Document:

Celunol Corp. 1998 Stock Plan

 Exhibit 10.4 
 BC International Corporation 
 1998 Stock Plan 
 1. Purpose 
 The purpose of this plan (the
“Plan”) is to secure for BC International Corporation (the “Company”) and its shareholders the benefits arising from capital stock ownership by employees, officers and directors of, and consultants or advisors to the Company and
its parent and subsidiary corporations who are expected to contribute to the Company’s future growth and success. Except where the context otherwise requires, the term “Company” shall include the parent and all present and future
subsidiaries of the Company as defined in Sections 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended or replaced from time to time (the “Code”). Those provisions of the Plan which make express reference to Section 422
shall apply only to Incentive Stock Options (as that term is defined in the Plan). 
 2. Type Of Options And Grants; Administration 
 a) Types of Options. Options granted pursuant to the Plan shall be authorized by action of the board of directors of the Company (the “Board
of Directors”), or the Committee, as defined below, and may be either incentive stock options (“Incentive Stock Options”) meeting the requirements of Section 422 of the Code or non-statutory options which are not intended to meet
the requirements of Section 422 of the Code (“Non-Qualified Options”). 
 b) Purchase Rights. Pursuant to the Plan,
eligible persons may be provided with opportunities to make direct purchases of the Company’s common stock (“Purchase Rights”). Purchase Rights shall be authorized by action of the Board of Directors or the Committee, as defined
below. 
 c) Awards. Pursuant to the Plan, eligible persons may be provided with awards of the Company’s common stock
(“Awards”). Awards shall be authorized by action of the Board of Directors or the Committee, as defined below. 
 d) Granting of
an Option, Purchase Right or Award. Options and Purchase Rights may be granted, and Awards may be made, under the Plan at any time on or after February 20, 1998 and prior to February 19, 2008. The date of grant of an option or Purchase
Right, or provision of an Award, under the Plan will be the date specified by the Board of Directors at the time it grants an option or Purchase Right or provides an Award; provided, however, that such date shall not be prior to the date on which
the Board of Directors acts to approve the grant. 

 e) Administration. 
 (i) The Plan will be administered by the Board of Directors of the Company, whose construction and interpretation of the terms and provisions of the Plan shall be final and conclusive. The Board of Directors may in
its sole discretion (a) grant options to purchase shares of the Company’s common stock, $0.01 par value per share (“Common Stock”), and issue shares upon exercise of such options as provided in the Plan, (b) grant Purchase
Rights and issue shares upon the exercise of such Purchase Rights, and (c) make Awards and issue shares pursuant to such awards. The Board shall have authority, subject to the express provisions of the Plan, to construe the respective option
agreements and the Plan, to prescribe, amend, and rescind rules and regulations relating to the Plan, to determine the terms and provisions of the respective option agreements, which need not be identical, and to make all other determinations in the
judgment of the Board of Directors necessary or desirable for the administration of the Plan. The Board of Directors may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any option agreement, purchase
agreement or other agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. No director or person acting pursuant to authority delegated by the Board
of Directors shall be liable for any action or determination under the Plan made in good faith. The Board of Directors may, to the full extent permitted by or consistent with applicable laws or regulations (including, without limitation, applicable
state law, and Rule 16b-3 promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”), or any successor rule (“Rule 16b-3”) to the extent applicable), delegate any or all of its powers under the Plan to a committee
(the “Committee”) appointed by the Board of Directors, and if the Committee is so appointed all references to the Board of Directors in the Plan shall mean and relate to such Committee. 
 (ii) Committee Action. The Committee may select one of its members as its chairman, and shall hold meetings at such time and places as it may
determine. Acts by a majority of the Committee, or acts reduced to or approved in writing by a majority of the members of the Committee, shall be the valid acts of the Committee. All references in this Plan to the Committee shall mean the Board if
no Committee has been appointed. From time to time the Board may increase the size of the Committee and appoint new members in substitution therefor, fill vacancies however caused, or remove all members of the Committee and thereafter directly
administer the Plan. 
 (iii) Grant of Options, Purchase Rights, and Awards to Board Members. Options or Purchase Rights may be
granted, and Awards may be made, to members of the Board consistent with the provisions of paragraph 2(e)(i) above, if applicable. All grants of options and Purchase Rights and provisions of Awards to members of the Board shall in all other respects
be made in accordance with the provisions of this plan applicable to other eligible persons. Consistent with the provisions of paragraph 2(e)(i) above, members of the Board who are either (a) eligible for options, Purchase Rights, or Awards
pursuant to the Plan or (b) have been granted options or Purchase Rights, or provided with Awards, may vote on any matters affecting the administration of the Plan or the grant of any options or Purchase Rights, or provisions of any Awards,
pursuant to the Plan, except that no such member shall act upon the granting to himself of options or Purchase Rights, or provision Awards, but any such member may be counted in determining the existence of a quorum at any meeting of the Board
during which action is taken with respect to the granting to him or her of options or Purchase Rights or provision of Awards. 

 f) Applicability of Rule 16b-3. Those provisions of the Plan which make express reference to Rule
16b-3 shall apply only to such persons as are required to file reports under Section 16(a) of the Exchange Act (a “Reporting Person”). 
 3. Eligibility 
 a) General. Options or Purchase Rights may be granted and Awards may be made, to persons who
are, at the time of grant or Award, employees, officers, or directors of, or consultants or advisors to, the Company; provided that the class of employees to whom Incentive Stock Options may be granted shall be limited to employees of the Company
eligible to receive Incentive Stock Options under the Code, A person who has been granted an option, Purchase Right or Award may, if he or she is otherwise eligible, be granted additional options, Purchase Rights or Awards if the Board of Directors
shall so determine. 
 b) Grants to Directors and Officers. From and after the registration of the Common Stock of the Company under
the Exchange Act, an option, Purchase Right or Award made to a director or officer of the Company (as the terms “director” and “officer” are defined for purposes of Rule 16b-3) shall satisfy the following condition: 

The timing of the grant, the exercise or purchase price of the option, Purchase Right or Award and the number of shares subject to the option, Purchase
Right or Award shall be determined either (i) by the full Board of Directors, or (ii) by a Committee that is composed solely of two or more Non-Employee Directors (as hereinafter defined). For the purposes of the Plan, a director shall be
determined to be a “Non-Employee Director” only if such person qualifies as a “Non-Employee Director” within the meaning of Rule 16b-3, as such term is interpreted from time to time. 
 4. Stock Subject to Plan 
 Subject to adjustment as
provided in Section 15 below, the maximum number of shares of Common Stock of the Company which may be issued and sold under the Plan is eleven thousand (11,000) shares. If an option, Purchase Right or Award granted under the Plan shall
expire or terminate for any reason without having been exercised in full, the unpurchased shares subject to such option, Purchase Right, or Award shall again be available for subsequent grants under the Plan. If shares issued upon exercise of an
option, Purchase Right or Award under the Plan are tendered to the Company in payment of the exercise price of an option, Purchase Right or Award under the Plan, such tendered shares shall again be available for subsequent grants under the plan;
provided that in no event shall (i) the total number of shares issued pursuant to the exercise of Incentive Stock options under the Plan, on a cumulative basis, exceed the maximum number of shares authorized for issuance under the Plan
exclusive of shares made available for issuance pursuant to this sentence or (ii) the total number of shares issued pursuant to the exercise of options, Purchase Rights, or Awards by Reporting Persons, on a cumulative basis, exceed the maximum
number of shares authorized for issuance under the Plan exclusive of shares made available for issuance pursuant to this sentence. 

