Document:

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                                                                   EXHIBIT 10.16

                                               Confidential Treatment Requested
                                             Under 17 C.F.R. (S)(S) 200.80(b)(4)
                                                      200.83 and 230.406

                       COLLABORATIVE RESEARCH AGREEMENT

                                    BETWEEN

                           THE DOW CHEMICAL COMPANY

                                      AND

                              DIVERSA CORPORATION
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                               TABLE OF CONTENTS
<TABLE>
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  ARTICLE                                  TITLE                                      PAGE NUMBER
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<S>           <C>                                                                     <C>
     1                                  DEFINITIONS                                        1
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     2                                  R&D PROGRAM                                        6
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     3                                 LICENSE RIGHTS                                     14
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     4                                    PAYMENTS                                        16
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     5                     LICENSE AGREEMENT; DEVELOPMENT REPORTS                         17
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     6                     TREATMENT OF CONFIDENTIAL INFORMATION                          17
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     7                          INTELLECTUAL PROPERTY RIGHTS                              20
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     8        PROVISIONS CONCERNING THE FILING, PROSECUTION AND MAINTENANCE OF            21
                                       PATENT RIGHTS
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     9                                  LEGAL ACTION                                      22
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    10                         TERMINATION AND DISENGAGEMENT                              23
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    11                         REPRESENTATIONS AND WARRANTIES                             25
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    12                                INDEMNIFICATION                                     26
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    13                               DISPUTE RESOLUTION                                   27
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    14                                 MISCELLANEOUS                                      28
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<CAPTION>
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 APPENDIX                                  TITLE                                          PAGE
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<S>          <C>                                                                          <C>
   A-1                                RESEARCH [*****]                                    A-1
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   A-2                                 [*****] PLANS                                      A-2
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   A-3                                 RMC MEMBERSHIP                                     A-3
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   B-1                             PATENT RIGHTS [*****]                                  B-1
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   B-2                         DIVERSA PATENT RIGHTS [*****]                              B-2
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</TABLE>

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<TABLE>
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 APPENDIX                                   TITLE                                         PAGE
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<S>          <C>                                                                          <C>
   B-3       PATENT RIGHTS [*****]                                                        B-3
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   B-4                  [*****] DIVERSA PARENT RIGHTS [*****]                             B-4
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    C                                MILESTONE PAYMENTS                                   C-1
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    D                                 LICENSE AGREEMENT                                   D-1
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    E                                [*****] PROCEDURES                                   E-1
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    F                            MATERIAL TRANSFER AGREEMENT                              F-1
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    G                                 LICENSED [*****]                                    G-1
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    H                                 RESEARCH [*****]                                    H-1
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</TABLE>

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                        COLLABORATIVE RESEARCH AGREEMENT

                                    BETWEEN

                            THE DOW CHEMICAL COMPANY

                                      AND

                              DIVERSA CORPORATION

     COLLABORATIVE RESEARCH AGREEMENT (including the Appendices hereto, the
"Agreement") by and between THE DOW CHEMICAL COMPANY, a corporation duly formed
and existing under the laws of Delaware, having a place of business at 2030 Dow
Center, Midland, Michigan 48674, United States of America ("DOW" or a "Party"),
and DIVERSA CORPORATION, a corporation duly formed and existing under the laws
of Delaware, having a place of business at 10665 Sorrento Valley Road, San
Diego, California 92121, United States of America ("DIVERSA" or a "Party").

                                R E C I T A L S

     A.  DIVERSA has discovered and developed enzymes and has expertise in the
rearrangement of DNA to produce and discover genes utilizing proprietary
technologies for the rapid discovery, development and optimization of enzymes.

     B.  DOW has expertise in the discovery, development and production of
chemical compounds.

     C.  DOW and DIVERSA wish to enter into this Agreement in order to perform
research together to discover and optimize the function of new genes, processes
and products resulting thereupon that can be used by DOW to produce certain,
desired commercial chemical compounds.

     D.  DIVERSA will perform research either independently or with DOW on
projects funded and supported by DOW in order to discover and develop such
genes processes and products resulting therefrom for the purpose of development,
manufacture use and sale of products by DOW.

     E.  DOW will perform research to develop products and technology [*****].

     NOW, THEREFORE, in consideration of the mutual covenants contained herein,
and for other good and valuable consideration, the Parties hereby agree as
follows:

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Article 1.  DEFINITIONS

When used in this Agreement, the following terms shall have the meanings set out
below, unless the context requires otherwise.  The singular shall be interpreted
as including the plural and vice versa, unless the context clearly indicates
otherwise.

1.1  "Affiliate" means any corporation, firm, limited liability company,
      ---------
     partnership or other entity that directly or indirectly controls or is
     controlled by or is under common control with a Party to this Agreement.
     Control for purpose means ownership, directly or through one or more
     affiliated entities, of [*****] or more of the shares of stock
     entitled to vote for the election of directors in the case of a
     corporation, or [*****] or more of the equity interests in the
     case of any other type of legal entity, or any other arrangement whereby a
     Party controls or has the right to control the board of directors or
     equivalent governing body of a corporation or other entity.

1.2  "Agreement Term" means six months from the expiration or termination of
     ---------------
     the Research Term or until this Agreement is otherwise terminated as
     provided herein.

1.3  "Areas of Interest" means the development of [*****] Enzymes (as defined
      -----------------
     below) for use in the following [*****]:

     [*****]

1.4  "Confidential Information" means all information, Know-How, scientific,
      ------------------------
     technical, or non-technical data, samples and Materials, business plans,
     and marketing and sales information disclosed by one Party to the other
     hereunder or under the Option Agreement between DIVERSA and DOW dated June
     30, 1997, whether disclosed or provided in oral, written (including but not
     limited to electronic, facsimile, paper or other means), graphic,
     photographic or any other form, except to the extent that such information:

     (i)    as of the date of disclosure is known to the receiving Party as
            shown by written documentation, other than by virtue of a prior
            confidential disclosure from the disclosing Party to the receiving
            Party;

     (ii)   as of the date of disclosure is in, or subsequently enters, the
            public domain through no fault or omission of the receiving Party;

     (iii)  as of the date of disclosure or thereafter is obtained from a Third
            Party free from any obligation of confidentiality; or

     (iv)   as of the date of disclosure or thereafter is developed by the
            receiving Party independent of the disclosure by the disclosing
            Party as evidenced by written

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          documentation.

1.5   "Consultants" means a non-Affiliate person who is under confidentiality to
       -----------
      and paid by a Party to act or advise on that Party's behalf under this
      Agreement.

1.6   "Controls" or "Controlled" means, with respect to intellectual property,
       --------      ----------
      possession (other than by virtue of this Agreement) of the ability to
      grant licenses or sublicenses to the other Party hereto without violating
      the terms of any agreement or other arrangement with any Third Party
      [*****].

1.7   "DIVERSA Intellectual Property" means DIVERSA Patent Rights and DIVERSA
       -----------------------------
      Know-How and Joint Intellectual Property.

1.8   "DIVERSA Know-How" means know-how Controlled solely by DIVERSA.  The term
       ----------------
      "know-how" means all Research Results and all know-how, nonpatented
      inventions, improvements, discoveries, data, instructions, [*****]
      information (including, without limitation, [*****] and information),
      processes, procedures, devices, methods and trade secrets which are
      conceived, discovered or invented during the Research Term in the course
      of performance of the R&D Program or which have been conceived, discovered
      or invented by DIVERSA prior to this Agreement, and which are necessary or
      appropriate to develop and commercialize Licensed Products; and does not
      include inventions within the Patent Rights.

1.9   "DIVERSA Patent Rights" means Patent Rights Controlled solely by DIVERSA
      [*****].

1.10  "DIVERSA Research Results" means Research Results invented or discovered
       ------------------------
       solely by DIVERSA.

1.11  "DOW Intellectual Property" means DOW Patent Rights and DOW Know-How and
       -------------------------
       Joint Intellectual Property.

1.12  "DOW Know-How" means Know-How Controlled solely by DOW.
       ------------

1.13  "DOW Patent Rights" means Patent Rights Controlled solely by DOW.
       -----------------

1.14  "DOW Research Results" means Research Results invented or discovered
       --------------------
       solely by DOW.

1.15  "Effective Date" means the date of last signature set forth at the end of
       --------------
       this Agreement.

1.16  "Field" means [*****]; all Areas of Interest shall fall within this field.
       -----

1.17  "FTE" means the equivalent of one full year of work on a full time basis
       ---
      by a scientist or other professional [*****]

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      [*****].

1.18  "Intellectual Property" means Diversa Intellectual Property and Dow
       ---------------------
      Intellectual Property.

1.19  "[*****] Enzyme" means an enzyme or enzymes, either ex vivo or in vivo,
       --------------
      provided to Dow by Diversa which is within the claims of DIVERSA Patent
      Rights or that incorporates, is derived from, or is identified,
      discovered, developed or made through the use of DIVERSA Know-How, which
      is developed from the [*****].

1.20  "Jointly Developed" or "Jointly Invented" means any item developed or
       -----------------      ----------------
      invented by both Parties in the course of the performance of the R & D
      Program during the Research Term. If the item developed or invented is a
      patentable invention, such invention is jointly developed if both Parties'
      employees or consultants are considered inventors under 35 U.S.C. et.
      seq., as interpreted by the U.S. Patent and Trademark Office and the
      United States courts.

1.21  "Joint Intellectual Property" means Joint Patent Rights and Joint Know-
       ---------------------------
      How.

1.22  "Joint Know-How" means Know-How which is Jointly Developed or Jointly
       --------------
      Invented.

1.23  "Joint Patent Rights" means Patent Rights which are Jointly Developed.
       -------------------

1.24  "Joint Research Results" means Research Results which are Jointly
       ----------------------
      Developed or Jointly Invented.

1.25  "Know-How" means all Research Results and all know-how, nonpatented
       --------
      inventions, improvements, discoveries, data, instructions, [*****]
      information (including, without limitation, [*****] and information),
      processes, procedures, devices, methods and trade secrets which are
      conceived, discovered or invented during the Research Term in the course
      of performance of the R&D Program, and which are necessary or appropriate
      to develop and [*****].

1.26  "License Agreement" means the agreement described in Section 5.1 hereof.
       -----------------

1.27  "Licensed Product" means (i) [*****] which is used to [*****], or (ii)
       ----------------
      [*****] and which is [*****] and which both (i) and (ii) are designated by
      the RMC and listed on Appendix G attached hereto, encompassed within
      [*****], which is attached hereto and made a part hereof. It is expected
      that [*****] at the exercise of each License Agreement.

1.28  "Material" means the original, tangible materials provided by DOW or
       --------
      DIVERSA to the

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      other Party in order that the recipient can perform its obligations under
      the R&D Program and any exchange of samples developed during the R&D
      Program.

1.29  "Patent Rights" means (i) all patents and patent applications which are
       -------------
      conceived of by DIVERSA and/or DOW during the Research Term and in the
      course of performance of the R & D Program, and which are necessary for
      DOW to make, use or sell the Royalty Bearing Products (as defined in the
      License Agreement); if such patent rights arise they shall be listed on
      Appendix B-1, attached hereto and made a part hereof; (ii) the patents and
      patent applications listed on Appendix B-2, attached hereto and made a
      part hereof, are patent rights of DIVERSA that [*****]; (iii) the [*****];
      and (iv) any divisions, continuations, continuations-in-part, reissues,
      reexaminations, extensions or other governmental actions which extend any
      of the subject matter of the patent applications or patents in (i) or (ii)
      above, and any substitutions, confirmations, patents-of-addition,
      registrations or revalidations of any of the foregoing, in each case,
                                                              ------------
      which are Controlled by DIVERSA or DOW during the Research Term and which
      are necessary for DOW to make, have made, use, sell, have sold, export or
      import the Royalty Bearing Products. All patents and patent applications
      subject to this definition are listed on Appendix B or will be included on
      Appendix B by the end of the Agreement Term.

