Document:

EX-10.21

 Exhibit 10.21 
 Confidential 
 Jan 1, 2012 
 To Elly Perets 
 Dear Elly, 

We are pleased to offer you a position with Bitstream Israel Ltd. (the “Company”), commencing on January 1, 2012.

 Terms of Employment 
 Your position, your direct supervisor and other terms of your employment shall be as provided in the Notice to Employee attached hereto as Exhibit A, as may be amended from time to time.

 You will be entitled to such number of paid vacation days per year as prescribed in the Notice to Employee attached hereto as
Exhibit A, and a total of up to five (5) vacation days may be accumulated and carried over by you from year to year. You shall make every effort to utilize your annual vacation. 

You will be entitled to use a Company car, pursuant to the terms of the Company’s car lease policy, as may be amended by the Company
from time to time. The car will be Mazda 3 or comparable, and can be upgraded such that there is no additional cost to the Company. The tax liability incurred in respect of such car shall be borne by you and shall be deducted from your salary by the
Company. You shall be solely liable for all fines, penalties, costs and other obligations in respect of the car (excluding any costs and payments which are expressly borne by the Company pursuant to the terms of the Car Policy). By signing below you
also agree that, subject to applicable law, if you fail to timely pay any fines, penalties, costs or other obligations in respect of the car, the Company may pay them and deduct such amounts from your salary. 

If the Company shall furnish for your use a cellular telephone, any tax to be imposed with respect to such telephone and all other costs
relating to such telephone shall be borne by you. 
 The amounts paid by the Company towards a managers’ insurance policy
or pension plan on your name may not be retrieved by the Company except: (i) in the event and to the extent that a competent court shall determine that you are not entitled to severance payments, or any part of such severance payments, pursuant
to Section 16 or 17 of the Severance Pay Law, 5727-1963 (the “Severance Pay Law”); or (ii) in the event that you withdraw funds from any such policy not as a result of a “Crediting Event”, as that term is defined
in the “General Approval re Employers Payments to Pension Funds and Insurance Funds in place of Severance Payments” issued by the Minister of Health and Welfare pursuant to Section 14 of the Severance Pay Law, a copy of which is
attached as Exhibit A-1 (i.e., retirement after the age of 60, death or disability). Such payments by the Company shall substitute and be in place of any obligation the Company might have with respect to your severance payments
pursuant to the Severance Pay Law or otherwise, in accordance with the provisions of such General Approval. 
 You shall be
expected to work additional hours as required by your assignments and shall be paid a global overtime payment, all as described in the attached Exhibit A. 

 Confidential 

 

 Termination of Employment 

You should be aware that your employment with the Company is for no specified period. As a result, you are free to resign at any time,
after giving the Company a prior written notice as prescribed under Israeli law, for any reason or for no reason. Similarly, the Company is free to conclude its employment relationship with you at any time for any reason, after giving you a similar
prior notice, unless such termination is for cause or otherwise provided by law. 
 During the period of the prior notice,
unless the Company requires otherwise, you shall continue to perform all of your duties and shall cooperate with the Company and use your best efforts to hand-over your responsibilities to the person(s) designated by the Company. 

Employee Covenants and Representations 
 You agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business and you shall dedicate all of your working time
in favor of your employment with the Company, nor will you engage in any other activities that conflict with your obligations to the Company. 
 As a Company employee, you will be expected to abide by Company rules and regulations, as defined and approved by the Company’s management or Board of Directors. You will be expected to sign and
comply with a confidentiality, non-competition and proprietary information agreement attached hereto as Exhibit B. 
 By signing below you represent that your execution and performance of your obligations under this letter and the agreement relating to confidentiality, non-competition and proprietary information between
you and the Company will not violate any agreement to which you are a party or by which you are bound or applicable law or equity principle and agree to maintain such non violation. 

Miscellaneous 
 This Agreement and its exhibits shall inure to the benefit of and be binding upon the Company and a successor to all or substantially all of its assets and business (by means of liquidation, acquisition
or otherwise). You may not make any assignments of this Agreement or any interest herein, by operation of law or otherwise, without Company’s prior written consent. 
 To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below and return it to me. A duplicate original is enclosed for your records. This letter
and its exhibits set forth the terms of your employment with the Company and supersede any prior representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by an officer
of the Company and by you. 
 We look forward to working with you at Bitstream Israel Ltd.! 

 

							
	Sincerely,	 		 	Agreed and accepted
				
	Bitstream Israel Ltd.	 		 	Name:	 	Elly Perets
				
	 /s/ Ariel Goodman
	 		 	Signature:	 	 /s/ Elly Perets

	Ariel Goodman	 		 		 	
	Controller	 		 	Date:	 	

  
 –2–

 Confidential 

 

 Exhibit A 

NOTIFICATION TO EMPLOYEE OF EMPLOYMENT CONDITIONS 
  

	1.	Name of Employer: Bitstream Israel Ltd. 

 Legal Entity: Bitstream Israel Ltd. 
 Identification Number: 514447861 

Address: Hadas 5 Or Akiva 30600 
 Name of Employee: Ell Perets 
 Identification Number: [intentionally omitted]

 Address: [intentionally omitted] 
  

	2.	 Date of Commencement of Employment: January 1st, 2012. 

 Term of Employment: Employment is not for a fixed period. 
  

	3.	Main Responsibilities of the Employee: VP Sales and Marketing 

  

	4.	Name of Employee’s direct supervisor or direct supervisor’s title: CEO of the Company. 

 

	5.	The basis upon which Employee’s salary is made: monthly. 

 The aggregate fixed payments (gross) to be made to employee is 46,150NIS (the “Salary”). All payments to be made to the Employee as compensation are as follows: 

 

			
	 Fixed Payments

Payment Type
	  	Timing of payment
	Base salary (gross) 32,150 NIS (inclusive of all such payments that the Company is required to pay under any applicable law including among others and social security and taxes, and
except for the items indicated below)	  	Once in a month, in accordance with the Company’s normal payroll procedures but no later then the 9th day of each calendar month.
		
	Travel expenses	  	Pursuant to law. It is agreed that if the employee is provided with a car, no additional travel expenses will be paid.
		
	Global Overtime Pay (gross) 14,000 NIS	  	Once in a month, In accordance with the Company’s normal payroll procedures but no later then the 9th day of each month.
		
	Recreation Pay (Dmei Havraa)	  	Once a year pursuant to the law.

  

	7.	If you received a car under the leasing agreement of the Company, your rights and obligations are according to the car appendix and car policy of the Company as are
updated from time to time. If you return the car, your monthly salary shall increase by 3000 shekel per month for each month following the return of the car (or a lower amount for a proportional amount of the month). 

  
 –3–

 Confidential 

 

	8.	Vacation accrual: The employee is entitled to annual vacation of 20 working days. 

 

	9.	Employee’s working week shall consist of 43 hours. Whereas Employee’s position may require overtime, Employee shall work overtime as required by the Company,
up to 15 additional hours per week. 

  

	10.	The rest day is: Saturday. 

  

	11.	Employee declares and agrees that the Company’s rules and regulations, as shall be adjusted from time to time by the Company in its sole discretion, shall apply to
Employee’s employment with the Company and shall be part of the terms and conditions of Employee’s employment with the Company. 

  

	12.	Payment of Social Benefits to which the Employee will be entitled: 

  

													
	Payment Type	  	 The institution to
 whom payment
 is made and name of the plan
	  	 Payment by
Employee

(in percentage)
	 	 	 Payment by

Employer

(in percentage)
	 	 	Payment Commencement Date
	 Managers Insurance Policy or Pension Fund (% from gross salary including Global Overtime Pay, and Recreation
Pay)*
	  	 Name:
  

 
 Severance pay

 
 “Tagmulim”

 
 Disability
 Insurance
	  	  
  
  

 
  
	  
  
  

 
 5
	  
  
  

 
 % 
	 	  
  
  

 
  

 
  

 
  
 
 
 
	  
  
  

 
 8.33

 
 5

 

2.5% or less according to
the [Section14] general
approval attached as
Exhibit A-1
	  
  
  

 
 % 

 
 % 

 
   
  
  
  
	 	Date of Commencement of Employment
					
	 Education Fund (% from gross salary including Global Overtime Pay and Recreation Pay)
	  		  	 	2.5	% 	 	 	7.5	  	 	Date of Commencement of Employment

  

	(*)	Employee may choose whether to join the Company’s Managers Insurance Policy or to continue Employee’s existing Managers Insurance. 

