the Lenders (including the fees, costs and expenses of the Lenders’ Counsel) in connection with this Agreement and the transactions
contemplated herein; and 

  
 - 14 - 

 4.1.7 the Agent shall have received from the Borrower payment in full of all fees which
each of them is entitled to receive on or prior to the date hereof under or in connection with any Loan Document, this Agreement and the transactions contemplated herein, including payment by the Borrower to the Agent (for the account of the
Lenders) of an amendment fee in the amount of $100,000. 
 The Effective Notice shall stipulate the date on which the
Waivers and the Amendments shall take effect (the “Effective Date”). Subject to Sections 2.2 and 3.2, the Waivers and the Amendments shall take effect as of and from the Effective Date. The Loan Agreement as amended by the
Amendments shall constitute one agreement, and the Loan Agreement as so amended is hereby ratified and confirmed by the parties hereto. 

ARTICLE 5 

REPRESENTATIONS AND WARRANTIES 
  

	5.1	 Representations and Warranties of the Borrower 

The Borrower represents and warrants to and in favour of each of the Secured Parties as follows: 

5.1.1 The representations and warranties made by it to the Secured Parties under Article 8 of the Loan Agreement are true, accurate
and complete in all material respects (except to the extent any such representation or warranty is already qualified by materiality, in which case it must be true and correct in all respects) as if they were made both on the date of execution and
delivery hereof and on the Effective Date with references therein to the Loan Agreement being replaced by references to this Agreement and the Loan Agreement as amended by the Amendments. 

5.1.2 All of the representations and warranties contained in this Article 5 are true and correct on and as of the date of
execution and delivery hereof and on the Effective Date. 
 ARTICLE 6 

CONFIRMATIONS AND COVENANTS OF THE BORROWER 
  

	6.1	 Confirmations 

6.1.1 This Agreement is not intended by the parties to, and shall not constitute, a payment, discharge, satisfaction or novation of any
obligation of the Borrower to the Secured Parties, including the whole or any item or part of the Secured Obligations. 
 6.1.2 The
Borrower ratifies and confirms its Secured Obligations, as amended by the Amendments, and confirms and agrees that its Secured Obligations continue in full force and effect without amendment, restatement, supplement, variation, novation or other
change, except to the extent expressly amended by the Amendments, and is binding upon it. 
 6.1.3 The execution, delivery and
effectiveness of this Agreement shall not in any manner whatsoever reduce, release, discharge, impair or otherwise prejudice or change the rights of the Secured Parties, including the whole or any item or part of the Secured Obligations, arising
under, by reason of or otherwise in respect of any Secured Documents to which the Borrower is a party, except to the extent expressly set out herein. 

6.1.4 The execution, delivery and effectiveness of this Agreement shall not, except as previously provided herein, operate as or in any
way be construed as a consent to, or a waiver of, any other matter or provision relating to, or contained in, the Loan Agreement or any other Secured Document to which the Borrower is a party. 

6.1.5 The Borrower confirms and agrees that the postponements and other obligations expressed to be binding on it under or pursuant to
the Loan Agreement and other Secured Documents to which the Borrower is a party, except for the Amendments, be unaffected by and shall be binding upon the Borrower and continue in full force and effect, inter alia, securing the Secured
Obligations of the Borrower, and the entry into effect of this Agreement shall not in any manner whatsoever reduce, release, discharge, terminate, impair or otherwise prejudice or change the rights of the Secured Parties arising under, by reason of
or otherwise in respect of such postponements and other obligations constituted by the Loan Agreement and other Secured Documents to which the Borrower is a party. 

  
 - 15 - 

 6.1.6 The Borrower confirms and agrees that the Liens, postponements and subordinations
expressed to be granted by the Borrower in favour of the Secured Parties under the Loan Agreement and other Secured Documents to which the Borrower is a party as security for the Secured Obligations (the “Existing Security”) shall
be binding upon it and the Collateral (as defined in each Secured Document to which the Borrower is a party) and shall, except for the Amendments, be unaffected by and shall continue in full force and effect notwithstanding this Agreement, and the
execution and delivery of this Agreement shall not in any manner whatsoever reduce, release, discharge, terminate, impair or otherwise prejudice or change the rights of the Secured Parties arising under, by reason of or otherwise in respect of the
Loan Agreement and other Secured Documents to which the Borrower is a party, except for the Amendments. 
 6.1.7 The Borrower
ratifies and confirms its obligations under the Loan Agreement and other Secured Documents to which the Borrower is a party and agrees that its obligations under the Loan Agreement and other Secured Documents to which the Borrower is a party
continue in full force and effect without change, except for the Amendments, and is binding upon the Borrower. 
 6.1.8 The Borrower
ratifies and confirms the Loan Agreement and other Secured Documents to which the Borrower is a party and its Existing Security and confirms and agrees that its Existing Security continues in full force and effect without change, and each of the
Loan Agreement and other Secured Documents to which the Borrower is a party and the Existing Security is binding upon the Collateral (as defined in each applicable Secured Document to which the Borrower is a party) and continues to secure the
obligations expressed to be secured thereby. 
 6.1.9 The Borrower covenants, confirms and represents and warrants to the Secured
Parties that (a) the Joint Venture Agreement has been changed and the changes thereto have been incorporated into the Second Amended and Restated JVA, and (b) such changes comply with the terms and conditions of Section 9.4.3(c)(ii)
of the Loan Agreement. 
 ARTICLE 7 