1.30  "R&D Program" means the research and development program to be conducted
       -----------
      during the Research Term by DIVERSA and DOW pursuant to Section 2, as more
      fully described [*****].

1.31  "Research Data" means all data, [*****] and any other information
       -------------
      obtained or developed in the course of performance of the R&D Program.

1.32  "Research Management Committee" or "RMC" means the committee created
       -----------------------------      ---
      pursuant to Section 2.2 hereof and which membership is defined in Appendix
      A-3, attached hereto and made a part hereof.

1.33  "Research Materials" mean all tangible property obtained or developed in
       ------------------
      the course of performance of the R&D Program, including but not limited to
      [*****] Enzymes.

1.34  "Research Project Flow Chart" means a chart as Appendix H, attached hereto
       ---------------------------
      for reference, to aid in understanding the efforts made under this
      Agreement and the [*****].

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1.35  "Research Results" means Research Data and Research Materials.
       ----------------

1.36  "[*****]" means a specific target within [*****] as specifically
       -------
      described in Appendix A-1 hereto and made a part hereof, as may be amended
      from time to time by the RMC in its written minutes.

1.37  "[*****]" means a [*****] within [*****] as specifically described in
       -------
      Appendix A-1 hereto and made a part hereof, as may be amended from time to
      time by the RMC in its written minutes.

1.38  "Research Term" means the period commencing on the Effective Date and,
       -------------
      unless extended by written agreement of the Parties or sooner terminated
      as provided herein, terminating on the third (3) anniversary of the
      Effective Date.

1.39  "Responsible Party" shall have the meaning set forth in Section 8.1.2.
       -----------------

1.40  "Staffing Level" shall have the meaning set forth in Section 2.1.1(d).
       --------------

1.41  "Third Party" means any party who is not a Party, or an Affiliate.
       -----------

1.42  "[*****] Plans" mean the written plans drafted and approved by the RMC
       -------------
      defining the activities to be carried out for, and the budget for, each
      [*****] during each twelve month period of the R&D Program, as more
      specifically detailed in [*****] attached hereto and made a part hereof,
      as modified from time to time by the RMC in its written minutes. The
      [*****] Plan Procedures are provided in [*****], attached hereto and made
      a part hereof.

Article 2.  R&D PROGRAM

2.1  Implementation of the R&D Program.
     ----------------------------------

     2.1.1  Basic Provisions of Program.

            (a)  The primary objective of the R&D Program shall be the
                 identification and development of [*****] Enzymes providing
                 enhanced or new properties useful in the [*****]. The Research
                 [*****] indicates the progress expected to occur under this
                 Agreement; namely, from [*****] discovery to [*****] Enzyme to
                 identification of a Licensed [*****]. Once a Licensed [*****]
                 is identified then the License Agreement pertains for the
                 remainder of the [*****].

            (b)  DIVERSA and DOW shall use their reasonable good faith efforts
                 to conduct the research activities set forth in the [*****]
                 Plans, and to provide Materials as set forth therein. Both
                 Parties shall employ the best methods they know which are
                 legally available to them to

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                 perform the [*****] Plans. However, [*****] (which basis must
                 be explained to DIVERSA) about the ability of DIVERSA to
                 [*****], then DOW may request a modification to the [*****]
                 Plan. DOW accepts that this could effect the ability to obtain
                 the desired [*****] Enzyme(s) for the [*****].

            (c)  The Research [*****] and Research [*****], both in [*****], are
                 defined in the [*****] Plans in [*****], as amended from time
                 to time by the RMC in its written minutes.

            (d)  In carrying out the R&D Program, DIVERSA shall devote [*****]
                 FTEs per year for each of the [*****] years of the Research
                 Term ("Staffing Level"), and DOW shall pay DIVERSA for the
                 services of such FTEs as set forth herein. At the request of
                 DOW, DIVERSA will in good faith consider and discuss proposed
                 increases or decreases to the Staffing Level with adjustments
                 in payments. Notwithstanding the foregoing or anything
                 contained herein to the contrary, that the Staffing Level shall
                 remain at [*****] FTEs, unless the Parties, in each Party's
                 sole discretion, agree in writing to increase or decrease the
                 Staffing Level. Any increase or decrease to the Staffing Level
                 agreed to by the Parties shall be [*****] in the relevant
                 [*****] Plan for each Research [*****] or Research [*****] and
                 the budget associated with such [*****] Plan. Unless previously
                 consented to in writing by DOW, the budget for the [*****] Plan
                 for each Research [*****] and Research [*****] shall remain
                 within the funding proposed in Section 4. No more than [*****]
                 times per Research Term year, DOW shall have the right to
                 audit, at its expense, during regular business hours at
                 DIVERSA's place of business and, if conducted at different
                 sites also where the work is performed, both for the technology
                 development and FTEs assigned to the R&D Program.

            (e)  DIVERSA and DOW shall use commercially reasonable efforts to
                 perform the tasks set forth in the [*****] Plans, and to
                 provide the facilities, materials and equipment necessary to
                 perform the research activities set forth in the [*****] Plans.

            (f)  DIVERSA shall not be obligated to utilize more than [*****]
                 FTEs per year in the R&D Program. DOW shall be responsible for
                 the expense of research activities in the R&D Program that are
                 [*****], provided that DOW is notified of the reasons why
                 DIVERSA [*****], is notified of the [*****], and gives its
                 prior written consent.
                 -------------

            (g)  At such time as each [*****] Plan is under consideration by the
                 RMC, DOW may propose to the RMC to [*****] any selected

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                 Research [*****] or Research [*****] and upon acceptance of
                 the proposal by the RMC in its written minutes, DIVERSA will
                 [*****] in respect of such Research [*****] or Research
                 [*****], subject to DOW's obligations to maintain the Staffing
                 Level. In such event, DOW may propose a substitute Research
                 [*****] or Research [*****] within [*****] of the Areas of
                 Interest to be included in the R&D Program, which shall be
                 subject to the approval of the RMC. In the event no replacement
                 Research [*****] in any Area of Interest can be identified by
                 DOW and approved by the RMC, then (i) DOW may propose a new
                 [*****] which when accepted by the RMC would be added by
                 amendment to this Agreement or a new Research [*****] or
                 Research [*****] within the Field and if this new replacement
                 is acceptable to DIVERSA, this new replacement shall be
                 instituted promptly; or (ii) the Staffing Level will be
                 adjusted in accordance with Section 2.1.1(d).

            (h)  Upon any such abandonment under Section 2.1.1(g), DOW shall
                 have no further commercial rights with respect to any [*****]
                 Enzymes or other DIVERSA Intellectual Property related to the
                 abandoned Research [*****] or Research [*****]. DIVERSA shall,
                 however, be free to continue the research efforts on its own
                 behalf or with a Third Party at [*****] to DOW. All Joint
                 Intellectual Property related to any abandoned Research [*****]
                 or Research [*****] shall be listed on [*****] 3, attached
                 hereto and made a part hereof. DOW shall retain the right to do
                 research or non-commercial development using such Research
                 [*****]. However, if DOW should later develop during the
                 Agreement Term a suitable [*****] which DOW then desires to
                 commercialize and which product used [*****] Enzyme or DIVERSA
                 Patent Rights, then DOW would request [*****] DIVERSA. Unless
                 the abandoned Area of Interest has been [*****], DIVERSA shall
                 negotiate using good faith efforts with DOW for such [*****].

     2.1.2  Collaborative Efforts and Reports.
            ---------------------------------

            (a)  The Parties agree that the successful execution of the R&D
                 Program will require the collaborative use of both Parties'
                 areas of expertise. The Parties shall keep the RMC fully
                 informed about the status of the portions of the R&D Program
                 they respectively perform. Without limiting the foregoing, each
                 Party shall furnish to the RMC [*****] reports within [*****]
                 days after the end of each [*****] period, describing the
                 progress of its activities in connection with the R&D Program
                 in reasonable

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                 detail, including at least:

                         (i)  an estimation by DIVERSA of the FTEs used for each
                         Research [*****] and Research [*****] and the budget
                         used for each [*****] Plan, and

                         (ii) a summary of the testing and development of
                         [*****] Enzymes and Licensed [*****].

                  The reports described in this Section 2.1.2 (a) shall describe
                  all [*****] Enzymes that have been put into [*****], and shall
                  also contain sufficient other information to allow a Party to
                  monitor the other Party's compliance with this Agreement,
                  including without limitation, each Party's obligations with
                  respect to the accomplishment of the [*****]. All reports and
                  information provided under this Section 2.1.2 (a) shall be
                  deemed Confidential Information of the Party which provided
                  the information.

             (b)  DIVERSA and DOW shall cooperate in the performance of the R&D
                  Program and, subject to any confidentiality obligations to
                  Third Parties or legal restrictions, shall exchange
                  information [*****] as necessary to carry out the R&D Program
                  pursuant to the provisions of this Agreement. Each Party will
                  attempt to accommodate any reasonable request of the other
                  Party to send or receive personnel for purposes of discussing
                  the R&D Program. Such visits and access will be at mutually
                  agreed times, have defined purposes, be of agreed limited
                  duration, and be scheduled in advance. Each Party shall
                  [*****] of their respective personnel related to these visits.
                  It is understood that any such visiting personnel may be
                  [*****] the R&D Program and the rights of Third Parties, which
                  may include [*****] of the R&D Program. All personnel shall
                  abide by the required rules for any Third Party visiting that
                  Party's site, including, but not limited to, [*****] and other
                  matters.

             (c)  During the Research Term and for a period of [*****] years
                  thereafter, DIVERSA and DOW shall maintain records of the R&D
                  Program (or cause such records to be maintained) in sufficient
                  detail and good scientific manner as will properly reflect all
                  work done in the R&D Program and results achieved in the
                  performance of the R&D Program. Each Party shall allow the
                  other Party to have reasonable access to all pertinent
                  Research [*****] generated by or on behalf of such Party with
                  respect to each [*****] Enzyme. This retention of records may
                  be extended if there is a legal proceeding pending (i.e.,
                  court action, or US

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                  interference or opposition involving the Intellectual
                  Property) where those records are reasonably required and a
                  written request with the reason is provided to the Party.
                  Nothing herein shall require, or be construed to require, that
                  DIVERSA disclose to DOW any DIVERSA Know-How, except to the
                  extent necessary for the filing of patent applications
                  [*****]. DOW shall not be required to disclose to DIVERSA any
                  DOW Know-How or any DOW [*****] on any Research [*****],
                  Research [*****] or [*****] Enzyme, except for the reasonable
                  information required by the RMC.

     2.1.3  Work Plans.
            ----------

            (a)  In order to carry out the R&D Program, the RMC shall develop a
                 [*****] Plan for each Research [*****] and Research [*****].
                 These [*****] Plans shall be in writing and attached hereto as
                 [*****]. The [*****] Plans for each initial Research [*****]
                 and Research [*****] will be agreed to not later than [*****]
                 after the Effective Date and will be attached hereto as
                 Appendix [*****] and made a part hereof. For each [*****]
                 period during the Research Term after the period covered by the
                 initial [*****] Plans attached hereto as Appendix [*****],
                 [*****] Plans shall be prepared by the co-chairs of the RMC and
                 approved by the RMC no later than [*****] days before the end
                 of the then current [*****] period. Absent written agreement by
                 the Parties, DIVERSA and DOW shall continue to conduct research
                 activities within the scope of the projects set forth in the
                 previous [*****] Plans, within the bounds of the then currently
                 available FTEs.