 5. Forms of Agreements 
 As a condition to the grant of an option, Purchase Right, or Award under the Plan, each recipient of an option, Purchase Right, or Award shall execute the option agreement, stock restriction agreement or other
agreement in such form, not inconsistent with the Plan, as may be approved by the Board of Directors. Such agreements may differ among recipients. 
 6.
Purchase Price 
 (a) General. The purchase price per share of stock deliverable upon the exercise of an option, Purchase Right, or
Award shall be determined by the Board of Directors; provided, that in the case of an Incentive Stock Option, the exercise price shall not be less than 100% of the fair market value of such stock, as determined by the Board of Directors, at the time
of grant of such option, or less than 110% of such fair market value in the case of options described in Section 11(b). 
 (b) Payment of
Purchase Price. Options, Purchase Rights, or Awards granted or made under the Plan may provide for the payment of the exercise price by delivery of cash or a check to the order of the Company in an amount equal to the exercise price of such
options, Purchase Rights, or Awards, or, to the extent provided in the applicable agreement, (i) by delivery to the Company of shares of Common Stock of the Company already owned by the recipient having a fair market value equal in amount to
the exercise price of the options, Purchase Rights, or Awards being exercised, (ii) at the discretion of the Board of Directors and consistent with applicable law, through the delivery of an assignment to the Company of a sufficient amount of
the proceeds from the sale of the Common Stock acquired upon exercise of an option, Purchase Right, or Award and an authorization to the broker or selling agent to pay that amount to the Company, which sale shall be at the recipient’s direction
at the time of exercise, (iii) by any other means (including, without limitation, by delivery of a promissory note of the recipient payable on such terms as are specified by the Board of Directors) which the Board of Directors determines are
consistent with the purpose of the Plan and with applicable laws and regulations (including, without limitation, the provisions of Rule 16b-3 and Regulation T promulgated by the Federal Reserve Board, to the extent applicable), or (iv) by any
combination of such methods of payment. The fair market value of any shares of the Company’s Common Stock or other non-cash consideration which may be delivered upon exercise of an option, Purchase Right, or Award shall be determined by the
Board of Directors. 
 (c) Determination of Fair Market Value. If, at the time an option or Purchase Right is granted, or an Award is
made under the Plan, the Company’s Common Stock is publicly traded, “fair market value” shall be equal to the closing price of the Common Stock on the principal securities exchange on which such Common Stock is traded on the day prior
to the date of grant or Award, or, if the closing price discussed in this sentence is unavailable for such date, the last business day for which such price is available prior to the date such option or Purchase Right is granted, or such Award is
made. However, if the Common Stock is not publicly traded 

 
at the time an option or Purchase Right is granted, or an Award is made, under the Plan, “fair market value” shall be deemed to be the fair value
of the Common Stock as determined by the Board of Directors or Committee after taking into consideration all factors which it deems appropriate, including, without limitation, recent sale and offer prices of the Company’s capital stock in
private transactions negotiated at arm’s length. 
 7. Exercise Period 
 Each option, Purchase Right, or Award and all rights thereunder shall expire on such date as shall be set forth in the applicable agreement, except that,
in the case of an Incentive Stock option, such date shall not be later than ten years after the date on which the option is granted and, in all cases, options shall be subject to earlier termination as provided in the Plan. 
 8. Exercise of Options, Purchase Rights, or Awards 
 Each option, Purchase Right, or Award granted or made under the Plan shall be exercisable either in full or in installments at such time or times and during such period as shall be set forth in the agreement evidencing such option, Purchase
Right, or Award, subject to the provisions of the Plan. 
 9. Nontransferability of Options 
 Incentive Stock Options, and all options granted to Reporting Persons, shall not be assignable or transferable by the person to whom they are granted,
either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the life of the optionee, shall be exercisable only by the optionee; provided, that Non-Qualified options may be transferred pursuant to a
qualified domestic relations order (as defined in the Internal Revenue Code of 1986, as amended). 
 10. Effect of Termination of Employment or Other
Relationship 
 (a) Except as provided in Section 11(d), or in subsection (b) below, with respect to Incentive Stock Options,
and subject to the provisions of the Plan, the Board of Directors shall determine the period of time during which a recipient may exercise an option, Purchase Right, or Award following (i) the termination of the recipient’s employment or other
relationship with the Company or (ii) the death or disability of the recipient. Such periods shall be set forth in the agreement evidencing such option, Purchase Right, or Award. 
 (b) Subject to Sections 11(d) and 23 below, if a grantee of an Incentive Stock Option ceases to be employed by the Company other than by reason of death
or disability, as defined in Section 1l(d), no further installments of his or her Incentive Stock Options shall become exercisable and his or her Incentive Stock Options shall terminate no later than three (3) months from the date of
termination of his or her employment, but in no event later than on their specified expiration dates, except to the extent that such Incentive Stock Options (or unexercised installments thereof) have been converted into Non-Qualified Options
pursuant to Section 20. Employment shall be considered as continuing uninterrupted during any bona fide leave of 

 
absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave does not exceed ninety
(90) days or, if longer, any period during which such grantee’s right to reemployment is guaranteed by statute. A bona fide leave of absence with the written approval of the Board of Directors shall not be considered an interruption of
employment under the Plan, provided that such written approval contractually obligates the Company to continue the employment of the grantee after the approved period of absence. Incentive Stock Options granted under the Plan shall not be affected
by any change of employment within or among the Company, so long as the grantee continues to be an employee of the Company. Nothing in the Plan shall be deemed to give any grantee of any option, Purchase Right, or Award the right to be retained in
employment or other service by the Company for any period of time. 
 11. Incentive Stock Options 
 Options granted under the Plan which are intended to be Incentive Stock Options shall be subject to the following additional terms and conditions:

 (a) Express Designation. All Incentive Stock Options granted under the Plan shall, at the time of the grant, be specifically
designated as such in the option agreement covering such Incentive Stock Options. 
 (b) 10% Shareholder. If any employee to whom an
Incentive Stock Option is to be granted under the Plan is, at the time of the grant of such option, the owner of stock equal to more than 10% of the total combined voting power of all classes of stock of the Company (after taking into account the
attribution of stock ownership rules of Section 424(d) of the Code), then the following special provisions shall be applicable to the Incentive Stock Option granted to such an individual: 
 (i) The purchase price per share of the Common Stock subject to such Incentive Stock Option shall not be less than 110% of the fair market value of one
share of Common Stock at the time of grant; and 
 (ii) The option exercise period shall not exceed five years from the date of grant.