GENERAL 
  

	7.1	 Further Assurances 

The Borrower shall, at its own expense, do, make, execute or deliver all such further acts, documents and things in connection
with this Agreement as the Agent may reasonably require for the purpose of giving effect to this Agreement, all promptly following the request of the Agent. 
  

	7.2	 Fees & Expenses 

The Borrower shall promptly following the request by the Agent, reimburse the Agent and the Lenders on a full indemnity basis
for all reasonable out-of-pocket fees, costs and expenses incurred by the Agent and the Lenders (including fees, costs and expenses of Lenders’ Counsel) in
connection with this Agreement and the transactions contemplated herein. 
  

	7.3	 Benefit & Burden 

This Agreement shall enure to the benefit of and be binding upon the parties hereto, their respective successors and each
assignee of some or all of the rights or obligations of the parties under the Loan Documents permitted by Section 12.10 of the Loan Agreement. 
  

	7.4	 Loan Document 

This Agreement shall constitute a Loan Document. 

  
 - 16 - 

	7.5	 Counterparts 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
taken together shall be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. Transmission of a copy of an executed signature page
of this Agreement by facsimile or e-mail in pdf format by one party hereto to each other party hereto, shall be as effective as delivery of an original manually executed counterpart hereof to each other party
hereto. 
  

	7.6	 Governing Law 

This Agreement shall be governed by, and construed and interpreted in accordance with, the laws in force in the Province of
Ontario, including the federal laws of Canada applicable therein, but excluding choice of law rules. Such choice of law shall, however, be without prejudice to or limitation of any other rights available to the Secured Parties under the laws of any
jurisdiction where the Borrower or its property may be located. 
 [The Remainder of this Page is Intentionally Left Blank]

  
 - 17 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed. 
  

			
	 BIOAMBER SARNIA INC.

		
	 By:
	 	 /s/ Mike Hartmann

		 	 Name: Mike Hartmann

		 	 Title: President

  
 S1 

 
			
	 COMERICA BANK, as Agent

		
	 By:
	 	 /s/Dave Samra

		 	 Name: Dave Samra

		 	 Title: VP

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 S2 

 
			
	 COMERICA BANK, as Lender

		
	 By:
	 	 /s/ Dave Samra

		 	 Name: Dave Samra

		 	 Title: VP

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 S3 

 
			
	 EXPORT DEVELOPMENT CANADA,

as Lender

		
	 By:
	 	 /s/ Victor Samuel

		 	 Name: Victor Samuel

		 	 Title: Senior Associate, Structured and
Project Finance

		
	 By:
	 	 /s/ James Babbitt

		 	 Name: James Babbitt

		 	 Title: Principal, Extractive
Industries/Structured and Project Finance

  
 S4 

 
			
	 FARM CREDIT CANADA, as Lender

		
	 By:
	 	 /s/ Kent Cunnington

		 	 Name: Kent Cunnington

		 	 Title: Senior Corporate Credit Manager

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 S5 

 ANNEX A 

Schedule 17 
 Organization
Structure 
 CORPORATE CHART BIOAMBER INC. 

(November 4, 2016) 
  

 

  
 - 6 - 

 ANNEX B 

Schedule 21 
 Existing
Debt 
 Debt outstanding as of August 31, 2017 
  

									
	 Source
	  	Amount of Debt	 	  	Secured/Unsecured	 
	 PI Contribution Agreement (as defined in Schedule 11)
	  	$	8,900,000	 	  	 	Unsecured	 
	 SJIF Loan Agreement
	  	$	15,000,000	 	  	 	Secured	 
	 SCA Debenture (as defined in Schedule 11)
	  	$	365,519	 	  	 	Unsecured	 
	 AIP Loan Agreement (as defined in Schedule 11)
	  	$	9,074,074	 	  	 	Unsecured	 
	 BDC Loan Agreement
	  	$	10,000,000	 	  	 	Secured	 

  
 - 7 -EX-10.2

 Exhibit 10.2 

WAIVER AND FOURTH AMENDING AGREEMENT TO LOAN AGREEMENT 

THIS WAIVER AND FOURTH AMENDING AGREEMENT (this “Agreement”) is made as of January 25, 2018

