Document:

Exhibit 10.1

 

[ENGLISH TRANSLATION] 

 

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

 

THIS SPECIFIC AGREEMENT is entered into by the Commission of the National Council for Scientific and Technological Research (Consejo Nacional de Investigaciones Cientificas y Técnicas, CONICET), hereupon represented by its President, Eduardo Charreau, domiciled at Rivadavia 1917, Capital Federal, hereinafter referred to as “CONICET”; Universidad Nacional del Litoral, hereupon represented by its Rector, Engineer Mario Domingo Barletta, domiciled at Bv. Pellegrini 2750, Santa Fe, hereinafter referred to as “THE UNL;” on the one hand, and on the other Bioceres Sociedad Anónima, hereupon represented by Engineer Gustavo Grobocopatel in his capacity of President, being its legal address Paraguay 777, 8th floor, office 4, Rosario, province of Santa Fe, hereinafter referred to as “THE COMPANY.”

 

BACKGROUND

 

FIRST:

 

The team jointly directed by PhD Raquel Chan and PhD Daniel H. González has developed certain findings which are useful for the future development of genetically modified drought-resistant plants.

 

SECOND:

 

The Parties desire to set forth the terms and conditions under which CONICET and THE UNL shall perform research work aimed at consolidating and contributing to the improvement of the findings made by PhD Chan and PhD González’s team, in order to develop genetically modified drought-resistant plants for commercial use.

 

	 

	 

  

THIRD:

 

The Company is interested in this development and desires to obtain an exclusive license to use the results of the development or exploit them commercially, whether the results turn out to be patentable or not.

 

FOURTH:

 

THE COMPANY has so far provided the funds, up to the amount of *** Argentine pesos (*** AR$), necessary to draft and file:

 

a) A patent application in Argentina, over the findings of the team jointly directed by PhD Raquel Chan and PhD Daniel H. González, File No. P030101532: “Gen de un factor de transcripción inducible por condiciones de estrés hίdrico y ácido abscίsico de Helianthus annuus, promoter y plantas transgénicas (Transcription factor gene induced by water deficit conditions and abscisic from Helianthus annuus, promoter and transgenic plants),” and

 

b) A patent application under the provisions of the Patent Cooperation Treaty (PCT), File No. 1422P-PCT: “Transcription factor gene induced by water deficit conditions and abscisic from Helianthus annuus, promoter and transgenic plants”, hereinafter referred to as “the PATENTS.”

 

NOW, THEREFORE, the Parties agree as follows:

 

PROVISIONS:

 

FIRST: PURPOSE

 

By virtue of this Agreement the COMPANY commissions CONICET and THE UNL the conduction of research related to the optimization of a system to obtain drought-resistant Arabidopsis thaliana plants using Genetic Engineering techniques that allow to properly express the sunflower hahb-4 gene, which is the subject of the PATENTS, hereinafter referred to as “THE PROJECT”.

 

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

 

	 

	 

 

THE PROJECT shall be carried out in accordance with the specifications set forth in the work plan as described in Exhibit I herein.

 

SECOND: PROJECT EXECUTING UNIT

 

The performance of the work undertaken by CONICET and THE UNIVERSITY shall be executed by a team of researchers, teachers, and interns of the Chair of Cellular and Molecular Biology (Cátedra de Biologίa Celular y Molecular) of the School of Biochemistry and Biological Sciences (Facultad de Bioquίmica y Ciencias Biológicas) of Universidad Nacional del Litoral.

 

THIRD: TECHNICAL DIRECTION

 

For the purpose of this Agreement, the Parties shall appoint technical directors to create permanent and effective channels of communications. CONICET and THE UNL appoint PhD Raquel Chan technical director. For its part, THE COMPANY appoints PhD Miguel Lucero.

 

FOURTH: OBLIGATIONS OF CONICET AND THE UNL 

 

The obligations of CONICET and THE UNL are as follows:

 

a) To perform the activities set forth in the work plan as described in Exhibit I herein.

 

b) To submit three (3) quarterly reports, which shall account for the advances achieved regarding the results, and a comprehensive final report indicating the results obtained. The report submission terms shall be calculated as of the date of execution of this Agreement.

 

	 

	 

 

c) To record research-related progress on signed and sealed books on a biweekly basis, according to what Parties agree.