[If employee chooses Pension Fund over Managers Insurance Policy- the % should be adjusted] 
 It is hereby emphasized that Employee’s entitlement to amounts transferred by the Company for Severance pay are subject to any applicable law and/or employment agreement between Employee and the
Company. The description of the payments transferred for Severance pay are without prejudice to Employer’s rights to receive such amounts back, nor does it entitle Employee to receive such amounts. 

  
 –4–

 Confidential 

 

	13.	Performance Bonus for each of the years 2012 and 2013 

  

	•	 	 For reaching 80% to 90% of the sales budget: 0.75% of the net sales. 

 

	•	 	 For reaching 90% to 100% of the sales budget: 1.0% of the sales budget. 

 

	•	 	 For reaching 101% to 110% of the sales budget: 1.25% of the difference between 100% budgeted sales and the actual in addition to 1% of the sales
budget. 

  

	•	 	 For reaching over 111% to 120% of the sales budget: 1.5% of the difference between 110% budgeted sales and the actual, in addition to the bonus for
reaching 100% of the sales budget, and in addition to the bonus for reaching 110% of the sales budget. 

 The above amounts
were prepared with the assumption and agreement that there would not be management insurance contributions on the Performance Bonus. It is agreed between the parties that the employer and employee will contribute to the management insurance for the
Performance Bonus. The employee will contribute 5%; the employer 5%+8.33%+0.8% for tamlugim, pizuiyim, and ovdan kosher avoda respectively. The gross commission [bruto] will be adjusted such that the employer cost remains unchanged. 

There will not be a contribution to the education fund for the sales commissions paid. 

 

					
	SIGNATURE OF EMPLOYER:	 		 	DATE:
			
	BITSTREAM ISRAEL LTD.	 		 	
			
	 /s/ Ariel Goodman
	 		 	  

			
	SIGNATURE OF EMPLOYEE:	 		 	DATE:
			
	 /s/ Elly Perets
	 		 	  

  
 –5–

 Confidential 

 

 Confidential 
 Exhibit A-1 
 The General Approval 

General Approval concerning payments of employers to pension funds, management insurance funds, in place of severance payments according to severance
payments law 5723-1963. 
 In line with my authority according to item 14 of the severance payments law, 5723-1963, I approve that payments
that the employer paid commencing the day this approval was publicized, for its employee to a comprehensive pension in a savings fund that is not an insurance fund according to income tax ordinances (rules for approval and managing savings funds)
5724-1964 (hereon: pension fund), or to management insurance that includes a possibility for an annuity, or for a combination of payments to a pension plan and to a plan that is not an annuity in an insurance fund as such (hereon: insurance fund),
including payments paid through a combination of payments o a pension fund and insurance fund, whether the insurance fund has an annuity plan or not (hereon: the employer payments), will be in place of severance payments due to the employee for the
salary for which the said payments were paid for the period they were paid (hereon: the exempt salary), dependent on all the below: (26) 
  

	 	(1)	Employer payments 

  

	 	a.	to the pension fund are not less than 14 1/3% of the exempt salary or 12% of the exempt salary if the employer pays in addition for the employee payments for additional
severance payments to savings fund for severance or insurance fund on the employee’s name, the amount of 2 1/3% of the exempt salary. If the employer did not pay this additional 2 1/3%, the payments will be in place of only 72% of the severance
payments of the employee. 

  

	 	b.	to the insurance fund are not less than: 

  

	 	1.	13 1/3% of the exempt salary, if the employer pays for its employee in addition payments for monthly guaranteed income in the event of disability, in a plan that has
been approved by the principal in charge of the financial market, insurance, and savings, at the Finance Ministry, at the rate required to guarantee at least 75% of the exempt salary or at the rate of 2 1/2% of the exempt salary, whichever is
lower (hereon: payment for disability insurance;) 

  

	 	2.	11% of the exempt salary, if the employer paid in addition disability insurance; in this case the employer payments are in place of only 72% of the severance payments
of the employee; if the employer paid in addition to these, payments for additional severance to a savings fund for severance or to an insurance fund on the employee’s name at the rate of 2 1/3% of the exempt salary, then the employer payments
shall be in place of 100% of the severance payments of the employee. 

  
 –6–

 Confidential 

 

	 	(2)	No later than three months from the start of the employer payments, there is an agreement between the employer and the employee including—

  

	 	a.	Agreement of the employee to the arrangement according to this approval that details the employer payments and the pension fund and the insurance fund as relevant; in
this agreement shall include the wording of this approval; 

  

	 	b.	The employer shall waive in advance all rights that it may have for return of monies paid, unless if the employee is denied severance payments by court verdict
according to items 16 or 17 of the law and the severance was denied, or if the employee withdraws monies from the pension fund or the insurance fund not for an approved event; an approved event being: death, disability, or retirement at age 60 or
older (24). 

  

	 	(3)	This approval does not impair the right of the employee to severance payments according to law, collective agreements, directives, or contracts for salary that is
beyond the exempt salary. 

 Publicized in book of ordinances 5758 page 4394 30.6.98 (24). Corrections 5760 page 5 (starting
19.9.99), 5761 page 1949 (starting 12.3.2001) (26). 

  
 –7–

 Confidential 

 

 EXHIBIT B 
 BITSTREAM ISRAEL LTD. 
 CONFIDENTIALITY, NON-COMPETITION AND PROPRIETARY

 INFORMATION AGREEMENT 
 This Confidentiality, Non-Competition and Proprietary Information Agreement is made as of the date written at the end of this Agreement, by and between Bitstream Israel Ltd., an Israeli company (the
“Company”), and the undersigned employee (“Employee”). 
 1. Confidentiality 

(a) Employee recognizes and acknowledges that Employee’s access to the trade secrets and confidential or proprietary information
(collectively, the “Confidential Information”) of the Company, the Company’s subsidiaries and its other affiliates including without limitation Bitstream Inc. (collectively, the “Companies”), is essential to
the performance of Employee’s duties as an employee of the Company. 
 By way of illustration and not limitation, such
Confidential Information shall include (i) any and all trade secrets concerning the business and affairs of the Companies, product specifications, data, know-how, services, research and development, compositions, processes, formulas, methods,
designs, samples, inventions and ideas, past, current and planned development or experimental work, current and planned distribution methods and processes, customer lists, current and anticipated customer requirements, price lists, market studies,
business plans, computer software and programs (including object code and source code), computer software and database technologies, systems, structures and architectures (and related processes, algorithms, compositions, improvements, know-how,
inventions, discoveries, concepts, ideas, designs, methods and information) of the Companies, information relating to the projects of the Companies, and any other information, however documented, of the Companies that is a trade secret;
(ii) any and all information concerning the business and affairs of the Companies (which includes historical financial statements, financial projections and budgets, historical and projected sales, capital spending budgets and plans, the names
and backgrounds of key personnel, personnel training and techniques and materials), however documented; and (iii) all derivatives, improvements and enhancements to the Companies’ technology which are created or developed by Employee while
an employee of the Company; and (iv) information of third parties as to which the Company has an obligation of confidentiality; and (v) any and all notes, analysis, compilations, studies, summaries, and other material prepared by or for
the Companies containing or based, in whole or in part, on any information included in the foregoing. 
 The Confidential
Information shall not include information which the Employee has proved to be, publicly known and made generally available through no wrongful act of Employee or of others who were under confidentiality obligations as to the information involved.

