Document:

Sole Commercial Field of Use Patent

			
		  	 Exhibit 10.31
  

*** Text Omitted and Filed Separately
 Confidential Treatment Requested
 Under 17 C.F.R. §§
200.80(b)(4)
 and 203.406
  

		
	 UT-B #PLA 1562 and UC-A #IPA 0749
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 UT-Battelle Reference #: PLA 1562 

UC-A Reference #: IPA 0749 
 SOLE COMMERCIAL FIELD OF USE PATENT 
 LICENSE AGREEMENT 

This Exclusive Commercial Patent License Agreement (Agreement) is between UT-Battelle, LLC (UT-Battelle), a Tennessee non-profit limited
liability company, UChicago Argonne, LLC (UC-A), an Illinois non-profit limited liability company, and DNP Green Technology, INC, a Delaware Corporation with a principle place of business located at 1250 Rene-Levesque West, Suite 4110, Montreal QC,
Canada, H3B 4W8 (“Licensee”), hereinafter referred to singly as the “Party” or jointly as the “Parties.” UT-Battelle and UC-A hereinafter referred to jointly as “Licensors.” 

ARTICLE 1 

BACKGROUND 
 1.1
UT-Battelle manages and operates the Oak Ridge National Laboratory under its Prime Contract No. DE-AC05-00OR22725 with the United States Department of Energy (“DOE”), an agency of the United States Government. 

1.2 UC-A manages and operates the Argonne National Laboratory under its Prime Contract No. DE-AC02-06CH11357 with the DOE; 

1.3 Licensee and Licensors entered into a Sole Commercial Patent License Agreement PLA-183 dated May 23, 1996 and amendments A-E thereto (the
“PLA-183, IPA 0280 License”). 
 1.4 Licensee and Licensors entered into Sole Commercial Patent License PLA-251, IPA -285 dated
July 10, 1998 and amendments A-B thereto (the “PLA-251, IPA -285 License”). 
 1.5 Licensee and Licensors desire to cancel the
PLA-183 IPA 0280 License and the PLA-251 IPA -285License, and enter into this new Agreement, which is intended to grant to Licensee certain rights in all of the patents originally licensed under the PLA-183, IPA 0280 License and the PLA-251, IPA
0285 License. 
 1.6 This Agreement specifically includes Exhibit A, LICENSED PATENTS, Exhibit B, TERM SHEET & FINANCIAL OBLIGATIONS,
and Exhibit C, DEVELOPMENT AND COMMERCIALIZATION PLAN, which are attached. 
 1.7 Except as provided in Article 8, the license will run through
the Term of this Agreement. 

  
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 ARTICLE 2 
 DEFINITIONS 
 As used in this Agreement, the following terms have the meanings set forth
below: 
  

	2.1	“Accounting Period” means the period from July 1 through June 30 of each year, with the first Accounting Period beginning on the Effective Date.

  

	2.2	“Bioamber Sublicense” means the license executed on one side by Licensee and on the other side by Bioamber SAS, a French entity, and/or its successors of
substantially all of the assets and obligations of Bioamber SAS (collectively, “Bioamber”) which grants Bioamber rights to the Licensed Patents solely or in conjunction with patents owned by Licensee or with patents licensed to Licensee by
entity(ies) other than Licensors. 

  

	2.3	“Direct Production” means the quantity of Licensed Products (calculated in metric tons) produced by the Licensee, a Subsidiary of Licensee, and Bioamber in
the Field of Use; It being understood that Licensed Products that (i) are documented to have failed to meet quality control criteria and (ii) are not Disposed or do not generate any income resulting from their Disposition will be excluded
from Direct Production. 

  

	2.4	“Dispose” or “Disposition” means the sale, lease or other transfer of Licensed Products. 

 

	2.5	“Effective Date” means July 1, 2009. 

  

	2.6	“Field(s) of Use” means [***]. 

  

	2.7	“Government” means the Federal Government of the United States of America. 

 

	2.8	“Government’s License Rights” means the Government’s nonexclusive, nontransferable, irrevocable, paid-up license to practice or to have practiced
for or on behalf of the United States the Licensed Patents throughout the world, pursuant to 35 USC 202(c)(4). 

  

	2.9	“Licensed Patents” means each patent and patent application listed in Exhibit A, and any non-United States patents issuing at any time from such application
and any divisions, and continuations thereof, and all reissues, reexaminations, substitutes, or extensions of any such patents. The term “Licensed Patents” does not include any patent found to be unenforceable or invalid by a final
adjudication by a Court of competent jurisdiction. 

  

	2.10	“Licensed Products” means [***]. 

  
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	2.11	“Patent Costs” means the verifiable costs related to the preparation, filing, prosecution and maintenance of Licensed Patents. 