 (c) Dollar Limitation. For as long as the Code shall so provide, options granted to any employee under the Plan (and any other
incentive stock option plans of the Company) which are intended to constitute incentive stock options shall not constitute Incentive Stock Options to the extent that such options, in the aggregate, become exercisable for the first time in any one
calendar year for shares of Common Stock with an aggregate fair market value (determined as of the respective date or dates of grant) of more than $100,000. 
 (d) Termination of Employment, Death, Disability or Retirement. No Incentive Stock Option may be exercised unless, at the time of such exercise, the optionee is, and has been continuously since the date
of the grant of his or her option, employed by the Company, except that: 
 (i) an Incentive Stock Option may, subject to Section 23
below, be exercised within the period of three (3) months after the date the optionee ceases to be an employee of the Company (or within such lesser period as may be specified in the applicable option agreement); provided that the agreement
with respect to such option may designate a longer exercise period and that the exercise after such three-month period shall be treated as the exercise of a Non-Qualified Option under the Plan; 

 (ii) if the optionee dies while in the employ of the Company, or within three (3) months after the
optionee ceases to be such an employee, the Incentive Stock Option may be exercised by the person to whom it is transferred by will or the laws of descent and distribution within the period of twelve (12) months after the date of death (or
within such lesser period as may be specified in the applicable option agreement); and 
 (iii) if the optionee becomes disabled while in the
employ of the Company, the Incentive Stock Option may be exercised within the period of one year after the date the optionee ceases to be such an employee because of such disability (or within such lesser period as may be specified in the applicable
option agreement). For the purposes of the Plan, the term “disabled” or “disability” shall mean “permanent and total disability” as defined in Section 22(e)(3) of the Code. 
 (iv) if the optionee retires from the Company in accordance with the Company’s policies with respect to retirement, the Incentive Stock Option shall
remain exercisable, to the extent it was exercisable at the time of such retirement, for a period of one (1) year from the date of such retirement, or until the expiration of the stated term of the Option, if earlier. 
 For all purposes of the Plan and any option granted hereunder, “employment” shall be defined in accordance with the provisions of
Section 1.421-7(h) of the Income Tax Regulations (or any successor regulations). Notwithstanding the foregoing provisions, no Incentive Stock Option may be exercised after its expiration date. 
 12. Additional Provisions 
 (a) Additional
Provisions. The Board of Directors may, in its sole discretion, include additional provisions in agreements covering options, Purchase Rights or Awards granted or made under the Plan, including without limitation restrictions on transfer,
repurchase rights, commitments to pay cash bonuses, to make, arrange for or guaranty loans or to transfer other property to recipients upon exercise of options, Purchase Rights or Awards, or such other provisions as shall be determined by the Board
of Directors; provided that such additional provisions shall not be inconsistent with any other term or condition of the Plan and such additional provisions shall not cause any Incentive Stock Option granted under the Plan to fail to qualify as an
Incentive Stock Option within the meaning of Section 422 of the Code. 
 (b) Acceleration, Extension, Etc. Subject to any
accounting considerations with respect to “Accounting for Business Combinations” pursuant to Accounting Principles Board Opinion No. 16, the Board of Directors may, in its sole discretion, (i) accelerate the date or dates on
which all or any particular option, Purchase Right or Award granted under the Plan may be exercised or (ii) extend the dates during which all, or any particular, option, Purchase Right or 

 
Award granted under the Plan may be exercised; provided that no such extension shall be permitted if it would cause the Plan to fail to comply with
Section 422 of the Code or such option, Purchase Right or Award to fail to comply with Rule 16b-3 if applicable. 
 13. General Restrictions 

 (a) Investment Representations. The Company may require any person to whom an option, Purchase Right or Award is granted or made, as
a condition of receiving or exercising such option, Purchase Right or Award, to give written assurances in substance and form satisfactory to the Company to the effect that such person is acquiring the Common Stock subject to the option, Purchase
Right or Award for his or her own account for investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate for the sole purpose of causing the
Company to comply with federal and applicable state securities laws, or with covenants or representations made by the Company in connection with any public offering of its Common Stock. 
 (b) Compliance with Securities Laws. Each option, Purchase Right or Award shall be subject to the requirement that if, at any time, counsel to the
Company shall determine that the listing, registration or qualification of the shares subject to such option, Purchase Right or Award upon any securities exchange or under any state or federal law, or the consent or approval of any governmental or
regulatory body, or that the disclosure of non-public information or the satisfaction of any other condition is necessary as a condition of, or in connection with, the issuance or purchase of shares thereunder, such option, Purchase Right or Award
may not be exercised, in whole or in part, unless such listing, registration, qualification, consent or approval, or satisfaction of such condition shall have been effected or obtained on conditions acceptable to the Board of Directors. Nothing
herein shall be deemed to require the Company to apply for or to obtain such listing, registration or qualification, or to satisfy such condition, 
 14.
Rights as a Shareholder 
 The holder of an option, Purchase Right or Award shall have no rights as a shareholder with respect to any
shares covered by the option, Purchase Right or Award (including, without limitation, any rights to receive dividends or non-cash distributions with respect to such shares) until the date of issue of a stock certificate to him or her for such
shares. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued. 
 15.
Adjustment Provisions for Recapitalizations and Related Transactions 
 (a) General. If, through or as a result of any merger,
consolidation, sale of all or substantially all of the assets of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, (i) the outstanding shares of
Common Stock are increased, decreased or exchanged for a different number or kind of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are
distributed with respect to such shares of Common Stock or other securities, an appropriate and proportionate adjustment shall 