 AMONG: 
 BIOAMBER SARNIA INC.

 as Borrower 
 -and- 

THE LENDERS PARTY HERETO 

-and- 
 COMERICA BANK 

as Agent 
 BACKGROUND 

WHEREAS pursuant to a loan agreement dated as of June 20, 2014 (as amended by a waiver and first amending
agreement dated May 12, 2015, by a waiver, consent and second amending agreement made as of August 9, 2016, and by a waiver and third amending agreement dated September 26, 2017) among the parties hereto, the Secured Parties agreed to
make certain credit facilities available to the Borrower for the purposes set forth therein on and subject to the terms and conditions set forth therein (the “Loan Agreement”); 

AND WHEREAS the Borrower has requested the Secured Parties grant certain waivers under and to agree to certain
amendments of the Loan Agreement as set out in this Agreement and the Secured Parties are prepared to grant the waivers and agree to amend certain provisions of the Loan Agreement all as set out in this Agreement and on and subject to the terms and
conditions set out in this Agreement. 
 NOW THEREFORE in consideration of the mutual obligations contained
herein and for other consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows: 

ARTICLE 1 

INTERPRETATION 

	1.1	 Definitions 

Unless otherwise defined herein, words and expressions defined or given extended meanings in the Loan Agreement are used with
the same respective defined or extended meanings in this Agreement. In addition, words and expressions defined in Article 3 are used with the same respective defined or extended meanings elsewhere in this Agreement. 

	1.2	 Reference to Agreements 

Each reference in this Agreement to any agreement or document (including this Agreement and any other defined term that is an
agreement) shall be construed so as to include such agreement or document (including any attached schedules, appendices and exhibits) and each change thereto made at or before the time in question. 

 

	1.3	 Headings, etc. 

The division of this Agreement into Articles, Sections and Subsections and the insertion of headings are for the
convenience of reference only and shall not affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof’, “hereunder” and similar expressions refer to this
Agreement and not to any particular Article, Section, Subsection, paragraph, subparagraph, clause or other portion of this Agreement. The Annexes attached hereto form an integral part of this Agreement. 

 

	1.4	 Grammatical Variations 

In this Agreement, unless the context otherwise requires, (a) words and expressions (including words and expressions
(capitalized or not) defined, given extended meanings or incorporated by reference herein) in the singular include the plural and vice versa (the necessary changes being made to fit the context), (b) words in one gender include all genders and
(c) grammatical variations of words and expressions (capitalized or not) which are defined, given extended meanings or incorporated by reference in this Agreement shall be construed in like manner. 

ARTICLE 2 
 WAIVER

	2.1	 Waiver 

Subject to Article 4 and the other terms and conditions in this Agreement, the Secured Parties party hereto,
constituting the Agent and all of the Lenders, hereby waive (collectively, the “Waivers”): 
  

	 	(a)	 non-compliance by the Borrower with the covenants and agreements set out in Section 9.2.2 of the Loan
Agreement as a result of the Borrower’s failure to achieve aggregate Gross Revenue from Project Sales of CAD $7,500,000 for the three months ending October 31, 2017, November 30, 2017 and December 31, 2017;

  

	 	(b)	 non-compliance by the Borrower with the covenants and agreements set out in Section 9.2.3 of the Loan
Agreement as a result of the Borrower’s failure to maintain a Minimum Cash Balance of not less than CAD $4,000,000 at all times; 

  

	 	(c)	 Events of Default that arose pursuant to Section 10.1.18 of the Loan Agreement prior to the date hereof
as a consequence of the Borrower’s failure to meet its financial projections as reported to the Lenders pursuant to Section 9.1.1 of the Loan Agreement. 

  
 2 

 The Waivers are only in respect of those matters expressly referred to in
paragraphs (a), (b) and (c) of this Section 2.1 and shall not in any way be construed as a consent to, or a waiver of, any other condition, matter or provision relating to, or contained in, the Loan Agreement or any other Secured
Document. 
  

	2.2	 Validity 

The Waivers shall be void and of no force and effect if any of the conditions set forth in Article 4 are not satisfied,
fulfilled or otherwise met to the satisfaction of all of the Secured Parties, in which event the Secured Parties shall be deemed never to have given the Waivers. 