            (b)  Each [*****] Plan shall set forth specific, [*****] research,
                 and development, objectives, including, without limitation, the
                 applicable Research [*****] and Research [*****] within Areas
                 of Interest, and resource allocations in accordance with the
                 procedures set forth in Appendix [*****] attached hereto. Each
                 [*****] Plan will reflect at least [*****], but no more than
                 [*****] research milestones per year. These research milestones
                 shall be designed to facilitate diligent development and
                 identification of [*****] Enzymes for use in the Research
                 [*****] or Research [*****]. The RMC will review research
                 milestones on at least a [*****] basis. If the milestones are
                 not met, then in the next written [*****] Plan, the RMC must
                 (i) revise these milestones and/or [*****] Plan, (ii) replace
                 the Research [*****] or Research [*****] with another Research
                 [*****] or Research [*****] using their good faith efforts,
                 (iii) if the replacement under (ii) is not deemed viable by the
                 RMC, then DIVERSA and DOW agree to use their good faith efforts
                 to permit some new [*****] in the Field to be substituted as a
                 new [*****], or

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                 (iv) abandon that Research [*****] or Research [*****] if so
                 requested by DOW.

            (c)  If the RMC is unable to agree as to the terms of a [*****] Plan
                 for any given [*****] period following the initial [*****]
                 period for a [*****] Plan, by the date provided in Section
                 2.1.3(a), above, then the matter shall be addressed as provided
                 in Article 13 below .

            (d)  The [*****] Plans may be modified by the RMC to satisfy the
                 requirements of the Research [*****] and Research [*****], but
                 a written copy of each revised [*****] Plan, signed by the co-
                 chairs, shall be supplied to each Party as an amendment to
                 Appendix [*****].

     2.1.4  Additional Research Activities.
            ------------------------------

            (a)  In the event that prior to the end of the Research Term, all
                 research activities directed to [*****] Research [*****] and
                 Research [*****] have been successfully completed or terminated
                 by agreement of the Parties, then DOW shall have the right to
                 propose to DIVERSA:

                          (i) [*****] Research [*****] or Research [*****] to be
                          pursued in the Areas of Interest under the R&D
                          Program, or

                          (ii) deploying the FTEs on Research [*****] and
                          Research [*****] which are already underway, or

                          (iii) if (i) and (ii) are not available, then
                          considering deploying, using their good faith efforts,
                          the FTE's on Research [*****] or Research [*****]
                          within the Areas of Interest and for which DIVERSA has
                          [*****] or serious obligations ([*****]) to a Third
                          Party, or

                          (iv) if (i) through (iii) are not available, then
                          reducing the number of FTE's and [*****] for those
                          FTEs no longer required computed in accordance with
                          Section 4.4.

                 If DIVERSA does not have [*****] with respect to the Research
                 [*****] or Research [*****] proposed in Section 2.1.4(a)(i) or
                 (iii) and does not have a [*****] on its own behalf or with a
                 Third Party, the Parties shall negotiate in good faith the
                 terms on which such additional research activities

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                 may be conducted under the R&D Program. Such additional
                 research activities will only be initiated if the Parties reach
                 written agreement on the terms thereof, including, without
                 limitation, milestone and other payments on resulting products.

            (b)  During the R&D Program DOW may also propose that additional
                 research activities directed to [*****] and Research [*****]
                 and Research [*****] within those Areas of Interest, using
                 their good faith efforts, be conducted in connection with the
                 R&D Program. In such event, the Parties shall discuss an
                 expansion of the R&D Program, provided DIVERSA shall have no
                 obligation to conduct any such activities with DOW unless terms
                 for such activities are agreed to in writing by the Parties. If
                 DIVERSA does not have a [*****] with respect to a proposed
                 additional Research [*****]or Research [*****]on its [*****] or
                 with a Third Party, DIVERSA will notify DOW in writing of such
                 within [*****] days of the proposal, and within [*****] days of
                 such notice, the RMC will implement a [*****] for each
                 additional Research [*****] or Research [*****]. In the event
                 the RMC fails to initiate a [*****] Plan within such [*****]
                 day period, or if DOW notifies DIVERSA in writing that it does
                 not intend to pursue an additional Research [*****] or Research
                 [*****], DIVERSA shall have [*****] to DOW under this Agreement
                 with respect to such [*****] Research [*****] or Research
                 [*****] and may collaborate with a Third Party on such [*****]
                 Research [*****] or Research [*****].

            (c)  DOW shall further have the right during the [*****] period
                 following the Effective Date to propose up to [*****] projects
                 encompassed in new Areas of Interest [*****]. DIVERSA will
                 consider such proposal, and, if the Parties agree to proceed,
                 the Parties will negotiate a separate agreement for such a
                 collaboration [*****]. The separate agreement will contain
                 terms consistent with other DIVERSA agreements of this nature
                 for [*****], including a separate [*****], and different
                 milestone and [*****] payments.

     2.1.5  Disclosures.
            -----------

            If DIVERSA or DOW wishes to disclose any Research [*****] to a Third
            Party on a confidential basis, it shall first submit a description
            of the proposed disclosure directly to all members of the RMC for
            review at least [*****] prior to any such disclosure. Within [*****]
            of receipt of such description, the RMC shall notify DIVERSA or DOW,
            as the case may be, of its approval or denial of

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          such disclosure, provided such approval shall not be unreasonably
          withheld. Failure to provide such notice within the [*****] period
          shall be deemed to be consent to the proposed disclosure.

          Notwithstanding the foregoing, subject to Section 2.5, DIVERSA may
          provide any [*****] Enzyme under confidentiality terms at least as
          strict as this Agreement to a Third Party [*****] for use [*****] the
          Areas of Interest. DOW may provide any [*****] Enzyme under
          confidentiality terms at least as strict as this Agreement to any
          Third Party without the consent of the RMC or DIVERSA if used within
          the Areas of Interest if used with technology or intellectual property
          unavailable to DIVERSA.

     2.2  Research Management Committee.
          -----------------------------

          2.2.1  Establishment and Functions of RMC.
                 ----------------------------------

                 (a)  DIVERSA and DOW hereby agree to establish the RMC. The RMC
                      will act on behalf of the Parties and will be responsible
                      for the planning and monitoring of the R&D Program and for
                      setting forth specific research and development
                      objectives, including, without limitation, (i) preparation
                      and approval of each [*****] Plan in accordance with the
                      procedures set forth in Appendix [*****] attached hereto
                      and made a part hereof, (ii) determining whether research
                      projects should be continued as active projects, and (iii)
                      determining resource allocation for the R&D Program, so as
                      to insure that meaningful research and development
                      activity will be undertaken on all Research [*****] and
                      Research [*****] in each [*****] period, taking into
                      account that the overall research and development focus
                      reflects both [*****] priorities.

                 (b)  In planning and monitoring the R&D Program, the RMC shall
                      assign tasks and responsibilities taking into account each
                      Party's respective specific capabilities and expertise in
                      order to avoid duplication and enhance efficiency and
                      synergies. For example, [*****].

          2.2.2  RMC Membership.
                 --------------

                 DIVERSA and DOW each shall appoint, in its sole discretion,
                 [*****] members to the RMC, including a co-chair designated by
                 DOW and a co-chair designated by DIVERSA. Substitutes or
                 alternates for the co-chairs

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                 or other RMC members, if any, may be appointed at any time by
                 written notice to the other Party prior to any meeting of the
                 RMC. All RMC members shall be full time employees of DIVERSA
                 and DOW. If either Party desires that an employee of an
                 Affiliate or a consultant attend an RMC meeting, then such
                 consultant to a Party must be under confidentiality obligations
                 to that Party having terms at least a strict as those of this
                 Agreement, must be approved in writing to attend by the other
                 Party, and such person has no vote in the decisions of the RMC.
                 The initial co-chairs and other RMC members are identified in
                 Appendix [*****] attached hereto and made a part hereof, which
                 Appendix shall be updated in writing from time to time to
                 reflect any changes in RMC membership.

          2.2.3  Meetings.
                 --------

                 The RMC shall meet at least quarterly, with such meetings
                 alternating between [*****], and [*****], unless the Parties
                 agree otherwise. The first such meeting shall be held in
                 [*****] within [*****] days after the Effective Date at which
                 time the initial [*****] Plans shall be finalized. Any
                 additional meetings, other than [*****], shall be held at
                 places and on dates selected by the co-chairs of the RMC. RMC
                 members may participate in any such meeting in person, by
                 telephone or by videoconference. In addition, the RMC may act
                 without a formal meeting by a written memorandum signed by the
                 co-chairs of the RMC. Subject to the obligations set forth in
                 Article 6, other full-time employees of each Party, in addition
                 to the members of the RMC, may attend RMC meetings as nonvoting
                 observers at the invitation of either Party with the prior
                 written approval of the other Party.

          2.2.4  Minutes.
                 -------

                 The RMC shall keep minutes of its meetings that record all
                 decisions and all actions recommended or taken. The Party
                 hosting the meeting shall be responsible for the preparation of
                 the meeting agenda and preparation and circulation of the draft
                 minutes. Draft minutes shall be delivered by mail, electronic
                 mail or facsimile to the co-chairs of the RMC within [*****]
                 after each meeting. Any intellectual property issues that may
                 need attention will be highlighted and forwarded to each
                 Party's Patent Coordinator. Draft minutes shall be edited by
                 the co-chairs and shall be issued in final form only with their
                 approval and agreement as evidenced by their signatures on the
                 minutes. A copy of the signed minutes shall be retained in each
                 Party's files for at least [*****] after termination of this
                 Agreement.

          2.2.5  Quorum; Voting; Decisions.
                 -------------------------

                 At each RMC meeting, at least [*****] members appointed by each
                 Party shall constitute a quorum and decisions shall be made by
                 [*****] vote. If the RMC is unable to reach agreement on any
                 matter, such dispute shall be

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                 settled pursuant to Article 13 below.

          2.2.6  Expenses.
                 --------

                 DIVERSA and DOW shall [*****] expenses of their respective RMC
                 members related to their participation on the RMC and
                 attendance at RMC meetings.

     2.3  Third Party Licenses.
          --------------------

          2.3.1  DOW Responsibility.
                 ------------------

                 In the event that DOW can reasonably demonstrate that [*****]
                 of a Third Party's patent rights would [*****] under a [*****]
                 Plan, then DOW shall so notify DIVERSA. DIVERSA shall state
                 whether it has obtained or is planning to obtain [*****] of the
                 [*****] Plan to go forward. If DOW elects to [*****], then the
                 RMC may amend the [*****] Plan if only DOW can [*****]. If DOW
                 and DIVERSA elect not to [*****], then the [*****] Plan shall
                 be altered by the RMC to enable the performance of the modified
                 [*****] Plan.

          2.3.2  DIVERSA Responsibility.
                 ----------------------

                 In the event that it is necessary to [*****] to perform the R&D
                 Program with regard to [*****] provided by DIVERSA, including,
                 without limitation, [*****], DIVERSA will be responsible for
                 the payment of any amounts due to Third Parties for the [*****]
                 for the performance of the R&D Program with regard to such
                 [*****] and the costs of [*****]. The decision [*****] shall be
                 solely DIVERSA's, and DOW shall be notified of that decision.

                 Notwithstanding the foregoing, DIVERSA shall be responsible for
                 [*****] for use of an [*****] Enzyme. DIVERSA and DOW shall
                 promptly notify the other Party in writing of any allegation by
                 a Third Party that the use of an [*****] Enzyme [*****]. If DOW
                 believes that a [*****] to use an [*****] Enzyme, then DOW
                 shall express its concerns to DIVERSA in writing. DIVERSA shall
                 explain to DOW whether it agrees that a [*****] and shall
                 provide sufficient explanation and reasons for its answer.
                 Should DIVERSA be aware and concerned of such [*****] or be
                 considering, instituting or have instituted a [*****], then all
                 such [*****] by DIVERSA. The decision whether such a license is
                 required shall be DIVERSA's. Notwithstanding the foregoing,
                 DIVERSA shall

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                 use good faith efforts to terminate [*****].

          2.3.3  Infringement Claims.
                 -------------------

                 In the event that DOW or DIVERSA receives a written notice of
                 an allegation of possible patent infringement from a Third
                 Party or determines that there is such possible infringement
                 based on (i) the use of a particular [*****], which has been or
                 is planned to be used in the conduct of the R&D Program, or
                 (ii) the use of an [*****] Enzyme or Confidential Information
                 of DIVERSA [*****], such Party shall, within [*****] days,
                 notify the other Party in writing and provide an explanation of
                 the circumstances. If such possible infringement is of concern
                 to DOW, DIVERSA may provide a [*****] to DOW from [*****],
                 which may be based on a [*****], explaining DIVERSA's position
                 and the bases therefore.

