Document:

Exhibit 10.2

 

[ENGLISH TRANSLATION]

  

CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS AGREEMENT AND THE SCHEDULES HERETO MARKED BY *** HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

 

Buenos Aires, June 11th, 2010

1484

“2010 – Bicentennial of the May Revolution”

	 	 
	 	Ministry of Science, Technology and Innovative Products

        National Council of Technical and Scientific Research

	 	 
	 	Buenos Aires, June 11th 2010
	 	 
	 	IN VIEW of the file No. 1527/05 of the National Council, and CONSIDERING:

 

That the aforementioned
file resulted in the approval of an agreement celebrated by this National Council, the National University of Litoral (Universidad
Nacional del Litoral, UNL) and Bioceres.

 

That the payment of
royalties according to specific percentages and basis of calculations was agreed upon in the aforementioned agreement.

 

That the Parties agreed
to modify the royalty percentages, basis of calculations and mobility as new technological milestones are achieved.

 

That the Directorate
of Technology Transfer (Dirección de VinculaciónTecnólogica), the Directorate of Legal Affairs (Dirección de AsuntosJurídicos),
the Management of Scientific and Technological Development (Gerencia de DesarrolloCientίficoTecnológico) and the Management of
Legal Affairs (Gerencia de AsuntosLegales) have acted according to their obligations.

 

That this decision
was agreed upon by the Directorate in the meetings held on May 26th and 27th 2010.

 

That this resolution
is issued by virtue of the powers conferred by Decrees No. 1661/96; 310/07; 607/08; 1538/08 where applicable; and 538/10; and Resolutions
No. 346/02; 671/04 and 2782/08.

 

Witnesseth that

 

    	 

    	 

    

  

THE DIRECTORATE

 

OF THE NATIONAL COUNCIL OF TECHNICAL AND
SCIENTIFIC RESEARCH

 

DETERMINES:

 

ARTICLE 1°: The
content of the Amendment attached as Exhibit I is approved.

 

ARTICLE 2°: Be
recorded, and once communicated to the parties involved, the Management of Scientific and Technological Development –
Directory of Technology Transfer, the Internal Audit Unit, be filed.

	 
	RESOLUTION No. 1484
	 
	Dr. Marta G. Rovira
	 
	President of CONICET
	 
	EXHIBIT I

 

AMENDMENT TO THE AGREEMENT CONCERNING THE
DEVELOPMENT OF GENETICALLY MODIFIED DROUGHT-TOLERANT PLANTS AND TO THE CONTRACT OF RESEARCH AND DEVELOPMENT

 

THIS AMENDMENT TO
THE AGREEMENT CONCERNING THE DEVELOPMENT OF GENETICALLY MODIFIED DROUGHT-RESISTANT PLANTS and to the RESEARCH AND
DEVELOPMENT AGREEMENT is entered by and between the Commission of the National Council for Scientific and Technological
Research (Consejonacional de investigacionescientíficas y técnicas, CONICET), hereupon represented by its
President, Dr. Marta Graciela Rovira, domiciled at Rivadavia 1917, Ciudad Autónoma de Buenos Aires, hereinafter
referred to as “CONICET” on the one hand; the National University of Litoral, hereupon represented by its
Rector, Dr. AlborCantard, domiciled at Bv. Pellegrini 2750, Santa Fe, hereinafter referred to as “UNL” on the
other hand; and Bioceres S.A., hereupon represented by its President, Dr. Victor Hugo Trucco, domiciled at Moreno 878, 4°
floor, Rosario, province de Santa Fe, hereinafter referred to as “THE COMPANY;” the three of which shall
hereinafter be referred to collectively as the “Parties;” whereas:

	 	 	 
	 	I.	The Parties entered into an Agreement Concerning the Development of Genetically Modified Drought-Resistant Plant (the “Agreement”), by virtue of which THE COMPANY commissioned CONICET and UNL the research concerning the development of drought-resistant plants.

