Document:

Stock Option Agreement

 Exhibit 10.20 
 STOCK OPTION AGREEMENT UNDER 
 McINTOSH BANCSHARES, INC. 
 2006 STOCK COMPENSATION PLAN 
 THIS
STOCK OPTION AGREEMENT (the “Agreement”) entered into this 18th day of July, 2006, between McINTOSH BANCSHARES, INC. (hereinafter called the “Company”), a bank holding company incorporated under the laws of the State of Georgia,
and WILLIAM K. MALONE (hereinafter called the “Employee”), a salaried employee of the McINTOSH STATE BANK, a wholly-owned subsidiary of the Company (hereinafter called the “Bank”). 
 W I T N E S S E T H: 
 WHEREAS, on
July 18, 2006, the Company granted to the Employee the option hereinafter described pursuant to, subject to and upon the terms and conditions set forth in the 2006 Stock Compensation Plan of Company (hereinafter called the “Plan”),
and promptly thereafter notified the Employee of the grant of such option, and 
 WHEREAS, the Company and the Employee desire to enter into
this Agreement to reduce their agreement relating to the grant of the option to writing. 
 NOW, THEREFORE, in consideration of the mutual
covenants hereinafter set forth, the good and valuable services rendered by the Employee to the Bank in the past and to be rendered in the future, and for other good and valuable consideration, the receipt and sufficiency of which the parties hereby
acknowledge, the parties hereto, intending to be legally bound, agree as follows: 
 1. Grant of Option. Pursuant to action of the
Board of Directors of the Company, the Company does hereby irrevocably grant to the Employee, as a matter of separate agreement and not in lieu of salary or any other compensation for services, the right and option to purchase twelve thousand
(12,000) shares (the “Shares”) of the $2.50 par value common stock of the Company as authorized at the date hereof (the “Common Stock”) on the terms and conditions herein set forth (hereinafter called the
“Option”). 
 2. Purchase Price. The purchase price of the Shares of Common Stock per share subject to the Option shall be
Forty and No/100 Dollars ($40.00) per share, the fair market value of the Common Stock on the date of grant. 
  

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 3. Vesting of Option. 
 (a) Subject to the provisions of Paragraphs 3(c), 3(d), 3(e), 3(f) and 3(g) hereof, the Option to purchase Shares shall become vested and
may be exercised by said Employee as to the number of Shares and on or after the dates set out on the following schedule: 
  

			
	 Date
	  	Number of
Shares
	 July 18, 2006
	  	1,300
	 First anniversary of this Agreement
	  	1,300
	 Second anniversary of this Agreement
	  	1,300
	 Third anniversary of this Agreement
	  	2,500
	 Fourth anniversary of this Agreement
	  	2,500
	 Fifth anniversary of this Agreement
	  	2,500
	 Sixth anniversary of this Agreement
	  	600

 All Options granted hereunder expire and are void unless exercised within ten (10) years of the date of grant
(the “Option Termination Date”). 
 (b) In the event of a Change in Control (as defined in section 17(f) of the
Plan), the Option shall be fully vested and exercisable immediately as to all Common Stock granted under the Option; provided, such Change in Control transaction is executed during the period commencing as of the date of an agreement providing for
such transaction and ending as of the earlier of the expiration date of such Option or the date on which the disposition of assets or stock contemplated by such agreement is consummated. Provided, however, if such Employee should breach any covenant
regarding proprietary information or other protective covenants of an employment agreement with the Company or Bank following termination, then any Option granted hereunder but not exercised as of the date of such breach shall be immediately
forfeited. 
 (c) In the event that the employment of Employee with the Bank, Company or a subsidiary of the Company is
terminated by reason of such Employee’s death, any Options granted under this Agreement which have not vested as of the date of such Employee’s death shall immediately expire and shall become unexercisable on such date. All vested and
exercisable Options granted under this Agreement to such Employee shall be exercisable until the earlier of the Option Termination Date or the date twelve months after the date of such Employee’s death. Any such vested Option of a deceased
Employee may be exercised prior to their expiration only by a person or persons to whom such Employee’s Option rights pass by will or by the laws of descent and distribution. 
  

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 (d) In the event that the employment of an Employee with the Bank, Company or a
subsidiary of the Company is terminated by reason of such Employee’s permanent and total disability (as defined under Section 22(e)(3) of the Internal Revenue Code), any Options which have not vested as of the date of such Employee’s
termination of employment by reason of permanent and total disability shall immediately expire and shall become unexercisable on such date. All vested and exercisable Options granted under pursuant to this Agreement to such Employee shall be
exercisable until the earlier of the Option Termination Date or the date twelve months after the date of such Employee’s permanent and total disability. 
 (e) In the event that the employment of an Employee with the Bank, Company or a subsidiary of the Company is terminated for cause (i.e.,
fraud, dishonesty or willful misconduct), all Options granted under this Agreement shall immediately expire and the Employee shall immediately forfeit all Options granted under this Agreement. 
 (f) In the event that the employment of an Employee with the Bank, Company or a subsidiary of the Company is terminated by reason of such
Employee’s retirement, any Options which have not vested as of such Employee’s retirement date shall expire and become unexercisable on the earlier of the Option Termination Date or the date three months after such Employee’s
retirement date. All vested and exercisable Options granted under this Agreement to such Employee shall expire on the earlier of the Option Termination Date or the date three months after such Employee’s retirement date. 
 (g) In the event that the employment of an Employee with the Bank, Company or a subsidiary of the Company terminates employment for any
reason other than for cause or retirement, death or permanent and total disability, any Options which have not vested as of such Employee’s termination date, shall expire and become unexercisable on the earlier of the Option Termination Date or
the Employee’s termination date. All vested and exercisable options as of such Employee’s termination date shall expire on the earlier of the Option Termination Date or 90 days after termination. A leave of absence approved in writing by
the Board shall not be deemed a termination of employment for purposes of this section, but no Option may be exercised during any such leave of absence. 
 4. Exercise of Option. 
 (a) The Option shall be exercisable in whole, at any time, or
in part, from time to time, during the term of the Option as to all or any of the Shares then purchasable under the Option, except that an Option shall not be exercisable with respect to fractions of a share. The term of the Option shall be ten
(10) years from the date hereof or such shorter period as is prescribed in Paragraphs 3(c), 3(d), 3(e), 3(f) and 3(g) hereof. Provided, 

  

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however, if such Employee should breach any covenant regarding proprietary information or other protective covenants of an employment agreement with the
Company or Bank following termination, then any Option granted hereunder but not exercised as of the date of such breach shall be immediately forfeited. 
 (b) Except as provided in said Paragraphs 3(c), 3(d), 3(e), 3(f) and 3(g), the Option shall not be exercisable unless the Employee shall, at the time of exercise, be an employee of the Bank, Company or a subsidiary of
the Company. The holder of the Option shall have none of the rights of a stockholder with respect to the Shares of Common Stock subject to the Option until such Shares shall have been issued to him upon the exercise of the Option. 
 (c) At the discretion of the Board of Directors the time within which the Options herein granted may be exercised may be accelerated.

 (d) The entire Option Price shall be paid in cash at the time the Option is exercised or by delivery of shares of the
Company owned by Optionee at the market value of the shares at the time of exercise. 
 5. Nontransferability of Option. The Option
shall not be transferable by the Employee otherwise than by will or the laws of descent and distributions, and the Option is exercisable, during his lifetime, only by him. More particularly (but without limiting the generality of the foregoing), the
Option may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way (whether by operation of law or otherwise), and shall not be subject to execution, attachment or similar process. In the event of any attempted
assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions hereof, or the levy of any attachment or similar process upon the Option, the Option shall be null and void and without effect. 
 6. Change of Common Stock. 
 (a) In the event that the Common Stock of the Company, as presently constituted, shall be changed into or exchanged for a different number or kind of shares of stock or other securities of the corporation or of another kind of shares of
stock or other securities of the corporation or of another corporation (whether by reason of merger, consolidation, recapitalization, reclassification, split up, combination of shares, or otherwise) or if the number of such shares of stock shall be
increased through the payment of a stock dividend, then there shall be substituted for or added to each share of Common Stock of the Company which was theretofore appropriated, or which thereafter may be subject to an Option under the plan, the
number and kind of shares of stock or other securities into which 

  