ARTICLE 3 

AMENDMENTS 

	3.1	 Amendments 

Subject to Article 4 and the other terms and conditions in this Agreement, the Loan Agreement is hereby amended as follows:

  

	 	(a)	 Section 5.6.3(f) of the Loan Agreement is amended by adding the words “After the earliest to occur
of December 31, 2018, the time at which Secured Obligations are paid in full, and such other date as may be agreed to by the Required Lenders” at the beginning of such subparagraph; 

 

	 	(b)	 Section 5.6.3(i) of the Loan Agreement is amended by deleting the word “annually”;

  

	 	(c)	 Section 9.1.1 of the Loan Agreement is amended by adding the following paragraphs 9.1.1(i) –
9.1.1(o): 

 “9.1.1(i)     by not later than 2:00 p.m. of each Friday
commencing on the first Friday after the date of the Waiver and Fourth Amending Agreement to Loan Agreement (the “Fourth Amending Agreement”), a written update on its efforts to secure any potential sale, refinancing,
recapitalization and/or new capital raise, including but not limited to updates on the status of the working capital line, and full disclosure on the target groups being considered for strategic partnership (a
“Recapitalization”); 
 9.1.1(j)     by not later than 2:00 p.m. of each Friday
commencing on the first Friday after the date of the Fourth Amending Agreement, a written update on its efforts to enter into a tolling agreement with a third party in respect of production by such third party of products other than succinic acid
using the facilities at the Borrower’s Plant; 

  
 3 

 9.1.1(k)     within thirty (30) days after the end of
each calendar month of each Fiscal Year, copies of the Borrower’s most recent internal and up to date aged listings of accounts payable, accounts receivable, priority payables and sales in pipeline; 

9.1.1(l)     by not later than 2:00 p.m. of each Friday commencing on December 22, 2017,
weekly rolling 13-week cash flow projections (the “Weekly Cash Flow Projections”) for the Borrower and BioAmber (compiled both individually and on a consolidated basis) reviewed by the Secured Parties’ Consultant, Raymond
Chabot Grant Thornton & CIE General Partnership (the “Consultant”) with respect to the reasonableness of the underlying assumptions, which Weekly Cash Flow Projections shall be substantially in the same format and prepared
on substantially the same basis as the initial cash flow projections attached as Schedule “A” hereto (the “Initial Cash Flow Projection”), and shall include all projected payments by the Borrower in the relevant time
period and shall otherwise be in form and substance satisfactory to the Secured Parties; 

9.1.1(m)     concurrent with the delivery of the Weekly Cash Flow Projections a report (a
“Variance Report”), which sets out: 
  

	 	(a)	 the Borrower’s actual cash flow for the prior week, as compared to the projected cash flow set out in the
comparable week in the Initial Cash Flow Projection; 

  

	 	(b)	 any variance in the individual line items of the Borrower’s actual cash flow for any particular week from
that set out in the Initial Cash Flow Projection in excess of $50,000 or 5% with a written explanation of any such variance acknowledged by a senior officer of the Borrower; 

9.1.1(n)     by not later than 90 days after the date of the Fourth Amending Agreement, third party
documentation which validates to the satisfaction of the Secured Parties the Borrower’s present and forecasted production modelling, including efficiencies to be gained from the Borrower’s proposed Capital Expenditure plan to remove
bottlenecks as presented by the Borrower to the Secured Parties; 
 9.1.1(o)     by not later than
December 22, 2017 and immediately from time to time thereafter as requested by the Agent, the Borrower shall advise the Agent of the existence of any unpaid past due Statutory Prior Claims and shall provide documentation, including but not
limited to account statements, evidencing the amount of any such past due Statutory Prior Claims.” 
  

	 	(d)	 Section 9.2.2 of the Loan Agreement is hereby amended by deleting it in its entirety;

  
 4 

	 	(e)	 Section 9.2.3 of the Loan Agreement is hereby amended by deleting it in its entirety;

  

	 	(f)	 Section 9.3 of the Loan Agreement is hereby amended by adding the following paragraph 9.3.35:

 “9.3.35     Recapitalization. By no later than March 15,
2018, the Borrower shall provide to the Secured Parties a letter of intent or other legally binding commitment or agreement for a Recapitalization transaction that is in form and substance satisfactory to the Secured Parties.” 

 

	 	(h)	 Section 9.4.16(a) of the Loan Agreement is amended by adding the following subparagraph (x):

 “9.4.16     the Permitted Distribution occurs after the earliest of
December 31, 2019, the time at which Secured Obligations are paid in full, and such other date as may be agreed to by the Required Lenders.” 
  

	 	(i)	 Section 9.4 of the Loan Agreement is amended by adding the following paragraphs 9.4.32 and 9.4.33:

 “9.4.32     Management Compensation. The Borrower shall not
make any modification resulting in an increase to any management or executive compensation arrangements and will not pay any discretionary or non-discretionary bonuses to members of the management team or executives without the prior written consent
of the Secured Parties. 
 9.4.33     Payments. Notwithstanding any other
provision of this Agreement or any Loan Document, the Borrower shall not make any payments that are not contemplated by the Weekly Cash Flow Projections.” 
  