 

FIFHT: OBLIGATIONS OF THE COMPANY

 

The obligations of THE COMPANY shall be as follows:

 

a) To monitor and follow up the performance of the activities specified in the first provision and in Exhibit I herein.

 

b) To provide the agreed upon funds according to the estimate specified in Exhibit II herein.

 

c) To pay “CONICET” and “THE UNIVERSITY” a percentage of the profits which may arise from trading technological development of plants with commercial interest, or from sublicensing and/or trading the results before obtaining drought-tolerant plants species of commercial interest.

 

d) To afford at its own cost all expenses related to patent application, prosecution and maintenance, including the assignment of rights and other expenditures incurred because of the PATENTS application, follow-up and advocacy on behalf of CONICET and THE UNL. It is up to THE COMPANY to decide in which countries the patent National stage under the terms of PCT shall be entered into, according to the potential market of each country.

 

SIXTH: DURATION AND TERMINATION.

 

This agreement shall be binding upon the Parties from the execution thereof; its validity term shall be twelve (12) months from the start-up date of the activities, except for the ninth to eleventh provisions, and the twentieth provision, which shall remain in full effect thereon.

 

Failure to comply with any of the obligations established herein by either of the parties shall entitle the non-defaulting party to terminate this agreement. To that end, the non-defaulting party shall demand the defaulting party by sufficient means to observe and perform any unfulfilled obligation arising from this agreement on its part to be observed or performed hereunder, under penalty of termination. Should the defaulting party fail to observe and perform such unfulfilled obligation within thirty (30) days after the receipt of written notice thereof from the non-defaulting party, the latter may terminate this agreement. In such case, the parties shall mutually decide the manner in which the work in progress is to be concluded. That being the case, CONICET and THE UNL shall provide THE COMPANY a report of the results obtained so far and the provisions hereto about the rights of invention, ownership and commercial exploitation shall remain in force.

 

	 

	 

 

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

 

SEVENTH: PRICE:

 

THE COMPANY shall pay for the project as described in Exhibit I herein the total sum of *** Argentine pesos (*** AR$.) Such payment shall be made as follows: Eleven consecutive installments of *** Argentine pesos (*** AR$.) on a monthly basis, after the execution thereof; and a final payment of *** Argentine pesos (*** AR$) for the twelfth month. All payments due under the terms of this agreement shall be made by deposit of immediately available funds to the bank designated by CONICET and THE UNL, as per agreed in the estimate attached hereto as Exhibit II.

 

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

 

	 

	 

 

EIGHT: FUND ADMINISTRATION

 

The Parties agree to commission the administration of the funds which constitute the price paid by THE COMPANY to THE UNL, as per the previous provision, which shall act as Unit of Technological Cooperation (Unidad de Vinculación Tecnológica.) Of such amount, THE UNL shall retain ***% as administration expenses, and shall transfer to CONICET, to a bank specific account, another ***% of such amount as an institutional contribution. THE UNL shall administer the remaining ***% of the funds provided by THE COMPANY according to the instructions of the project’s technical direction, which shall be in compliance with the terms and conditions herein. THE UNL shall provide notice to CONICET of such administration acts.

 

NINTH: INTELLECTUAL PROPERTY RIGHTS

 

All intellectual property rights related to the results obtained under this agreement, whether partial or final, shall be and remain the propriety of CONICET and THE UNIVERSITY, in equal shares. Patents already applied for and those to be applied for in the future, and any other kind of legal registration concerning the results obtained under this agreement, whether in Argentina or in any country, shall be and remain the propriety of CONICET and THE UNL. Neither CONICET, nor THE UNL, nor THE COMPANY, shall file or prosecute patent applications or any other intellectual or industrial property rights over the results obtained under this agreement, whether before Argentine or foreign authorities or entities. Notwithstanding the provisions above, both CONICET and THE UNIVERSITY shall acknowledge the right of the intervening teachers and researchers to be identified as inventors in the patents to be applied for.

 

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

 

	 

	 

 

TENTH: PATENT APPLICATION EXPENSES

 

All expenses related to the process of application, follow-up, procurement or maintenance of intellectual property rights related to pending patents, and all expenses related to any other patent applied for at the national stage of the Patent Cooperation Treaty (PCT), or any patents applied for over the results obtained from the project to be carried out under this agreement, shall be afforded by THE COMPANY at its own cost.