 

	2.12	“Restricted Entity” means any person or entity identified on the Denied Persons List published by the Bureau of Industrial Security
(http://www.bis.doc.gov/dpl/thedeniallist.asp), or any entity incorporated or having a principle place of business in an embargoed country as defined in EAR Part 746 (http://www.bis.doc.gov/news/archive99/repts/embargod.pdf).

  

	2.13	“Running Royalty” and “Running Royalties” means the payments owed to Licensors based on Succinic Acid Equivalent as specified in Section A of
Exhibit B. 

  

	2.14	“Sublicense” means any agreement executed by Bioamber and a third party which grants to such third party rights to the Licensed Patents solely or in
conjunction with patents owned by Licensee or with patents licensed to Licensee by entity(ies) other than Licensors. 

  

	2.15	“Sublicensee” means one or more third parties with whom Bioamber enters into a Sublicense. 

 

	2.16	“Sublicensing Revenue” means the U.S. Dollar value of all consideration to which Bioamber is entitled pursuant to a Sublicense, including any license
fees, royalties and milestone payments or other consideration. 

  

	2.17	“Sublicensing Royalty” and “Sublicensing Royalties” mean the payments owed to Licensors based on Sublicensing Revenue as specified in Exhibit B.

  

	2.18	“Subsidiary” means a U.S. or foreign owned and operated corporation, company, or other entity more than fifty percent (50%) of whose outstanding shares,
membership interest, or securities (any of which of the foregoing representing the right to vote for the election of directors or the managing authority), are now or hereafter, owned or controlled directly by Licensee, but such corporation, company
or other entity shall be deemed to be a Subsidiary only so long as such ownership or control exists. 

  

	2.19	“Succinic Acid Equivalent” means [***]. 

  

	2.20	“Term” means the period of time starting on the Effective Date and continuing until [***]. 

  
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 ARTICLE 3 
 GRANT 
 3.1 Licensors grant to Licensee, and Licensee accepts for the Term of this
Agreement, a sole commercial license under the Licensed Patents to make, have made, use, offer to sell, sell, Dispose of, and import (subject to 6.1) the Licensed Products in the Field of Use. 

3.2 Licensee’s exclusive commercial license is subject to, and will in no way restrict, the Government’s License Rights. 

3.3 Licensee’s exclusive license is subject to, and will in no way restrict, the march-in rights of the Government pursuant to 35 USC 203.

 3.4 Licensors retain the right to grant non-commercial licenses in the Field(s) of Use but solely for academic and research purposes.

 3.5 Licensors may, in their sole discretion, grant licenses to the Licensed Patents outside the Field(s) of Use. 

3.6 Licensee acknowledges that no license is granted or implied under, and expressly agrees not to make, have made, use, offer to sell, sell, Dispose of,
and import the Licensed Products outside the Field of Use. Licensee agrees that making, having made, using, offering to sell, selling, Disposing of, and importing the Licensed Products outside the Field of Use is a breach of this Agreement and is an
infringement of the Licensed Patents. 
 3.7 The license granted to Licensee herein shall extend to a Subsidiary only after Licensor has
received written notice from the Subsidiary that they assume the same terms, conditions, and obligations of this Agreement as imposed on Licensee hereunder. Any license granted to Subsidiary under this Agreement shall terminate on the date
Subsidiary ceases to be a subsidiary of Licensee or upon termination of the licenses granted in this Agreement, whichever occurs earlier. Licensee shall be liable for any breach of this Agreement by Subsidiary, to the same extent that Licensee would
be liable if Licensee committed the breach. 
 3.8 This grant includes the right for Licensee to enter into the Bioamber Sublicense that is
consistent with terms of this Agreement and for Bioamber to approve Sublicenses that are consistent with the terms of this Agreement. Licensee agrees that no Sublicenses will contain the right to sublicense the Licensed Patents. 

  
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 ARTICLE 4 
 CONSIDERATION AND FINANCIAL OBLIGATIONS 
 4.1 As consideration for the License, Licensee
agrees to comply with the provisions of this Agreement, to pay all fees, Running Royalties, Minimum Annual Royalties, Patent Costs, and all other consideration within the time periods and as otherwise specified in this Agreement for the Term, and to
satisfy the requirements of the Commercialization Plan set forth in Exhibit C. Prompt payment of all amounts due to Licensors and satisfaction of the Commercialization Plan requirements are material to this Agreement. 