	 	(j)	 Section 10.1 of the Loan Agreement is amended by adding the following paragraphs 10.1.30 – 10.1.41:

 “10.1.30     Cash Flow. On or after December 22, 2017, any
Weekly Cash Flow Projections prepared and delivered by the Borrower in respect of the Borrower and BioAmber pursuant to Section 9.1.1(1) of the Loan Agreement do not show a positive forecast cash balance for each of the Borrower and BioAmber at
all times during the four week period immediately following delivery of such Weekly Cash Flow Projections; 

10.1.31     BDC Intercreditor Agreement. The Borrower does not deliver an amending
agreement in form and substance satisfactory to the Secured Parties with respect to the BDC Intercreditor Agreement duly executed by each party thereto within sixty (60) days of the date of the Fourth Amending Agreement; 

  
 5 

 10.1.32     SJIF Intercreditor Agreement. The
Borrower does not deliver an amending agreement in form and substance satisfactory to the Secured Parties with respect to the SJIF Intercreditor Agreement duly executed by each party thereto within sixty (60) days of the date of the Fourth
Amending Agreement; 
 10.1.33     BioAmber Subordination Agreement. The Borrower
does not deliver an amending agreement in form and substance satisfactory to the Secured Parties with respect to the subordination agreement dated May 12, 2015, as amended by an amending agreement dated as of August 9, 2016, among
BioAmber, the Borrower and the Agent duly executed by each party thereto within sixty (60) days of the date of the Fourth Amending Agreement;  

10.1.34     Mitsui Subordination Agreement. The Borrower does not deliver an amending
agreement in form and substance satisfactory to the Secured Parties with respect to the subordination agreement made as of May 12, 2015, among Mitsui, the Borrower and the Agent, as consented to by a consent made as of August 9, 2016, duly
executed by each party thereto within sixty (60) days of the date of the Fourth Amending Agreement; 

10.1.35     BDC Loan Agreement. The Borrower does not deliver an amending agreement in form
and substance satisfactory to the Secured Parties with respect to the BDC Loan Agreement between the Borrower and BDC duly executed by each party thereto within sixty (60) days of the date of the Fourth Amending Agreement; 

10.1.36     SJIF Loan Agreement. The Borrower does not deliver an amending agreement in
form and substance satisfactory to the Secured Parties with respect to the SJIF Loan Agreement between the Borrower and the SJIF Lender duly executed by each party thereto within sixty (60) days of the date of the Fourth Amending Agreement;

 10.1.37     PI Contribution Agreement. The Borrower does not deliver an amending
agreement in form and substance satisfactory to the Secured Parties with respect to the PI Contribution Agreement between the Borrower and the PI Lender duly executed by each party thereto within sixty (60) days of the date of the Fourth
Amending Agreement; 
 10.1.38     AIP Loan Agreement. The Borrower does not
deliver an amending agreement in form and substance satisfactory to the Secured Parties with respect to the AIP Loan Agreement between the Borrower and the AIP Lender duly executed by each party thereto within sixty (60) days of the date of the
Fourth Amending Agreement; 

  
 6 

 10.1.39     SCA Debenture. The Borrower does
not deliver an amending agreement in form and substance satisfactory to the Secured Parties with respect to the SCA Debenture between the Borrower and SCA duly executed by each party thereto within sixty (60) days of the date of the Fourth
Amending Agreement;  
 10.1.40     SDTC Contribution Agreement. The Borrower does
not deliver an amending agreement in form and substance satisfactory to the Secured Parties with respect to the SDTC Contribution Agreement between the Borrower and the SDTC Lender, as amended by the modification to the contribution agreement dated
May 23, 2012 and the extension dated September 24, 2012 and an amendment dated December 18, 2014, duly executed by each party thereto within sixty (60) days of the date of the Fourth Amending Agreement; and 

10.1.41     Mitsui’s Prior Consent. The Borrower does not deliver the required consent
from Mitsui as per Section 4.1(i) of the Fourth Amending Agreement within fifteen (15) days of the date of the Fourth Amending Agreement.” 
  

	3.2	 Validity 

Each of the foregoing amendments to the Loan Agreement set forth in Section 3.1 (collectively, the
“Amendments”) shall be void and of no force and effect if any of the conditions set forth in Article 4 is not satisfied, fulfilled or otherwise met to the satisfaction of all of the Secured Parties, in which event the Secured
Parties shall be deemed never to have agreed to give the Amendments. 
 ARTICLE 4 

CONDITIONS PRECEDENT TO WAIVERS AND AMENDMENTS 
  

	4.1	 Conditions Precedent 

None of the Waivers nor the Amendments shall become effective unless (i) the Borrower has obtained the required
consent from Mitsui & Co., Ltd. (“Mitsui”), according to the provisions contained at Section 2 of the Indemnity Agreement dated August 1st, 2017 entered into
between the Borrower, BioAmber Inc. and Mitsui, and (ii) the conditions precedent set forth in this Section 4.1 have been satisfied, fulfilled or otherwise met to the satisfaction of all of the Secured Parties and the Agent confirms in
writing to the Borrower and provides a copy to the Secured Parties (the “Effective Notice”): 