 

ELEVENTH: LICENSE - SHARE OF THE PROFITS

 

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

 

As a retribution for this license, THE COMPANY agrees to pay CONICET and THE UNL a percentage of the Net Profits earned from the trading of any product that contains or is manufactured as per the RESULTS and/or the PATENTS; or the Gross Profits earned from granting sublicenses to third parties. To that end, Net Profits shall mean and refer to Profits minus investment minus the expenses incurred.

 

TWELFTH: SHARE OF PROFITS ACCORDING TO TECHNOLOGICAL MILESTONES:

 

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

 

a) As regards profits arising from the trading of the technological development occurred before the end of stage 1 of the research project directed by PhD Raquel Chan under this agreement,***percent (***%) of THE COMPANY’s profits correspond to CONICET and THE UNL in equal shares, and *** percent (***%) to THE COMPANY.

 

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

 

	 

	 

 

b) As regards profits arising from the trading of the technological development occurred after the end of stage 2, that is, after the fulfillment of stage 1 and the transformation of crops of commercial interest, *** percent (***%) of THE COMPANY’s profits correspond to THE COMPANY and *** percent (***%) shall be distributed as follows: *** percent (***%) corresponds to CONICET and THE UNL in equal shares, and *** percent (***%) corresponds to the Institution that carries out the transformation of the crop of commercial interest.

 

c) As regards profits arising from the trading of the technological development occurred after the end of stage 3, that is, after the fulfillment of stages 1 and 2 and of the field trials, *** percent (***%) of THE COMPANY’s profits correspond to THE COMPANY and *** percent (***%) snail be distributed as follows: *** percent (***%) corresponds to CONICET and THE UNL in equal shares, *** percent (***%) corresponds to the institution that carries out the transformation of crop of commercial interest, and *** percent (***%) corresponds to the institution that practices the field trials.

 

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

 

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

 

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

 

	 

	 

 

The Institutions that may participate in the performance of stages 2 and 3 shall represent their knowledge and acceptance of the terms and conditions herein, especially as regards the percentages set forth in this provision.

 

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

 

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

 

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

 

FORTEENTH: REPORTS - TERMS - AUDITS

 

Whether THE COMPANY decides to grant sublicenses or to exploit the PATENTS and/or the RESULTS commercially, directly or through third parties, pursuant to the TWELFHT provision, CONICET and THE UNL shall be entitled to a share in the profits over the fixed sums collected, or over the sales volume in case of commercial exploitation, direct or through third parties, that shall be made effective within sixty (60) consecutive days after the expiration of each royalty period. Liquidations for CONICET and THE UNL shall be accompanied by a report of THE COMPANY indicating the way in which such payment was calculated. THE COMPANY agrees to keep updated and complete records of the sales of products that contain or are manufactured as per the PATENTS and/or RESULTS, whether such sales take place through third parties on behalf of THE COMPANY or by THE COMPANY itself. THE COMPANY shall allow CONICET, THE UNL, or a designated person, to audit its accounting records and to inspect the industrial plant and/or production sites of the products containing or manufactured as per the PATENTS and/or the RESULTS. The expenses arising from such audits shall be afforded solely by whoever performs them.

 

	 

	 

 

FIFTEENTH: FAILURE TO EXPLOIT THE RESULTS COMMERCIALLY

 

If THE COMPANY fails to commercially exploit or to sufficiently exploit the patents and/or the research results obtained under this agreement, at CONICET and THE UNL’s request, both Institutions may agree either to revoke the license, in which case THE COMPANY shall be entitled to recover the expenses incurred because of the RESULTS development, or to continue the joint ownership granting exploitation licenses over the PATENTS and/or RESULTS to other Companies. To that extent, insufficient exploitation shall be deemed to have occurred if the industrial and commercial implementation of a final product does not take place within twenty-four (24) months of the date in which such implementation could have begun. This term may be extended due to technical difficulties considered reasonable by CONICET, THE UNL and THE COMPANY’S technical directors, as well as due to delays beyond THE COMPANY and/or its sublicensees’ control related to the process of industrial plant and product approval by applicable authorities.

 

SIXTEENTH: CONFIDENTIALITY

 

The Parties hereto agree to preserve the confidentiality of the information which comes to their knowledge because of the PROJECT under this agreement, which shall not be disclosed to, used or acquired by third parties without the proprietary party’s consent. This obligation of confidence shall remain in full force even in the event of termination of this agreement.