 

    	 

    	 

    

  

	 	II.	The parties decided to modify (i) the calculation basis of the share profits
    percentage agreed upon under the ELEVENTH provision of the Agreement, in order to define it according to the gross profit and
    the aliquot percentages specified under the TWELFTH provision of the Agreement. III. The Parties covenant the technological
    milestones specified for the determination of aliquots agreed upon in the TWELFTH provision of the Agreement shall be studied
    individually for every crop.
	 	 	 
	 	IV.	The Parties entered into a Research and Development Agreement (hereinafter referred to as
    “The Research and Development Agreement”) on July 18th 2005 and by virtue of which THE COMPANY
    entrusts CONICET and UNL with the research concerning the development of plant transformation tools.
	 	 	 
	 	V.	The Parties agreed to make part of the Research and Development Agreement the same royalties, percentages and technological milestones procedures described in the Agreement, as per stated under the THIRD provision (c) of the Research and Development Agreement.

 

	 	Now, therefore, the Parties agree as follows:
	 	 
	 	Article 1: Definitions. Capitalized terms in this Amendment shall have the meaning set forth in the Agreement and
    in the Research and Development Agreement, unless a different meaning is specifically ascribed herein.
	 	 
	 	Article 2: Amendment to the ELEVENTH provision of the Agreement. The Parties agreed to amend the ELEVENTH provision of the Agreement as follows;
	 	 
	 	“ELEVENTH:LICENSE – SHARE OF THE PROFITS;

 

CONICET and UNL grant THE COMPANY
an exclusive license over the use or commercial exploitation of the PATENTS, as well as over the results obtained out of this
agreement, either patented or not, hereinafter referred to as RESULTS”. 

 

As consideration, THE COMPANY agrees to
pay CONICET and UNL a percentage of the Gross Profit earned from the commercialization of any product that contains or is manufactured
as per the RESULTS and/or the PATENTS; or the Gross Profit earned from granting sublicenses to third parties for the RESULTS and/or
the PATENTS.”

 

    	 

    	 

    

  

Article 3: Amendment to
the TWELFTH provision of the Agreement. The Parties agreed to amend the TWELFTH provision of the Agreement as
follows;

 

“TWELFTH: SHARE OF PROFITS ACCORDING
TO TECHNOLOGICAL MILESTONES:

 

In order to reach an equitable share of profits detailed in the previous provision, the Parties agree
that the project purpose of this Agreement represents one stage in the technological development of the plants for commercial use,
and that the share of profits may vary as technological milestones on each crop of commercial interest are achieved as follows:

 

a) Milestone 1: As regards
profits from technological development prior to obtaining transgenic events in the crop intended for commercial use ***%
of THE COMPANY’s profit correspond to CONICET and UNL shared equally, that is, ***% correspond to CONICET, ***% to THE
UNIVERSITY and ***% to THE COMPANY.

 

b) Milestone 2: As
regards profits from technological development after reaching the transformation of the crop intended for commercial use and
prior to the first field trial, ***% of the profits correspond to THE COMPANY and ***% to CONICET and UNL shared equally,
that is ***% correspond to CONICET and, ***% to UNL.

 

c) Milestone 3: As regards
profits arising from technological development occurred after the first field trial of the crop intended for commercial use,
***% of the profits correspond to THE COMPANY and ***% to CONICET and UNL
shared equally, that is, ***% to CONICET and ***% to UNL.

 

The Parties agree that the
share of profits will be determined on a case by case basis, according to the stage of the technological milestone achieved
at the moment the profit is made. Consequently, the share of profits on each crop may vary as THE COMPANY, directly or
through a third party, contributes to the technological development and to the resulting milestones. THE COMPANY may
commission CONICET and UNL additional activities to promote the technological development and milestones. In such case, an
additional share in the Gross Benefits or other kind of compensation according to the scale and importance of the
contribution shall be agreed upon.

 

 

	*** Certain information on this page has been omitted
    and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to
    the omitted portions.

 

    	 

    	 

    

  

Likewise, the Parties
state that the soybean, corn and wheat crops development is currently at Milestone 3. Nevertheless, THE COMPANY shall pay
both institutions an additional ***% (***% each), apart from the benefit applicable to Milestone 3, on account of the
contribution made to the technological development related to these crops.