4.1.1     the Agent shall have received each of the following in form and substance satisfactory to the Secured
Parties (in original, or, at the Agent’s discretion, pdf or other copy): 
  

	 	(a)	 this Agreement duly executed by each party hereto; 

 

	 	(b)	 a guarantee and security confirmation duly executed by each Obligor in respect of this Agreement and the
Security Documents to which such Obligor is party; 

  
 7 

	 	(c)	 a disclosure agreement duly executed by the Borrower in favour of EDC in form and substance satisfactory to
Export Development Canada; 

  

	 	(d)	 a Certificate of each of the Borrower and BioAmber (i) attaching true copies of (A) such
party’s Constitutional Documents and (B) documents evidencing all necessary internal corporate and/or other management action taken by such party to authorize the execution, delivery and performance by it of this Agreement and each
agreement and document contemplated herein to which it is a party and the consummation of the transactions contemplated thereby and (ii) certifying (A) as to incumbency and true signatures of its Responsible Officers signatory to the Loan
Documents, (B) no Material Adverse Change has occurred since November 21, 2017, (C) in the case of the Borrower only, each of the representations and warranties under Section 8.1 of the Loan Agreement is true and correct in all
material respects (except to the extent any such representation or warranty is already qualified by materiality, in which case it must be true and correct in all respects) on the date hereof and as of the Effective Date, (D) no Default, Event
of Default or Material Adverse Change exists on the date hereof and on the Effective Date, and (E) no Default or Event of Default shall have occurred and be continuing or will result from giving effect to the Waivers and the Amendments before
or after giving effect to any of the Waivers or the Amendments; and (F) there shall not exist on the date any injunction or temporary restraining order which would prohibit the transactions contemplated under this Agreement, or any litigation
which would reasonably be expected to result in a Material Adverse Effect; 

  

	 	(e)	 favourable opinions from the Borrower’s Counsel addressed to the Secured Parties and the Lenders’
Counsel, McMillan LLP, in respect of the laws of jurisdictions and in such form as the Agent (acting on the advice Lenders’ Counsel) may reasonably require; 

 

	 	(f)	 such other agreements, documents and instruments as the Agent may, in its judgment, require;

 4.1.2     the Lenders shall have engaged the Consultant, at the
Borrower’s expense (the “Engagement”) on terms and conditions in form and substance satisfactory to the Lenders which terms and conditions shall include the Borrower’s agreement to cooperate with the Consultant at all
times and to provide the Consultant with unfettered access to the Borrower’s information, books, records, management and personnel as deemed necessary or appropriate by the Consultant. The Borrower shall also have agreed that the Consultant
will not be precluded by reason of the Engagement from accepting any other engagement or mandate in respect of the Borrower, including but not limited to appointments under statute or by court order, should circumstances so warrant; 

4.1.3     the Borrower shall have engaged Nexant Inc. on or before December 15, 2017 as an
appraiser (the “Appraiser”), to conduct an appraisal, at the Borrower’s expense, of all plant and equipment of the Borrower located in Sarnia using both an income approach and on a liquidation basis, and otherwise on terms and
conditions in form and substance satisfactory to the Secured Parties (the “Appraisal”), which terms and conditions shall include the Borrower’s agreement that the Appraiser will have the unfettered ability to communicate
directly to the Secured Parties the scope of the Appraisal and all information and findings arising from or in relation to the Appraisal; 

  
 8 

 4.1.4     the Borrower shall have provided the lenders with the names
of the large global strategic partners interested in obtaining a stake in the Borrower as referred to in the Borrower’s letter to the Secured Parties dated November 21, 2017, together with financial information that demonstrates to the
satisfaction of the Borrower in its reasonable business judgment, the financial capability of such partners to consummate a transaction on a timely basis; 

4.1.5     the Borrower shall have paid to Comerica Bank by no later than December 31, 2017, an amount
sufficient to repay all amounts owing to Comerica Bank under the Comerica Credit Card, after which payment the Comerica Credit Card shall be permanently cancelled; 

4.1.6     the Secured Parties’ shall have received copies of all management and executive employment
agreements and all current management and executive compensation plans and bonus structures and same shall be in form and substance satisfactory to the Secured Parties; 

4.1.7     all of the representations and warranties contained in Section 5.1 are true and correct on and as of
the date hereof and on the Effective Date; 
 4.1.8     there shall not exist on the date hereof and on
the Effective Date any injunction or temporary restraining order which, in the judgment of the Agent, would prohibit the transactions contemplated under this Agreement, or any litigation which would reasonably be expected to result in a Material
Adverse Effect; 
 4.1.9     the Agent shall have received from the Borrower payment in full of all
reasonable out-of-pocket fees, costs and expenses incurred by the Secured Parties (including the fees, costs and expenses of the Lenders’ Counsel) in connection with this Agreement and the transactions contemplated herein; and 