                 In such event if no prior legal opinion has been done such that
                 the [*****], then the Parties shall forward a copy of such
                 claim to a [*****] and request that such [*****]. The cost of
                 this review shall be borne by [*****]. If the [*****] that the
                 activities of the R&D Program with respect to the [*****] would
                 be found by a court of competent jurisdiction to infringe a
                 claim of the Third Party patent which is likely to be found
                 valid, then within [*****] days of such [*****], either

                 (i)   a [*****] will be substituted by DIVERSA for use in the
                 [*****] Enzyme in the R&D Program, subject to the approval of
                 the RMC, or

                 (ii)  DIVERSA will notify DOW that it will [*****] from such
                 Third Party for any intellectual property rights necessary for
                 use of the [*****] in the R&D Program pursuant to Section
                 2.3.2, or

                 (iii) if the claim relates to alleged infringement of [*****]
                 used to obtain a [*****] an [*****] Enzyme, DIVERSA will
                 determine if an alternative technology could be used that does
                 not infringe the claim of such Third Party patent, and propose
                 to the RMC that such [*****], whereupon any [*****] Plan
                 relating to the aforementioned [*****] Enzyme will be modified
                 by the RMC; or

                 (iv)  the RMC may elect to cease to conduct any activity in the
                 R&D Program requiring the use of [*****] and, if necessary,
                 reallocate DIVERSA's FTEs to other activities within the R&D
                 Program,

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                 If either (i), (ii), (iii), or (iv) above is not satisfied
                 within [*****], DOW may, upon written notice to DIVERSA,
                 immediately terminate this Agreement and cease all payments,
                 after such notice, except for work performed prior to receipt
                 of such notice by DIVERSA and the payment due under Section
                 10.4.

2.4  Post Research Term Cooperation.
     ------------------------------

     At least [*****] months prior to the expiration of the Research Term, the
     Parties shall meet to agree on mechanisms for coordinating and managing
     activities (including, but not limited to, patent prosecution and
     publication review) that will occur after the expiration of the Research
     Term which would otherwise be addressed by the RMC. Any patent applications
     included in Intellectual Property or Joint Intellectual Property which have
     not been filed shall be filed in the first instance during the Agreement
     Term, and both Parties shall cooperate with respect to all issues and
     formal papers. As part of such considerations, if any research project has
     not yet resulted in a Licensed [*****] and requires reasonable additional
     development to accomplish such result, and either the RMC notifies DOW and
     DIVERSA at its last meeting of this development request or DOW notifies
     DIVERSA not later than [*****] months after the expiration of the Research
     Term that DOW wishes to continue such research project with the help of
     DIVERSA, then DIVERSA agrees to consider in good faith the terms of such a
     continuation as proposed by DOW, which, in any event, will include the
     undertaking by DIVERSA to give to DOW access to experienced DIVERSA FTEs to
     be employed in the diligent continuation of the research project at the
     same cost as set forth in Section 4.4 hereof plus [*****]. Notwithstanding
     the foregoing, in no event will DIVERSA be obligated to continue any
     Research [*****] beyond the Research Term. Should DIVERSA elect not to
     continue with such incomplete [*****], then DOW is permitted to continue
     such [*****] in any manner, including with a Third Party, but without the
     use of DIVERSA Intellectual Property.

2.5  Research Exclusivity.
     --------------------

     During the Research Term, DIVERSA will not collaborate with or license the
     rights to any Third Party to use any [*****] Enzyme in a Research [*****]
     to convert a Research [*****] to a [*****], as defined in Appendix [*****],
     so long as DOW satisfies the diligence obligations set forth in the [*****]
     Plan with respect to the development of the applicable [*****] Enzyme.
     During the Research Term, DOW will not collaborate with or license the
     rights to any Third Party to evolve any enzyme in a Research [*****] to
     convert a Research [*****] to a [*****], as defined in Appendix [*****].

Article 3.  LICENSE RIGHTS

3.1  To DOW.
     ------

     (a)  Subject to the terms and conditions of this Agreement, DIVERSA hereby
          grants to DOW a non-exclusive, nonsublicensable, royalty-free,

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          worldwide license under the specific DIVERSA Intellectual Property
          listed on Appendix [*****] and Appendix [*****] (attached hereto and
          made a part hereof) to all Research [*****] using any Licensed [*****]
          to make, have made, import, have imported, use, have used, sell, have
          sold and otherwise exploit Royalty Bearing Products (as defined in the
          License Agreement), and a royalty-free license to all DIVERSA Know-How
          required for DOW to commercialize Royalty Bearing Products, and the
          [*****] provided to DOW by DIVERSA hereunder solely to conduct the R&D
          Program. DOW (i) shall promptly notify DIVERSA in writing of any
          improvements to the DIVERSA Intellectual Property conceived of or
          developed by DOW during the Research Term (the "Improvements"), and
          (ii) shall irrevocably assign to DIVERSA all right, title and interest
          in and to such Improvements. Such Improvements shall be included in
          the DIVERSA Intellectual Property licensed to DOW under this Section
          3.1 and under the License Agreement.

     (b)  Should DOW determine that modification of an [*****] Enzyme is
          required, after it has been provided to DOW by DIVERSA under the terms
          of this Agreement, to make the Licensed [*****] related to such
          [*****] Enzyme [*****], then DOW may request that DIVERSA perform such
          added modification under the R&D Program or, if this Agreement has
          terminated, then under terms to be negotiated in good faith by the
          Parties. DOW may use the [*****] or request that a Third Party perform
          the desired modifications of an [*****] Enzyme:

               (1) if DIVERSA is unwilling to perform such added modification,
               or

               (2) upon (i) the transfer or sale of all or substantially all of
               the business of DIVERSA to which this Agreement relates, whether
               by merger, sale of stock, sale of assets or otherwise, to a
               [*****], or (ii) the bankruptcy, insolvency, dissolution or
               winding up of DIVERSA (other than dissolution or winding up for
               the purposes of [*****]), then DOW or its Affiliates may modify
               the [*****] Enzyme to make the Licensed [*****] related to the
               [*****] Enzyme commercially viable and DOW continues to be able
               to use DIVERSA Intellectual Property listed in Appendix [*****]
               (attached hereto and made a part hereof) solely to modify the
               [*****] Enzyme and/or the Licensed [*****] related to the [*****]
               Enzyme, provided that DOW pays DIVERSA for the [*****].

     (c)  Notwithstanding the foregoing Sections 3.1 (a) and (b), DOW (or DOW
          with its consultants or though a separate agreement between DOW and a
          Third Party) may

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          conduct independent research activities outside the R&D Program,
          whether within the Areas of Interest or not, and [*****], but except
          as otherwise agreed to by DIVERSA in writing, DOW agrees that it will
          not itself or through any Third Party use any DIVERSA Intellectual
          Property, Joint Intellectual Property and/or Research [*****] to
          develop a [*****] Licensed [*****], except under the terms of this
          Agreement.

3.2  To DIVERSA.
     ----------

     Subject to the terms and conditions of this Agreement, DOW hereby grants to
     DIVERSA (i) a nonexclusive, nontransferable, nonsublicensable, royalty-
     free, worldwide research license to DOW Intellectual Property, where
     legally possible, and the [*****] provided to DIVERSA by DOW, solely to
     conduct the R&D Program, and (ii) a nonexclusive, nontransferable,
     nonsublicensable, royalty-free, worldwide license under any patents, trade
     secrets and other intellectual property Controlled by DOW that relate to
     [*****] Enzymes in the R&D Program.

3.3  Assignment.
     ----------

     3.3.1  DOW.
            ---

            DOW shall have the right to assign its rights in the license granted
            herein (or any part thereof) to an Affiliate; provided, however,
            that DOW shall continue to be responsible for the obligations of any
            such Affiliate. DOW may assign its rights hereunder in connection
            with the transfer or sale of all or substantially all of the
            business of DOW to which this Agreement relates, whether by merger,
            sale of stock, sale of assets or otherwise.

     3.3.2  DIVERSA.
            -------

            DIVERSA shall have no right to assign its rights in the licenses
            granted to it by DOW pursuant to Section 3.2 hereof (or any part
            thereof) to any of its Affiliates or any Third Party, except in
            connection with the transfer or sale of all or substantially all of
            the business of DIVERSA to which this Agreement relates, whether by
            merger, sale of stock, sale of assets or otherwise. If DIVERSA is
            acquired by a Third Party [*****] for Research [*****] or if DIVERSA
            is controlled by merger, sale of stock, sale of assets or otherwise
            to a Third Party competitor, then prior to closure of such
            acquisition, DOW shall be informed of the identity of the Third
            Party competitor and at DOW's sole discretion can elect to terminate
            this Agreement under Section 10.4 and request in writing immediate
            return of all Confidential Information.

3.4  Retained Rights.
     ----------------

     3.4.1  DIVERSA.
            -------

            DIVERSA shall retain all right, title and interest in and to the
            DIVERSA

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            Intellectual Property and Joint Intellectual Property, except as
            expressly granted to DOW in Section 3.1 or in the License Agreement.

            DIVERSA may grant to Third Parties licenses under the Diversa
            Intellectual Property for use of [*****] Enzymes; provided, however,
            that such licenses do not conflict with the license granted to DOW
            herein or under the License Agreement, and provided that in the
            event the [*****] Enzyme is a [*****] provided by DOW to DIVERSA
            under the terms of this Agreement, DIVERSA obtains DOW's prior
            written consent (which may be withheld for any reason) and pays a
            reasonable royalty to DOW in accordance with a separate license
            agreement to be negotiated in good faith between the Parties.
            DIVERSA shall inform DOW of the application(s) for an [*****] Enzyme
            that is intended transferred to a Third Party if the [*****] Enzyme
            is a [*****] provided by DOW to DIVERSA under the terms of this
            Agreement.

            Notwithstanding the license granted to DOW in Section 3.1, DIVERSA
            shall retain the right to use all [*****] Enzymes for its own
            research purposes (i.e., to develop, improve and validate its
            technology and intellectual property).

     3.4.2  DOW.
            ---

            DOW shall retain all right, title and interest in and to the DOW
            Intellectual Property and Joint Intellectual Property, except as not
            expressly granted to DIVERSA in Section 3.2; provided, however, that
            during the Agreement Term, DOW shall not grant any license under the
            DOW Intellectual Property or Joint Intellectual Property which
            conflicts with the license granted to DIVERSA herein.

Article 4.  PAYMENTS

4.1  Technology Development.
     ----------------------

     Within [*****] days after the Effective Date, DOW shall pay to DIVERSA a
     technology development fee of One Million Five Hundred Thousand
     (US$1,500,000) Dollars, and shall similarly provide DIVERSA with a
     technology development fee of One Million Five Hundred Thousand
     (US$1,500,000) Dollars, during the Agreement Term, within [*****] days of
     each of the successive two anniversary dates of the Effective Date.

     Thus within [*****] days after the Effective date, DOW shall pay to DIVERSA
     a technology development fee of One Million Five Hundred Thousand
     (US$1,500,000) Dollars and Nine Hundred Thousand (US$900,000)
     Dollars for the first quarter FTE payment under Section 4.4 for a total of
     Two Million Four Hundred Thousand (US$2,400,000) Dollars.

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4.2  Milestone Payments.
     ------------------

     DOW shall make milestone payments to DIVERSA as set forth in Appendix
     [*****] attached hereto and made a part hereof. The RMC shall determine
     whether DIVERSA has achieved a milestone and shall note such decision in
     its signed minutes. If the RMC cannot reach a decision, then Article 13
     shall control. The milestone goal achievements shall be determined [*****]
     by the RMC at its meeting [*****], shall be performance driven goals, and
     shall be paid by DOW to DIVERSA [*****] days after the determination has
     been made by the RMC that the milestone was met. The amount of milestone
     payments in a given year may be up to [*****] Dollars for all [*****]
     Plans.