 
be made in (x) the maximum number and kind of shares reserved for issuance under the Plan, (y) the number and kind of shares or other securities
subject to any then outstanding options, Purchase Rights or Awards under the Plan, and (z) the price for each share subject to any then outstanding options, Purchase Rights or Awards under the Plan, without changing the aggregate purchase price
as to which such options, Purchase Rights or Awards remain exercisable. Notwithstanding the foregoing, no adjustment shall be made pursuant to this Section 15 if such adjustment would cause the Plan to fail to comply with Section 422 of
the Code or any option, Purchase Right or Award to fail to comply with Rule 16b-3. 
 (b) Board Authority to Make Adjustments. Any
adjustments under this Section 15 will be made by the Board of Directors, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive. No fractional shares will be issued under
the Plan on account of any such adjustments. 
 16. Merger, Consolidation, Asset Sale, Liquidation, etc. 
 (a) General. In the event of a consolidation or merger or sale of all or substantially all of the assets or capital stock of the Company in which
outstanding shares of Common Stock are exchanged for securities, cash or other property of any other corporation or business entity or in the event of a liquidation of the Company, (a “Change of Control”) the Board of Directors of the
Company, or the board of directors of any corporation assuming the obligations of the Company shall, in its discretion, take any one or more of the following actions, as to outstanding options, Purchase Rights and Awards: (i) provide that such
options, Purchase Rights and Awards shall be assumed on such terms as are set forth in the applicable agreement underlying such options, Purchase Rights and Awards, or equivalent options, Purchase Rights and Awards shall be substituted, by the
acquiring or succeeding corporation (a “Substitute Agreement”), (ii) upon written notice to the holder provide that all unexercised options, Purchase Rights and Awards will be exercisable in full during a specified period (which period
shall in no event be less than thirty (30) calendar days) following the date of such notice and prior to the consummation of the transaction and will terminate immediately prior to the consummation of such transaction unless exercised by the
holder within the specified period, (iii) terminate all options, Purchase Rights and Awards in exchange for a cash payment equal to the excess, if any, of the fair market value of the shares subject to such options, Purchase Rights and Awards
(calculated as though such options, Purchase Rights and Awards, regardless of any vesting schedule, were exercisable in full) over the exercise price thereof, or (iv) in the event of a merger under the terms of which holders of the Common Stock
of the Company will receive upon consummation thereof a cash payment for each share surrendered in the merger (the “Merger Price”), make or provide for a cash payment to the holders of any options, Purchase Rights and Awards equal to the
difference between (A) the Merger Price times the number of shares of Common Stock subject to such outstanding options, Purchase Rights and Awards (calculated as though such options, Purchase Rights and Awards, regardless of any vesting
schedule were exercisable in full) and (B) the aggregate exercise price of all such outstanding options, Purchase Rights and Awards in exchange for the termination of such options, Purchase Rights and Awards. A “Substitute Agreement”
within the meaning of this paragraph, i) shall have a value on the effective date of the transaction (using the same Black-Scholes analysis required for financial accounting purposes) at least equal to the value of the options, Purchase Rights and
Awards being replaced, 

 
ii) shall vest, to the extent applicable, at least on the same schedule as the options, Purchase Rights and Awards being replaced, and iii) shall provide, in
the event of involuntary termination of employment of the recipient within six months of the effective date of the transaction, that all such options, Purchase Rights and Awards which have not vested as of the date of such termination shall be
deemed to and shall vest immediately upon such termination and shall be exercisable in full as of such time and for a period of thirty (30) days thereafter. In the case of any Substitute Agreement substituted for an Incentive Stock Option, the
holder of the option shall have the right to waive any of the foregoing limitations if it fails to meet the requirements of Section 424(a) of the Code or otherwise would disqualify the option as an Incentive Stock Option. In the event of a
transaction which is required to be treated as a “pooling of interests” transaction pursuant to the Accounting Principles Board (“APB”) Opinion No. 16, if any action by the Board of Directors set forth above would otherwise
preclude the Company from accounting for the transaction as a “pooling of interests”, the Board of Directors shall take such other action as shall preserve such accounting treatment without thereby compromising the rights of the holders of
options, Purchase Rights and Awards hereunder. 
 (b) Substitute Options, Purchase Rights or Awards. The Company may grant options,
Purchase Rights or Awards under the Plan in substitution for options, Purchase Rights or Awards held by employees of another corporation who become employees of the Company, or a subsidiary of the Company, as the result of a merger or consolidation
of the employing corporation with the Company or a subsidiary of the Company, or as a result of the acquisition by the Company, or one of its subsidiaries, of property or stock of the employing corporation. The Company may direct that substitute
options, Purchase Rights or Awards be granted on such terms and conditions as the Board of Directors considers appropriate in the circumstances. 
 (c) Provisions Of This Section 16 Not In Limitation of Specific Terms In Option, Purchase Right or Award Instruments. Notwithstanding subparagraphs (a) and (b) of this Section 16, in the event that an instrument
evidencing an option, Purchase Right or Award shall provide for a result that is more favorable to the holder of such instrument than the actions permitted to be taken by the Board of Directors pursuant to subparagraph (a) of this
Section 16 upon the occurrence of any of the events set forth therein, such instrument shall control. Without limiting the foregoing, the Board of Directors may, in its discretion, take any action that is more favorable to the holder of an
option, Purchase Right or Award than the provision which is provided in the instrument evidencing such option, Purchase Right or Award. 
 17.
Modification of Incentive Stock Options 
 Notwithstanding the foregoing, any adjustments made pursuant to Sections 15 or 16 with respect
to Incentive Stock Options shall be made only after the Board of Directors, after consulting with counsel for the Company, determines whether such adjustments would constitute a “modification” of such Incentive Stock Options (as that term
is defined in Section 424 of the Code) or would cause any adverse tax consequences for the holders of such Incentive Stock Options. If the Board of Directors determines that such adjustments made with respect to Incentive Stock Options would
constitute a modification of such Incentive Stock Options, it may, in its discretion, refrain from making such adjustments. 