4.1.10   the Agent shall have received from the Borrower payment in full of all fees which each of them is entitled to
receive on or prior to the date hereof under or in connection with any Loan Document, this Agreement and the transactions contemplated herein, including payment by the Borrower to the Agent (for the account of the Lenders) of an amendment fee in the
amount of $10,000. 
 The Effective Notice shall stipulate the date on which the Waivers and the Amendments
shall take effect (the “Effective Date”). Subject to Sections 2.2 and 3.2, the Waivers and the Amendments shall take effect as of and from the Effective Date. The Loan Agreement as amended by the Amendments shall constitute one
agreement, and the Loan Agreement as so amended is hereby ratified and confirmed by the parties hereto. 

  
 9 

 ARTICLE 5  

REPRESENTATIONS AND WARRANTIES 
  

	5.1	 Representations and Warranties of the Borrower 

The Borrower represents and warrants to and in favour of each of the Secured Parties as follows: 

5.1.1     The representations and warranties made by it to the Secured Parties under Article 8 of the Loan
Agreement are true, accurate and complete in all material respects (except to the extent any such representation or warranty is already qualified by materiality, in which case it must be true and correct in all respects) as if they were made both on
the date of execution and delivery hereof and on the Effective Date with references therein to the Loan Agreement being replaced by references to this Agreement and the Loan Agreement as amended by the Amendments. 

5.1.2     All of the representations and warranties contained in this Article 5 are true and correct on and as of
the date of execution and delivery hereof and on the Effective Date. 
 ARTICLE 6 

CONFIRMATIONS AND COVENANTS OF THE BORROWER 
  

	6.1	 Negative Covenants 

The Borrower covenants and agrees that from the date of the Fourth Amending Agreement until the Agent delivers the Effective
Notice, the Borrower shall not make any payments that are not contemplated by the Initial Cash Flow Projection attached as Schedule “A” hereto. Without limiting the generality of the foregoing, the Borrower shall not make any payments as
described in section 5.6.3(f) of the Loan Agreement without the written consent of the Secured Parties from the date of the Fourth Amending Agreement until the Agent delivers the Effective Notice. 

 

	6.2	 Confirmations 

6.2.1     This Agreement is not intended by the parties to, and shall not constitute, a payment, discharge,
satisfaction or novation of any obligation of the Borrower to the Secured Parties, including the whole or any item or part of the Secured Obligations. 

6.2.2     The Borrower ratifies and confirms its Secured Obligations, as amended by the Amendments, and confirms
and agrees that its Secured Obligations continue in full force and effect without amendment, restatement, supplement, variation, novation or other change, except to the extent expressly amended by the Amendments, and is binding upon it. 

6.2.3     The execution, delivery and effectiveness of this Agreement shall not in any manner whatsoever reduce,
release, discharge, impair or otherwise prejudice or change the rights of the Secured Parties, including the whole or any item or part of the Secured Obligations, arising under, by reason of or otherwise in respect of any Secured Documents to which
the Borrower is a party, except to the extent expressly set out herein. 
 6.2.4     The execution, delivery and
effectiveness of this Agreement shall not, except as previously provided herein, operate as or in any way be construed as a consent to, or a waiver of, any other matter or provision relating to, or contained in, the Loan Agreement or any other
Secured Document to which the Borrower is a party. 
 6.2.5     The Borrower confirms and agrees that the
postponements and other obligations expressed to be binding on it under or pursuant to the Loan Agreement and other Secured Documents to which the Borrower is a party, except for the Amendments, be unaffected by and shall be binding upon the
Borrower and continue in full force and effect, inter alia, securing the Secured Obligations of the Borrower, and the entry into effect of this Agreement shall not in any manner whatsoever reduce, release, discharge, terminate, impair or otherwise
prejudice or change the rights of the Secured Parties arising under, by reason of or otherwise in respect of such postponements and other obligations constituted by the Loan Agreement and other Secured Documents to which the Borrower is a party.

  
 10 

 6.2.6     The Borrower confirms and agrees that the Liens,
postponements and subordinations expressed to be granted by the Borrower in favour of the Secured Parties under the Loan Agreement and other Secured Documents to which the Borrower is a party as security for the Secured Obligations (the
“Existing Security”) shall be binding upon it and the Collateral (as defined in each Secured Document to which the Borrower is a party) and shall, except for the Amendments, be unaffected by and shall continue in full force and
effect notwithstanding this Agreement, and the execution and delivery of this Agreement shall not in any manner whatsoever reduce, release, discharge, terminate, impair or otherwise prejudice or change the rights of the Secured Parties arising
under, by reason of or otherwise in respect of the Loan Agreement and other Secured Documents to which the Borrower is a party, except for the Amendments. 