4.3  Payments.
     --------

     All payments due under this Agreement shall be made in accord with the
     respective sections of Article 4 by bank wire transfer in immediately
     available funds to a bank account designated in writing to DOW by DIVERSA.
     In the event that the due date of any payment subject to this Article 4
     hereof is a Saturday, Sunday or national holiday, such payment may be paid
     on the following business day. Any late payments shall bear interest to the
     extent permitted by applicable law at the prime rate (as reported by the
     Bank of America, San Francisco, California, or its successor), on the date
     such payment is due plus an additional [*****], calculated on the number of
     days such payment is delinquent. The rights provided in this Section 4.3
     shall in no way limit any other remedies available to DIVERSA hereunder.

4.4  FTE Payments.
     ------------

     4.4.1  In addition to the other payments due pursuant to this Article 4,
            DOW will pay to DIVERSA a nonrefundable amount of Three Million Six
            Hundred Thousand (US$3,600,000) Dollars per year for the 12 FTEs
            set forth in Section 2.1.1(d) for each of the three years of the
            Research Term, commencing as of the Effective Date.

     4.4.2  Payments due pursuant to the above Section 4.4.1 shall be made in
            advance, on or before the first day of each calendar quarter, with
            the first and last payments prorated in the event that the Effective
            Date is not the first day of a calendar quarter. Should payment be
            due on a Saturday, Sunday or national holiday, such payment may be
            paid on the following business day. In the event that the Parties
            agree to a different Staffing Level for any given calendar quarter,
            the payment set forth in this Section 4.4 shall be prorated
            accordingly based on a level of funding of [*****] Dollars per year
            per FTE. Any change in the amount of the FTE payment due in a
            quarter shall be reported to DOW by DIVERSA in writing [*****] days
            in advance of such payment.

Article 5.  LICENSE AGREEMENT; DEVELOPMENT REPORTS

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5.1  License Agreement.
     -----------------

     The Parties have entered into a License Agreement covering [*****] Enzymes
     and Licensed [*****] executed contemporaneously with this Agreement, a copy
     of which is attached hereto for reference as Appendix [*****]. DIVERSA
     hereby represents:

     (a)  that it is willing and able to grant to DOW

          (i)  an exclusive, royalty bearing, worldwide license under the
               DIVERSA Intellectual Property to use the [*****] Enzymes and the
               [*****] the [*****] Enzymes in a Research [*****] to make, have
               made, use, sell, offer for sale and import Royalty Bearing
               Products (as defined in the License Agreement), and

          (ii) a non-exclusive, royalty bearing, worldwide license under DIVERSA
               Intellectual Property to improve Licensed [*****]; and

     (b)  that to the best of its knowledge, there are [*****] required for DOW
          to practice the DIVERSA Intellectual Property.

5.2  DOW may perform research within the Areas of Interest independent of this
     Agreement.  If DOW desires that a Third Party assist DOW in such research,
     it shall be in accordance with Sections 3.1, 3.3 and 3.4.

Article 6.  TREATMENT OF CONFIDENTIAL INFORMATION

6.1  Confidentiality.
     ---------------

     6.1.1  General.
            -------

            (a)   DIVERSA and DOW each recognize that the other Party's
                  Confidential Information constitutes highly valuable and
                  proprietary confidential information. Subject to the terms and
                  conditions of Article 8, DIVERSA and DOW agree that, except as
                  required by applicable law, rule or regulation (including the
                  filing and prosecution of patent applications) or judicial or
                  administrative order, during the Agreement Term and for
                  [*****] years thereafter, unless these terms are modified by
                  the License Agreement after the expiration of the Agreement
                  Term that:

                         (i)  it will keep confidential and will cause its
                              employees, consultants, and Affiliates, to keep
                              confidential, all Confidential Information of the
                              other Party that is disclosed to it, or to any of
                              its employees or consultants, under or in
                              connection with this Agreement; and

                         (ii) neither it nor any of its respective employees,
                              consultants or Affiliates shall use Confidential
                              Information of the other Party for any purpose
                              whatsoever, except as expressly permitted in this
                              Agreement.

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            (b)   Notwithstanding subsection (a) above:

                         (i)  either Party may disclose the other Party's
                         Confidential Information to the extent reasonably
                         necessary in prosecuting or defending litigation,
                         complying with applicable governmental regulations or
                         court orders or otherwise submitting information to tax
                         or other governmental authorities; provided that, if a
                         Party is required to make any such disclosure of the
                         other Party's Confidential Information, it will give
                         reasonable advance notice to the other Party of such
                         disclosure and will use reasonable efforts to secure
                         confidential treatment of such Confidential Information
                         (whether through protective orders or otherwise); and

                         (ii) the Parties will reasonably cooperate with each
                         other in the making of reasonable disclosures of
                         Confidential Information to actual and potential
                         agents, investment bankers, investors and potential
                         investors of each Party; provided, however, that such
                         disclosures shall be critically required for an
                         investment objective, notice shall be provided to the
                         Party who owns the Confidential Information to protect
                         its rights, and only be made under the terms of a
                         confidentiality agreement providing protections no less
                         stringent than those contained herein.

     6.1.2  Restricted Access.
            -----------------

            (a)  Disclosure of a Party's Confidential Information to any of the
                 officers, employees, consultants or agents of the other Party
                 shall be made only if and to the extent necessary to carry out
                 rights and responsibilities under this Agreement, shall be
                 limited to the maximum extent possible, consistent with such
                 rights and responsibilities, and shall only be made to persons
                 who are bound to maintain the confidentiality thereof and not
                 to use such Confidential Information except as expressly
                 permitted by this Agreement. If DOW discloses any DIVERSA
                 Confidential Information to [*****], it shall do so under these
                 same terms and conditions of this Section 6.1.2.

            (b)  Each Party shall use at least the same standard of care, but no
                 less than a reasonable standard of care for this industry, as
                 it uses to protect its own Confidential Information to ensure
                 that its [*****], employees, agents, consultants and other
                 representatives do not disclose or make any unauthorized use of
                 Confidential Information of the other Party. Each Party shall
                 promptly notify the other Party of any unauthorized use or
                 disclosure of Confidential Information of the other Party.

            (c)  Within [*****] days following termination or expiration of this
                 Agreement, each Party will return to the other Party, or
                 destroy, upon the written request of the other Party, all
                 Confidential

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<PAGE>

                 Information disclosed to it by the other Party pursuant to this
                 Agreement, including all copies and extracts of documents;
                 provided that a Party may retain Confidential Information of
                 the other Party relating to any license or right to use
                 Intellectual Property that survives such termination and one
                 copy of all other Confidential Information may be retained in
                 confidential and inactive archives solely for the purpose of
                 establishing the contents thereof and to determine the
                 continuing obligations of each Party.

     6.1.3  Employee Confidentiality Agreements.
            -----------------------------------

            DIVERSA and DOW each represent that all of its employees and any
            consultants to such Party participating in the R&D Program or who
            shall otherwise have access to Confidential Information of the other
            Party are bound by written agreements to maintain such information
            in confidence and not to use such information except as expressly
            permitted herein. Each Party agrees to [*****] by which its
            employees and consultants are bound.

6.2  Publicity.
     ---------

     Except as expressly provided herein, neither Party may disclose the
     existence or terms of this Agreement without the prior written consent of
     the other Party; provided, however, that either Party may make such
     disclosure to the extent required by law and that either Party may make a
     disclosure of the existence of this Agreement to its attorneys, advisers,
     investors, prospective investors, lenders and other financing sources,
     under circumstances that reasonably ensure the confidentiality thereof.

     Notwithstanding the foregoing, the Parties shall mutually agree upon a
     press release to announce the execution of this Agreement, together with a
     corresponding Q&A outline for use in responding to inquiries about the
     Agreement; thereafter, DOW and DIVERSA may each disclose to Third Parties
     the information contained in such press release and Q&A outline without the
     need for further approval by the other Party. In no event shall the
     financial terms of this Agreement be publicly disclosed, except to the
     extent required by any Securities and Exchange Commission filings or
     regulations, but all financial terms must be redacted prior to submission.
     In addition, DIVERSA may (i) make public statements regarding Licensed
     [*****] by announcing in general terms the achievement of milestones,
     following consultation with DOW and with the prior written consent of DOW,
     and (ii) without the prior consent of DOW, make public statements, without
     identifying DOW, regarding the overall success rate(s) achieved by and/or
     for its customers with the use of its technology, including a general
     description of activities undertaken in connection with the R&D Program,
     and success of such activities. DOW is free to make public statements,
     press releases, and the like, with respect to Licensed [*****].

6.3  Publication.
     -----------

     A Party wishing to publish or otherwise publicly disclose its Research
     [*****] shall first submit a draft of the proposed manuscripts
     simultaneously to all members of the RMC

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<PAGE>

     for review by the other Party at least [*****] days prior to any submission
     for publication or other public disclosure. To avoid loss of patent rights
     as a result of premature public disclosure of patentable information, the
     reviewing Party shall notify the submitting Party in writing within [*****]
     days after receipt of such proposed disclosure whether the reviewing Party
     desires that a patent application be filed on any invention disclosed in
     such proposed disclosure. In the event that the reviewing Party desires
     such filing, the submitting Party shall withhold publication or disclosure
     of such proposed disclosure until the earlier of (i) the date a patent
     application is filed thereon, or (ii) the date the Parties determine after
     consultation that no patentable invention exists, or (iii) [*****] days
     after receipt by the submitting Party of the reviewing Party's written
     notice of the reviewing Party's desire to file such patent application. If
     the proposed disclosure contains Confidential Information of the reviewing
     Party that is subject to nondisclosure obligations under this Article 6,
     the submitting Party agrees to remove such Confidential Information upon
     request of the reviewing Party.

Article 7.  INTELLECTUAL PROPERTY RIGHTS

7.1  Disclosure of Inventions.
     ------------------------

     Each Party shall promptly inform the RMC of all Research [*****] relevant
     to the progress of each [*****] Plan towards its pre-agreed goals, in
     accordance with a procedure established by the RMC.

7.2  Ownership.
     ---------

     All intellectual property rights, which are in possession of either Party
     as of the Effective Date, shall remain in the possession of that Party.
     Ownership of inventions conceived of during the course of the collaboration
     in the Areas of Interest (the "Inventions") will be as follows:

     7.2.1  DIVERSA Intellectual Property Rights.
            ------------------------------------

            DIVERSA shall have sole and exclusive ownership of all right, title
            and interest on a worldwide basis in and to any DIVERSA Research
            Results.

     7.2.2  DOW Intellectual Property Rights.
            --------------------------------

            DOW shall have sole and exclusive ownership of all right, title and
            interest on a worldwide basis in and to any DOW Research Results.

     7.2.3  Joint Intellectual Property Rights.
            ----------------------------------

            DOW and DIVERSA shall jointly own all Joint Research Results.

     7.2.4  Inventions Relating to [*****] Enzymes or Licensed Products.
            -----------------------------------------------------------

            Notwithstanding the foregoing, (i) DIVERSA will own all Inventions
            relating to compositions of matter, uses or methods of, or otherwise
            involving, any [*****] Enzyme or [*****] except for Joint
            Intellectual Property

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            or [*****] supplied by DOW, and (ii) DOW will own all Inventions
            relating to compositions of matter, uses or methods of, or otherwise
            involving, products made by Licensed [*****] in the Areas of
            Interest. If the product made by the Licensed [*****] is within the
            Field but outside the Areas of Interest, then DOW shall have a right
            of first refusal for a reasonable time to obtain rights for that use
            under a separate license agreement.

7.3  Patent Coordinators.
     -------------------

     DIVERSA and DOW shall each appoint a patent coordinator ("Patent
     Coordinator") who shall serve as such Party's primary liaison with the
     other Party on matters relating to ownership of Inventions, inventorship,
     patent filing, prosecution, maintenance and enforcement.  Each Party may
     replace its Patent Coordinator at any time by notice in writing to the
     other Party.  The initial Patent Coordinator from DIVERSA is [*****] and
     from DOW is [*****].