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each outstanding share of the Company shall be so changed or for which each such share shall be exchanged or to which each such share shall be entitled, as
the case may be and the Option price adjusted accordingly. Outstanding options shall also be appropriately amended by the Board as to price and other terms, as may be necessary to reflect the foregoing events. 
 (b) If there shall be any other change in the number or kind of the outstanding shares of Common Stock of the Company, or of any stock or
other securities into which such stock shall have been changed, or for which it shall have been exchanged, and if the Board shall, in its sole discretion, determine that such change equitably requires an adjustment in any option which was heretofore
granted or which may thereafter be granted under the plan, then such adjustment shall be made in accordance with such determination. 
 (c) Fractional shares of Common Stock resulting from any adjustments in Options pursuant to this section shall be settled as the Board or Committee shall determine. The grant of an Option pursuant to the plan shall not affect in any way the
right or power of the Company to make adjustments, reclassifications, reorganization or changes or its capital or business structure, to merge, to consolidate, to dissolve, to liquidate or to sell or transfer all or any parts of its business or
assets. 
 7. Miscellaneous. 
 (a) This Option Agreement does not confer upon the Employee any right to continue in the employ of the Bank or of any parent corporation, nor does it interfere in any way with the right of the Bank or of any such
parent corporation to terminate the employment of the Employee at any time. 
 (b) Subject to the terms and conditions of this
Agreement, the Option may be exercised by written notice to the Company at its corporate headquarters in Jackson, Georgia, Attention: Secretary of McIntosh Bancshares, Inc. Such notice shall (a) state the election to exercise the Option and the
number of Shares in respect of which it is being exercised, and (b) be signed by the person or persons so exercising the Option or, in the event the Option is being exercised pursuant to Paragraph 3(c) hereof by any person or persons other than
the Employee, accompanied by appropriate proof of the right of such person or persons other than the Employee to exercise the Option. Such notice shall be accompanied by payment of the full purchase price of such Shares, in which event the Company
shall issue and deliver a certificate or certificates representing such Shares as soon as practicable after the notice is received. Payment of such purchase price shall be made by certified or bank cashier’s check payable to the order of
“McIntosh Bancshares, Inc.” All Shares issued as provided herein will be fully paid and nonassessable. 
  

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 (c) The Company shall at all times during the term of this Option reserve and keep
available such number of shares of Common Stock as will be sufficient to satisfy the requirements of this Option Agreement, shall pay all fees and expenses necessarily incurred by the Company in connection with the issue of Shares pursuant hereto
and will from time to time use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Company, shall be applicable thereto. 
 (d) The Option is effective as of the date hereof, but shall expire thirty (30) days after the date of grant if the Employee does not
execute and deliver a copy of this Option Agreement to the Company on or prior to that date. 
 (e) Notwithstanding any other
provision of this Agreement to the contrary, it is the intention that the Option qualify as an “incentive stock option” under said Section 422 of the Code and the Option and this Agreement are also deemed to contain such other terms
or conditions as may be necessary (and not contain any terms or conditions inconsistent with said Section 422) so that the Option qualifies as an incentive stock option under said Section 422. 
 (f) As a condition to the exercise of an Option, the Board may in its sole discretion, require the Employee to pay, in addition to the
purchase price of the Shares covered by the Option, an amount in cash or shares equal to any federal, state and local taxes that may be required to be withheld in connection with the exercise of such Option. 
 (g) Employee will promptly give the Company written notice at its corporate headquarters, now in Jackson, Georgia, Attention: Secretary of
McIntosh Bancshares, Inc., of any sale of any Shares purchased pursuant to the Option which is made within twelve months after the date of exercise of the Option or twenty-four months from the date of grant. 
 (h) This Stock Option Agreement has been entered into pursuant to and shall be governed by the laws of the State of Georgia. 

 

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 IN WITNESS WHEREOF, the Company has caused this Option Agreement to be exercised by its duly authorized
officers, and the Employee has hereunto set his hand and affixed his seal, the day and year first above written. 
  

									
	“COMPANY”	 		 		 	“EMPLOYEE”
			
	McINTOSH BANCSHARES, INC.	 		 	
					
	BY:	 	/s/ James P. Doyle	 		 		 	/s/ William K. Malone
		 	JAMES P. DOYLE, Secretary	 		 		 	WILLIAM K. MALONE

  

 -7-Amended and Restated License Agreement

 Exhibit 10.25 
 AMENDED AND RESTATED LICENSE AGREEMENT 
 THIS AGREEMENT entered into this 26th day of October, 1995 amends
and restates an agreement dated the 23rd day of April, 1990, as amended by a First Amendment to License Agreement (hereinafter the “License Agreement”), by and between the University of Florida Research Foundation, Inc., a not-for-profit
Florida corporation located at 223 Grinter Hall University of Florida, Gainesville, Florida 32611 (hereinafter “UFRFI”) and BioEnergy International, L.C., a limited liability company organized under the laws of the State of Florida,
located at 901-1 NW 8 Avenue, Gainesville, Florida 32604 (hereinafter referred to as “LICENSEE”). 
 WHEREAS, UFRFI is the owner by
assignment from the University of Florida (hereinafter “University”) of certain “Patent Rights” (as later defined herein) relating to the production of ethanol by engineered microbes, invented by Dr. Lonnie O. Ingram
and others at the University, and has the right to grant licenses under said Patent Rights, subject to a royalty-free, nonexclusive license heretofore granted to the United States Government and subject to the joint inventorship of UF#274075 with
the University of Illinois at Carbondale (the “University of Illinois Joint Patent Application”), 
 WHEREAS, UFRFI desires to have
the Patent Rights utilized in the public interest and is willing to grant a license thereunder; 
 WHEREAS, LICENSEE has represented to UFRFI
to induce UFRFI to enter into this Agreement, that LICENSEE is capable of developing, producing, manufacturing, marketing, and selling the “Licensed Product(s)” (as later defined herein) and/or the use of the “Licensed
Process(es)” (as later defined herein) and that it shall commit itself to a thorough, vigorous and diligent program of exploiting the Patent Rights so that public utilization shall result therefrom; 
 WHEREAS, LICENSEE desires to obtain a license under the Patent Rights upon the terms and conditions hereinafter set forth; 
 WHEREAS, BioEnergy was unable to successfully develop, produce, manufacture, market or sell the “Licensed Products” (as later defined herein)
and on February 17, 1995 filed a petition for protection under Chapter 11 of the United States Bankruptcy Code; 
 WHEREAS, BioEnergy
filed a motion seeking approval of the Bankruptcy Court to assume the License Agreement and assign it to BC International Corporation (“BCI”); 
 WHEREAS, UFRFI and BCI have agreed to the assignment of the License Agreement as amended and restated herein; 

 WHEREAS, in an effort to facilitate the transfer of BioEnergy’s rights in the License Agreement,
UFRFI and BCI have negotiated this amended and restated agreement and BioEnergy has agreed to execute it; 
 WHEREAS, UFRFI, BCI and
BioEnergy have agreed that upon Bankruptcy Court Approval of BioEnergy’s assumption and assignment of this Agreement to BCI, and the payment of the assumption payment required by the Court, BioEnergy shall be deemed to be relived from any and
all obligations and liabilities arising from the amendment and restatement of the License Agreement; and 
 WHEREAS, the parties have agreed
that if the Bankruptcy Court does not approve the assumption and assignment-of BioEnergy’s interests in this Agreement to BCI, this Agreement shall be deemed null and void ab initio; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto agree as follows: 
 ARTICLE I—DEFINITIONS. 
 For the
purposes of the Agreement, the following words and phrases shall have the following meanings: 
  

	 	1.1.	“Affiliate” shall mean any person or group controlling, controlled by or under common control with another person or group. “Control” means the beneficial
ownership or direct or indirect control of fifty percent (50%) or more of the voting securities of such person. 

  

	 	1.2.	“LICENSEE” shall mean BioEnergy International, L.C. and its Affiliates and from and after the date of assignment of this Agreement to BCI, shall mean BCI and its
Affiliates. 