 

Notwithstanding the provisions of this
article, both CONICET and UNL acknowledge, according to their internal regulations, the right of the intervening teachers and researchers
to have a share of profits.

 

THE COMPANY shall not be held liable for
the payment of royalties or any other kind of compensation to the intervening teachers or researchers with regard to the profits
arising from the commercialization or exploitation of the PATENTS or RESULTS.

 

Article 4: Amendment to
the THIRTEENTH provision of the Agreement. The Parties agree to amend the THIRTEENTH provision of the Agreement as follows;

 

“THIRTEENTH: COMMERCIALIZATION –
SALE OF PRODUCTS BY THIRD PARTIES - SUBLICENSES

 

THE COMPANY may grant sublicenses to third
parties over the PATENTS and/or the RESULTS obtained under this agreement, at any technological milestone described before, and
shall pay CONICET and UNL the share of profits specified under the TWELFTH provision.

 

If a third party sells a product acting
as a sales agent of THE COMPANY, THE COMPANY shall notice CONICET and UNL and liquidate the profits as if the products that contain
or are manufactured as per the PATENTS and/or the RESULTS were sold directly by THE COMPANY.

 

 

	*** Certain information on this page has been omitted
    and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to
    the omitted portions.

 

    	 

    	 

    

  

The sublicenses granted by THE COMPANY
shall be confidential and the Parties agree not to disclose such information, in accordance with the SIXTEENTH provision.”

 

Article 5: Amendment to the Research
and Development Agreement. The Parties agree to make part of the Research and Development Agreement the same royalties, percentages
and technological milestones procedure described in the Agreement, as per stated in the THIRD provision (c) of the Research and
Development Agreement, in the following terms:

 

“SIXTEENTH: SHARE OF PROFITS ACCORDING
TO TECHNOLOGICAL MILESTONES:

 

In order to reach an equitable distribution
of the profits detailed in the THIRD CLAUSE, the Parties agree that the project purpose of this Agreement represents one stage
in the technological development of the plants for commercial use, and that the share of the profits may vary as technological
milestones on each kind of crop are achieved as follows:

 

a) Milestone 1: As regards profits arising
from technological development occurred before obtaining transgenic events in the crop intended for commercial use, ***% of THE
COMPANY’s profits corresponds to CONICET and UNL on equal basis, that is, ***% to CONICET, ***% to UNL, and ***% to THE COMPANY.

 

b) Milestone 2: As regards profits arising
from technological development occurred after obtaining the transformation of the crop intended for commercial use and before to
the first field trial, ***% of the profits correspond to THE COMPANY and ***% to CONICET and UNL on equal basis, that is,
***% to CONICET and ***% to UNL.

 

c) Milestone 3: As regards profits from
technological development after the first field trial of the crop intended for commercial use, ***% of the profits correspond to
THE COMPANY and ***% to CONICET and UNL shared equally, that is, ***% to CONICET and ***% to UNL.

 

 

	*** Certain information on this page has been omitted
    and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to
    the omitted portions.

 

    	 

    	 

    

  

Notwithstanding the provisions of this
article, both CONICET and UNL acknowledge, according to their internal regulations, the right of the intervening teachers and researchers
to have a share in the profits.

 

THE COMPANY shall not be held liable for
royalties or any other kind of compensation to the intervening teachers or researchers with regard to the profits earned from the
commercialization or exploitation of the RESULTS.”

 

Article 6: Amendment to
the NINTH provision of the Research and Development Agreement. The Parties agree to add sections d) and e) to the NINTH
provision of the Research and Development Agreement, according to the following terms:

 

“d) As consideration, THE COMPANY agrees
to pay CONICET and UNL a percentage of the Gross Profit earned from the commercialization of any product that contains or is manufactured
as per the RESULTS, or the Gross Profit earned from granting sublicenses of the RESULTS to third parties.”

 

e) The sublicenses granted by THE COMPANY
shall be confidential and the Parties agree not to disclose such information in accordance with the SIXTH provision.”