 (b) Employee further recognizes and acknowledges that such Confidential Information is a valuable and unique asset of the
Companies, and that its use or disclosure (except use or disclosure as required for carrying out Employee’s duties as an employee of the Company) would cause the Companies substantial loss and damages. Employee undertakes and agrees that
Employee will not, in whole or in part, disclose such Confidential Information to any person or organization under any circumstances, will not make use of any such Confidential Information for Employee’s own purposes or for the benefit of any
other person or organization, and will not reproduce any of the Confidential Information without the Company’s prior written consent. 

  
 –8–

 Confidential 

 

 (c) Employee will not disclose or otherwise make available to the Company in any manner
any confidential information received by Employee from third parties. 
 (d) Employee further recognizes and acknowledges that
the Company has received and in the future will receive from third parties their confidential or proprietary information subject to certain limited purposes. Employee agrees to hold all such confidential or proprietary information in the strictest
confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out Employee’s work for the Company consistent with the Company’s agreement with the third party. 

(e) The obligations set forth in this section are perpetual, and shall survive termination of Employee’s employment with the
Company. 
 2. Return of Materials. Upon termination of Employee’s employment with the Company or at the request of the Company
before termination, Employee will promptly deliver to the Company all copies of all written and tangible material, in Employee’s possession or under Employee’s control, incorporating the Confidential Information or otherwise relating to
the Companies’ business, without retaining any copies thereof. The obligations set forth in this subsection shall survive termination of Employee’s employment with the Company. 
 3. Ownership of Property and Rights 
 (a) Exclusive Property.
Employee confirms that all Confidential Information is, will be, and shall remain the exclusive property of the Companies. All business records, papers and documents however documented kept or made by Employee relating to the business and affairs of
the Company shall be and remain the property of the Company. Without derogating from any of the provisions of this Agreement, Employee represents that any of the Inventions (as defined in subsection (b) hereunder) is the sole and exclusive
property of the Company and Employee has no rights to such Inventions or Confidential Information related thereto. 
 (b)
Assignment. Employee hereby assigns to the Company, without additional consideration to Employee, the entire right, title and interest in and to any ideas, inventions, designs, concepts, techniques, methods, processes, original works of
authorship, developments, improvements, modifications, enhancements, trade secrets, and in and to any documentation, software, hardware, firmware, creative works, know-how and information, conceived or reduced to practice, in whole or in part, by
Employee, either alone or jointly with others, during Employee’s period of employment with the Company, or caused to be conceived or reduced to practice, during the above period, whether or not patentable, copyrightable or otherwise
protectable, and Employee assigns to the Company as above stated, the entire right, title and interest in and to any proprietary rights therein or based thereon (collectively, the “Inventions”). 

It is hereby clarified that Employee expressly waives all economic rights in the Inventions including without limitation any rights
Employee may have to royalties or any other payment from the Company (specifically including patent rights under the Israeli Patent and Design Act of 1967) with regard to the assigned Inventions. 

Employee hereby covenants and agrees that so long as he will be employed with the Company, he shall not cooperate with any person not
employed by the Company in purpose of creating any Invention, unless a prior written consent is obtained from the Company. 

  
 –9–

 Confidential 

 

 Employee hereby irrevocably transfers and assigns to the Company: (a) all worldwide
patents, patent applications, copyrights, mask works, trade secrets and other intellectual property rights in any Invention; and (b) any and all Moral Rights (as defined below) that he may have in or with respect to any Invention. Employee also
hereby forever waives and agrees never to assert any and all Moral Rights he may have in or with respect to any Invention, even after termination of his work on behalf of the Company. “Moral Rights” mean any rights of paternity or
integrity, any right to claim authorship of an invention, to object to any distortion, mutilation or other modification of, or other derogatory action in relation to, any Invention, whether or not such would be prejudicial to his honor or
reputation, and any similar right, existing under judicial or statutory law of any jurisdiction whatsoever, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a “moral right”.

 (c) Perfection of Rights. Employee shall provide all assistance the Company may request, and shall execute, verify and
deliver such documents and perform such other acts (including appearing as a witness) the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such proprietary rights and the assignment
thereof. Employee’s obligation to assist the Company with respect to proprietary rights in any and all countries shall continue beyond the termination of Employee’s employment with the Company, but the Company shall compensate Employee at
a reasonable rate after termination of Employee’s employment for the time actually spent by Employee at the Company’s request on providing such assistance. 
 (d) Attorney-in-fact. If the Company is unable because of the Employee’s mental or physical incapacity or for any other reason to secure the Employee’s signature to application for any
Israeli or foreign patent or copyright registration covering Inventions or original works of authorship assigned to the Company as set forth above, Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and
agents as Employee’s agent and attorney-in-fact, to act on behalf of and in his stead to execute and file any such application and to do all other lawfully permitted acts to further the prosecution and issuance of letter patent or copyright
registration thereon with same legal force and effect as if executed by the Employee. 
 (e) Survivability. The
obligations set forth in this section are perpetual, and shall survive termination of Employee’s employment with the Company. 
 4. No
Competition. In consideration for compensation paid to Employee by the Company as part of Employee’s salary, Employee shall not, for so long as Employee is employed by the Company and continuing for one year after the termination of such
employment, directly or indirectly, including personally or in any business in which he is an officer, director or shareholder: 

(a) solicit, hire, endeavor to entice away from the Companies or otherwise interfere with the relationship of the Companies with any
person or organization who is, or was within the preceding two years, a customer, vendor or supplier of the Companies, or who is, or was within the preceding twelve months, employed or engaged as consultant or otherwise by the Companies; or

 (b) own an interest in, manage, operate, join, control, or participate in or be connected with, as an officer, employee,
director, owner, partner, joint venture, stockholder, broker, agent, principal, licensor, consultant or otherwise, any person or organization that, at such time, competes with the Companies anywhere in the world including without limitation
engagement in any activities involving either (i) products similar to or competing with actual or planned products of the Companies, or (ii) information, processes, technology or equipment that is similar to information, processes,
technology or equipment in which the Companies then have 

  
 –10–

 Confidential 

 

 
a proprietary interest; provided that this shall not preclude Employee from owning a stock interest not greater than 5% in a publicly traded company, so long as he has no active role in such
company as director, employee, consultant or otherwise. 
 If any one or more of the terms contained in this Section 4
shall for any reason be held to be excessively broad with regard to time, geographic scope or activity, the term shall be construed in a manner to enable it to be enforced to the extent compatible with applicable law. 

Employee further recognizes and acknowledges that a breach of this Section 4 would cause the Companies substantial non-revisable
damages which may create a threat on the existence of the Companies. 
 5. Enforcement. The Company may enforce this Agreement and any of
its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for the breach of this Agreement. This Agreement shall be enforced to the
fullest extent permissible under the laws of the State of Israel, without regard to its conflict of law principles, and inure to the benefit of any successor to all or substantially all of the Company’s business. If any portion of this
Agreement shall be adjudicated to be invalid or unenforceable, it shall be deemed to be amended to delete such portion. Employee’s rights and obligations hereunder shall be in addition to Employee’s obligations towards the Company pursuant
to applicable law or in equity. Employee expressly consents to the exclusive personal jurisdiction and venue of Tel Aviv courts for any lawsuit arising from or relating to this Agreement. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date written first above. 
  

									
	BITSTREAM ISRAEL LTD.	 		 	Elly Perets
				
	By:	 	 /s/ Ariel Goodman
	 		 	 /s/ Elly Perets

					
	Name:	 	 Ariel Goodman
	 		 	Date:	 	  

					
	Title:	 	  
	 		 		 	
					
	Date:	 	  
	 		 		 	

  
 –11–EX-10.31

			
		  	 Exhibit 10.31
  

*** Text Omitted and Filed Separately
 Confidential Treatment Requested
 Under 17 C.F.R. §§
200.80(b)(4)
 and 203.406
  

		
	 UT-B #PLA 1562 and UC-A #IPA 0749
	  	RRS/MTF

 UT-Battelle Reference #: PLA 1562 

UC-A Reference #: IPA 0749 
 SOLE COMMERCIAL FIELD OF USE PATENT 
 LICENSE AGREEMENT 

This Exclusive Commercial Patent License Agreement (Agreement) is between UT-Battelle, LLC (UT-Battelle), a Tennessee non-profit limited
liability company, UChicago Argonne, LLC (UC-A), an Illinois non-profit limited liability company, and DNP Green Technology, INC, a Delaware Corporation with a principle place of business located at 1250 Rene-Levesque West, Suite 4110, Montreal QC,
Canada, H3B 4W8 (“Licensee”), hereinafter referred to singly as the “Party” or jointly as the “Parties.” UT-Battelle and UC-A hereinafter referred to jointly as “Licensors.” 