  

	 	1.3.	“PATENT RIGHTS” shall mean all of the following UFRFI intellectual property: 

  

	 	(a)	the United States and foreign patent applications and/or patents listed in Appendix A to the License Agreement; 

  

	 	(b)	United States and foreign patents issued from the applications listed in Appendix A to the License Agreement and from divisionals and continuations of these applications;

  

	 	(c)	claims of U.S. and foreign continuation-in-part applications, and of the resulting patents, which are directed to subject matter specifically described in the U.S. and foreign
applications listed in Appendix A to the License Agreement; 

	 	(d)	claims of all foreign patent applications, and of the resulting patents, which are directed to subject matter specifically described in the United States patents and/or patent
applications described in (a), (b), or (c) above; 

  

	 	(e)	any reissues of United States patents described in (a), (b), (c), or (d) above; and 

  

	 	(f)	any United States and foreign patent applications and patents issued from-such applications arising out of work performed under the Research Agreement (defined below) pertaining to
Licensed Subject Matter to the extent permitted by the Research Agreement (as hereinafter defined). 

  

	 	1.4.	“Licensed Subject Matter” shall mean: 

  

	 	(a)	(i) [***], or (ii) other organisms which have been developed by Dr. Lonnie O. Ingram and others working under his direction that produce ethanol [***], and
(iii) organisms which were developed pursuant to the Research Agreement prior to the date of assignment of the LICENSEE’s rights under the Agreement to BC International Corporation (“BCI”); and 

  

	 	(b)	improvements developed by Dr. Lonnie O. Ingram or by others working under his direction, that relate to the subject matter in subclause (a) hereunder developed
pursuant to the Research Agreement or the Consulting Agreement whether developed prior to the assignment of the license to ECI or thereafter. 

  

	 	1.5.	A “Licensed Product” or “Licensed Products” shall mean any product or part thereof which: 

  

	 	(a)	is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Patent Rights or which contains or uses all or part of the Licensed Subject Matter
in the country in which any Licensed Product is made, used or sold; 

  

	 	(b)	is manufactured by using a Licensed Process; 

  

	 	(c)	is derived in part or in whole from [***] which produce ethanol and contain or use all or part of the Licensed Subject Matter; 

  

	 	(d)	can be used as [***] to propagate organisms which produce ethanol and contain or use all or part of the Licensed Subject Matter; or 

  

	 	(e)	are services performed that use or apply a Licensed Process or all or part of the Licensed Subject Matter. 

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

	 	1.6.	A “Licensed Process” shall mean any process which is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Patent Rights or
incorporates all or part of the Licensed Subject Matter including but not limited to the production of ethanol, the production of recombinant proteins or pepitides, and Bioremediation (as hereinafter defined). 

  

	 	1.7.	“Bioremediation” shall mean a process or method resulting in the reduction of the ability of a solid, liquid or gas to cause environmental damage.

  

	 	1.8.	“Licensed Technology” shall mean the Patent Rights, the Licensed Subject Matter, the Licensed Products, the Licensed Processes, Bioremediation and the Core Technology.

  

	 	1.9.	“Territory” shall mean worldwide. 

  

	 	1.10.	“Core Technology” shall mean [***] and processes for the production of ethanol in which [***] are expressed to [***] into ethanol [***]. Core Technology also includes the
production of these organisms and the production of products or processes involving the use of these organisms. 

  

	 	1.11.	“Research Agreement” shall mean the research agreement reached between LICENSEE and UFRFI executed contemporaneously with the License Agreement and attached to the License
Agreement as Appendix C. 

  

	 	1.12.	“Gross Revenues” shall mean, as to any entity, receipts from the manufacture, use, sale or distribution of Licensed Technology, Licensed Products, Licensed Processes, or
any product generated by the use of the Licensed Technology at the facilities of the LICENSEE or a sublicensee, plus all fees derived from the provider of the feedstock to be used with the Licensed Technology (e.g., “Tipping Fees).

  

	 	1.13.	“Effective Date” shall mean the first date on page one (1) of the License Agreement. 

  

	 	1.14.	“Dollars” and “$” shall mean United States Dollars. 

  

	 	1.15.	“New Research Agreement” shall mean any research agreement negotiated between UFRFI and BCI after the date of this Agreement. 

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

 ARTICLE II—GRANT 
  

	 	2.1.	UFRFI hereby grants to LICENSEE the right and license to make, have made, use, lease and sell the Licensed Products, the Licensed Subject Matter and to practice the Licensed
Processes in the Territory to the end of the term for which the Patent Rights are granted unless sooner terminated according to the terms hereof. 

  

	 	2.2.	LICENSEE agrees that for Licensed Products leased or sold for use in the United States, it shall use its best efforts to cause them to be manufactured substantially in the United
States. 

  

	 	2.3.	In order to establish a period of exclusivity for LICENSEE, UFRFI hereby agrees that it shall not grant any other license to make, have made, use, lease and sell Licensed Products
or to utilize the Licensed Process in the Territory during the period of time (the “Exclusive Period”) commencing with the Effective Date of this Agreement and terminating with the last to occur of: 

  

	 	(a)	the expiration of [***] after the Effective Date, or 

  

	 	(b)	the expiration of [***], 

  

	 	2.4.	At the end of the Exclusive Period, the license granted hereunder shall become nonexclusive. Thereafter LICENSEE shall have a fully paid-up license under this Agreement including
the right to sublicense or assign any or all of its rights. 

  

	 	2.5.	LICENSEE shall have the right to enter into sublicensing agreements for the rights, privileges and licenses granted hereunder during the Exclusive Period of this Agreement. Such
sublicenses may extend past the expiration date of the Exclusive Period of this Agreement, but any exclusivity of such sublicenses shall expire upon the expiration of LICENSEE’S exclusivity unless such sublicensee has acted upon its rights
under Section 13.7. 

  

	 	2.6.	LICENSEE, agrees that any sublicenses granted by it shall provide that the obligations to UFRFI of Articles II, V, VII, VIII, IX, X, XII, XV and XVII of this Agreement shall be
binding upon the sublicensee as if it were a party to this Agreement. 

  

	 	2.7.	LICENSEE agrees to forward to UFRFI within thirty (30) days after the execution of sublicense agreements a copy of any and all fully executed sublicense agreements, and further
agrees to forward to UFRFI annually a copy of such reports received by LICENSEE from its sublicensees during the preceding twelve (12) month period under the sublicenses as shall be pertinent to a royalty accounting under said sublicense
agreements. 

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

	 	2.8.	LICENSEE shall not receive from sublicensees anything of value in lieu of cash payments in consideration of any sublicense under this Agreement, without the express prior written
permission of UFRFI. 

  

	 	2.9.	The license granted hereunder shall not be construed to confer any rights upon LICENSEE by implication, estoppel or otherwise as to any technology not specifically included in the
Licensed Technology. 

  

	 	2.10.	[***] 

  

	 	2.11.	UFRFI and BCI agree that all facilities for the manufacture, use, sale or distribution of Licensed Technology, Licensed Products, Licensed Processes, or any product generated by the
use of the Licensed Technology shall be operated pursuant to the Bionol sublicense or sublicense granted by BCI. 

 ARTICLE
III—DUE DILIGENCE 
  

	 	3.1.	LICENSEE shall use its best efforts to research, develop, product, market, sublicense and sell (including obtaining the appropriate governmental regulatory approvals) Licensed
Subject Matter and Licensed Processes in order to commercialize one or more Licensed Products or Licensed Processes throughout the Territory 

  

	 	3.2.	In addition, LICENSEE shall adhere to the following technical and business milestones: 

  

	 	(a)	LICENSEE has delivered to UFRFI, prior to the effective date of the assignment of this License Agreement to BCI, which such assignment shall occur on or before January 1, 1996,
a business plan showing the amount of money, number and kind of personnel and time budgeted for each phase of development of the Licensed Products and Licensed Processes and shall provide similar reports to UFRFI on an annual basis on or before the
ninetieth day following the close of each fiscal year of LICENSEE. 

  

  

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

	 	(b)	Within [***] after the effective date of the assignment of this License Agreement to BCI, LICENSEE shall hire a research director (the “Research Director”) and employees
or consultants with expertise in chemical engineering, microbiology, or in the analysis of [***], appropriate for the further development of the Licensed Technology, In the event LICENSEE fails to timely hire such personnel, BCI shall pay to UFRFI a
non-refundable sum of $[***]. LICENSEE shall pay to UFRFI an additional $[***] nonrefundable fee for each three month period that passes thereafter in which LICENSEE fails to hire such personnel. 