 

Article 7: The Parties agree
that the new royalties, percentages, technological milestones and the differential treatment of crops established specified
in the Agreement shall be applicable to the License Agreement celebrated by Bioceres and Advanta India Limited on September
the 7th 2009. Consequently, any payment to be made to CONICET and UNL shall be determined on a case by case basis
as per the technological milestone achieved at the moment the profits are made. At the moment of the execution of this
Amendment, the crops included in the agreement with Advanta are at Stage ***.

 

Article 8: The Parties agree
to make the products protected by the Patents and the Results available and affordable to the public. Likewise, the Parties
agree to set attainable prices and to supply the market in reasonable market conditions.

 

 

	*** Certain information on this page has been omitted
    and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to
    the omitted portions.

 

    	 

    	 

    

  

Article 9: The Parties state that
UNL and CONICET have completed both the PROJECT purpose of the Agreement and the work plan described under Exhibits I and II of
the Research and Development Agreement; and that THE COMPANY has exercised due diligence in handling the development of the PROJECT
purpose of the Agreement and the work plan described under Exhibits I and II of the Research and Development Agreement. Furthermore,
THE COMPANY states that it has contributed in its entirety to both the funds estimated in the budget described under Exhibit II
of the Agreement and the funds estimated in the budget described under Exhibit III of the Research and Development Agreement. Therefore,
the Parties represent that all obligations have been fulfilled.

 

Article 10: Terms and Conditions. AII other terms
and conditions of the Agreement and the Research and Development Agreement that were not specifically amended by the
provisions herein shall remain in full effect and shall be legally binding for the Parties.

 

Article 11: Complementary nature. This Amendment is complementary
to the Agreement and the Research and Development Agreement. The provisions of the Agreement and the Research and Development Agreement
regarding governing laws, jurisdiction and notices are applicable to this Amendment. lN WITNESS WHEREOF, both Parties have caused
this Agreement to be duly executed in three counterparts of the same tenor and to a sole effect, which are signed in the city of
Santa Fe on the FIFTH day of May 2010.

 

	 	 	 	 	 
	 	 	 	 	 
	CONICET	 	 
	 	 	 	 	 
	Name:	 	 	 
	Title:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	UNL	 	 	 	 
	 	 	 	 	 
	Name:	 	 	 
	Title:	 	 	 
	 	 	 	 	 
	 	 	 
	BIOCERES S.A.	 	 
	 	 	 	 	 
	Name:	 	 	 
	Title:Exhibit
10.3

 

 

[ENGLISH TRANSLATION]

  

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS AGREEMENT AND THE SCHEDULES HERETO MARKED BY *** HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

 

This
Agreement is entered into by the Commission of the National Council for Scientific and Technological Research (Consejo Nacional
de Investigaciones Científicas y Técnicas, CONICET), domiciled at Rivadavia 1917, Ciudad Autónoma
de Buenos Aires, hereinafter referred to as “CONICET”, hereupon represented by its President, Dr. Marta Graciela
Rovira; the National University of Litorial, hereinafter referred to as “UNL”, domiciled at Bv. Pellegrini
2750, Santa Fe, hereupon represented by its Rector, Ing. Albor Cantard on the one hand; and on the other, Bioceres S.A, domiciled
at Ocampo 210 Bis, Predio CCT, Edificio Indear, Rosario, Provincia de Santa Fe, hereupon represented by its President Mr. Marcelo
Canrique, hereinafter referred to as “THE COMPANY”, which together with CONICET and UNL shall hereinafter be
referred to as “Parties”; the Parties enter into this Agreement, which will be subject to the following background
and provisions (the “Agreement”):

 

BACKGROUND

 

a)
The team jointly directed by PhD Raquel Chan (researcher at Instituto de Agrobiotecnología del Litoral CONICET UNL) and PhD Daniel
H. Gonzalez (researcher at Instituto de Agrobiotecnología del Litoral CONICET) have developed, together with THE COMPANY certain
findings which are useful for the future development of transgenic plants.

 

b)
Those findings have led to new technology that aims at a modified sequence of HAHB-4 (with new modifications not covered in the
family of the patent US 7674955) to obtain transgenic plants with a significant improvement in their performance, regardless of
water or saline deficit conditions (the “New Technology”).