 

	 

	 

 

Additionally, CONICET, THE UNL and THE COMPANY agree to preserve the confidentiality of the research performed under this Agreement. To that end, each Party shall take the necessary measures to ensure the confidential treatment of the information by its employees, and shall be liable for any infringement by its employees to the provisions hereof.

 

Confidential information refers to all the information that is so labeled by the disclosing party. The information complying with the terms specified under Argentine Law No. 24.766 shall be regarded as confidential, namely:

 

“Information which is secret, in that it is not publicly known or easily accessible, as a whole or in the exact configuration of its components, by those involved in the fields in which such information is normally used; b) Information with trade value due to its confidentiality; c) Information which has been subject to reasonable measures taken by those who have legitimate control over it to maintain its confidentiality.”

 

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

 

SEVENTEENTH: PUBLICATION

 

None of the Parties shall make the results obtained under this agreement public without the other Parties’ written consent. Any publication made shall refer to the parties hereinto and mention that the publication is the result of research conducted as per this agreement, as well as its authors and the extent of their participation.

 

	 

	 

 

THE COMPANY shall make reference to the participation of CONICET, THE UNL and the intervening researchers when disclosing any information related to the products containing the PATENTS and/or the RESULTS.

 

EIGHTEENTH: NO EXPENDITURES IN CHARGE OF CONICET AND THE UNL

 

No expenditures of any kind whatsoever shall be due by CONICET or THE UNL by virtue of the execution of this agreement.

 

NINETEENTH: CONTRACTUAL NATURE OF THE RELATIONSHIP

 

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

 

TWENTIETH: CONFLICT RESOLUTION

 

All claims, disputes and controversies arising out of, or relating to this agreement shall be resolved by mutual agreement. The Parties hereto shall endeavor to bring the dispute to an end by arriving at a mutual decision. Should the Parties fail to arrive at a mutual decision, they shall submit the dispute to the jurisdiction of the Federal Courts of Capital Federal.

 

TWENTY FIRST: DOMICILES - NOTICES

 

For all purposes of this agreement, the Parties hereto establish their elected domiciles at the addresses first mentioned, or at the ones to be sufficiently informed in the future, where all notices and communications hereunder shall be validly served.

 

	 

	 

 

IN WITNESS WHEREOF, both Parties have caused this Agreement to be duly executed in three counterparts of the same tenor and to a sole effect, which are signed in the city of Buenos Aires on the       day of                           2003.

 

	/s/	 	/s/
	Dr. EDUARDO H. CHA REAU	 	ENGINEER MARIO D. BARUETTA
	PRESIDENT	 	RECTOR - UNL
	 	 	 
	/s/Exhibit 10.2

 

[ENGLISH TRANSLATION]

  

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

 

Buenos Aires, June 11th, 2010

1484

 “2010 – Bicentennial of the May Revolution”

	 	 
	 	
Ministry of Science, Technology and Innovative Products

National Council of Technical and Scientific Research

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Witnesseth that

 

	 

	 

  

THE DIRECTORATE

 

OF THE NATIONAL COUNCIL OF TECHNICAL AND SCIENTIFIC RESEARCH

 

DETERMINES:

 

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

 

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

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

 

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

 

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

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

 

	 

	 

  

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

 

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

 

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

 

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

 

	 

	 

  

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

 

“TWELFTH: SHARE OF PROFITS ACCORDING TO TECHNOLOGICAL MILESTONES:

 

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

 

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

 

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

 

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

 

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

 

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

 

	 

	 

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	 

	 

  

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

 

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

 

“SIXTEENTH: SHARE OF PROFITS ACCORDING TO TECHNOLOGICAL MILESTONES:

 

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

 

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

 

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

 

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

 

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

 

	 

	 

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	 

	 

  

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

 

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

 

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

 

	/s/	 	 	 	 
	Dr.	MARTA G. ROVIRA	 	 
	 	PRESIDENT	 	 
	 	CONICET	 	 
	 	 	 	 	 
	CONICET	 	 
	 	 	 	 	 
	Name:	 	 	 
	Title:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	UNL	 	 	 	 
	 	 	 	 	 
	Name:	 	 	 
	/s/	ALBOR A. CANTARO, ESQ.	 	 
	 	RECTOR	 	 
	Title:	 	 	 
	 	 	 	 	 
	 	 	 
	/s/	BIOCERES S.A. DR. VICTOR TRUCCO	 	 
	 	PRESIDENT	 	 
	 	 	 	 	 
	Name:		 	 
	Title:

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