  

	 	(c)	There shall be an ethanol production facility in operation which uses the Licensed Technology and produces a product generated from the Licensed Technology or a Licensed Product
within [***] of assignment of this License Agreement to BCI. At that facility or elsewhere, LICENSEE then shall have laboratory and experimental facilities designed to facilitate commercialization of the Licensed Process, such facilities either to
be located at the plant described above or elsewhere. LICENSEE shall permit in-plant inspection by UFRFI of the plant upon completion and thereafter at regular intervals with at least six months between each such inspection. In the event LICENSEE
fails to have a production facility in operation within [***] of such assignment, BCI shall pay to UFRFI a non-refundable sum of $[***]. LICENSEE shall pay to UFRFI an additional $[***] non-refundable fee for each [***] period that passes thereafter
in which LICENSEE fails to have such production facility in operation. 

  

	 	(d)	Within [***] of the commencement of operations of the plant described above, LICENSEE or Bionol shall have commenced construction of another facility, or have completed a Sublicense
Agreement which results in commencement of construction of a second facility within [***], or shall pay UFRFI the non-refundable sum of $[***], of which $[***] shall be credited against future royalty payments payable to UFRFI pursuant to paragraph
4.1. If LICENSEE or Bionol does not commence construction of a second facility or enter into a Sublicense Agreement which results in commencement of construction of a second facility within [***] by the end of an additional year after the effective
date of the assignment to BCI, LICENSEE must pay UFRFI an additional non-refundable sum of $[***], of which $[***] shall be credited against future royalty payments payable to UFRFI pursuant to paragraph 4.1. 

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

	 	(e)	To demonstrate that LICENSEE is a bona fide commercial participant in the fuel ethanol market, LICENSEE or its Affiliates or sublicensees will operate the Licensed Technology to
generate a Licensed Product or other product so that LICENSEE or its Affiliates or sublicensees will have at least [***] gallons of annual ethanol production under its control by the end of [***] or will pay UFRFI the sum of [***] dollars ($[***])
and for each year thereafter until such capacity is met, BCI shall pay to UFRFI an additional $[***]. 

  

	 	(f)	UFRFI shall have the ongoing right to review those sections of any of LICENSEE’s public offering documents describing the Licensed Technology and UFRFI shall have the right to
comment upon such sections. The LICENSEE shall not unreasonably reject UFRFI’s comments. Such comments shall be returned to LICENSEE within five working days of receipt of the draft documents by UFRFI. 

  

	 	(g)	LICENSEE’S failure to perform in compliance with Paragraphs 3.1 and 3.2 above shall be grounds for UFRFI to terminate this Agreement pursuant to Paragraph 13.3 hereof.

 ARTICLE IV—FEES AND ROYALTIES 
  

	 	4.1.	For the rights, privileges and license granted hereunder, LICENSEE shall pay license fees and royalties to UFRFI for the period commencing November 1, 1995 for the term of this
Agreement as hereinafter provided: 

  

	 	(a)	LICENSEE shall pay to UFRFI an amount equal to [***]% of all Fees plus an additional Royalty Payment equal to the greater of (i) [***]% of Running Royalties received by
LICENSEE from any entity involved in any way in the manufacture, use, sale or distribution of the Licensed Technology, Licensed Products or Licensed Processes or any product generated by the use of the Licensed Technology; or (ii) [***]% of the
Gross Revenues (determined on a consolidated basis), of LICENSEE’s sublicensee and any other entity whose right to manufacture, use, sell or distribute Licensed Products is derived from such sublicensee. For example, if a sublicensee has a
manufacturing entity which sells ethanol to a marketing entity at a price of $[***] per gallon, and the marketing entity, in turn, sells to a third party at $[***] per gallon, both sales are subject to this paragraph, but the $[***] sale to a
related entity is eliminated in consolidation, leaving $[***] of royalty bearing sales. For purposes of this paragraph, “Fees” is defined as any payment, remuneration or other 

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

 compensation to LICENSEE in consideration for the transfer of any right or privilege licensed under this
Agreement. “Running Royalties” are defined as any payment received by LICENSEE the amount of which is based on manufacture, use, sale or distribution of Licensed Technology, Licensed Products, or Licensed Processes or any product generated
by the use of the Licensed Technology. 
  

	 	(b)	With respect to any entity in which LICENSEE, its Affiliates or its shareholders have any equity interest, with the exception of facilities covered by the existing Sublicense with
Bionol Corporation, LICENSEE shall (i) make an initial payment of either (1) $[***] for each facility which shall engage in the production of ethanol or Bioremediation using the Licensed Technology, or (2) [***] percent ([***]%) of
the cost of any other facility which shall engage in any production using the Licensed Technology other than production of ethanol or Bioremediation, such payment to be due and payable on the earlier of closing of financing or commencement of
production at such facility; and (ii) make payments with respect to Royalty Payment calculated as provided in subparagraph (a), above, provided that, in no instance, shall the royalty rate paid by LICENSEE to UFRFI for such entities be less
than [***] of the average of royalty rates charged to all sublicensees in which LICENSEE, its Affiliates or its shareholders have no equity interest. 

  

	 	4.2.	No multiple royalties shall be payable because any Licensed Product or Licensed Process, its manufacture, use, lease or sale is or becomes covered by more than one patent or patent
application included within the Patent Rights. 

  

	 	4.3.	Royalty payments due to UFRFI under this Agreement shall be paid in Dollars in Gainesville, Florida or at such other places as UFRFI may reasonably designate consistent with the
laws and regulations controlling in any foreign country. If any currency conversion is required in connection with the payment of royalties hereunder, such conversion shall be made by using the exchange rate prevailing at the Chase Manhattan Bank
(N.A.) or any successor on the last business day of the calendar quarterly reporting period to which such royalty payments relate. 

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

 ARTICLE V—REPORTS AND RECORDS 
  

	 	5.1.	LICENSEE shall keep full, true and accurate books of account containing all particulars that may be necessary for the purpose of showing the amounts payable to UFRFI hereunder. Said
books of account shall be kept at LICENSEE’S principal place of business or the principal place of business of the appropriate division of LICENSEE to which this Agreement relates. Said books and the supporting data shall be open at all
reasonable times for five (5) years following the end of the calendar year to which they pertain, for the inspection by UFRFI or its agents for the purpose of verifying LICENSEE’S royalty statement or compliance in other respects with this
Agreement. 

  

	 	5.2.	LICENSEE, within sixty (60) days after March 31, June 30, September 30 and December 31, of each year, shall deliver to UFRFI true and accurate
reports, giving such particulars of the business conducted by LICENSEE and its sublicensees during the proceeding three-month period under this agreement as shall be pertinent to a royalty accounting hereunder. These shall include at least the
following: 

  

	 	(a)	numbers of Licensed Products manufactured and sold. 

  

	 	(b)	total billings for Licensed Products sold. 

  

	 	(c)	itemized list of sublicenses sold and amounts. 

  

	 	(d)	accounting for all Licensed Processes used or sold. 

  

	 	(e)	total royalties and fees due. 

  

	 	(f)	names and addresses of sublicensees of LICENSEE. 

  

	 	5.3.	With each such report submitted, LICENSEE shall pay to UFRFI the royalties due and payable under this Agreement. If no royalties are due, LICENSEE shall so report.

  

	 	5.4.	On or before the one hundredth (100th) day following the close of LICENSEE’S fiscal year, LICENSEE shall provide UFRFI with LICENSEE’S certified financial statements
for the preceding fiscal year including, at a minimum, a Balance Sheet and an Operating Statement. 

  

	 	5.5.	The royalty payments set forth in this Agreement shall, if overdue, bear interest until payment at a per annum rate of four percent (4%) above the prime rate in effect at the
Chase Manhattan Bank (N.A.) or any successor on the due date. The payment of such interest shall not foreclose UFRFI from exercising any other rights it may have as a consequence of the lateness of payment. 

 ARTICLE VI—PATENT PROSECTION 
  

	 	6.1.	UFRFI shall apply for, seek prompt issuance of, and maintain during the term of this Agreement the Patent Rights in the United States and in the foreign countries listed in Appendix
B to the License Agreement. During the twelve (12) month period following the Effective Date of the License Agreement, UFRFI shall direct its attorneys to timely provide LICENSEE or independent attorneys selected by LICENSEE copies of all
applications for Patents and all prosecution papers, domestic or foreign, before filing the same, LICENSEE, in its sole discretion and cost, may consult with its independent attorneys and recommend reasonable modifications, which recommendations
shall be accepted unless deemed unreasonable by UFRFI. Appendix B may be amended by oral agreement of both parties, such agreement to be confirmed in writing within ten (10) days. The prosecution, filing and maintenance of all Patent Rights,
patents and applications shall be the primary responsibility of UFRFI, however, LICENSEE shall have reasonable opportunities to advise UFRFI and shall cooperate with UFRFI in such prosecution, filing and maintenance. 