 

    	 

    	 

    

  

c) The
COMPANY assisted by CONICET, has produced and financed the drafting and future presentation of the following patent application:

 

“Factor
de transcripción modificado de Helianthus annuus aumenta el rendimiento” (modified transcription factor from Helianthus
annus improves performance).

 

This
Patent Application is related to an encoding ploynucleotide of the modified HAHB-4 transcription factor and an
encoding ploynucleotide of a fragment and variants of a HAHB-4 transcription factor functionally active, such as vectors and
host cells containing those encoding ploynucleotides and the ploypeptides encoded by these ploynucleotides.

 

The
Patent Application also includes host cells (including plant cells), plants, seeds, pollen and parts of transgenic plants
containing ploypeptitides and/or ploynucleotides of the invention. The invention also includes the production of those host
cells, plants, seeds, pollen and parts of transgenic plants and the processed products produced for those transgenic hosts.

 

d) The
Parties desire to set forth the terms and conditions under which the following will be performed:

 

(i)
the different provisions for patent applications that protect the New Technology (hereinafter the “Patent Applications”);
and (ii) the use and commercial exploitation of the New Technology by THE COMPANY and/or third parties with sublicenses.

 

NOW,
THEREFORE, the Parties agree as follows:

 

FIRST:
OBJECT

 

By
virtue of this Agreement, the Parties agree on the terms and ownership of the Patent Applications and the use and /or commercial
exploitation of the New Technology.

 

 

	***
    Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential
    treatment has been requested with respect to the omitted portions.

 

    	 

    	 

    

  

SECOND:
OBLIGATIONS OF THE PARTIES

 

CONICET
and UNL will help the COMPANY in all that is necessary to submit Patent Applications to the various Patent Offices involved, including
presentations to be made based on the Patent Cooperation Treaty (“PCT”).

 

The
obligations for THE COMPANY shall be as follows:

 

a)
To afford all expenses related to filing, defending and maintaining Patent Applications.

 

b)
To pay CONICET and UNL a percentage of Net Profits arising from trading the New Technology themselves or with third parties, according
to the terms and conditions in the SEVENTH AND EIGHTH provisions.

 

c)
In case it is necessary to perform new research or developments based on the New Technology, THE COMPNAY will coordinate with
CONICET and UNL the way to achieve the aforementioned work; coordination among the Parties may consist of hiring CONICET and /or
UNL, in accordance with the terms and conditions in the agreements for technological services about which the Parties will agree
for each specific service.

 

THIRD:
TECHNICAL DIRECTORS

 

In
order to create permanent and fluent channels of communications to fulfil the object of this Agreement, the Parties will appoint
technical directors.

 

CONICET
and UNL appoint PhD Raquel Chan as technical director and THE COMPANY appoints PhD. Federico Trucco.

 

FOURTH:
INTELLECTUAL PROPERTY:

 

The
Parties agree that ownership of the Patent Applications will be in accordance with this proportion: a) thirty percent (30%) for
CONICET; b) thirty percent (30%) for UNL; c) forty percent (40%) for the
COMPANY.

 

 

	***
    Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential
    treatment has been requested with respect to the omitted portions.

 

    	 

    	 

    

  

All
patents that may eventually be granted in Argentina or in anywhere in the world shall be and remain the property of CONICET, UNL
and the COMPANY in the proportion indicated above.

 

It
is up to THE COMPANY to decide in which countries the Patent Applications shall be entered into, and in which countries to enter
into the National Stage of Patent Applications under the terms of PCT, according to the potential market of each country.

 

In
case THE COMPANY refrains from filing Patent Applications in a specific country or from entering into National Stages in a specific
territory, CONICET and UNL must notify the COMPANY of their interest for that specific country or territory, and in case the COMPANY
continues without interest, CONICET and/or UNL may file those applications in accordance to their percentages of ownership under
this provision; the cost will be afforded by the three Parties according to the ownership percentage stated in this provision.
In these cases, CONICET and UNL may grant, upon the COMPANY’S request, a non-exclusive license.

 

In
the publications and patents that arise or might arise from this Agreement, intervening teachers and researchers must be acknowledged;
in the patents, they will be identified as inventors.