ARTICLE 1 

BACKGROUND 
 1.1
UT-Battelle manages and operates the Oak Ridge National Laboratory under its Prime Contract No. DE-AC05-00OR22725 with the United States Department of Energy (“DOE”), an agency of the United States Government. 

1.2 UC-A manages and operates the Argonne National Laboratory under its Prime Contract No. DE-AC02-06CH11357 with the DOE; 

1.3 Licensee and Licensors entered into a Sole Commercial Patent License Agreement PLA-183 dated May 23, 1996 and amendments A-E thereto (the
“PLA-183, IPA 0280 License”). 
 1.4 Licensee and Licensors entered into Sole Commercial Patent License PLA-251, IPA -285 dated
July 10, 1998 and amendments A-B thereto (the “PLA-251, IPA -285 License”). 
 1.5 Licensee and Licensors desire to cancel the
PLA-183 IPA 0280 License and the PLA-251 IPA -285License, and enter into this new Agreement, which is intended to grant to Licensee certain rights in all of the patents originally licensed under the PLA-183, IPA 0280 License and the PLA-251, IPA
0285 License. 
 1.6 This Agreement specifically includes Exhibit A, LICENSED PATENTS, Exhibit B, TERM SHEET & FINANCIAL OBLIGATIONS,
and Exhibit C, DEVELOPMENT AND COMMERCIALIZATION PLAN, which are attached. 
 1.7 Except as provided in Article 8, the license will run through
the Term of this Agreement. 

  
 1 

* Confidential treatment requested 

			
	 UT-B #PLA 1562 and UC-A #IPA 0749
	  	RRS/MTF

  

 ARTICLE 2 
 DEFINITIONS 
 As used in this Agreement, the following terms have the meanings set forth
below: 
  

	2.1	“Accounting Period” means the period from July 1 through June 30 of each year, with the first Accounting Period beginning on the Effective Date.

  

	2.2	“Bioamber Sublicense” means the license executed on one side by Licensee and on the other side by Bioamber SAS, a French entity, and/or its successors of
substantially all of the assets and obligations of Bioamber SAS (collectively, “Bioamber”) which grants Bioamber rights to the Licensed Patents solely or in conjunction with patents owned by Licensee or with patents licensed to Licensee by
entity(ies) other than Licensors. 

  

	2.3	“Direct Production” means the quantity of Licensed Products (calculated in metric tons) produced by the Licensee, a Subsidiary of Licensee, and Bioamber in
the Field of Use; It being understood that Licensed Products that (i) are documented to have failed to meet quality control criteria and (ii) are not Disposed or do not generate any income resulting from their Disposition will be excluded
from Direct Production. 

  

	2.4	“Dispose” or “Disposition” means the sale, lease or other transfer of Licensed Products. 

 

	2.5	“Effective Date” means July 1, 2009. 

  

	2.6	“Field(s) of Use” means and is limited to producing salts of succinic acid using a bacteria claimed in the Licensed Patents and a claimed method in the
Licensed Patents. 

  

	2.7	“Government” means the Federal Government of the United States of America. 

 

	2.8	“Government’s License Rights” means the Government’s nonexclusive, nontransferable, irrevocable, paid-up license to practice or to have practiced
for or on behalf of the United States the Licensed Patents throughout the world, pursuant to 35 USC 202(c)(4). 

  

	2.9	“Licensed Patents” means each patent and patent application listed in Exhibit A, and any non-United States patents issuing at any time from such application
and any divisions, and continuations thereof, and all reissues, reexaminations, substitutes, or extensions of any such patents. The term “Licensed Patents” does not include any patent found to be unenforceable or invalid by a final
adjudication by a Court of competent jurisdiction. 

  

	2.10	“Licensed Products” means any device, apparatus, product, compound, composition of matter, product-by-process, kit, system, material, algorithm, or process
the manufacture, use, sale, offer for sale, or import of which, but for the license granted in this Agreement, would infringe or contribute to the infringement of a claim of a Licensed Patent. 

  
 2 

* Confidential treatment requested 

			
	 UT-B #PLA 1562 and UC-A #IPA 0749
	  	RRS/MTF

  

	2.11	“Patent Costs” means the verifiable costs related to the preparation, filing, prosecution and maintenance of Licensed Patents. 

 

	2.12	“Restricted Entity” means any person or entity identified on the Denied Persons List published by the Bureau of Industrial Security
(http://www.bis.doc.gov/dpl/thedeniallist.asp), or any entity incorporated or having a principle place of business in an embargoed country as defined in EAR Part 746 (http://www.bis.doc.gov/news/archive99/repts/embargod.pdf).

  

	2.13	“Running Royalty” and “Running Royalties” means the payments owed to Licensors based on Succinic Acid Equivalent as specified in Section A of
Exhibit B. 

  

	2.14	“Sublicense” means any agreement executed by Bioamber and a third party which grants to such third party rights to the Licensed Patents solely or in
conjunction with patents owned by Licensee or with patents licensed to Licensee by entity(ies) other than Licensors. 

  

	2.15	“Sublicensee” means one or more third parties with whom Bioamber enters into a Sublicense. 

 

	2.16	“Sublicensing Revenue” means the U.S. Dollar value of all consideration to which Bioamber is entitled pursuant to a Sublicense, including any license
fees, royalties and milestone payments or other consideration. 

  

	2.17	“Sublicensing Royalty” and “Sublicensing Royalties” mean the payments owed to Licensors based on Sublicensing Revenue as specified in Exhibit B.

  

	2.18	“Subsidiary” means a U.S. or foreign owned and operated corporation, company, or other entity more than fifty percent (50%) of whose outstanding shares,
membership interest, or securities (any of which of the foregoing representing the right to vote for the election of directors or the managing authority), are now or hereafter, owned or controlled directly by Licensee, but such corporation, company
or other entity shall be deemed to be a Subsidiary only so long as such ownership or control exists. 

  

	2.19	“Succinic Acid Equivalent” means the ratio of the molecular weight of succinic acid to molecular weight of Licensed Product multiplied by the dry weight mass
of the Licensed Product produced in Direct Production. As an example, in the case were the Licensed Product is diammonium succinate (DAS), the Succinic Acid (SA) Equivalent would be calculated as follows: 1 metric ton DAS x (118/152) = 0.7763
metric ton of SA, where 118 is the molecular weight of succinic acid and 152 is the molecular weight of diammonium succinate. 

  

	2.20	“Term” means the period of time starting on the Effective Date and continuing until expiration of the last to expire Licensed Patents.

  
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 ARTICLE 3 
 GRANT 
 3.1 Licensors grant to Licensee, and Licensee accepts for the Term of this
Agreement, a sole commercial license under the Licensed Patents to make, have made, use, offer to sell, sell, Dispose of, and import (subject to 6.1) the Licensed Products in the Field of Use. 

3.2 Licensee’s exclusive commercial license is subject to, and will in no way restrict, the Government’s License Rights. 

3.3 Licensee’s exclusive license is subject to, and will in no way restrict, the march-in rights of the Government pursuant to 35 USC 203.

 3.4 Licensors retain the right to grant non-commercial licenses in the Field(s) of Use but solely for academic and research purposes.