  

	 	6.2.	During such twelve (12) month period following the execution of the License Agreement, all applications for patents under Patent Rights shall be filed and prosecuted by patent
attorneys presently retained by UFRFI for performing patent related services pertaining to the Licensed Technology at LICENSEE’S cost as long as hourly rates of such attorneys do not exceed [***] Dollars ($[***]) per hour. During such twelve
(12) month period, UFRFI shall direct its attorneys to timely provide LICENSEE or independent attorneys selected by LICENSEE copies of all such applications and all prosecution papers, domestic or foreign, before filing the same whereupon
LICENSEE, in its sole discretion and cost, may consult with its independent attorneys and recommend reasonable modifications which recommendations shall be accepted unless deemed unreasonably by UFRFI. Upon expiration of this twelve month period or
by mutual consent, LICENSEE shall have the right to select and use attorneys of its choice for patent work with prior written consent of UFRFI which shall not be unreasonably withheld. 

  

	 	6.3.	Payment of all fees and costs relating to the previous filing, prosection, and maintenance of all the Patent Rights shall be the responsibility of LICENSEE, whether such fees and
costs were incurred before or after the date of this Agreement. All fees and costs incurred before the date of this Agreement will be paid to UFRFI by LICENSEE in accordance with Paragraph 4.1(b). BCI, as assignee. shall be responsible for such fees
and costs accruing after the date of assignment of this Agreement to BCI. 

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

	 	6.4.	UFRFI shall include its existing rights to the Joint Patent within the grant of this Agreement and has used its best efforts to secure the rights of the University of Illinois at
Carbondale in such Application and to include such rights with the grant of this Agreement. 

 ARTICLE VII—INFRINGEMENT

  

	 	7.1.	In the event that LICENSEE (including any Affiliate or sublicensee) or UFRFI receives a notice of claim, threat, or suit by a third party alleging, that the manufacture, use or sale
of the Licensed Technology infringes or is dominated by intellectual property rights owned or controlled by such third party, then the party receiving the notice shall promptly notify the other party to this Agreement in writing of such claim,
threat or suit. 

  

	 	7.2.	If notice of a claim, threat, or suit of the type described in Paragraph 7.1 herein is received by any party, LICENSEE shall consult with UFRFI regarding resolution of such claim,
threat, or suit and may not reject UFRFI’S advice without reasonable justification thereof regarding negotiations with the Third Party, selection and supervision of counsel, filing of lawsuits or other proceedings, and settlement of the claim,
threat, or suit. All costs and expenses, including attorneys’ fees, incurred in the course of resolving such claim threat, or suit shall be charged to LICENSEE. During the prosection of such legal action, LICENSEE shall be permitted to deduct
the reasonable fees and expenses of the legal action from the royalties payable to UTRFI under the Article IV of this Agreement, up to [***] percent ([***]%) of said royalties. If LICENSEE prevails in such legal action such obligations by LICENSEE
to pay royalties to UFRFI shall be fully and retroactively restored. Any monies except that excess which is attributable to trebled damages or award of attorneys’ fees, recovered by LICENSEE as a result of such legal action shall be treated as
sales pursuant to Paragraph 4.1 for payment of royalties, after having deducted all previously undeducted expenses reasonably connected with the litigation. If the resolution of a claim, threat or suit of the type described in this Paragraph 7.2
results in the payment of royalties or other compensation to LICENSEE, this obligation by LICENSEE to pay royalties to UFRFI shall be fully and retroactively restored. Then, the remaining royalty or other compensation paid to LICENSEE shall be
treated as sales pursuant to Paragraph 4.1 for payment of royalties, after having deducted all previously undeducted expenses reasonably connected with the litigation and resolution. UFRFI and University of Florida personnel shall fully cooperate
with LICENSEE in the defense and resolution of any such claim, threat or suit, However, LICENSEE shall compensate UFRFI and University of Florida personnel for their actual out-of-pocket expenses (e.g., travel). 

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

	 	7.3.	If the resolution of a claim, treat, or suit of the type described in Paragraph 7.1 herein results in the payment of any royalties or other compensation by LICENSEE to a third
party, then LICENSEE shall thereafter be permitted to deduct the amount of such payment from the royalties paid or payable by LICENSEE to UFRFI under Article IV of this Agreement, up to [***] percent ([***]%) of said royalties paid or payable to
UFRFI; provided that the third parry intellectual property rights are infringed solely by virtue of the fact that the infringing product or process are part of the Licensed Technology licensed under the Patent Rights of this Agreement.

  

	 	7.4.	LICENSEE shall have the right, but not the obligation, to initiate and prosecute legal action for infringement by a third party of or any claim of any patent within the Patent
Rights. UFRFI shall voluntarily join such legal action, and UFRFI and University of Florida personnel shall render necessary cooperation and shall promptly execute all documents as may be necessary and reasonable during the course of such legal
action. During the prosecution of such legal action, LICENSEE shall be permitted to deduct the reasonable fees and expenses of the legal action from the royalties payable to UFRFI under the Article IV of this Agreement, up to [***] percent ([***]%)
of said royalties. If LICENSEE prevails in such legal action, such obligations by LICENSEE to pay royalties to UFRFI shall be fully and retroactively restored. Any monies except that excess which is attributable to trebled damages or award of
attorneys’ fees, recovered by LICENSEE as a result of such legal action shall be treated as sales pursuant to Paragraph 4.1 for payment of royalties, after having deducted all previously undeducted expenses reasonably connected with the
litigation. If the resolution of a claim, threat or suit of the type described in this Paragraph 7.4 results in the payment of royalties or other compensation to LICENSEE, this obligation by LICENSEE to pay royalties to UFRFI shall be fully and
retroactively restored. Then, the remaining royalty or other compensation paid to LICENSEE shall be treated as sales pursuant to Paragraph 4.1 for payment of royalties, after having deducted all previously undeducted expenses reasonably connected
with the litigation and resolution. 

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

	 	7.5.	If, at any time during the term of a patent within the Patent Rights, LICENSEE believes in good faith, based upon reasonable evidence, that significant infringement of such patent
is being committed by a third party, LICENSEE may so notify UFRFI and at the same time shall furnish to UFRFI information upon which LICENSEE’S belief is based. In such notice, LICENSEE shall advise UFRFI whether it will elect to initiate and
prosecute legal action for infringement against such third party, LICENSEE may request UFRFI to advise LICENSEE whether UFRFI will initiate and prosecute such action. If UFRFI initiates and diligently and successfully prosecutes said action,
LICENSEE’S obligation to pay royalties shall remain in effect, and UFRFI shall be entitled to keep any monies or retain any other benefits derived from the litigation. If UFRFI declines to initiate and prosecute such action or within a period
of ninety (90) days after receipt of such request UFRFI fails to notify LICENSEE that it will initiate and prosecute such action, LICENSEE’S royalty obligations in the country(ies) in which said third party infringement takes place shall
be reduced by [***] percent ([***]%) to account for the loss of exclusivity. 

 ARTICLE VIII—PRODUCT LIABILITY 

 

	 	8.1.	LICENSEE shall at all times during the term of this Agreement and thereafter, indemnify, defend and hold UFRFI, and the University of Florida, their trustees, officers, employees
and Affiliates, harmless against all claims and expenses, including legal expenses and reasonable attorney’s fees, arising from the death of or injury to any person or persons or from any damage to property and against any other claim,
proceeding, demand, expense and liability of any kind whatsoever resulting from the production, manufacture, sale, use, lease, consumption or advertisement of the Licensed Product(s) and/or Licensed Process(es) provided, however, that LICENSEE shall
not be obligated to indemnify UFRFI, the University of Florida, or their Affiliates for damages resulting from any breach of this Agreement or the Research Agreement by UFRFI or its Affiliates, or for claims arising out of the ownership of the
Licensed Technology. 

  

	 	8.2.	LICENSEE shall obtain and carry in full force and effect liability insurance which shall protect. LICENSEE, UFRFI and the University of Florida in regard to events covered by
Paragraph 8.1 above. 