 

In
any of the cases of promotion in accordance to provisions TWELFTH AND THIRTEENTH, there must be a reference to this Agreement.

 

FIFTH:
PATENT APPLICATION AND EXPENSES

 

All
expenses related to filing Patent Applications, whether in the country or abroad, via Paris Convention or PCT shall be exclusively
afforded by the COMPANY. All filings will be previously communicated to CONICET and UNL.

 

Further,
all expenses related to filing, defending and maintaining Patent Applications will be afforded by the COMPANY.

 

    	 

    	 

    

  

The
COMPANY shall not waive rights nor shall it let deadlines expire without a previous notification, within a reasonable period of
time, to CONICET and UNL so that they can assert their rights as co-owners.

 

SIXTH:
EXCLUSIVE LICENSE

 

CONICET
and UNL grant THE COMPANY an exclusive license over the use or commercial exploitation of the New Technology and /or Patent Applications,
in the proportion defined in the FOURTH provision.

 

This
exclusivity implies:

 

a)
CONICET and UNL obligation of not granting licenses for commercial use and exploitation of the New Technology and /or Patent Applications
to third parties.

 

b)
The COMPANY’S capacity to exclude third parties in the manufacturing and /or use and/or sale of the New Technology and /
or Patent Applications;

 

c) the
capacity to initiate all necessary actions for maintaining intact the rights of the Parties on New Technology and / or Patent
Applications, both in Argentina and abroad.

 

To
that effect, the COMPANY must inform the beginning of any action of this kind to CONICET and UNL in a reliable way. CONICET and
UNL shall reply within a mandatory and unextendable period of twenty (20) consecutive days. Failure to respond shall be esteemed
as authorization for the purposes of initiation of such actions. Refusal must be in writing and founded.

 

In
this last case, the COMPANY will afford all expenses from those actions. Also, it will deserve all compensations that might arise
from those actions.

 

    	 

    	 

    

  

SEVENTH:
- SHARE OF PROFITS

 

As
a retribution for the license granted in provision SIXTH, THE COMPANY agrees to pay CONICET and THE UNL a percentage of the Gross
Profits earned from the transfer and / or trading of any product that contains or is manufactured as per the New Technology and/or
the Patent Applications and / or the Gross Profits earned from granting sublicenses on the New Technology and /or Patent Applications
to third parties. In case of sublicenses, the base for the calculation of the percentage shall not be altered.

 

EIGHTH:
DISTRIBUTION OF BENEFITS ACCORDING TO TECHNICAL MILESTONES

 

In
order to reach an equitable share of the profits referred to in the SEVENTH provision, the Parties agree that the share of the
Gross Profits may vary as technological milestones are achieved for each of the crops of commercial interest, in the following
way:

 

a) Milestone
1: As regards profits arising from technological development that occurred before obtaining transgenic events in the crop
of the commercial interest involved, ***% correspond to CONICET and UNL in equal shares, that is to say, ***% to CONICET and ***
per cent to UNL and the remaining ***% to the COMPANY.

 

a)
Milestone 2: As regards profits arising form the technological development after the transformation of the crop of commercial
interest and before the first field trial, ***% of the profits correspond to the COMPANY and the remaining ***% to CONICET and
UNL, in equal shares, that is to say, ***% for CONICET and ***% for UNL.

 

 

	***
    Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential
    treatment has been requested with respect to the omitted portions.

 

    	 

    	 

    

  

a)
Milestone 3: As regards profits deriving from the technological development performed by THE COMPANY after the first field
trial of the crop of commercial interest has ended, *** % of the profits correspond to the COMPANY and the remaining
***% to CONICET and UNL in equal shares, that is to say, a ***% for CONICET and ***% for UNL.

 

The
Parties agree that the percentages of their share in the Gross Profits are determined in each case according to the Milestone
in which the crop is at the moment in which each new profit is accrued. Thereby, the share percentage in each crop will vary as
THE COMPANY contributes with the technological development and the corresponding Millstones.