 18. Issuances of Securities 
 Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be
made with respect to, the number or price of shares subject to options, Purchase Rights or Awards. No adjustments shall be made for dividends paid in cash or in property other than securities of the Company. 
 19. Fractional Shares 
 No fractional shares shall be
issued under the Plan and the grantee of an option, Purchase Right or Award shall receive from the Company cash in lieu of the fair market value of such fractional shares. 
 20. Conversion of Incentive Stock Options into Non-Qualified Options; Termination of Incentive Stock Options 
 The Board of Directors, at the written request or with the written consent of any grantee of an Incentive Stock Option, may, in its discretion, take such actions as may be necessary to convert such grantee’s Incentive Stock Options (or
any installments or portions of installments thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such Incentive Stock Options, regardless of whether the grantee is an
employee of the Company at the time of such conversion. Such actions may include, but shall not be limited to, extending the exercise period or reducing the exercise price of the appropriate installments of such Incentive Stock Options. At the time
of such conversion, the Board of Directors (with the consent of the grantee) may impose such conditions on the exercise of the resulting Non-Qualified Options as the Board of Directors in its discretion may determine, provided that such conditions
shall not be inconsistent with this Plan. Nothing in the Plan shall be deemed to give any grantee the right to have such grantee’s Incentive Stock Options converted into Non-Qualified Options, and no such conversion shall occur until and unless
the Board of Directors takes appropriate action. 
 21. Governmental Regulation 
 The Company’s obligation to sell and deliver shares of the Common Stock under this Plan is subject to the approval of any governmental authority
required in connection with the authorization, issuance or sale of such shares. 
 22. Notice to Company of Disqualifying Disposition 
 By accepting an Incentive Stock Option granted under the Plan, each grantee of an Incentive Stock Option thereby agrees to notify the Company in writing
immediately after such grantee makes a Disqualifying Disposition of any Common Stock acquired pursuant to the exercise of an Incentive Stock Option. Generally, a Disqualifying Disposition is any disposition (including any sale) of such Common Stock
occurring on or before the later of the date (a) two years after the date the employee was granted the Incentive Stock Option, or (b) one year after the date the employee acquired Common Stock by exercising the Incentive Stock Option.

 23. No Exercise of an Option, Purchase Right or Award if Engagement or Employment Terminated for Cause 

If the employment of a grantee of an option, Purchase Right or Award is terminated by his or her voluntary resignation or by the Company for
“Cause,” any option, Purchase Right or Award shall terminate on the date of such termination and such option, Purchase Right or Award shall thereupon not be exercisable to any extent whatsoever. “Cause” is conduct, as determined
by the Board of Directors, involving one or more of the following: (i) gross misconduct by the grantee which is materially injurious to the Company; or (ii) the commission of an act of embezzlement, fraud or deliberate disregard of the
rules or policies of the Company which results in material economic loss, damage or injury to the Company; or (iii) the unauthorized disclosure of any trade secret or confidential information of the Company or any third party who has a business
relationship with the Company or the violation of any noncompetition covenant or assignment of inventions obligation with the Company; or (iv) the commission of any act which induces any customer or prospective customer of the Company to break
a contract with the Company or to decline to do business with the Company; or (v) the conviction of the grantee of a felony involving any financial impropriety or which would materially interfere with the grantee’s ability to perform his
or her services for the Company or otherwise be injurious to the Company; or (vi) the failure of the grantee to perform in a material respect his or her employment obligations without proper cause. In making such determination, the Board of
Directors shall act fairly and in utmost good faith. For the purposes of this Section 23, termination of employment shall be deemed to occur when the grantee receives notice that his employment is terminated. 
 24. No Special Employment Rights 
 Nothing contained
in the Plan or in any options, Purchase Rights or Awards shall confer upon any recipient any right with respect to the continuation of his or her employment by the Company or interfere in any way with the right of the Company at any time to
terminate such employment or to increase or decrease the compensation of the recipient. 
 25. Other Employee Benefits 
 Except as to plans which by their terms include such amounts as compensation, the amount of any compensation deemed to be received by an employee as a
result of the exercise of an option, Purchase Right or Award or the sale of shares received upon such exercise will not constitute compensation with respect to which any other employee benefits of such employee are determined, including, without
limitation, benefits under any bonus, pension, profit-sharing, life insurance or salary continuation plan, except as otherwise specifically determined by the Board of Directors. 

 26. Amendment of the Plan 
 (a) The Board of Directors may at any time, and from time to time, modify or amend the Plan in any respect, except that if at any time the approval of the shareholders of the Company is required under Section 422
of the Code or any successor provision with respect to Incentive Stock Options the Board of Directors may not effect such modification or amendment without such approval. 
 (b) The termination or any modification or amendment of the Plan shall not, without the consent of a recipient, affect his or her rights under an option, Purchase Right or Award previously granted to him or her. With
the consent of the recipient, the Board of Directors may amend outstanding agreements governing an option, Purchase Right or Award in a manner not inconsistent with the Plan. The Board of Directors shall have the right to amend or modify
(i) the terms and provisions of the Plan and of any outstanding Incentive Stock Options granted under the Plan to the extent necessary to qualify any or all such options for such favorable federal income tax treatment (including deferral of
taxation upon exercise) as may be afforded incentive stock options under Section 422 of the Code and (ii) the terms and provisions of the Plan and of any outstanding options, Purchase Rights or Awards to the extent necessary to qualify any
or all such options, Purchase Rights or Awards for an exemption under Rule 16b-3, to the extent applicable. 
 27. Withholding 
 (a) The Company shall have the right, as a condition of option exercise or share transfer, to require payment by the option holder to the Company or to
deduct from payments of any kind otherwise due to the option holder any federal, state, local, or foreign taxes of any kind required by law to be withheld with respect to any shares issued upon exercise of options, Purchase Rights or Awards under
the Plan or the subsequent transfer of any shares so issued. Subject to the prior approval of the Company, which may be withheld by the Company in its sole discretion, the recipient may elect to satisfy such obligations, in whole or in part,
(i) by causing the Company to withhold shares of Common Stock otherwise issuable pursuant to the exercise of an option, Purchase Right or Award or (ii) by delivering to the Company shares of Common Stock already owned by the recipient. The
shares so delivered or withheld shall have a fair market value equal to such withholding obligation. The fair market value of the shares used to satisfy such withholding obligation shall be determined by the Company as of the date that the amount of
tax to be withheld is to be determined. A recipient who has made an election pursuant to this Section 29(a) may only satisfy his or her withholding obligation with shares of Common Stock which are not subject to any repurchase, forfeiture,
unfulfilled vesting or other similar requirements. 
 (b) Notwithstanding the foregoing, in the case of a Reporting Person, no election to
use shares for the payment of withholding taxes shall be effective unless made in compliance with any applicable requirements of Rule 16b-3. 

 28. Cancellation and New Grant of Options, Purchase Rights or Awards, Etc. 
 The Board of Directors shall have the authority to effect, at any time and from time to time, with the consent of the affected recipients, (i) the
cancellation of any or all outstanding options, Purchase Rights or Awards under the Plan and the grant in substitution therefor of new options, Purchase Rights or Awards under the Plan covering the same or different numbers of shares of Common Stock
and having an exercise price per share which may be lower or higher than the exercise price per share of the cancelled options, Purchase Rights or Awards or, also with the consent of the affected recipients (ii) the amendment of the terms of
any and all outstanding options, Purchase Rights or Awards under the Plan to provide an exercise price per share which is higher or lower than the then-current exercise price per share of such outstanding options, Purchase Rights or Awards.