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

 ARTICLE IX—WARRANTIES 
  

	 	9.1.	UFRFI represents and warrants that to the best of its knowledge and belief it has the full right to enter into this Agreement with LICENSEE. 

  

	 	9.2.	EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, UFRFI MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED
TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING. 

  

	 	9.3.	BCI represents and warrants that its directors, officers and employees have not violated any laws or engaged in any illegal or unethical acts with respect to or in connection with
or before the Louisiana Department of Environmental Quality, the Louisiana Department of Agriculture, the Louisiana Bond Commission, the Louisiana Public Facilities or any other governmental agencies. 

  

	 	9.4.	BCI represents and warrants that to the best of its knowledge, none of Senator Larry Bankston, the firm of Hoffman, Sutterfield, Esenate & Bankston, or any other of its
agents or representatives has violated any laws or engaged in any illegal or unethical acts in connection with their representation of or affiliation with LICENSEE. 

  

	 	9.5.	BCI’s breach of the warranties in Paragraphs 9.3 and 9.4 above shall be grounds for UFRFI to terminate this Agreement pursuant to Paragraph 13.3, but there shall be no right to
cure a breach of §§ 9.3 and 9.4. 

  

	 	9.6.	In the event of indictment of anyone with a connection to BCI arising out of the pending Louisiana investigation and related to the business of BCI or an affiliate, the involvement
of such person with operations and management of BCI shall be suspended, and, in the event of conviction shall be totally severed. 

 ARTICLE X—EXPORT CONTROLS 
 It is understood that UFRFI is subject to United States laws and regulations controlling the
export of technical data, computer software, laboratory prototypes and other commodities (including the Arms Export Control Act, as amended and the Export Administration Act of 1979), and that its obligations hereunder are contingent on compliance
with applicable United States export laws and regulations. The transfer of certain technical data and commodities may require a license from the cognizant agent of the United States Government and/or written assurances by LICENSEE that LICENSEE
shall not export data or commodities to certain foreign countries without prior approval of such agency. UFRFI neither represents that a license shall not be required nor that, if required, it shall be issued. 

 ARTICLE XI—NON-USE OF NAMES 
 LICENSEE shall not use the names of the University of Florida Research Foundation, Inc. nor the University of Florida nor of any of their employees, nor
any adaptation thereof, in any advertising, promotional or sales literature without prior written consent obtained from UFRFI or the University, as appropriate in each case, except that LICENSEE may state that it holds a license from UFRFI or the
right to use the Licensed Technology under one or more of the patents and/or applications comprising the Patent Rights. UFRFI and the University shall not use the name of LICENSEE in any written material to be released to the public or third parties
including, but not limited to, promotional, scientific or technical journals, or grant materials without the prior written consent of LICENSEE. 
 ARTICLE XII—ASSIGNMENT 
 This Agreement and any rights hereunder are not assignable by either the LICENSEE or UFRFI except
upon the prior written consent of the other parry. Any attempt to do so shall be void. 
 ARTICLE XIII—TERMINATION 
  

	 	13.1.	If LICENSEE shall cease to carry on its business pertaining to Licensed Subject Matter, this Agreement shall terminate upon thirty (30) days notice by UFRFI.

  

	 	13.2.	Should LICENSEE fail to pay UFRFI fees and royalties due and payable hereunder, UFRFI shall have the right to terminate this Agreement on thirty (30) days’ written notice
(the “Payment Notice”), unless LICENSEE shall pay UFRFI within the thirty (30) day period, all such fees and royalties and interest due and payable. Upon the expiration of the thirty (30) day period, if LICENSEE shall not have
paid all such fees and royalties and interest due and payable, the rights, privileges and license granted hereunder shall terminate, unless LICENSEE shall have advised UFRFI in writing within such period that the LICENSEE does not agree with UFRFI
that the amount of fees and royalties and interest stated in the Payment Notice are due and payable. In this case, LICENSEE may satisfy its obligations under this Agreement and UFRFI shall not have a right to terminate this Agreement if the LICENSEE
pays the amount of the fees and royalties and interest (the “Disputed Royalties”) to UFRFI to be held in escrow by UFRFI pending resolution of the dispute. Until the dispute is finally resolved, either by agreement of the parties,
arbitration, or by. a court of competent jurisdiction and the expiration of all rights of appeal, UFRFI shall hold the Disputed Royalties in a segregated account with a financial institution which accepts deposits in its ordinary course of business,
After the dispute is finally resolved, UFRFI shall either retain or return all or part of the Disputed Royalties to LICENSEE, together with an allocable share of accrued interest, in accordance with the terms of the final settlement agreement or
adjudication. 

  

	 	13.3.	 Upon any material breach or default of this Agreement by LICENSEE (other than those occurrences set out in Paragraphs 13.1 and 13.2 hereinabove, which shall 

	 	 
always take precedence in that order over any material breach or default referred to in this Paragraph 13.3), UFRFI shall have the right to terminate this
Agreement and the rights, privileges and license granted hereunder by ninety (90) days notice to LICENSEE specifying such default or breach. Such termination shall become effective unless LICENSEE shall have substantially cured, as determined
by UFRFI, any such breach or default prior to the expiration of the ninety (90) day period. In the event LICENSEE files for bankruptcy or a receiver is appointed, this Agreement may be terminated at UFRFI’s option on such filing or
appointment unless, in the case of any appointment of a receiver, the proceeding is being contested in good faith by the LICENSEE, in which case the Agreement may not be terminated if LICENSEE is able to have the appointment dismissed within sixty
(60) days after the proceeding commenced. 

  

	 	13.4.	LICENSEE shall have the right to terminate this Agreement at any time on three (3) months notice to UFRFI, and upon payment of all amounts due UFRFI through the effective date
of the termination 

  

	 	13.5.	Upon termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation that matured prior to the effective date of such
termination. LICENSEE and any sublicensee thereof may, however, after the effective date of such termination, sell all Licensed Products, and complete Licensed Products in the process of manufacture at the time of such termination and sell the same,
provided that LICENSEE shall pay to UFRFI the royalties thereon as required by Article IV of this Agreement and shall submit the reports required by Article V hereof on the sales of Licensed Products. 

  

	 	13.6.	UFRFI may terminate this Agreement upon the occurrence of the third separate default of LICENSEE within any consecutive three (3) year period for failure to pay royalties when
due provided that (a) UFRFI has sent a bona fide notice of default following each occurrence and (b) if LICENSEE has disputed the amount of royalties owed in accordance with Paragraph 13.2, that UFRFI has prevailed in establishing that
LICENSEE owes UFRFI the Disputed Royalties. 

  

	 	13.7.	UFRFI can terminate This Agreement upon thirty (30) days written notice if BCI fails to accomplish at least one of the following by [***]: (a) raise at least [***] dollars
($[***]) through the planned BCI convertible debt offering through Rauscher Pierce Refsnes, Inc., or (b) successfully complete the planned equity and debt offerings, for BCI Louisiana, L.L.C., through Rauscher Pierce Refsnes, Inc. Upon sending
of the thirty (30) days written notice, BCI’s right to sublicense shall be suspended. 

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

	 	13.8.	Upon termination of this Agreement for any reason, any sublicensee not then in default shall receive from UFRFI a grant having the same scope as the grant set forth in the
Sublicense Agreement and all other rights in the Sublicense Agreement reasonably necessary to continue the business of such sublicensee except the UFRFI shall be under no obligation to grant any rights which UFRFI does not have or to perform any
services for which it is unsuited. All payments required to be made by such sublicensee shall, from the date of termination of this Agreement, be paid to UFRFI. 

 ARTICLE XIV—PAYMENTS, NOTICES AND OTHER COMMUNICATIONS 
  

	 	14.1.	Any payment, notice or other communication pursuant to this Agreement shall be sufficiently made or given on the date of mailing if sent to such party by certified first class mail,
postage prepaid, addressed to it at its address below or as it shall designate by written notice given to the other party: 

  

	
	 In the case of UFRFI:

	
	 President

	 University of Florida Research Foundation, Inc.

	 223 Grinter Hall

	 Gainesville, Florida 32611

	
	 With a copy to:

	
	 Vice-President for Research

	 University of Florida

	 Division of Sponsored Research

	 223 Grinter Hall

	 Gainesville, Florida 32611

	
	 All payments to:

	
	 Business Manager

	 University of Florida Research Foundation, Inc.