 

THE
COMPANY may request from CONICET and UNL the execution of additional activities that promote the development of the New Technology
and the corresponding Milestones, and in those cases it must measure and agree on an additional participation in the Gross Profits
or another compensation beforehand with CONICET and /or UNL, according to the scope and importance of the contributions made,
in accordance with the SECOND provision.

 

Also,
the Parties state that with respect to the implementation of the New Technology in soybean, corn and wheat they are in Milestone
3. However, THE COMPANY will remunerate with an additional ***% added to the benefit set forth in Milestone 3 in the soybean,
corn and wheat crops for CONICET and UNL ***% each) for the contributions made to the moment for the development of the technology.

 

Notwithstanding
the provisions of this article, both CONICET and UNL shall acknowledge, according to their internal regulations, the right of
the intervening teachers and researchers to have a share of profits.

 

THE
COMPANY shall not be held liable, in any case, for the payment of royalties or any other kind of compensation to the intervening
teachers or researchers with regard to the profits earned from the commercialization or exploitation of the New Technology or
Patent Applications.

 

 

	***
    Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential
    treatment has been requested with respect to the omitted portions.

 

    	 

    	 

    

  

NINTH:
COMMERCIALIZATION - SALE OF PRODUCTS BY THIRD PARTIES - SUBLICENSES

 

THE
COMPANY may grant sublicenses to third parties over the New Technology or any of the technical milestones for development referred
to in the EIGHTH provision for which it should pay CONICET and THE UNL the percentage of benefits under the SEVENTH and EIGHTH
provisions.

 

If
the products are commercialized by third parties, on behalf of THE COMPANY, it shall notify CONICET and UNL and liquidate the
corresponding profits in accordance with the SEVENTH and EIGHTH provisions.

 

Sublicenses
granted to third parties by the COMPANY shall be confidential with respect to third parties but not to CONICET and UNL. The Parties
agree not to disclose, under any circumstances, that information, according to the TWELFTH provision.

 

TENTH
REPORTS - TERMS – AUDITS

 

Whether
THE COMPANY decides to grant sublicenses or to exploit the New Technology and / or the Patent Applications commercially, directly
or through third parties, it shall pay CONICET and UNL the corresponding sum pursuant to the SEVENTH AND EIGHTH provisions and
it that shall be made effective within sixty (60) days after THE COMPANY collects it.

 

Liquidations
for CONICET and THE UNL shall be accompanied by a report of THE COMPANY indicating the way in which such payment was calculated.
Whether commercialized directly or by third parties on its behalf, THE COMPANY agrees to keep updated and complete records of
the sales of products that contain or are manufactured as per the New Technology and/or developed through it and / or the Patent
Applications; THE COMPANY shall allow CONICET, THE UNL, or a designated person, to audit its accounting records and to inspect
the industrial plant and/or production sites of the products containing or
manufactured as per the New Technology and/or the Patent Applications. The expenses arising from such audits shall be afforded
solely by whoever performs them, with the exception of cases where as a result of the audit differences in favour of CONICET and
UNL greater than a 5 % arise, which shall be afforded by the COMPANY.

 

    	 

    	 

    

  

ELEVENTH:
FAILURE TO EXPLOIT THE RESULTS

 

If
THE COMPANY fails to commercially exploit or to sufficiently exploit the New Technologies and/or the Patent Applications, at CONICET
and UNL’s request, both Institutions may agree to revoke the exclusive license granted to THE COMPANY. Insufficient exploitation
shall be deemed to have occurred if the industrial and commercial implementation of the sale of a specific product does not take
place within twenty-four (24) months of the date in which such implementation could have begun. This term may be extended due
to technical difficulties considered reasonable by CONICET, UNL and THE COMPANY’S technical representatives, as well as
due to delays beyond THE COMPANY and/or its sublicensees related to the process of industrial plant and product approval by applicable
authorities.

 

TWELFTH
ADMISTRATION OF FUNDS

 

The
Parties agree to commission the administration of the funds which constitute the price paid by THE COMPANY to UNL, which shall
act as Unit of Technological Cooperation (Unidad de Vinculación Tecnológica.) The UNL shall retain ***% as administration expenses.
And, UNL shall transfer to CONICET’s “Financing Fund for the Advocacy, Promotion and Technology Management”
(Fondo de financiamiento de actividades de promoción, fomento y gestión tecnológica)  ***%, and the remaining ***% shall be used
for the purposes that might arise in compliance with current regulations and the agreements among the Parts.