7.4  Inventorship.
     ------------

     Except as specifically provided above, ownership of Inventions and
     inventorship shall be determined by the Patent Coordinators in accordance
     with United States patent law.  If the Patent Coordinators can not agree on
     inventorship or ownership of Inventions, then a neutral patent attorney
     acceptable to both Parties shall make the determination, with each Party
     [*****].

7.5  Deposits.
     --------

     Should deposits of the [*****] Enzyme or Licensed [*****] be desired by
     either Party to support the filing of a patent application, both Parties
     agree to cooperate to enable and obtain such deposit.  Ownership of and
     costs for the deposit shall be borne by the Party responsible in accordance
     with Article 8.

Article 8.  PROVISIONS CONCERNING THE FILING, PROSECUTION AND MAINTENANCE OF
            PATENT RIGHTS

     The following provisions relate to the filing, prosecution and maintenance
of Patent Rights claiming Inventions.

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8.1  Filing and Prosecution of Patents.
     ---------------------------------

     8.1.1  Primary Responsibilities.
            ------------------------

            In consultation with the Patent Coordinators, the RMC will
            coordinate the determination of what patents will be filed on
            Research [*****]. Unless the RMC agrees otherwise in writing, the
            Parties shall have the following responsibilities for patent filing,
            prosecution and maintenance (including the defense of interferences,
            oppositions and similar proceedings) (collectively, "Patent
            Activities"):

            (a)  Royalty Bearing Products (as defined in the License Agreement).
                 --------------------------------------------------------------
                 DOW will be responsible, at its sole expense, for Patent
                 Activities with respect to Inventions made by DIVERSA or DOW or
                 Jointly Developed relating primarily to Royalty Bearing
                 Products and [*****] that use [*****] Enzymes and/or [*****]
                 Enzymes that make Royalty Bearing Products (as defined in the
                 License Agreement) in accordance with Section 7.2.4 (ii).

            (b)  Improved Enzymes.  DIVERSA will be responsible, at its sole
                 -----------------
                 expense, for Patent Activities with respect to Inventions made
                 by DIVERSA or DOW or Jointly Developed relating primarily to
                 [*****] Enzymes in accordance with Section 7.2.4 (i).

            (c)  All Other Inventions.  DOW will be responsible, at its sole
                 --------------------
                 expense, for Patent Activities with respect to Inventions made
                 solely by DOW not otherwise covered in Section 8.1.1 (a) and
                 (b). DIVERSA will be responsible, at its sole expense, for
                 Patent Activities with respect to Inventions made solely by
                 DIVERSA not otherwise covered in Section 8.1.1 (a) and (b). In
                 the case of Inventions Jointly Developed not otherwise covered
                 in Section 8.1.1, Patent Activities shall be conducted by
                 outside counsel, reasonably acceptable to both Parties, with
                 equal control and joint responsibility for costs incurred in
                 connection with the applicable Patent Activities.

     8.1.2  Cooperation.
            -----------

            In each case in Section 8.1.1 above, the Party responsible for
            Patent Activities for the applicable patent applications (the
            "Responsible Party") shall use reasonable efforts to obtain patent
            coverage that is as broad as possible to [*****] thereof. Each Party
            shall be kept informed of all substantive matters relating to the
            preparation and prosecution of all patent applications under the
            Joint Patent Rights.

8.2  Elective Termination of Rights.
     ------------------------------

     If at any time the Responsible Party does not wish to file any patent
     application or

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     wishes to discontinue the prosecution or maintenance of any Patent Rights
     claiming any [*****] Enzyme or Licensed [*****] filed in any country, it
     shall promptly give notice of such intention to the other Party. The latter
     shall have the right, [*****], to assume responsibility for
     the filing, prosecution or maintenance of any such Patent Rights on a
     country-by-country basis at its own expense, by giving notice to the
     Responsible Party of such intention within [*****] days. No assignment of
     Patent Rights shall occur to the other Party unless specifically agreed to
     under appropriate negotiated terms and conditions. In any such case, the
     Party declining such responsibilities shall not grant any Third Party a
     license under its interest in the applicable Patent Rights in the
     applicable country or countries and may not practice the applicable Patent
     Rights for any commercial use (but may practice, royalty free such Patent
     Rights for research use) without the prior written consent of the other
     Party. The other Party will bear the costs of Patent Activities with
     respect to all Patent Rights for which it has assumed responsibility
     pursuant to this Section 8.2.

Article 9.  LEGAL ACTION

9.1  Actual or Threatened Infringement.
     ---------------------------------

     9.1.1  Notice.
            ------

            In the event either Party becomes aware any where in the world of
            any actual or threatened commercially material infringement or
            unauthorized possession, knowledge or use of any Patent Rights
            (collectively, an "Infringement"), that Party shall, within 60 days,
            notify the other Party and provide it with all available details to
            the extent it is legally permitted to do so. The [*****].

     9.1.2  Primary Responsibility.
            ----------------------

            (a)  Notwithstanding the foregoing, if the Parties do not otherwise
                 agree on a course of action, DOW shall have primary
                 responsibility for the prosecution, prevention or termination
                 of any Infringement of DOW's Patent Rights hereunder, at DOW's
                 expense and with the sharing of recoveries as specified below.

            (b)  DIVERSA shall have primary responsibility for the prosecution,
                 prevention or termination of any Infringement of DIVERSA's
                 Patent Rights, at DIVERSA's expense and with the sharing of
                 recoveries as specified below.

            If either Party which has primary responsibility as described in (a)
            or (b) above determines that it is necessary or desirable for the
            other Party to join any such suit, action or proceeding, the other
            Party shall execute all papers and perform such other acts as may be
            reasonably required in the circumstances, at the

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            expense of the Party which has primary responsibility.

     9.1.3  Jointly-Owned Patents.
            ---------------------

            In the event of an Infringement of Joint Patent Rights, the Parties
            shall agree which Party will have the rights and responsibilities of
            abating such Infringement, and how the expenses and any recovery
            thereof shall be shared. In this event, the responsible Party shall
            [*****], and shall keep the other Party fully informed as to the
            status of such matters. In the event only one Party wishes to pursue
            such proceeding, it shall have the right to proceed alone, at its
            expense, and may retain any recovery, and the other Party agrees, at
            the request and expense of the Party initiating such action, to
            cooperate and join in any proceedings in the event that a Third
            Party asserts that the co-owner of such Joint Invention is necessary
            or indispensable to such proceedings.

     9.1.4  Costs.
            -----

            DOW shall bear the cost of any proceeding or suit under this Section
            9.1 brought by DOW; DIVERSA shall bear the cost of any such
            proceeding or suit brought by DIVERSA. In each such case, the
            Responsible Party shall have the right first to [*****] in such suit
            or in [*****] incurred by such Party, including [*****]. The
            remainder shall [*****] so incurred. Any remaining amounts or any
            non-monetary recovery shall be kept by the Responsible Party. If the
            suit results in damages being owed to a Third Party, then the
            Responsible Party [*****], except if the suit is based on Joint
            Patent Rights and both Parties are actively involved, then the costs
            and damages are to [*****].

     9.1.5  Separate Counsel.
            ----------------

            Each Party shall always have the right to be represented by counsel
            of its own selection and at its own expense in any suit instituted
            under this Section 9.1 by the other Party for an Infringement.

     9.1.6  Standing.
            --------

            If either Party lacks standing and the other Party has standing to
            bring any such suit, action or proceeding as specified above, then
            the Responsible Party may request the other Party to do so at the
            Responsible Party's expense. The Party with standing is under no
            obligation to comply with such request, but rather is free to refuse
            such request.

     9.1.7  Cooperation.
            -----------

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<PAGE>

            In any action under this Section 9.1, each Party shall fully
            cooperate with and assist the other Party as reasonably requested.
            No suit regarding DIVERSA Intellectual Property or Joint
            Intellectual Property may be settled by DOW without DIVERSA's prior
            written consent. No suit regarding DOW Intellectual Property or
            Joint Intellectual Property may be settled by DIVERSA without DOW's
            prior written consent.

9.2  Defense of Claims Asserted by Third Parties Against DOW.
     -------------------------------------------------------

     DOW shall indemnify DIVERSA for the development, manufacture, use,
     handling, storage, sale or other disposition of Licensed [*****] or
     Research [*****] by DOW or its Affiliates during the Agreement Term.

9.3. Defense of Claims Asserted by Third Parties Against DIVERSA.
     -----------------------------------------------------------

     DIVERSA shall indemnify DOW for the development, manufacture, use,
     handling, storage, sale or other disposition of [*****] Enzyme or Research
     [*****] by DIVERSA or its Affiliates during the Agreement Term.

9.4  Notice.
     ------
     DOW or DIVERSA shall notify the other in accord with Section 14.1 of any
     suits or claims or proceedings brought against it under Section 9.2 or 9.3,
     respectively.

Article 10.  TERMINATION AND DISENGAGEMENT

10.1 Term.
     ----

     This Agreement shall be effective as of the Effective Date and, unless
     otherwise terminated earlier pursuant to this Agreement, shall continue in
     full force and effect until the end of the Agreement Term.  Nevertheless,
     this Agreement may be terminated at any time upon mutual written agreement
     of the Parties, provided that DOW pays any actual costs to DIVERSA done
     under the [*****] Plans until the date of termination.

10.2 Material Breach.  In the event either Party has materially breached or
     ---------------
     defaulted in the performance of any of its obligations hereunder, the
     nonbreaching Party may terminate this Agreement. A material breach of this
     Agreement by a Party shall be deemed to have occurred:

          (a)  upon the failure of a Party to pay, when due, any amount due
               hereunder to the other Party, if such Party has not paid the
               amount due within [*****] days after receiving notice from the
               non-breaching Party of such failure to pay; or

          (b)  upon breach of any other material obligation or condition by a
               Party, if such Party has not cured such breach within [*****]
               days after receiving written notice from the nonbreaching Party
               of such breach. For this purpose a breach of a material
               obligation must result from a failure to meet that Party's
               representations,

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             warrantees, covenants or performance under the [*****] Plan.

10.3 Bankruptcy.
     ----------

     10.3.1  If either Party (the "Insolvent Party") files for protection under
             bankruptcy laws, makes an assignment for the benefit of creditors,
             appoints or suffers appointment of a receiver or trustee over its
             property, files a voluntary petition under any bankruptcy or
             insolvency act or has any such petition filed against it which is
             not discharged within [*****] days of the filing thereof, then the
             other Party may, at its sole election upon notice to the Insolvent
             Party, terminate this Agreement by written notice to such Party.

     10.3.2  All rights and licenses granted under or pursuant to this Agreement
             shall be deemed to be, for purposes of Section 365(n) of the U.S.
             Bankruptcy Code, licenses or rights to "intellectual property" as
             defined under Section 101(52) of the U.S. Bankruptcy Code. The
             Parties agree that each Party, as a licensee of such rights under
             this Agreement, shall retain and may fully exercise all of its
             rights and elections under the U.S. Bankruptcy Code, subject to
             performance by the licensee of its preexisting obligations under
             this Agreement.

10.4 Termination by DOW.
     ------------------

     DOW may terminate this Agreement upon 180 days prior written notice to
     DIVERSA; provided, however, that DOW shall pay to DIVERSA (i) [*****] upon
     termination of this Agreement during the [*****] following the Effective
     Date, and (ii) [*****] upon termination of this Agreement during the
     [*****] following the Effective Date. DOW may immediately terminate this
     Agreement in accord with Section 3.3.2 by providing 30 days written
     notice to DIVERSA and providing payment of any remaining technology
     development fees of Section 4.1 (but no payment of any remaining FTE fees
     under Section 4.4). Notwithstanding the foregoing, DIVERSA will not refund
     DOW any portion of any payments made under Section 4.4.