	 University of Florida

	 Division of Sponsored Research

	 223 Grinter Hall

	 Gainesville, Florida 32611

	
	 In the case of LICENSEE:

	
	 President

	 BC International Corporation

	 101 Derby Street

	 Hingham. Massachusetts 02043

	
	 With a copy to:

	
	
	Thomas A. Wooters, Esquire
	Peabody & Arnold
	50 Rowes Wharf
	Boston, Massachusetts 02110

 ARTICLE XV—CONFIDENTIALITY 
  

	 	15.1.	Anything in this Agreement to the contrary notwithstanding, all knowledge, know-how, practices, process or other information (hereinafter referred to as “Confidential
Information”) disclosed or submitted, either orally, in writing or in other tangible or intangible form which is designated as Confidential Information by either parry to the other shall be received and maintained by the receiving party in
strict confidence and shall not be disclosed to any third party, except that disclosure may be made to University of Florida employees by UFRFI or LICENSEE with disclosing parties assuring that the University of Florida and its employees shall abide
by the obligations of this Article XV. Furthermore, neither party shall use the said Confidential Information for any purpose other than those purposes specified in this Agreement or in the Research Agreement. The parties may disclose Confidential
Information to the minimum number of its employees reasonably requiring access thereto for the purposes of this Agreement or as is permitted in the Research Agreement, provided, however, that prior to making any such disclosures each such employee
or other recipient shall be apprised of the duty and obligation to maintain Confidential Information in confidence and not to use such Confidential Information for any purpose other than in accordance with the terms and conditions of this Agreement
or the Research Agreement. The confidentiality obligation under this paragraph shall survive the expiration or early termination of this Agreement. 

  

	 	15.2.	Nothing contained herein will in any way restrict or impair either party’s right to use, disclose, or otherwise deal with any Confidential Information which at the time of its
receipt. 

  

	 	(a)	Is generally available in the public domain, or thereafter becomes available to the public through no act of the receiving party; or 

  

	 	(b)	Was independently known prior to receipt thereof, or made available to such receiving party as a matter of lawful right by a third party. 

 ARTICLE XVI—PUBLICATION 
  

	 	16.1.	 LICENSEE recognizes that under academic policy, he results of a research project must be publishable and agrees that persons associated with UFRFI and engaged in
research pertaining to the Licensed Technology shall be permitted to present at symposia, national, or regional professional meetings and to publish in journals, theses, or dissertations, or otherwise of their own choosing, methods and results of
such matters; provided, however, that LICENSEE shall be furnished copies of any proposed publication at least sixty (60) days in advance of submission or 

	 	 
presentation and four (4) months prior to publication, LICENSEE shall have thirty (30) days after receipt of said copies to object to such proposed
presentation or proposed publication, said objection resulting in a maximum delay in submission of an additional thirty (30) days to allow LICENSEE or UFRFI to file patent application(s) directed to patentable subject matter contained in the
proposed publication or presentation. 

  

	 	16.2.	LICENSEE shall be furnished an outline of any oral presentation thirty (30) days prior to any such presentation. LICENSEE shall review said outline for confidential and
potentially patentable information. Upon request by LICENSEE presenter shall delete such confidential information of LICENSEE or potentially patentable information from said presentation, provided that such request is made during said thirty
(30) day period. 

 ARTICLE XVII—OTHER 
  

	 	17.1.	UFRFI shall be issued a [***] option to purchase [***]% of BCI stock at the price per share of the conversion ratio at the closing of current offering plus [***]%, plus an amount
equal to the amount paid or to be paid by BCI to UFRFI pursuant to the New Research Agreement, if any in its first full year. 

  

	 	17.2.	The parties shall use their best good faith efforts to agree upon the terms of a New Research Agreement. 

  

	 	17.3.	The Research Agreement of April 23, 1990 and First Extension of May 12, 1994 are amended to expire six months from the date of the Court Order approving assignment of the
License to BCI and to require BCI to pay $[***] for the [***] period. Full use of [***] square feet and appropriate associated facilities in the Sid Martin Biotechnology Development Institute will be offered to Dr. Ingram during this interim
period. 

 ARTICLE XVIII—MISCELLANEOUS PROVISIONS 
  

	 	18.1.	This Agreement shall be construed, governed, interpreted and applied in accordance with the laws of the State of Florida, U.S.A., except that questions affecting the construction
and effect of any patent shall be determined by the law of the country in which the patent was granted. 

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

	 	18.2.	The parties hereto acknowledge that this Agreement and its exhibits and appendices sets forth the entire agreement and understanding of the parties hereto as to the subject matter
hereof, and shall not be subject to any change or modification except by the execution of a written instrument subscribed to by the parties hereto. 

  

	 	18.3.	The provisions of this Agreement are severable, and in the event that any provisions of this Agreement shall be determined to be invalid or unenforceable under any controlling body
of the law, such invalidity or unenforceability shall not in any manner affect the validity or enforceability of the remaining provisions hereof. 

  

	 	18.4.	LICENSEE agrees to mark the Licensed Products sold in the United States with all applicable United States patent numbers. All Licensed Products shipped to or sold in other countries
shall be marked in such a manner as to conform with the patent laws and practice of the country of manufacture or sale. 

  

	 	18.5.	The failure of either party to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement shall not constitute a waiver of that right or
excuse a similar subsequent failure to perform any such term or condition by the other party. 

  

	 	18.6.	Neither party hereto shall be liable to the other party for failure or delay in meeting any obligations hereunder due to strikes, lockouts, Acts of God, acts of war, fire, flood,
embargo, riots, revolution, litigation or labor disputes, or any other cause beyond the control of the parties except as otherwise specifically provided in this Agreement, which signatures may be in counterparts with equal effect as if both had
signed the same counterpart. 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year
first above written. 
  

							
		 		 	UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.
				
	  
	 		 	By	 	 /s/ Karen Holbrook

	Witness	 		 	Name:	 	Karen Holbrook
		 		 	Title:	 	President
			
		 		 	BIOENERGY INTERNATIONAL, L.C.
				
	  
	 		 	By	 	 /s/ Vincent C. Schoemehl, Jr.

	Witness	 		 	Name:	 	Vincent C. Schoemehl, Jr.
		 		 	Title:	 	President

 By signing below, BCI agrees to be bound by the provisions of the Agreement from and after the date of
assignment of this Agreement to it. 
  

							
	 	 	 	 	BC INTERNATIONAL CORPORATION
				
	  
	 		 	By	 	 /s/ Stephen J. Gatto

	Witness	 		 	Name:	 	Stephen J. Gatto
		 		 	Title:	 	President

 U.S. AND FOREIGN PATENT APPLICATIONS 
 APPENDIX A 
 to License Agreement 

 U.S. and Foreign Patent Applications 
  

							
	 Docket No./Serial No.
	  	 Title
	  	 Inventors
	  	 Filing Date (Status)

	 UF/S&S-14
 US 200,110
	  	Cloning and Sequencing of the Alcohol Dehydrogenase Gene from Zymomonas mobilis	  	 Lonnie O. Ingram
 Tyrrell Conway
	  	5/31/88 (Pending)
				
	 UF/S&S-19
 US 259,099
	  	Ethanol Production by Engineered Microbes	  	 Lonnie O. Ingram
 Tyrrell Conway
	  	8/31/88 (Abandoned)
				
	 UF/S&S-24
 US 274,075
 (CIP of UF19)
	  	Ethanol Production Using Engineered Mutant E. coli 	  	 Lonnie O. Ingram
 David P. Clark
	  	11/21/88 (Pending)
				
	 UF/S&S-19.C2
 US 352,062
	  	Ethanol Production by Engineered Microbes	  	 Lonnie O. Ingram
 Tyrrell Conway
 Flavio Alterthum
	  	5/15/89 (Pending)
				
	 UF/S&S-19.C2 PCT
 PCT/US89/03753
	  	Ethanol Production by Engineered Microbes	  	 Lonnie O. Ingram
 Tyrrell Conway
 Flavio Alterthum
	  	8/29/89 (Pending)

 States and Regions designated in the PCT are: Brazil, Bulgaria, EPO, Hungary, Japan, Democratic Korea, Romania,
USSR 
  