 3.5 Licensors may, in their sole discretion, grant licenses to the Licensed Patents outside the Field(s) of Use. 

3.6 Licensee acknowledges that no license is granted or implied under, and expressly agrees not to make, have made, use, offer to sell, sell, Dispose of,
and import the Licensed Products outside the Field of Use. Licensee agrees that making, having made, using, offering to sell, selling, Disposing of, and importing the Licensed Products outside the Field of Use is a breach of this Agreement and is an
infringement of the Licensed Patents. 
 3.7 The license granted to Licensee herein shall extend to a Subsidiary only after Licensor has
received written notice from the Subsidiary that they assume the same terms, conditions, and obligations of this Agreement as imposed on Licensee hereunder. Any license granted to Subsidiary under this Agreement shall terminate on the date
Subsidiary ceases to be a subsidiary of Licensee or upon termination of the licenses granted in this Agreement, whichever occurs earlier. Licensee shall be liable for any breach of this Agreement by Subsidiary, to the same extent that Licensee would
be liable if Licensee committed the breach. 
 3.8 This grant includes the right for Licensee to enter into the Bioamber Sublicense that is
consistent with terms of this Agreement and for Bioamber to approve Sublicenses that are consistent with the terms of this Agreement. Licensee agrees that no Sublicenses will contain the right to sublicense the Licensed Patents. 

  
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 ARTICLE 4 
 CONSIDERATION AND FINANCIAL OBLIGATIONS 
 4.1 As consideration for the License, Licensee
agrees to comply with the provisions of this Agreement, to pay all fees, Running Royalties, Minimum Annual Royalties, Patent Costs, and all other consideration within the time periods and as otherwise specified in this Agreement for the Term, and to
satisfy the requirements of the Commercialization Plan set forth in Exhibit C. Prompt payment of all amounts due to Licensors and satisfaction of the Commercialization Plan requirements are material to this Agreement. 

4.2 Licensee shall pay to Licensor a Running Royalty on Direct Production in the amount specified in Exhibit B. Accounting Periods and due dates for
Running Royalties are also specified in Exhibit B. 
 4.3 Licensee shall pay a minimum royalty for each Accounting Period, the amounts and due
dates of which are specified in Exhibit B (“Minimum Annual Royalty”). The Running Royalties and Sublicensing Royalties for each Accounting Period shall be credited against the Minimum Annual Royalty payable for each corresponding
Accounting Period. 
 4.4 Licensee will reimburse Licensors for all Patent Costs within thirty (30) days of submission of the proof of
costs incurred by Licensors. If Licensee elects to discontinue reimbursement of Patent Costs of any patent or patent application, then that patent or patent application will be excluded from the Licensed Patents, and all rights relating to that
patent or patent application will revert to Licensors and may be freely licensed by Licensors to others. 
 4.5 All payments will be made to
Licensors in U.S. dollars by wire transfer in accordance with the following wire instructions, unless and until written notice is provided by Licensors of a change in the wire instructions: 
 [***] 
 4.6 Licensee and Bioamber will owe no Running or Sublicensing Royalties on any production
of Licensed Products or Dispositions of Licensed Products using Government funds, including funds derived through a Military Assistance Program of the Government or otherwise derived through the Government, because of the Government’s License
Rights. Licensee and Bioamber will report all such production of Licensed Products or such Dispositions by providing a Government control number and identification of the Government agency in the written report for the pertinent Accounting Period.

  
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 4.7 In the event that Licensee fails to make any payment due to Licensors within the time period
prescribed for such payment under this Agreement, then the unpaid or overdue amount will bear interest at the rate of one and one half percent (1.5%) per month from the date when payment was due until payment in full, with interest, is
made. In addition, Licensee agrees to reimburse Licensors for any costs or expenses, including attorney’s fees, incurred by Licensors in collection of such overdue payments. 

ARTICLE 5 

SUBLICENSES 
 5.1 Licensee
is solely responsible for ensuring that the terms of the Bioamber Sublicense and of all Sublicenses are consistent with the terms of this Agreement. Licensee agrees that entering into a Bioamber Sublicense or a Sublicense that includes terms that
are inconsistent with the terms of this Agreement is a material breach of this Agreement. Licensee agrees that approving the Bioamber Sublicense or a Sublicense that includes terms or conditions that are inconsistent with the terms and conditions of
this Agreement is a material breach of this Agreement. 
 5.2 Effective on the date of termination of this Agreement, for any reason, prior to
the end of the Term, Licensee hereby assigns to Licensors those of its rights, title and interest under the Bioamber Sublicense that is in effect on the date of termination that relate to the Licensed Patents, including the right to receive the
portion of the income from Bioamber that relates to the Licensed Patents, and Licensors undertake to respect the terms of the Bioamber Sublicense entered into by Licensee as though Licensors themselves had contracted directly with Bioamber, in
accordance with the terms of the Bioamber Sublicense so long as Bioamber respects the terms of the Bioamber Sublicense. Licensee shall include notification of this provision in the Bioamber Sublicense. 

5.3 Effective on the date both the Bioamber Sublicense and this Agreement are terminated for any reason, prior to the end of their respective terms (the
“Joint Termination Date”), and that any Sublicensee is not then in default under the terms of the Sublicense to which it is a party, then Licensee hereby assigns and shall cause Bioamber to assign to Licensors those of their rights, title
and interest under any such Sublicense, the Bioamber Sublicense and this Agreement that are in effect on the Joint Termination Date that relate to the Licensed Patents, including the right to receive the portion of the income from the Sublicense
that relates to the Licensed Patents, and Licensors undertake to respect the terms of any such Sublicense as though Licensors themselves had contracted directly with such Sublicensee, in accordance with the terms of any such Sublicense so long as
any such Sublicensee respects the terms of its Sublicense. Licensee shall cause Bioamber to include notification of this provision in all Sublicenses. 

  
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 5.4 Licensee hereby agrees that each Sublicensee will have to be pre-approved in writing by Licensors,
and that such approval by Licensors may only be refused if the proposed Sublicensee is a Restricted Entity. It is also agreed that Licensors may subsequently reject any possible application of the provisions of this Section 5.2 in the event
that Bioamber or any Sublicensee become a Restricted Entity. 
 5.5 Licensee will provide a copy of the Bioamber Sublicense granted by Licensee,
and a copy of each Sublicense granted by Bioamber, to Licensors within thirty (30) days of the execution of each sublicense. 
 5.6 Subject
to Article 9, Licensee must enforce the Bioamber Sublicense and Sublicenses at its cost. The Licensee will be responsible for the acts or omissions of Bioamber and of Sublicensees. The Bioamber Sublicense granted by the Licensee and each Sublicense
granted by Bioamber will include an audit right by Licensee of the same scope as provided to Licensors in Article 7 of this Agreement and will include Licensee’s right to enforce the Licensed Patents as provided in Article 9. 

5.7 Licensee will require Bioamber and Sublicensees (a) to keep records and submit reports to Licensee of the same type and for the same Accounting
Periods as required of Licensee in Article 7 of this Agreement, and (b) to submit to Licensee, at the same time Licensee is required to submit a written report under Article 7 of this Agreement to Licensors, a report of all uses and Licensed
Products produced and the amount of payments made to Licensee in connection with such use uses and Licensed Products produced. 
 5.8 Bioamber
will not grant to Sublicensees the right to grant sublicenses under the Licensed Patents. 
 ARTICLE 6 

CONDITIONS OF GRANT 
  

	6.1	Licensee agrees that any Licensed Products for use or sale in the United States will be substantially manufactured in the United States. Licensee is responsible for
ensuring that this U.S. manufacture requirement is included in all sublicenses granted by Licensee and Bioamber. 

 6.2 Licensee
will mark all Licensed Products in accordance with the statutes of the United States relating to marking of patented articles, see 35 U.S.C. § 287. Licensee is responsible for ensuring that this marking requirement is included in the
Bioamber Sublicense granted by Licensee and in all Sublicenses. Any such marking may indicate that Licensee has a license from Licensors. Otherwise, Licensee is prohibited from using Licensors’ name or the name “Oak Ridge National
Laboratory” and “Argonne National Laboratory” and “United States Department of Energy” in any such marking or any advertising, promotion or commercialization of Licensed Products without written approval of Licensors.