10.5 Effect of Termination; Accrued Obligations.
     ------------------------------------------

     10.5.1  Accrued Obligations.
             -------------------

             Termination of this Agreement for any reason shall not release any
             Party hereto from any liability which, at the time of such
             termination, has already accrued to the other Party or which is
             attributable to a period prior to such termination, nor preclude
             either Party from pursuing any rights and remedies it may have
             hereunder or at law or in equity which accrued or are based upon
             any event occurring prior to such termination.

     10.5.2  Licenses.
             --------

             (i) In the event that DOW terminates this Agreement to DIVERSA,
             pursuant to Section 10.2, then the R&D Program shall immediately
             terminate and all

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             payments due by DOW to DIVERSA shall immediately terminate. This
             Agreement relates to research rights only and all commercial rights
             are stated in the License Agreement and are not affected hereby.

       (ii)  In the event DOW terminates the Agreement pursuant to Section 10.
             3.1, the licenses granted to DIVERSA in Article 3 shall terminate.

       (iii) In the event DIVERSA terminates the Agreement pursuant to Section
             10.3.1, the licenses granted to DOW in Article 3 shall terminate.

10.6 Surviving Provisions.
     --------------------

     Articles 12, 13 and 14 and Sections 6.1, 6.2, 7.2, 7.5, 10.5, 11.1.4 and
     11.1.5 of this Agreement shall survive the expiration or termination of
     this Agreement for any reason.

Article 11.  REPRESENTATIONS AND WARRANTIES

11.1 Mutual Representations.
     ----------------------

     DIVERSA and DOW each represents and warrants as follows:

     11.1.1  Organization.
             ------------

             It is a corporation duly organized, validly existing and is in good
             standing under the laws of the jurisdiction of its incorporation,
             is qualified to do business and in good standing as a foreign
             corporation in each jurisdiction in which the performance of its
             obligations hereunder requires such qualification and has all
             requisite power and authority, corporate or otherwise, to conduct
             its business as now being conducted, to own, lease and operate its
             properties and to execute, deliver and perform this Agreement.

     11.1.2  Authorization.
             -------------

             The execution, delivery and performance by it of this Agreement
             have been duly authorized by all necessary corporate action and do
             not and will not: (a) require any consent or approval of its
             stockholders or (b) violate any provision of any law, rule,
             regulation, order, writ, judgment, injunction, decree,
             determination or award presently in effect having applicability to
             it or any provision of its charter documents.

     11.1.3  Binding Agreement.
             -----------------

             This Agreement is a legal, valid and binding obligation of it,
             enforceable against it in accordance with its terms and conditions.

     11.1.4  Warranty Disclaimer.
             -------------------

             The Parties acknowledge that the research activities contemplated
             hereunder are experimental, and that the R&D Program may not be
             successful. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS
             AGREEMENT, NEITHER

                                      32
<PAGE>

             PARTY MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR
             IMPLIED, WITH RESPECT TO ANY CONFIDENTIAL INFORMATION, PATENT
             RIGHTS, KNOW-HOW, [*****] ENZYMES, LICENSED [*****], OR OTHER
             TECHNOLOGY, GOODS, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF THIS
             AGREEMENT AND HEREBY DISCLAIMS ANY WARRANTY OF MERCHANTABILITY,
             FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR VALIDITY OF
             TECHNOLOGY OR PATENT CLAIMS, ISSUED OR PENDING, WITH RESPECT TO ANY
             AND ALL OF THE FOREGOING.

     11.1.5  Limited Liability.
             -----------------

             EXCEPT AS EXPRESSLY PROVIDED HEREIN, NEITHER DIVERSA NOR DOW WILL
             BE LIABLE TO THE OTHER PARTY WITH RESPECT TO ANY SUBJECT MATTER OF
             THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR
             OTHER LEGAL OR EQUITABLE THEORY FOR (i) ANY SPECIAL, INDIRECT,
             INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS OR
             (ii) COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY OR
             SERVICES.

Article 12.  INDEMNIFICATION

12.1 Indemnification.
     ----------------

     Neither Party shall indemnify the other Party nor its Affiliates, or
     respective officers, directors, employees and agents and its respective
     successors, heirs and assigns ("Indemnitees") except for Sections 9.2 and
     9.3, its respective gross negligence, or failure to perform using its
     reasonable best efforts under the [*****] Plans.  This paragraph does not
     limit either Party's other remedies available to it under the laws.

12.2 Procedure.
     ---------

     A Party that intends to claim indemnification under this Article 12 (the
     "Indemnitee") shall promptly notify the other Party (the "Indemnitor") in
     writing of any loss, claim, damage, liability or action in respect of which
     the Indemnitee or any of its Affiliates or their directors, officers,
     employees, agents, consultants or counsel intend to claim such
     indemnification, and the Indemnitor shall have the right to participate in,
     and, to the extent the Indemnitor so desires, to assume the defense thereof
     with counsel of its own choice.

     The indemnity agreement in this Article 12 shall not apply to amounts paid
     in settlement of any loss, claim, damage, liability or action if such
     settlement is made without the consent of the Indemnitor, which consent
     shall not be withheld unreasonably.  The failure to deliver written notice
     to the Indemnitor within a reasonable time after the commencement of any
     such action, if prejudicial to its ability

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     to defend such action, shall relieve such Indemnitor of any liability to
     the Indemnitee under this Article 12.

     At the Indemnitor's request, the Indemnitee under this Article 12, and its
     employees and agents, shall cooperate fully with the Indemnitor and its
     legal representatives in the investigation and defense of any action, claim
     or liability covered by this indemnification and provide full information
     with respect thereto.

Article 13.  DISPUTE RESOLUTION

13.1 Informal Dispute Resolution.
     ---------------------------

     13.1.1  Senior Officials.
             ----------------

             The Parties recognize that a bona fide dispute as to certain
             matters may from time to time arise during the Agreement Term,
             which relates to either Party's rights or obligations hereunder. In
             the event of the occurrence of such a dispute, either Party may, by
             written notice to the other Party, have such dispute referred to
             the [*****] of DIVERSA and the [*****] of DOW, or their successors
             or counterparts, for resolution by good faith negotiations within
             [*****] days after such notice is received at a [*****].

     13.1.2  Interim Conduct.
             ---------------

             If the Parties are unable to reach agreement with respect to a
             [*****] Plan pursuant to Section 13.1.1, then such dispute shall be
             resolved as described in Section 13.2 below.

13.2 Arbitration.
     -----------

     Any dispute under this Agreement, except one that arises with respect to
     determination of Research [*****] or Research [*****], which is not settled
     by mutual consent pursuant to Section 13.1, shall be finally settled by
     binding arbitration, conducted in accordance with the Commercial
     Arbitration Rules of the American Arbitration Association (or such rules as
     are appropriate to the dispute) by three independent, neutral arbitrators
     having at least 15 years of experience in the areas of the contested issues
     and appointed in accordance with said rules. The procedures or rules for
     the arbitration may be modified by mutual consent of the Parties, including
     having mediation rather than an arbitration conducted. Any arbitration
     shall be in English held in [*****]. The arbitrators shall determine what
     discovery shall be permitted, consistent with the goal of limiting the cost
     and time that the Parties must expend for discovery; provided, however,
     that the arbitrators shall permit such discovery, as they deem necessary to
     permit an equitable resolution of the dispute. Any written evidence
     originally in a language other than English shall be submitted in English
     translation accompanied by the original or a true copy thereof. Except as
     otherwise expressly

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     provided in this Agreement, the costs of the arbitration, including
     administrative and arbitrator fees, shall be [*****] by the Parties and
     each Party shall bear its own costs and attorneys' and witness' fees
     incurred in connection with the arbitration.

     A disputed performance or suspended performance(s) pending the resolution
     of the arbitration must be completed within a reasonable time period
     following the final decision of the arbitrators.

     Any arbitration subject to this Article 13 shall be completed within
     [*****] from the filing of notice of a request for such arbitration and a
     written decision with reasons therefore provided to the Parties. Any
     decision shall be deemed confidential and not disclosed to any Third Party.
     Should a Party believe that reporting the decision is required by
     governmental regulation, then the Parties shall mutually agree as to the
     content of such report.

     Any decision which requires a monetary payment shall require such payment
     to be payable in United States dollars, free of any tax or other deduction.

     The Parties agree that the decision shall be the sole, exclusive and
     binding remedy between them regarding any and all disputes, controversies,
     claims and counterclaims presented to the arbitrators.  If a decision is
     not complied with by a Party, then any award or decision may be entered in
     a court of competent jurisdiction for a judicial recognition of the
     decision and an order of enforcement.

Article 14.  MISCELLANEOUS

14.1 Notices.
     -------

     All notices (including, but not limited to, legal matters and copies of the
     signed RMC minutes) shall be in writing mailed via certified mail, return
     receipt requested, or overnight express mail, courier providing evidence of
     delivery, addressed as follows, or to such other address as may be
     designated by notice so given from time to time:

                 If to DOW:               THE DOW CHEMICAL COMPANY
                                          [*****]

                 If to DIVERSA:           DIVERSA CORPORATION
                                          10665 Sorrento Valley Road
                                          San Diego, California   92121
                                          Attention:  Chief Executive Officer
     Notices shall be deemed given as of the date received.

     If the notice relates to scientific matters, such as the RMC, a [*****]
     Plan, a Research [*****], or a Research [*****], the notice for the Parties
     is to be supplied and received in the manner described above but sent to:

                                      35      * Confidential Treatment Requested
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                 If to DOW:               THE DOW CHEMICAL COMPANY
                                          [*****]

                 If to DIVERSA:           DIVERSA CORPORATION.
                                          10665 Sorrento Valley Road
                                          San Diego, California 92121
                                          Attention:  Jay M. Short, Ph.D.

                                      36      * Confidential Treatment Requested
<PAGE>

14.2 Governing Law and Jurisdiction.
     -------------------------------

     This Agreement shall be governed by and construed in accordance with the
     laws of the State of Delaware, without regard to the application of
     principles of conflicts of law.

14.3 Binding Effect.
     --------------

     This Agreement shall be binding upon and inure to the benefit of the
     Parties and their respective legal representatives, successors and
     permitted assigns.

14.4 Headings.
     --------

     Section and subsection headings are inserted for convenience of reference
     only and do not form a part of this Agreement.

14.5 Counterparts.
     ------------

     This Agreement may be executed simultaneously in two or more counterparts,
     each of which shall be deemed an original.

14.6 Amendment; Waiver.
     -----------------

     This Agreement may be amended, modified, superseded or canceled, and any of
     the terms may be waived, only by a written instrument executed by each
     Party or, in the case of waiver, by the Party or Parties waiving
     compliance. Nevertheless, Appendices [*****] may be amended by the
     signatures of the co-chairs of the RMC to a revised Appendix, which must
     then be supplied to the persons for notice under Section 14.1, and
     Appendices [*****] may be amended by the signatures of both Patent
     Coordinators listed in Section 7.3. The delay or failure of any Party at
     any time or times to require performance of any provisions shall in no
     manner affect the rights at a later time to enforce the same. No waiver by
     any Party of any condition or of the breach of any term contained in this
     Agreement, whether by conduct, or otherwise, in any one or more instances,
     shall be deemed to be, or considered as, a further or continuing waiver of
     any such condition or of the breach of such term or any other term of this
     Agreement.

14.7 No Agency or Partnership.
     ------------------------

     Nothing contained in this Agreement shall give either Party the right to
     bind the other Party, or be deemed to constitute either Party as an agent
     for the other Party or as a partner with the other Party or any Third
     Party.

14.8 Assignment and Successors.
     -------------------------

     Except as expressly provided herein, this Agreement may not be assigned by
     either Party without the prior written consent of the other Party, except
     that each Party may, without such consent, assign this Agreement and the
     rights, obligations and interests of such Party, in whole or in part, to
     any

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       purchaser or other transferee of all or substantially all of its assets
       in the line of business to which this Agreement pertains, or to any
       successor corporation resulting from any merger or consolidation of such
       Party with or into another entity, subject, however, in the case of
       DIVERSA to the restriction set forth in Section 3.3.2. In the event of
       any merger or consolidation by a Party into another entity, such Party
       shall promptly notify the other Party in writing of such merger or
       consolidation and the obligations under this Agreement shall be
       maintained and performed by the successor entity unless modified in
       accord with Section 14.6.