 29. Effective Date and Duration of the Plan 
 (a) Effective Date. The Plan shall become effective when adopted by the Board of Directors, but no Incentive Stock Option granted under the Plan shall become exercisable unless and until the Plan shall have been approved by the
Company’s shareholders. If such shareholder approval is not obtained within twelve months after the date of the Board’s adoption of the Plan, no options previously granted under the Plan shall be deemed to be Incentive Stock Options and no
Incentive Stock Options shall be granted thereafter. Amendments to the Plan not requiring shareholder approval shall become effective when adopted by the Board of Directors; amendments requiring shareholder approval (as provided in Section 26)
shall become effective when adopted by the Board of Directors, but no Incentive Stock Option granted after the date of such amendment shall become exercisable (to the extent that such amendment to the Plan was required to enable the Company to grant
such Incentive Stock Option to a particular optionee) unless and until such amendment shall have been approved by the Company’s shareholders. If such shareholder approval is not obtained within twelve months of the Board’s adoption of such
amendment, any Incentive Stock Options granted on or after the date of such amendment shall terminate to the extent that such amendment to the Plan was required to enable the Company to grant such option to a particular optionee. Subject to this
limitation, options, Purchase Rights or Awards may be granted under the Plan at any time after the effective date and before the date fixed for termination of the Plan. 
 (b) Termination. Unless sooner terminated in accordance with Section 16, the Plan shall terminate, with respect to Incentive Stock Options only, upon the earlier of (i) the close of business on the
day next preceding the tenth anniversary of the date of its adoption, by the Board of Directors, or (ii) the date on which all shares available for issuance under the Plan shall have been issued pursuant to the exercise or cancellation of
options granted under the Plan. Unless sooner terminated in accordance with Section 16, the Plan shall terminate with respect to options, Purchase Rights or Awards which are not Incentive Stock Options on the date specified in (ii) above. If
the date of termination is determined under (i) above, then options, Purchase Rights or Awards outstanding on such date shall continue to have force and effect in accordance with the provisions of the instruments evidencing such options,
Purchase Rights or Awards. 

 30. Provision for Foreign Participants 
 The Board of Directors may, without amending the Plan, modify options, Purchase Rights or Awards granted to participants who are foreign nationals or
employed outside the United States to recognize differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters. 
 Adopted by the Board of Directors on March 16,1998. Amended by the Board of Directors on June 23, 1999.Celunol Corp. Stock Option Plan for Non-Employee Directors

 EXHIBIT 10.5 
 March 27, 1995 
 BC INTERNATIONAL CORPORATION 
 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS 
  

	 	1.	Purpose 

 The purpose of this BC International
Corporation Stock Option Plan for Non-Employee Directors (the “Plan”) is to attract and retain the services of certain experienced and knowledgeable independent directors of BC International Corporation (the “Company”) for the
benefit of the Company and its stockholders and to provide additional incentive for such directors to continue to promote the best interests of the Company and its stockholders through continuing ownership of its common stock. 
  

	 	2.	Shares Subject to the Plan. 

 The total number of
shares(““) of the Company’s Common Stock, without par value (“Common Stock”) for which options may be granted under the Plan shall not exceed 40 shares in the aggregate, subject to adjustment in accordance with
Section 10 hereof. 
  

	 	3.	Administration of Plan. 

 The Plan shall be
administered by a committee (the “Compensation Committee”) consisting of two or more directors appointed by the Board, all of whom shall be “disinterested persons” (as hereinafter defined). For the purposes of the Plan, a
director or member of such committee shall be deemed to be “disinterested” only if such person qualifies as a “disinterested” only within the meaning of Rule 16b-3 promulgated under the Securities and Exchange Act of 1934, as
amended, as such term is interpreted by the Board in its sole discretion. In the absence of other action by the Board, the Compensation Committee shall consist of all disinterested members, and action may be taken at a Board meeting or 

 
otherwise The Board may at any time and from time to time hereafter appoint a member or members of the Compensation Committee in substitution for or in
addition to the member or members then in office and may fill vacancies on the Compensation Committee however caused. No person shall be appointed to the Compensation Committee who has been within one year of his appointment to the Compensation
Committee granted or awarded any equity securities pursuant to any other plan of the Company or any of its affiliates entitling participants therein to acquire stock, stock options or stock appreciation rights of the Company or any of its
affiliates, and no person shall be a member of the Compensation Committee who is not a director of the Company. 
 No member of the
Administrator shall act upon any matter exclusively affecting any option granted or to be granted to himself under the Plan. The decision of the Compensation Committee as to all questions of interpretation and application of the Plan shall be final,
binding and conclusive on all persons. The Compensation Committee shall have authority, subject to the express provisions of the Plan, to construe the respective option agreements and the Plan, to prescribe, amend and rescind rules and regulations
relating to the Plan, to determine the terms and provisions of the respective option agreements, which may but need not be identical, and to make all other determinations in the judgment of the Compensation Committee necessary or desirable for the
administration of the Plan. The Compensation Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any option agreement in the manner and to the extent it shall deem expedient to carry the Plan into
effect and shall be the sole and final judge of such expediency. 
  

 2 

	 	4.	Eligibility; Grant of Option. 

 The Compensation
Committee shall grant options to purchase 4 shares under the Plan to each newly elected Outside Director (as defined below) upon his or her election as a Director. Thereafter, the Compensation Committee shall grant options to purchase an additional
4 shares under the Plan to each Outside Director continuing in office upon his or her election as a Director at every third annual meeting thereafter. For the purposes of this Plan, an “Outside Director” shall be a director of the Company
who (i) is not an employee of the Company or any subsidiary, (ii) neither has nor has had, nor is affiliated with an entity or person which has or has had, a business relationship (other than as Director) with the Company within the year
prior to his or her election, and (iii) has no significant stock ownership in the Company (as determined by the Board). Such options shall be non-qualified options, not intended to meet the requirements of Section 422 of the Internal
Revenue Code of 1986, as amended. 
  

	 	5.	Option Agreement. 

 Each option granted under the
Plan shall be evidenced by an option agreement (the “Agreement”) duly executed on behalf of the Company and by the director to whom such option is granted, which Agreements may but need not be identical and shall (i) comply with and
be subject to the terms and conditions of the Plan and (ii) provide that the optionee agrees to continue to serve as a director of the Company during the term for which he or she was elected. Any Agreement may contain such other terms,
provisions and conditions not inconsistent with the Plan as may be determined by the Compensation Committee. No option shall be granted within the meaning of the Plan and no purported grant of any option shall be effective, until such an Agreement
shall have been duly executed on behalf of the Company and the director to whom the option is to be granted. 
  