  
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 6.3 The rights and licenses granted by Licensors in this Agreement are personal to Licensee and may not
be assigned or otherwise transferred in whole or in part except as may be otherwise permitted by the terms of this Agreement. If Licensee merges or is otherwise acquired by another entity that acquires substantially all of Licensee’s business
assets that relate to this Agreement, then Licensee may assign its rights and obligations under this Agreement to the merging or acquiring entity, effective on the date the merger or acquisition becomes effective, without any approval of the
Licensors, provided that all the following requirements have been satisfied in advance of the merger or acquisition: 
 6.3.1
Licensee notifies Licensors within forty-five (45) calendar days prior to said merger or acquisition; 
 6.3.2 Licensors
approve the other parties involved in such transaction, it being understood that such approval by Licensors may only be refused if any such other party is a Restricted Entity; 
 6.3.3 Licensee shall have paid all Running Royalties, Minimum Annual Royalties, Sublicensing Royalties, fees and payments due Licensors; and 

6.3.4 The merging or acquiring entity has agreed to comply with the terms and conditions of this Agreement. 

6.4. Licensee will not pledge its rights under this Agreement for any reason, including as security to obtain financing, without the prior written
approval of Licensors. The Parties agree that any such pledge by Licensee without such approval by Licensors will be an automatic, material and incurable breach of the Agreement resulting in termination of the Agreement effective as of the date of
the attempt by Licensee to make such pledge. 
 6.5. Licensee hereby agrees that, in the event Licensee, by its own actions, or the action of
any of its shareholders or creditors, files or has filed against it a case under the Bankruptcy Code of 1978, as previously or hereafter amended, Licensors shall be entitled to relief from the automatic stay of Section 362 of Title 11 of the
U.S. Code, as amended, to pursue any rights and remedies available to it under the License. Licensee hereby waives the benefits of such automatic stay and consents and agrees to raise no objection to such relief. 

  
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 ARTICLE 7 
 RECORDS, REPORTS, AND ROYALTY PAYMENTS 
 7.1 Licensee will keep and make available and will
cause Bioamber to keep and make available to Licensors for audit, inspection and copying by Licensors or its designee, including an accounting firm, adequate and sufficiently detailed records to enable Licensee’s financial obligations,
including obligations incurred as a result of sublicensing in accordance with Article 5, required under this Agreement to be easily determined. Licensee will maintain and will cause Bioamber to maintain these records for a period of three
(3) years after the end of the last Accounting Period to which the records refer. In the event an examination of Licensee’s or Bioamber’s records reveals an underpayment of more than 5% of the accurate Running or Sublicensing
Royalty amount for any Accounting Period, Licensee will pay all costs incurred by Licensors related to the examination of records in addition to paying the Royalty balance due. 
 7.2. Licensee will provide Licensors a written report for each Accounting Period during the Term of this Agreement, no later than sixty (60) days after the end of each Accounting Period, which
identifies for such Accounting Period: 
 (a) the quantity of Succinic Acid Equivalent; 

(b) the Sublicensing Revenues; 
 (c) the total amount of Running Royalties, Minimum Annual Royalties, and Sublicensing Royalties due to Licensors; and 
 (d) If Bioamber executes a Sublicense with DNP Green or a Subsidiary, 
 1)The
Running Royalties for the specific Sublicense 
 2)The Sublicensing Royalties for the specific Sublicense. 

7.3 Licensee will submit a written report to Licensors within thirty (30) days after the date of any termination or expiration of this Agreement
which contains the same information required in 7.2 above for Licensed Products produced prior to such expiration or termination that were not previously reported to Licensors. At the time this report is submitted, Licensee will pay to Licensors all
Running Royalties and any other consideration due Licensors. 
 ARTICLE 8 

BREACH AND TERMINATION 

8.1 This Agreement may be terminated by either Party for any material breach of the Agreement by the other Party. Such termination will be effective
sixty (60) days after written notice specifying the breach to the other Party. If the specified breach is cured before the effective date of termination, the Agreement will not be terminated. 

  
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 8.2 In the event Licensee either (a) fails to make payment to Licensors of Running Royalties or
other consideration in accordance with this Agreement or (b) fails to satisfy the requirements of the Commercialization Plan in Exhibit C, Licensors may, at its sole discretion, subject to Paragraph 8.1, terminate this Agreement with respect to
specified Licensed Patents. There will be no reduction in any of the payments due from Licensee, including but not limited to Running Royalties and Minimum Annual Royalties. 
 8.3 In addition to termination, in the event of a material breach by Licensee or Licensors, Licensors or Licensee, as the case may be, may pursue any rights and remedies available to it by law.

 8.4 This Agreement will not be terminated for any breach that is the result of an act of God, acts or omissions of any government or agency
thereof, compliance with rules, regulations, or orders of any governmental authority or any office, department, agency, or instrumentality thereof, fire, storm, flood, earthquake, accident, acts of the public enemy or terrorism, war, rebellion,
insurrection, riot, sabotage, invasion, quarantine, restriction, transportation embargoes, or failures or delays in transportation. 
 8.5 The
rights and remedies granted herein, and any other rights or remedies which the Parties may have, either at law or in equity, are cumulative and not exclusive of others. 
 8.6 Neither Party will be relieved of any obligation or liability under this Agreement arising from any act or omission committed prior to the termination date. Upon termination, Licensee will execute any
documents necessary to achieve the transfer to Licensors of all rights to which Licensors may be entitled under this Agreement. 
 8.7 This
Agreement will terminate automatically upon a final adjudication of invalidity, unenforceability, or the extinguishment of all Licensed Patents, for any reason. 
 8.8 Annual minimum, sublicensing royalties, and running royalty rates will all double if Licensee or Bioamber or any Sublicensee contests the validity or enforceability of any Licensed Patent, or requests
reexamination of any Licensed Patent. 
 8.9 Expiration or termination of this Agreement will be without prejudice to any rights that may have
accrued to the benefit of a Party prior to such expiration or termination. 

  
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 ARTICLE 9 
 INFRINGEMENT 
 9.1 Licensee will notify Licensors in writing of any suspected infringement
of the Licensed Patents in the Field of Use, and each Party will inform the other of any evidence of such suspected infringement within a reasonable time of obtaining such evidence. 
 9.2 Licensors will have the right during the term of this Agreement to institute, prosecute, and settle at its own expense suits for infringement of the Licensed Patents for any infringement occurring
within the Field of Use, and if required by law, Licensee will join as party plaintiff in such suit. Where such suit is brought by Licensors, Licensors will be entitled to retain all damages and any other consideration recovered at successful
conclusion of the suit, after having reimbursed the Licensors and the Licensee for any cost incurred in such suit (including compensation for the time and expenses of any Licensee’s personnel involved in the suit), such reimbursement being made
on a prorated basis in the event such damages and other consideration are not sufficient to cover the costs incurred by both the Licensors and the Licensee. 
 9.3 In the event Licensors decides not to bring any such suit, Licensors will so notify Licensee and Licensee may bring such suit provided that (1) there are no other licensees of any of the Licensed
Patents and (2) Licensors has not commenced suit for enforcement of the Licensed Patents pursuant to 9.4 below. Settlement of any suit brought by Licensee will require the consent of Licensors and Licensee, which neither will unreasonably
withhold from the other, and any settlement amount or recovery for damages will be applied as follows: (i) first, to reimburse the Parties for their expenses in connection with the litigation, including compensation for the time and expenses of
any Licensors and Licensee’s personnel involved in the suit in accordance with an agreement entered into between the Parties before such suit is brought, and (ii) second, the Parties will share any monies remaining in accordance with an
agreement entered into between the Parties before such suit is brought. 
 9.4 Licensors will have the right in its absolute discretion during
the Term of this Agreement to commence suits for infringement of the Licensed Patents for any infringement outside the Field of Use. 
 9.5
Notwithstanding the pendency of any infringement or other claim or action by or against Licensee, Licensee will have no right to reduce, terminate, suspend or escrow payment of any amounts required to be paid to Licensors pursuant to this Agreement.