14.9   Force Majeure.
       -------------

       Neither DOW nor DIVERSA shall be liable to the other Party for failure of
       or delay in performing obligations set forth in this Agreement, and
       neither shall be deemed in breach of its obligations, if such failure or
       delay is due to natural disasters or any other cause beyond the
       reasonable control of a Party, and notice of such prevention of
       performance is promptly provided by the non-performing Party to the other
       Party. Such excuse shall be continued so long as the condition
       constituting force majeure continues and the non-performing Party takes
       reasonable efforts to remove the condition. In event of such force
       majeure, the Party affected thereby shall use reasonable efforts to cure
       or overcome the same and resume performance of its obligations hereunder.

14.10  Interpretation.
       --------------

       The Parties hereto acknowledge and agree that: (i) each Party and its
       counsel reviewed and negotiated the terms and provisions of this
       Agreement and have contributed to its revision; (ii) the rule of
       construction to the effect that any ambiguities are resolved against the
       drafting Party shall not be employed in the interpretation of this
       Agreement; and (iii) the terms and provisions of this Agreement shall be
       construed fairly as to all Parties hereto and not in a favor of or
       against any Party, regardless of which Party was generally responsible
       for the preparation of this Agreement.

14.11  Integration: Severability.
       -------------------------

       This Agreement (including the Exhibits attached hereto) together with the
       License Agreement sets forth all of the agreements and understandings
       between the Parties with respect to the subject matter hereof and
       supersedes all other agreements and understandings between the Parties
       with respect to the same.

       If any provision of this Agreement is or becomes invalid or is ruled
       invalid by any court of competent jurisdiction or is deemed
       unenforceable, it is the intention of the Parties that the remainder of
       this Agreement shall not be affected. If possible, the invalid provision
       shall be replaced with a valid provision, which meets the intent of the
       Parties.

14.12  Approvals.
       ---------

       DOW shall be responsible, at its expense, for obtaining any approvals
       from governmental entities which may be required under applicable law for
       the development of Research [*****] or Licensed [*****], and shall use
       its best efforts to obtain all necessary

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       approvals as soon as reasonable. DIVERSA shall be responsible, at its
       expense, for obtaining any approvals from governmental entities which may
       be required under applicable law for the shipment of [*****] Enzymes to
       DOW to perform its obligations under the R&D Program.

14.13  Export Controls.
       ---------------

       This Agreement is made subject to any restrictions concerning the export
       of Licensed [*****], Research [*****], Research [*****] or Intellectual
       Property (collectively, "Technology") from the United States that may be
       imposed upon either Party from time to time by laws or regulations of the
       United States. Neither Party will export, directly or indirectly, any
       Technology to any country for which the United States government or any
       agency thereof at the time of export requires an export license or other
       governmental approval, without first obtaining the written consent to do
       so from the Department of Commerce, Bureau of Export Administration, or
       other agency of the United States government when required by applicable
       statute or regulation.

       IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
in duplicate as of the last signature date below, by their duly authorized
representatives. This Agreement is intended to be signed concurrently with the
License Agreement and shall not be effective until the License Agreement has
also been executed by both Parties.

                                         THE DOW CHEMICAL COMPANY

Date:______________________________      By:_________________________________
                                                Fernand Kaufmann
                                                Vice President
                                                New Businesses and Strategic
                                                Development

                                         DIVERSA CORPORATION

Date:_______________________________     By:_________________________________
                                                Jay M. Short, Ph.D.
                                                Chief Executive Officer

13 Appendix Enc.:
Appendix A-1:     [*****]
Appendix A-2:     [*****]
Appendix A-3:     [*****]
Appendix B-1:     [*****]
Appendix B-2:     [*****]
Appendix B-3:     [*****]
                  [*****]

                                      39      * Confidential Treatment Requested
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Appendix B-4:  [*****]

Appendix C:    [*****]
Appendix D:    [*****]
Appendix E:    [*****]
Appendix F:    [*****]
Appendix G:    [*****]
Appendix H:    [*****]

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<PAGE>

                               APPENDIX [*****]

               RESEARCH [*****] AND/OR RESEARCH [*****]

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                                 [*****] PLANS

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                                RMC MEMBERSHIP

                                              * Confidential Treatment Requested

<PAGE>

                                 APPENDIX A-3

                                RMC MEMBERSHIP

The following employees of DIVERSA will represent DIVERSA as the company's
initial RMC members:

[*****]

[*****]

[*****]

The following employees of DOW will represent DOW as the company's initial RMC
members:

[*****]

[*****]

[*****]

[*****]
                                              * Confidential Treatment Requested
<PAGE>

                               APPENDIX [*****]

        PATENT RIGHTS DURING THE AGREEMENT TERM UNDER THE [*****] PLANS

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                      DIVERSA PATENT RIGHTS WHICH [*****]

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

      PATENT RIGHTS DIRECTED TO [*****] RESEARCH [*****] AND/OR RESEARCH
                                    [*****]

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

        SPECIFIC [*****] DIVERSA PATENT RIGHTS USED TO [*****] ENZYMES

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                                    [*****]

<TABLE>
<CAPTION>
                  Title/Subject                       Filing Date            Serial No.
------------------------------------------------------------------------------------------
<S>                                                   <C>                    <C>
[*****]

</TABLE>

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                                    [*****]

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                                    [*****]

[*****].

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                               LICENSE AGREEMENT

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                            [*****] PLAN PROCEDURES

                                              * Confidential Treatment Requested

<PAGE>

                                  APPENDIX E

                                    [*****]

[*****]

I.   [*****]

[*****]

  1. [*****];

  2. [*****]; and

  3. [*****].

II.  [*****]

[*****]:

  1. [*****];

  2. [*****];

  3. [*****];

  4. [*****]; and

  5. [*****].

III. [*****]

[*****]:

  1. [*****]; and

  2. [*****].

IV.  [*****]

                                              * Confidential Treatment Requested

<PAGE>

[*****].

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                          MATERIAL TRANSFER AGREEMENT

                                              * Confidential Treatment Requested

<PAGE>

                                   APPENDIX F

                          MATERIAL TRANSFER AGREEMENT

Effective as of                 , (the "Effective Date") this Agreement ("MTA")
is made and entered into by and between Diversa Corporation, a Delaware
corporation with headquarters at 10665 Sorrento Valley Road, San Diego, CA 92121
(hereinafter "DIVERSA") and The Dow Chemical Company, a Delaware corporation
with headquarters at 2030 Dow Center, Midland, Michigan 48674 (hereinafter
"DOW"), collectively known as "The Parties".

WHEREAS, DIVERSA will provide DOW with certain proprietary genes as set forth
below and hereinafter referred to as "Material" pursuant to the terms and
conditions of this Agreement; and

     WHEREAS, DOW desires to use the Material for purposes of research to be
conducted under the Collaborative Research Agreement between the Parties dated
July 22, 1999 (the "Agreement") and is willing to receive the Material pursuant
to the terms and conditions of this MTA.

NOW THEREFORE, in consideration of the mutual promises and covenants herein
contained, the Parties mutually agree to the following terms:

1.  DIVERSA will provide to DOW the following Material: [TO BE DETERMINED]

2.  DOW agrees that the Material shall be used solely for the purpose research
    under the Agreement and shall not be used for any other purpose whatsoever.

3.  The Material delivered hereby is experimental in nature. DIVERSA MAKES NO
    WARRANTIES, EXPRESS OR IMPLIED INCLUDING ANY WARRANTY OF MERCHANTABILITY OR
    FITNESS FOR A PARTICULAR PURPOSE.

4.  Information transferred under this MTA, including but not limited to the
    Material and all information related to the Material, shall be "Confidential
    Information". DOW shall not disclose to third parties any Confidential
    Information received from DIVERSA hereunder, provided, however, that DOW
    shall have no obligations to DIVERSA with respect to the use, or disclosure
    to others not party to this Agreement of such information which;

    a)  prior to disclosure was known to or in the possession of DOW as
        evidenced by its written records; or
    b)  is or becomes publicly known during the term of this MTA, other than
        through a breach of DOW's obligations hereunder; or
    c)  is received from a third party having no obligations of confidentiality
        to DIVERSA hereunder; or

                                              * Confidential Treatment Requested

<PAGE>

      d)    is developed by DOW independently of any disclosures made under this
MTA as evidenced by its written records; or
      e)    is required by law or bona fide legal process to be disclosed
provided that DOW takes all reasonable notice to DIVERSA or
      f)    is authorized to be released in written release by DIVERSA.

5.  DOW shall not modify the Materials in any way reverse engineer the Material
use the Materials for reproduction, offer the Materials or any derivative
thereof for resale, or use the Materials in any form of human or animal testing
except as provided in the Agreement.

6.  DOW agrees that the Material method of using the Material or any other
material that could not have been made but for the Material, shall not be sold
or otherwise transferred to any third party except as provided in the Agreement.

7.  In the event that DOW provides DIVERSA with DOW's Material all the
provisions above shall be construed to bind DIVERSA in the place of DOW in an
identical manner.  DIVERSA acknowledges that it has received Material from DOW
under another research agreement for use as a dehalogenase enzyme, which
Material may be used under this MTA for the present Agreement.

8.  This MTA and rights thereunder shall not be assigned or transferred directly
or indirectly in whole or in part by the Parties except as provided in the
Agreement.

9.  This MTA shall become effective beginning on the Effective Date and through
the term of the Agreement.

10.  This MTA may be terminated as set forth in the Agreement.

11.  The Parties represent and warrant that each has the authority to undertake
the obligations set forth in the MTA without breaching or violating any
contractual or statutory obligation owed to another.

12.  The provisions of this MTA are severable and in the event any provisions
of this MTA are determined to be held invalid or unenforceable under any
controlling body of law such invalidity or unenforceability shall not in any way
affect the validity and enforceability of the remaining provisions hereof.

13.  This MTA shall be construed in accordance with the laws of the State of
Delaware without regard to its conflict of laws principles.

After receipt of the executed Agreement, DIVERSA will arrange to provide DOW
with the materials.

IN WITNESS WHEREOF, the Parties have, through duly authorized representatives,
executed this MTA, effective as of the date forth above.

                                              * Confidential Treatment Requested

<PAGE>

THE DOW CHEMICAL COMPANY                DIVERSA CORPORATION

_________________________________       _________________________________

Name:____________________________       Name:____________________________

Title:___________________________       Title:___________________________

Date:____________________________       Date:____________________________
<PAGE>

                               APPENDIX [*****]

                               LICENSED [*****]

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                               RESEARCH [*****]

                                              * Confidential Treatment Requested

<PAGE>

                               APPENDIX [*****]

                               RESEARCH [*****]

                                              * Confidential Treatment RequestedINDEPENDENT ASSET MANAGEMENT CORP

            INCORPORATED UNDER THE LAWS OF THIS STATE OF NEVADA
        20,000,000 SHARES COMMON STOCK AUTHORIZED, $.001 PAR VALUE
THIS
CERTIFIES
THAT                                                   SEE REVERSE FOR
                                                       CERTAIN DEFINITIONS

IS THE OWNER OF

          FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF
                     INDEPENDENT ASSET MANAGEMENT CORP

     transferable on the books of the corporation in person or by duly
 authorized attorney upon surrender of this certificate properly endorsed.
This certificate and the shares represented hereby are subject to the laws
of this State of Nevada, and to the Certificate of Incorporation and Bylaws
  of the Corporation, as now hereafter amended.  This certificate is not
 valid unless countersigned by the Transfer Agent.  WITNESS the facsimile
seal of the Corporation and the signature of its duly authorized officers.

DATE

                     INDEPENDENT ASSET MANAGEMENT CORP
                              Corporate Seal
                                  Nevada
                                                  SECRETARY

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