 

 

	***
    Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential
    treatment has been requested with respect to the omitted portions.

 

    	 

    	 

    

  

THIRTEENTH:
CONFIDENTIALITY

 

The
Parties hereto agree to preserve the confidentiality of the scientific or technical information belonging to the other parties,
which may come to their knowledge because of this Agreement, and which is considered confidential. Confidential information refers
to all the information that is so labelled by the Party that owns it. The information complying with the terms specified under
Argentine Law No. 24.766 shall be regarded as confidential.

 

The
non-disclosure obligation involves all information, whether it is provided orally, in writing, or via electronic or magnetic means,
optical disk, microfilm, film or by any other means.

 

Confidential
information refers to all information inherent to the work, research, trials, activities and results performed or obtained because
of this Agreement or related to it.

 

By
this confidentialy obligation, The COMPANY, UNL and CONICET are responsible for the publications, disclosures and other information
that might occur regarding the work, research, tests and results performed or obtained under this Agreement, whatever the time
and the area in which they are made.

 

FOURTEENTH:
PUBLICATIONS

 

CONICET,
UNL and the intervening researchers agree not to disclose information the inherent to the work, investigations, tests and results
made or obtained within the framework of this Agreement and / or the Patent Applications. Notwithstanding the foregoing, if the
intervening researchers may deem it advisable to publish in any media the contents arising from or related to this Agreement,
they shall express their interest in writing to THE COMPANY; THE COMPANY shall respond reasonably by the same means within a period
not longer than sixty (60) consecutive days stating the acceptance or rejection of the request for publication. The COMPANY shall
not reject the request unreasonably.

 

    	 

    	 

    

  

FIFTEENTH:
DURATION

 

This
agreement shall be binding upon the Parties from the moment it is signed; its validity term shall expire when the validity period
of the last Patent Application regarding New Technology expires, except for the TWELFTHS AND THIRTENNTH provisions, which
shall remain in full effect afterwards and for a maximum period of time of 5 years.

 

SIXTEENTH:
TERMINATION

 

Failure
to comply with any of the obligations established herein by any of the Parties shall be a ground for its termination. To that
end, the non-defaulting party shall demand the defaulting party by sufficient means to correct that failure, under penalty of
termination of the Agreement. Should the defaulting party continue with its misconduct, the non-defaulting party may terminate
the Agreement with a notice of no less than thirty (30) days before the date in which the termination is desired.

 

Should
the agreement be terminated due to default by CON1CET and / or UNL, all the information, protocols, results, and procedures related
to and obtained by virtue of the Agreement shall be and remain the sole propriety of THE COMPANY.

 

Should
the agreement be terminated due to default by THE COMPANY, all the information, protocols, results, and procedures related to
and obtained by virtue of the Agreement shall be and remain the propriety of CONICET and/or THE UNL in equal parts.

 

SEVENTEENTH:
CONTRACTUAL NATURE

 

This
Agreement shall not be deemed as a partnership among the Parties. Therefore, as regards the obligations undertaken by each party
that have not been specified in this agreement, the parties are not to be held jointly and severally liable. CONICET and UNL accept
exclusive liability for the hiring and the payment of payroll and / or social security taxes for its employees who are to participate
in the research.

 

    	 

    	 

    

  

EIGHTEENTH:
JURISDICTION

 

All
claims arising from or relating to this agreement shall be resolved by mutual agreement. The Parties hereto shall endeavour to
bring the dispute to an end by arriving at a mutual decision.

 

Should
the Parties fail to arrive at a mutual decision, they shall submit the dispute to the jurisdiction of the Federal Courts of Capital
Federal and / or Santa Fe, depending on the Party that takes the legal action, expressly waiving any other jurisdiction.

 

IN
WITNESS THEREOF, three counterparts of the same tenor and to a sole effect are signed, in the city of Buenos Aires on the 28th
day of February 2012.

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