  
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 ARTICLE 10 
 REPRESENTATIONS AND WARRANTIES 
 10.1 Licensee represents and warrants that it will not
export any technical information, or the direct product thereof, furnished to Licensee, either directly or indirectly by Licensors in the grant of license to the Licensed Patents, from the United States of America, directly or indirectly without
first complying with all requirements of the Export Administration Regulations, including the requirement for obtaining any export license, if applicable. 
 10.2 Licensee will indemnify, defend and hold harmless Licensors, DOE, their respective members, officers, directors, agents, employees, and persons acting on their behalf, (“Indemnitees”) from
liability involving the violation of such export regulations, either directly or indirectly, by Licensee, Bioamber and Sublicensees. 
 10.3
Licensee acknowledges it may be subject to criminal liability under U.S. laws for Licensee’s failure to obtain any required export license. 
 10.4 Subject to Article 9, Licensee agrees to indemnify and hold harmless Indemnitees from and against any and all liabilities, penalties, fines, forfeitures, claims, demands, causes of action, damages,
and costs and expenses (including the costs of defense, prosecution and/or settlement, including, but not limited to, attorney’s fees), caused by, arising out of or related to, in whole or in part, Licensee’s and/or Bioamber’s and/or
Sublicensee’s exercise of rights under this Agreement or any other action or inaction relating to Licensed Patents or Licensed Products, including, but not limited to, claims or demands of product liability, personal injury, death, damage to
property or violation of any laws or regulations, except for those arising from Licensors’ gross negligence. 
 10.5 Licensors represents
that it has the right to grant all of the rights granted herein, except as to such rights as the Government of the United States of America may have or may assert. 
 ARTICLE 11 
 DISCLAIMERS 

11.1 NEITHER LICENSORS, DOE, NOR PERSONS ACTING ON THEIR BEHALF WILL BE RESPONSIBLE FOR ANY INJURY TO OR DEATH OF PERSONS OR OTHER LIVING THINGS OR
DAMAGE TO OR DESTRUCTION OF PROPERTY OR FOR ANY OTHER LOSS, DAMAGE, OR INJURY OF ANY KIND WHATSOEVER RESULTING FROM LICENSORS’ GRANT OF LICENSE TO LICENSEE UNDER THIS AGREEMENT.  
 11.2. ALL LICENSED PATENTS, INFORMATION, MATERIALS OR SERVICES FURNISHED UNDER OR WITH THIS AGREEMENT (“DELIVERABLES”) ARE PROVIDED ON AN “AS IS” BASIS. NEITHER LICENSORS, DOE, NOR
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REPRESENTATIONS, OR EXTEND ANY WARRANTIES, EITHER EXPRESS OR IMPLIED: (a) WITH RESPECT TO THE VALIDITY OF THE LICENSED PATENTS; (b) WITH RESPECT TO THE MERCHANTABILITY, ACCURACY,
COMPLETENESS, FITNESS FOR USE OR USEFULNESS OF ANY DELIVERABLES; (c) THAT THE USE OF ANY SUCH DELIVERABLES WILL NOT INFRINGE PRIVATELY OWNED RIGHTS; (d) THAT THE DELIVERABLES WILL NOT RESULT IN INJURY OR DAMAGE WHEN USED FOR ANY PURPOSE;
(e) THAT THE DELIVERABLES WILL ACCOMPLISH THE INTENDED RESULTS OR ARE SAFE FOR ANY PURPOSE, INCLUDING THE INTENDED OR PARTICULAR PURPOSE; OR (f) WITH RESPECT TO USE, OR DISPOSITION BY LICENSEE OR BIOAMBER OR ITS SUBLICENSEES, VENDEES, OR
OTHER TRANSFEREES OF LICENSED PRODUCTS INCORPORATING OR MADE BY USE OF (1) INVENTIONS LICENSED UNDER THIS AGREEMENT OR (2) INFORMATION, IF ANY, FURNISHED UNDER THE AGREEMENT. FURTHERMORE, LICENSORS AND DOE HEREBY SPECIFICALLY DISCLAIM ANY
AND ALL WARRANTIES, EXPRESS OR IMPLIED, FOR ANY LICENSED PRODUCTS RESULTING FROM LICENSORS’ GRANT OF LICENSE HEREUNDER. IT IS AGREED THAT NEITHER LICENSORS NOR DOE WILL BE LIABLE FOR CONSEQUENTIAL, SPECIAL, OR INCIDENTAL DAMAGES IN ANY EVENT.
LICENSEE, BIOAMBER AND ITS SUBLICENSEES WILL MAKE NO WARRANTY, EXPRESS OR IMPLIED, ON BEHALF OF LICENSORS OR THE DOE.  
  

	11.3	Nothing in this Agreement will be construed as: 

  

	 	a.	an obligation of the Licensors to bring or prosecute actions or suits against third parties for infringement (except to the extent and in the circumstances stated in
Article 9); or 

  

	 	b.	an obligation of the Licensors to furnish any manufacturing or technical information or technical assistance, or 

 

	 	c.	conferring a right to use in advertising, publicity, or otherwise any trademark or name of Licensors (except to the extent stated in 6.2); or 

 

	 	d.	granting by implication, estoppel, or otherwise, any licenses or rights under patents of Licensors other than Licensed Patents, regardless of whether such other patents
are dominant of or subordinate to any Licensed Patents. 

  
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 ARTICLE 12 
 GENERAL 
 12.1 All notices and reports will be addressed to the Parties as follows:

 If to Licensors: 
 Business Manager, Partnerships Directorate 
 UT-Battelle, LLC 

One Bethel Valley Road 
 Oak Ridge, Tennessee
37831-6196 
 Facsimile: (865) 574-4150 

Phone: [***] 
 Email: [***] 

With a copy to: 
 Attn: Director, Office of
Technology Transfer 
 UChicago Argonne. LLC 
 9700 S. Cass Avenue 
 Argonne, IL 60439 
 Facsimile: (630) 252-5230 
 Phone: [***] 
 Email: [***] 
 If to Licensee: 

DNP Green Technology, Inc 
 1250 Rene-Levesque
West, Suite 4110 
 Montreal, Quebec, Canada 
 H3B 4W8 
 Care of: Dr. Laurent Bernier, Vice-President 

Facsimile: (514) 844-1414 
 Phone: (514) 844-8000
ext. [***] 
 E-Mail: [***] 
 With a
copy to: 
 Boivin Desbiens Senecal, g.p. 
 2000, McGill College Avenue, Suite 2000 
 Montreal, Quebec, Canada 

H3A 3H3 
 Care of: Mr. Thomas Desbiens

 Facsimile: (514) 844-5836 
 Phone:
[***] 
 E-Mail: [***] 

  
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 12.2. Any notice, report or any other communication required to be given will be in writing and
delivered either: (a) personally, (b) by express, registered or certified first-class mail, (c) by commercial courier, (d) by facsimile with machine confirmation of transmission, or (e) by email. 

12.3 The failure of either Party to enforce a provision of this Agreement or to exercise any right or remedy will not be a waiver of such provision or of
such rights or remedies or the right of the Parties thereafter to enforce each and every provision, right or remedy. 
 12.4 This Agreement may
be amended or modified only by a written instrument signed by all Parties. 
 12.5 The determination by a Court of competent jurisdiction that
any part, term, or provision of this Agreement is illegal or unenforceable, will not affect the validity of the remaining provisions of this Agreement. 
 12.6 Licensors may assign this Agreement and all rights, duties and obligations hereunder, to DOE or a successor contractor to Licensors, as may be required under its prime contract with DOE. 

12.7 This Agreement will be construed according to the laws of the State of Tennessee and the United States of America and in the English language. Any
action brought to enforce any provision or obligation hereunder will be brought in the Federal District Court for the Eastern District of Tennessee. However, if jurisdiction is not found in Federal Court, actions will be brought in Tennessee in
either Knox, Roane, or Anderson County Court. 
 12.8 This Agreement is solely for the benefit of the Parties, represents the entire and
integrated agreement between the Parties, and supersedes all prior negotiations, representations, and agreements, either written or oral, including the Sole Commercial Patent License Agreement (ORNL License #183/ANL License IPA 0280) dated
May 23, 1996 and amendments thereto, and the Sole Commercial Patent License Agreement (ORNL License #251/ANL License IPA 0285) dated April 20, 1998 and amendments thereto. This Agreement, and each and every provision thereof, is for the
exclusive benefit of Licensors and Licensee and not for the benefit of any third party, except to the extent expressly provided in the Agreement. 