							
	 UF/S&S-19.C2
 314-798
	  	Argentina Ethanol Production by Engineered Microbes	  	 Lonnie O. Ingram
 Tyrrell Conway
 Flavio Alterthum
	  	8/30/89 (Pending)
				
	 UF/S&S-19.C2
 1,069,829
	  	Canada Ethanol Production by Engineered Microbes	  	 Lonnie O. Ingram
 Tyrrell Conway
 Flavio Alterthum
	  	8/30/89 (Pending)
				
	UF/S&S-19.C2	  	Republic of Korea Ethanol Production by Engineering Microbes	  	 Lonnie O. Ingram
 Tyrrell Conway
 Flavio Alterthum
	  	(Pending)

 FOREIGN COUNTRIES AND REGIONS IN WHICH 
 APPLICATIONS HAVE BEEN FILED 
 OR WHICH HAVE BEEN DESIGNATED IN THE PCT 
 APPENDIX B 
 to License Agreement 

 Foreign Countries and Regions in Which Applications Have Been Filed or Which Have Been Designated in the
PCT 
  

			
	 Argentina

		
	 Brazil
	  	
		
	 Bulgaria
	  	
		
	 Canada
	  	
		
	 EPO:
	  	
		
		  	Austria
		
		  	Belgium
		
		  	France
		
		  	Germany
		
		  	Great Britain
		
		  	Greece
		
		  	Italy
		
		  	Luxembourg
		
		  	Netherlands
		
		  	Spain
		
		  	Sweden
		
		  	Switzerland
		
	 Hungary
	  	
		
	 Japan
	  	
	
	 Democratic Korea Republic of Korea

		
	 Romania
	  	
		
	 USSR
	  	

 Exhibit 10.25 (continued) 
 FIRST AMENDMENT TO AMENDED AND 
 RESTATED LICENSE AGREEMENT 
 THIS AGREEMENT (the “First Amendment”) entered into this 25th day of January, 2000 amends an Amended and Restated License Agreement dated the 26th day of October, 1995 (hereinafter the “License Agreement”), by and between the University of Florida Research Foundation, Inc., a not-for-profit
Florida corporation located at 223 Grinter Hall, University of Florida, Gainesville, Florida 32611 (hereinafter “UFRFI”) and BC International Corporation, a Delaware corporation located at 990 Washington Street, Suite 104, Dedham,
Massachusetts 02026 (“BCI”) (hereinafter referred to as “Licensee”). 
 In consideration of the premises and the mutual covenants
contained herein, the parties hereto hereby agree as follows: 
 1. Article III, paragraph 3.2(d) is hereby amended by deleting subparagraph (d) in its
entirety and substituting therefore the following: 
 “(d) Within [***] from [***], LICENSEE shall have commenced construction of another
facility, or have completed a Sublicense Agreement which results in commencement of construction of another facility within such [***] period, or shall pay UFRFI the non-refundable sum of $[***], of which $[***] shall be credited against future
royalty payments payable to UFRFI pursuant to paragraph 4.1. If LICENSEE does not commence construction of a second facility or enter into a Sublicense Agreement which results in commencement of construction of a second facility by the end of an
additional year after the [***] referred to above, LICENSEE must pay UFRFI an additional non-refundable sum of $[***], of which $[***] shall be credited against future royalty payments payable to UFRFI pursuant to paragraph 4.1. 
 2. Article III, paragraph 3.2(e) is hereby amended by deleting “[***]” in the sixth line thereof and inserting in its place “[***]”. 
 3. Article III, paragraph 3.2 is hereby amended by inserting the following new subparagraph (h): 
 “(h) During the [***] period referred to in subparagraph (d) above, LICENSEE agrees to commit $[***] (pro-rated for any partial [***]) toward
the further research and development of the Licensed Technology. Such sum shall be expended by LICENSEE on such research and development in a manner and at such location(s) as LICENSEE shall determine in its sole discretion.” 
 4. Article IV, paragraph 4.1(b) is hereby amended by deleting the figure “$[***]” in the fourth line thereof and inserting in its place the figure
“$[***]”. 

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

 5. Except for those paragraphs expressly amended hereby, all other provisions of the License Agreement shall remain
unchanged and continue in full force and effect. 
 IN WITNESS WHEREOF, the parties have caused this First Amendment to be signed as of the day and year
first above written. 
  

			
	 UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

		
	 By:
	 	/s/ Thomas E. Walsh
	 Name:
	 	Thomas E. Walsh
	 Title:
	 	Secretary
	
	 BC INTERNATIONAL CORPORATION

		
	 By:
	 	 /s/ Stephen J. Gatto

	 Name:
	 	Stephen J. Gatto
	 Title:
	 	President

  

 -2- 

 Exhibit 10.25 (continued) 
 SECOND AMENDMENT TO AMENDED AND RESTATED LICENSE AGREEMENT 
 This Second
Amendment to Amended and Restated License Agreement dated as of June 29, 2001 (this Amendment) is entered into between by and between the University of Florida Research Foundation, Inc., a not-for-profit Florida corporation
located at 223 Grinter Hall, University of Florida, Gainesville, Florida 32611 (UFRFI) and BC International Corporation, a Delaware corporation located at 990 Washington Street, Suite 104, Dedham, Massachusetts 02026
(LICENSEE) and amends the Amended and Restated License Agreement dated the October 26, 1995 as further amended by the First Amendment to Amended and Restated License Agreement, dated January 25, 2000, between UFRFI and
Licensee (as amended, the License Agreement). Capitalized terms used in this Amendment and not otherwise defined herein are used with the meanings ascribed to them in the License Agreement. 
 In consideration of the mutual promises and covenants contained herein and in the License Agreement, the parties agree that the License Agreement is
amended pursuant to Paragraph 18.2 thereof as follows: 
 1. Exceptions from Fees and Running Royalties. (a) Article I of the License
Agreement is amended by adding the following new Paragraph 1.16: 
 “1.16 Permitted Deductions” means funds received as consideration for equity
purchases of LICENSEE’S securities by a sublicensee (provided that fair and commercially reasonable sublicense fees are collected in conjunction with such transaction) and any other payments received by LICENSEE from any sublicensee for
purposes of paying or reimbursing LICENSEE for any future research, development, testing, or engineering services actually undertaken by or for LICENSEE related to any Licensed Product, Licensed Technology or Licensed Processes or any product
generated by the use of the Licensed Technology or for expenses incurred by LICENSEE for any future patent prosecution and maintenance expenses related to any Licensed Product, Licensed Technology or Licensed Processes, including reasonable
attorney’s fees.” 
 (b) Paragraph 4.1(a) of the License Agreement is amended by adding the following to the end thereof:

 “In all cases, amounts qualifying as Permitted Deductions will be excluded from the definitions of “Fees” and “Running Royalties,”
as such terms are used in this Agreement.” 
 2. Consent to Grant of Sublicenses. UFRFI acknowledges and agrees that despite anything to
the contrary in Section 2.11 of the License Agreement, LICENSEE is hereby authorized and permitted to grant to Marubeni Corporation Tsukishima Kikia Co., Ltd. and Abengoa, S.A. (and their respective Affiliates) the right to grant sublicenses to
third parties in and to the rights, privileges and licenses granted to LICENSEE under the License Agreement; provided that each such sub-sublicense must include language substantially similar to the following: “[Licensee] agrees that the
obligations to [UFRFI] of Articles II, V, VII, VIII, IX, X, XII, XV, SVII and Section 13.8 of the [Agreement] are binding upon [Licensee] as if [Licensee] were a party thereto. 
 3. Ratification; Entire Agreement. Except as expressly modified hereby, all other terms and conditions of the License Agreement will remain in full force and effect without amendment or modification and
are hereby ratified and confirmed in their entirety. The License Agreement as amended by this Amendment supersedes any prior understandings or written or oral agreements between the parties respecting the subject matter hereof and contains the
entire understanding of the parties with respect thereto. 

 IN WITNESS WHEREOF, this Amendment has been executed as a sealed instrument as of the date first written
above. 
 [The remainder of this page is intentionally left blank.] 
  

 -2- 

			
	 UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

		
	 By
	 	 /s/ David L. Day

	 Name:
	 	
	 Title:
	 	
	
	 BC INTERNATIONAL CORPORATION

		
	 By
	 	 /s/ Stephen J. Gatto

	 Name:
	 	 Stephen J. Gatto

	 Title:
	 	 CEO

  

 -3-

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