 3 

	 	6.	Option Exercise Price. 

 Subject to the provision of
Section 10 hereof, the option exercise price for an option granted under the Plan shall be the Fair Market Value (as defined below) of shares of Common Stock on the day preceding the date of grant. If the Common Stock is publicly traded,
“Fair Market Value” shall mean, as applied to a specific date, the price of the last sale on that date on the principal stock exchange listing the Common Stock, or the average of the closing bid and asked prices of the Company’s
Common Stock on such date, if the is no such exchange. 
  

	 	7.	Time and Manner of Exercise of Option. 

 Options
granted under the Plan shall, subject to Section 8(b) and Section 17 hereof, be exercisable in four equal annual installments, commencing one year from the date of grant. To the extent that the right to exercise an option has accrued and
is in effect, the option may be exercised in full at one time or in part from time to time, by giving written notice to the Company, signed by the person or persons exercising the option, stating the number of Shares with respect to which the option
is being exercised, accompanied by payment in full for such Shares, which payment may be in whole or in part in shares of Common Stock already owned by the person or persons exercising the option, valued at Fair Market Value on the date of exercise.
Upon such exercise, delivery of a certificate for paid-up nonassessable Shares shall be made at the principal office of the Company to the person or persons exercising the option, within thirty (30) days from the date of receipt of the notice
of exercise by the Company, or at such time and place as may be agreed upon by the Company and the person or persons exercising the option. 

  

 4 

	 	8.	Term of Options. 

 (a) Each option shall expire not
more than ten (10) years from the date of the granting thereof, but shall be subject to earlier termination as herein provided. Options are exercisable during the lifetime of the option holder only while the option holder is serving as a
director to the Company or within three months after termination of service as a director. In the event that such termination is due to death or disability, the option is exercisable for a twelve-month period after such termination. 
 (b) In the event of the death of any optionee, the option granted to such optionee may be exercised by the legal representative of the estate of such
optionee, or by any person or persons who acquired the right to exercise such option by bequest or inheritance by reason of the death of such optionee, to the extent permitted under the Agreement governing the Option. 
 (c) An option granted to an optionee who ceases to be a director of the Company shall be exercisable only to the extent that the right to purchase shares
under such option has accrued and is in effect on the date such optionee ceases to be a director of the Company. 
  

	 	9.	Options Not Transferable. 

 The right of any
optionee to exercise an option granted under the Plan shall not be assignable or transferable by such optionee otherwise than by will or the laws of descent and distribution or pursuant to a qualified domestic relations order, and any such option
shall be exercisable during the lifetime of such optionee only by the optionee. Except as otherwise 

  

 5 

 
provided in an Agreement pursuant to Section 5 hereof, any option granted under the Plan shall be null and void and without effect upon the bankruptcy
of the optionee, or upon any attempted assignment or transfer, including without limitation, any purported assignment, whether voluntary or by operation of law, pledge, hypothecation or other disposition, attachment, trustee process or similar
process, whether legal or equitable, upon such options. 
  

	 	10.	Recapitalizations, Reorganizations and the Like. 

 In the event that the outstanding shares of the Common Stock of the Company are changed into or exchanged for a different number or kind of shares or other securities of the Company or of another corporation by reason of any reorganization,
merger, consolidation, recapitalization, reclassification, stock split-up, combination of shares or dividends payable in capital stock, appropriate adjustment shall be made in the number and kind of shares as to which outstanding options, or
portions thereof then unexercised shall be exercisable, to the end that the proportionate interest of the optionee shall be maintained as before the occurrence of such event (which in the case of reorganizations, recapitalization, reclassifications,
stock splits, combinations of shares or dividends, shall be the proportionate interest of the optionee); such adjustment in outstanding options shall be made without change in the total price applicable to the unexercised portion of such options and
with a corresponding adjustment in the option price per share. 
 In addition, unless otherwise determined by the Board in its sole
discretion, in the case of any (i) sale or conveyance to another entity of all or substantially all of the property and assets of the Company or (ii) Change in Control (as hereinafter defined) of the Company, the purchaser(s) of the
Company’s assets or stock may, in its or their discretion, deliver to 

  

 6 

 
the optionee the same kind of consideration that is delivered to the shareholders of the Company as a result of such sale, conveyance or Change in Control,
or the Board may cancel all outstanding options in exchange for consideration in cash or in kind (provided that the type and proportion of types of consideration shall be the same as is delivered to the shareholders of the company, other than
shareholders included within the definition of Regulated Stockholders contained in the Company’s Articles of Organization), which consideration shall be equal in value to the value of those shares of stock or other securities the optionee would
have received had the option been exercised in full, without regard to any vesting limitations thereon, and no disposition of the shares acquired upon such exercise been made prior to such sale, conveyance or Change in Control, less the option price
therefor. Upon receipt of such consideration by the optionee, his or her option shall immediately terminate and be of no further force and effect. The value of the stock or other securities the optionee would have received if the option had been
exercised shall be determined in good faith by the Board. The Board shall also have the power and right to accelerate the exercisability of any options, notwithstanding any limitations in this Plan or in the Agreement upon such a sale, conveyance or
Change in Control. A “Change in Control” shall be deemed to have occurred if any person, or any two or more persons acting as group, and all affiliates of such person or persons, who prior to such time owned less than ten percent
(10%) of the then outstanding Common Stock, shall acquire such additional shares of Common Stock in one or more transactions, or series of transactions, such that following such transaction or transactions, such person or group and affiliates
beneficially own fifty percent (50%) or more of the common Stock outstanding. 
  

 7 

 Upon dissolution or liquidation of the company, all options granted under this Plan shall terminate, but
each optionee shall have the right, immediately prior to such dissolution or liquidation, to exercise his or her option to the extent then exercisable. 
 If by reason of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization, or liquidation, the board shall authorize the issuance or assumption of a stock option nor stock
options, then, notwithstanding any other provision of the Plan, the Board may grant an option or options upon such terms and conditions as it may deem appropriate for the purpose of assumption of the old option, or substitution of a new option for
the old option, and any such option shall not reduce the number of shares otherwise available for issuance under the Plan. 
 No fraction of
a share shall be purchasable or deliverable upon the exercise of any option, but in the even any adjustment hereunder of the number of shares covered by the option shall cause such number to include a fraction of a share, such fraction shall be
adjusted to the nearest largest whole number of shares. 
  