  
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 IN WITNESS WHEREOF, each of the Parties hereto has caused this Agreement of be executed in duplicate
originals by its duly authorized officers or representatives. 
  

									
	UT-BATTELLE, LLC	 		 	
					
	By:	 	/s/ Michael J. Paulus	 		 		 	Approved by:
	Name:	 	 Michael J. Paulus
	 		 		 	Initials: [illegible]
	Title:	 	 Director, Technology Transfer
	 		 		 	Date: 1/19/10
	Date:	 	1-19-10	 		 		 	

  

			
	UChicago Argonne, LLC
		
	By:	 	/s/ Dennis Bugielski
	Name:	 	 Dennis Bugielski

	Title:	 	 Manager, Procurement 

	Date:	 	3/3/10

 LICENSEE 
  

			
	DNP Green Technology, Inc.
		
	By:	 	/s/ Jean- François Huc
	Name:	 	Jean-François Huc
	Title:	 	President & CEO
	Date:	 	March 9th, 2010

  
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 EXHIBIT A: LICENSED PATENTS 

 

															
	Family I [***]
	 	 	 	 	 	 	 	 
	 Robic

File #
	 	 NDQ

Ref. #
	 	 ORNL

Ref#
	 	Country	 	Application
Number	 	 Application

Date
	 	 Patent

Number
	 	
Grant

Date

	[***]

  

															
	Family II [***]
	 	 	 	 	 	 	 	 
	 Robic

File #
	 	 NDQ

Ref. #
	 	 ORNL

Ref#
	 	Country	 	Application
Number	 	 Application

Date
	 	 Patent

Number
	 	
Grant

Date

	[***]

  

															
	Family III [***]
	 	 	 	 	 	 	 	 
	 Robic

File #
	 	 NDQ

Ref. #
	 	 ORNL

Ref#
	 	Country	 	Application
Number	 	 Application

Date
	 	 Patent

Number
	 	
Grant

Date

	[***]

  

									
		 		 	Initials
					
		 	 Approved by:
	 		 	UT-Battelle:	 	[illegible]
		 	 Initials: [illegible]
	 		 	Date:	 	1-19-10
		 	 Date: 1/19/10
	 		 	UC-A:	 	[illegible]
		 		 		 	Date:	 	3/3/10
		 		 		 	Licensee:	 	[illegible]
		 		 		 	Date:	 	March 9th, 2010

  
 17 

* Confidential treatment requested 

			
	 UT-B #PLA 1562 and UC-A #IPA 0749
	  	RRS/MTF

  

 EXHIBIT B: TERM SHEET & FINANCIAL OBLIGATIONS 

 

	A.	Running Royalty Rate Structure: 

 [***] for Succinic Acid Equivalent calculated annually based on the applicable Accounting Period, payable within sixty (60) days of the end of each Accounting Period. In the event that the
Licensee or a Subsidiary is granted a Sublicense by Bioamber, then the Running Royalty payable in respect of such Sublicense will be the greater of (i) [***] for the applicable Succinic Acid Equivalent attributable to such Sublicense
calculated annually based on the applicable Accounting Period, or (ii) [***] attributable to such Sublicense calculated annually based on the applicable Accounting Period. 

 

	B.	Minimum Annual Royalty Rate Structure: 

 If the Running Royalties plus Sublicensing Royalties received by Licensors in each said Accounting Period during the term of this Agreement shall not equal the Minimum Annual Royalty amount shown
below, then Licensee shall pay the difference between the amount of actual royalties paid and the Minimum Annual Royalty within sixty (60) days of the end of each Accounting Period. 

 

			
	 Accounting Period
	  	 Minimum Annual Royalty

	 July 1, 2009 –

June 30, 2010
  
 July 1, 2010 –
 June 30, 2011
	  	[***]
	July 1, 2011-June 30, 2012 and all subsequent Accounting Periods	  	[***]

  

	C.	Execution Fee: [***] 

  

	D.	Sublicensing Royalty Structure: 

 [***] calculated annually based on the applicable Accounting Period, payable within sixty (60) days of the end of each Accounting Period. [***] 

  
 18 

* Confidential treatment requested 

			
	 UT-B #PLA 1562 and UC-A #IPA 0749
	  	RRS/MTF

  

 N O T I C E 
 This Exhibit contains financial and commercial information that is BUSINESS SENSITIVE and the Parties hereby agree not to use or disclose this Exhibit to any third party without the advance written
approval of the other Party, except: (1) to those necessary to enable the Parties to perform under this Agreement; (2) as may be required by the UT-Battelle and UC-A Prime Contract with the DOE under the same restrictions as set forth
herein; or (3) in event of breach of any provision of this Agreement by either Party, to those deemed necessary by the non-breaching Party to enforce the non-breaching Party’s rights under the Agreement. 

 

			
	Initials
		
	UT-Battelle:	 	[illegible]
	Date:	 	1-19-10
	UC-A: 	 	[illegible]
	Date:	 	3/3/10
	Licensee:	 	[illegible]
	Date:	 	March 9th, 2010
		
		 	 Approved by:

Initials: [illegible]

Date: 1/19/10

  
 19 

* Confidential treatment requested 

			
	 UT-B #PLA 1562 and UC-A #IPA 0749
	  	RRS/MTF

  

 EXHIBIT C: DEVELOPMENT AND COMMERCIALIZATION PLAN 

Licensee agrees to invest in the development of technology and market for Products by committing Licensee’s resources, at a minimum,
to the following requirements: 
  

	 	1)	Bioamber Sublicensing 

  

	 	•	 	 Bioamber will [***]: 

 [***] 
 [***] 

[***] 
  

	 	2)	Succinic Acid Production 

  

	 	•	 	 Licensee, Bioamber, and/or Sublicensees will produce the follow quantity of salts of succinic acid: 

 

							
	 Accounting Period (AP)
	  	Salts of Succinic Acid Quantity
(Metric Tons MT)	 	 Accounting Period
	  	Salts of Succinic Acid
Quantity (Metric Tons MT)
	 2009-2010
	  	[***]	 	2017-2018	  	[***]
	 2010-2011
	  	[***]	 	2018-2019	  	[***]
	 2011-2012
	  	[***]	 	2019-2020	  	[***]
	 2012-2013
	  	[***]	 	2020-2021	  	[***]
	 2013-2014
	  	[***]	 	All Subsequent APs	  	[***]
	 2014-2015
	  	[***]	 		  	
	 2015-2016
	  	[***]	 		  	
	 2016-2017
	  	[***]	 		  	

 Progress and substantiation of Licensee meeting these requirements will be provided to Licensors in the
form of a written report to be presented at a meeting between the Parties to be held at the mutual convenience of said Parties but no later than the first anniversary and each anniversary thereafter of the effective date thereof. 

N O T I C E 

This Exhibit contains financial and commercial information that is BUSINESS SENSITIVE and the Parties hereby agree not to use or disclose this Exhibit
to any third party without the advance written approval of the other Party, except: (1) to those necessary to enable the Parties to perform under this Agreement; (2) as may be required by the UT-Battelle and UC-A Prime Contract with the
DOE under the same restrictions as set forth herein; or (3) in event of breach of any provision of this Agreement by either Party, to those deemed necessary by the non-breaching Party to enforce the non-breaching Party’s rights under the
Agreement. 
  

			
	Initials
		
	UT-Battelle:	 	[illegible]
	Date:	 	1-19-10
	UC-A:	 	[illegible]
	Date:	 	3/3/10
	Licensee:	 	[illegible]
	Date:	 	March 9th, 2010
		
		 	 Approved by:

Initials: [illegible]

Date: 1/19/10

  
 20 

* Confidential treatment requested

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