6.2.7     The Borrower ratifies and confirms its obligations under the Loan Agreement and other Secured Documents
to which the Borrower is a party and agrees that its obligations under the Loan Agreement and other Secured Documents to which the Borrower is a party continue in full force and effect without change, except for the Amendments, and is binding upon
the Borrower. 
 6.2.8     The Borrower ratifies and confirms the Loan Agreement and other Secured Documents to
which the Borrower is a party and its Existing Security and confirms and agrees that its Existing Security continues in full force and effect without change, and each of the Loan Agreement and other Secured Documents to which the Borrower is a party
and the Existing Security is binding upon the Collateral (as defined in each applicable Secured Document to which the Borrower is a party), continues to secure the obligations expressed to be secured thereby. 

6.2.9     The Borrower hereby confirms that it has no claim for set-off, counter-claim or damages on any basis
whatsoever against the Agent or any of the Secured Parties and the Borrower hereby releases and forever discharges the Agent and each of the Secured Parties, and the Agent’s and each of the Secured Parties’ employees, officers, directors,
agents and advisors and their representatives and successors from any and all manner of actions, causes of actions, suits, contracts, claims, demands, damages, costs and expenses of any nature or kind whatsoever, whether known or unknown, suspected
or unsuspected whether at law or in equity, which the Borrower ever had or now have or which the Borrower or its administrators, officers, agents, successors and assigns hereafter can, shall or may have or by reason of any cause, matter or thing
whatsoever existing up to the present time and relating to the Loan Agreement, the other Loan Documents, the Secured Obligations, the Guarantees, the Sponsors Security Documents, or the Agent’s or the Secured Parties’ actions, errors or
omissions with regard thereto. 

  
 11 

 ARTICLE 7 

GENERAL 

	7.1	 Further Assurances 

The Borrower shall, at its own expense, do, make, execute or deliver all such further acts, documents and things in connection
with this Agreement as the Agent may reasonably require for the purpose of giving effect to this Agreement, all promptly following the request of the Agent. 
  

	7.2	 Fees & Expenses 

The Borrower shall promptly following the request by the Agent, reimburse the Agent and the Lenders on a full indemnity basis
for all reasonable out-of-pocket fees, costs and expenses incurred by the Agent and the Lenders (including fees, costs and expenses of Lenders’ Counsel) in connection with this Agreement and the transactions contemplated herein. 

 

	7.3	 Benefit & Burden 

This Agreement shall enure to the benefit of and be binding upon the parties hereto, their respective successors and each
assignee of some or all of the rights or obligations of the parties under the Loan Documents permitted by Section 12.10 of the Loan Agreement. 
  

	7.4	 Loan Document 

This Agreement shall constitute a Loan Document and the negative covenants contained herein shall constitute negative
covenants under section 9.4 of the Loan Agreement. 
  

	7.5	 Counterparts 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
taken together shall be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. Transmission of a copy of an executed signature page
of this Agreement by facsimile or e-mail in pdf format by one party hereto to each other party hereto, shall be as effective as delivery of an original manually executed counterpart hereof to each other party hereto. 

 

	7.6	 Governing Law 

This Agreement shall be governed by, and construed and interpreted in accordance with, the laws in force in the Province of
Ontario, including the federal laws of Canada applicable therein, but excluding choice of law rules. Such choice of law shall, however, be without prejudice to or limitation of any other rights available to the Secured Parties under the laws of any
jurisdiction where the Borrower or its property may be located. 
 [The Remainder of this Page is Intentionally Left Blank] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed 
  

			
	 BIOAMBER SARNIA INC.

		
	 By:
	 	 /s/ Mike Hartmann

		 	 Name: Mike Hartmann

		 	 Title: President

 
			
	COMERICA BANK, as Agent
		
	 By:
	 	 /s/ illegible

		 	 Name:

		 	 Title:

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 
			
	COMERICA BANK, as Lender
		
	 By:
	 	 /s/ illegible

		 	 Name:

		 	 Title:

		
	 By:
	 	 
		 	 Name:

		 	 Title:

			
	EXPORT DEVELOPMENT CANADA, as Lender
		
	 By:
	 	 /s/ Frank Kelly

		 	 Name: Frank Kelly

		 	 Title:   Director, Extractive Industries Structured
            and Project Finance

		
	 By:
	 	 /s/ Jean-Philippe Nolet

		 	 Name: Jean-Philippe Nolet

		 	 Title:   Sr Project Finance Manager Structured

            and Project Finance

 
			
	FARM CREDIT CANADA, as Lender
		
	 By:
	 	 /s/ Jason Inman

		 	 Name: Jason Inman

		 	 Title:   Senior Account Manager

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 SCHEDULE “A” 

INITIAL CASH FLOW PROJECTION

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