	 	11.	Restrictions on Issue of Shares. 

 Notwithstanding
the provisions of Section 7, the company may delay the issuance of Shares covered by the exercise of any option and the delivery of a certificate for such Shares until one of the following conditions shall be satisfied: 
 (i) The Shares with respect to which an option has been exercised are at the time of the issuance of such Shares effectively registered
under applicable Federal and state securities acts now in force or hereafter amended; or 
  

 8 

 (ii) Counsel for the company shall have given an opinion, which opinion shall not be
unreasonably conditioned or withheld, that such Shares are exempt from registration under applicable Federal and state securities acts now enforce or hereafter amended. 
 It is intended that all exercises of options shall be effective. Accordingly, the Company shall use its best efforts to bring about compliance with the above conditions within a reasonable time, except that the
Company shall be under no obligation to cause a registration statement or a post-effective amendment to any registration statement to be prepared at its expense solely for the purpose of covering the issue of Shares in respect of which any option
may be exercised, except as otherwise agreed to by the Company in writing. 
  

	 	12.	Purchase for Investment; Rights of Holder and Subsequent Registration.  

 Unless the Shares to be issued upon exercise of an option granted under the Plan have been effectively registered under the Securities Act of 1933 as now in force or hereafter amended, the Company shall be under no
obligation to issue any Shares covered by any option unless the person who exercises such option, in whole or in part, shall give a written representation and undertaking to the Company which is satisfactory in form and scope to counsel to the
Company and upon which, in the opinion of such counsel, the company may reasonably rely, that he or she is acquiring the Shares issued pursuant to such exercise of the option for his or her own account as an investment and not with a view to, or for
sale in connection with, the distribution of any such Shares, and that he or she will make no transfer of the same except in compliance with any rules and regulations in force at the time of such 

  

 9 

 
transfer under the Securities Act of 1933, or any other applicable law, and that if Shares are issued without such registration a legend to this effect may
be endorsed upon the securities so issued. In the event that the Company shall, nevertheless, deem it necessary or desirable to register under the Securities Act of 1933 or other applicable statutes any Shares with respect to which an option shall
have been exercised, or to qualify any such Shares for exemption from the Securities Act of 1933 or other applicable statutes, then the Company shall take such action at its own expense and may require from each optionee such information in writing
for use in any registration statement, prospectus, preliminary prospectus or offering circular as is reasonably necessary for such purpose and may require reasonable indemnity to the Company and its officers and directors from such holder against
all losses, claims, damage and liabilities arising from such use of the information so furnished and caused by any untrue statement of any material fact therein or caused by the omission to state a material fact required to be stated therein or
necessary to make the statement therein not misleading in light of the circumstances under which it was made. 
  

	 	13.	Modification of Outstanding Options. 

 The Board may
authorize the amendment of any outstanding option with consent of the optionee when and subject to such conditions as are deemed to be in the best interests of the Company and in accordance with the purposes of the Plan. 
  

	 	14.	Approval of Stockholders. 

 The Plan shall be
subject to approval by the vote of stockholders holding at least a majority of the voting stock of the Company voting in person or by proxy at a duly held stockholders’ meeting, or by written consent of all of the stockholders, within twelve
(12) 

  

 10 

 
months after the adoption of the Plan by the Board and shall take effect immediately as of its date of adoption upon such approval. The Board may grant
options under the Plan prior to such approval, but any such option shall become effective as of the date of grant only upon such approval and, accordingly, no such option may be exercisable prior to such approval. 
  

	 	15.	Reservation of Stock 

 From and after the date of
stockholder approval in accordance with Section 14 hereof, the Company shall at all times during the term of the Plan reserve and keep available such number of shares of stock as will be sufficient to satisfy the requirements of the Plan and
shall pay all fees and expenses necessarily incurred by the Company in connection therewith. 
  

	 	16.	Termination and Amendment of Plan. 

 Unless sooner
terminated as herein provided, the Plan shall terminate ten (10) years from the date upon which the Plan was duly approved by the stockholders. The Board may terminate the Plan or make such modification or amendment thereof as it deems
advisable; provided, however, that except as provided in this Section 16 the Board may not, without the approval of the stockholders of the Company obtained in the manner stated in Section 14, increase the maximum number of shares for
which options may be granted under the Plan or the number of shares for which an option may be granted to any optionee. Notwithstanding the foregoing sentence, the provisions of the Plan, which by the terms qualify the Plan under Rule 16b-3 of the
Securities Exchange Act of 1934, may not be amended, whether the Board acting singly or with shareholder approval, more than once in any period of six continuous months, other than to comport with changes in the Internal Revenue Code of 1986, as
amended, or the Employee Retirement Income Security Act, or the regulations promulgated thereunder. Termination or any modification or amendment of the Plan shall not, without the consent of an optionee, affect his or her rights under any option
previously granted. 
  

 11 

	 	17.	Limitation of Rights in the Options Shares. 

 An
optionee shall not be deemed for any purpose to be a stockholder of the company with respect to any of the options except to the extent that the option shall have been exercised with respect thereto and, in addition, a certificate shall have been
issued therefor and delivered to the optionee; provided that an optionee shall be deemed to be a share holder as of the date the Company receives notice of the exercise of an option in accordance with the terms hereof and the applicable Agreement if
(i) during the period from the next business day following such receipt until the date certificates for the applicable shares are duly issued and delivered to the optionee a record date is declared for the purpose of determining those
stockholders of the Company entitled to vote at an annual or special meeting of the stockholders or entitled to receive any dividend or other distribution on, or participate in any redemption of, the Common Stock (or such other securities of the
Company for which the option may be exercised at the time), (ii) the Company is no permitted, under the terms of Section 11 hereof, to delay the issuance of such Shares or delivery of such certificates and (iii) the exercise of the
option is not prohibited under the terms hereof. 
  

	 	18.	Withholding 

 The Company’s obligation to
deliver shares upon the exercise of the non-qualified options granted under the Plan shall be subject to the optionee’s satisfaction of all applicable Federal, state and local income and employment tax withholding requirements, if any. The
Company and optionee may agree to withhold shares of Common Stock purchased upon 

  

 12 

 
exercise of an option to satisfy the above-mentioned withholding requirements, or the Company may require payment to the Company, by bank or certified check
of the amount of tax required to be withheld as a condition of exercise of the option. 
  

	 	19.	Notices. 

 Any communication or notice required or
permitted to be given under the Plan shall be in writing, and mailed by registered or certified mail or delivered by hand, if to the Company, to its principal place of business, attention: Chief Executive Officer, and, if to an optionee, to the
address as appearing on the records of the Company. 
  

 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}]]