4.2 Licensee shall pay to Licensor a Running Royalty on Direct Production in the amount specified in Exhibit B. Accounting Periods and due dates for
Running Royalties are also specified in Exhibit B. 
 4.3 Licensee shall pay a minimum royalty for each Accounting Period, the amounts and due
dates of which are specified in Exhibit B (“Minimum Annual Royalty”). The Running Royalties and Sublicensing Royalties for each Accounting Period shall be credited against the Minimum Annual Royalty payable for each corresponding
Accounting Period. 
 4.4 Licensee will reimburse Licensors for all Patent Costs within thirty (30) days of submission of the proof of
costs incurred by Licensors. If Licensee elects to discontinue reimbursement of Patent Costs of any patent or patent application, then that patent or patent application will be excluded from the Licensed Patents, and all rights relating to that
patent or patent application will revert to Licensors and may be freely licensed by Licensors to others. 
 4.5 All payments will be made to
Licensors in U.S. dollars by wire transfer in accordance with the following wire instructions, unless and until written notice is provided by Licensors of a change in the wire instructions: 
 [***] 
 4.6 Licensee and Bioamber will owe no Running or Sublicensing Royalties on any production
of Licensed Products or Dispositions of Licensed Products using Government funds, including funds derived through a Military Assistance Program of the Government or otherwise derived through the Government, because of the Government’s License
Rights. Licensee and Bioamber will report all such production of Licensed Products or such Dispositions by providing a Government control number and identification of the Government agency in the written report for the pertinent Accounting Period.

  
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 4.7 In the event that Licensee fails to make any payment due to Licensors within the time period
prescribed for such payment under this Agreement, then the unpaid or overdue amount will bear interest at the rate of one and one half percent (1.5%) per month from the date when payment was due until payment in full, with interest, is
made. In addition, Licensee agrees to reimburse Licensors for any costs or expenses, including attorney’s fees, incurred by Licensors in collection of such overdue payments. 

ARTICLE 5 

SUBLICENSES 
 5.1 Licensee
is solely responsible for ensuring that the terms of the Bioamber Sublicense and of all Sublicenses are consistent with the terms of this Agreement. Licensee agrees that entering into a Bioamber Sublicense or a Sublicense that includes terms that
are inconsistent with the terms of this Agreement is a material breach of this Agreement. Licensee agrees that approving the Bioamber Sublicense or a Sublicense that includes terms or conditions that are inconsistent with the terms and conditions of
this Agreement is a material breach of this Agreement. 
 5.2 Effective on the date of termination of this Agreement, for any reason, prior to
the end of the Term, Licensee hereby assigns to Licensors those of its rights, title and interest under the Bioamber Sublicense that is in effect on the date of termination that relate to the Licensed Patents, including the right to receive the
portion of the income from Bioamber that relates to the Licensed Patents, and Licensors undertake to respect the terms of the Bioamber Sublicense entered into by Licensee as though Licensors themselves had contracted directly with Bioamber, in
accordance with the terms of the Bioamber Sublicense so long as Bioamber respects the terms of the Bioamber Sublicense. Licensee shall include notification of this provision in the Bioamber Sublicense. 

5.3 Effective on the date both the Bioamber Sublicense and this Agreement are terminated for any reason, prior to the end of their respective terms (the
“Joint Termination Date”), and that any Sublicensee is not then in default under the terms of the Sublicense to which it is a party, then Licensee hereby assigns and shall cause Bioamber to assign to Licensors those of their rights, title
and interest under any such Sublicense, the Bioamber Sublicense and this Agreement that are in effect on the Joint Termination Date that relate to the Licensed Patents, including the right to receive the portion of the income from the Sublicense
that relates to the Licensed Patents, and Licensors undertake to respect the terms of any such Sublicense as though Licensors themselves had contracted directly with such Sublicensee, in accordance with the terms of any such Sublicense so long as
any such Sublicensee respects the terms of its Sublicense. Licensee shall cause Bioamber to include notification of this provision in all Sublicenses. 

  
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 5.4 Licensee hereby agrees that each Sublicensee will have to be pre-approved in writing by Licensors,
and that such approval by Licensors may only be refused if the proposed Sublicensee is a Restricted Entity. It is also agreed that Licensors may subsequently reject any possible application of the provisions of this Section 5.2 in the event
that Bioamber or any Sublicensee become a Restricted Entity. 
 5.5 Licensee will provide a copy of the Bioamber Sublicense granted by Licensee,
and a copy of each Sublicense granted by Bioamber, to Licensors within thirty (30) days of the execution of each sublicense. 
 5.6 Subject
to Article 9, Licensee must enforce the Bioamber Sublicense and Sublicenses at its cost. The Licensee will be responsible for the acts or omissions of Bioamber and of Sublicensees. The Bioamber Sublicense granted by the Licensee and each Sublicense
granted by Bioamber will include an audit right by Licensee of the same scope as provided to Licensors in Article 7 of this Agreement and will include Licensee’s right to enforce the Licensed Patents as provided in Article 9. 

5.7 Licensee will require Bioamber and Sublicensees (a) to keep records and submit reports to Licensee of the same type and for the same Accounting
Periods as required of Licensee in Article 7 of this Agreement, and (b) to submit to Licensee, at the same time Licensee is required to submit a written report under Article 7 of this Agreement to Licensors, a report of all uses and Licensed
Products produced and the amount of payments made to Licensee in connection with such use uses and Licensed Products produced. 
 5.8 Bioamber
will not grant to Sublicensees the right to grant sublicenses under the Licensed Patents. 
 ARTICLE 6 

CONDITIONS OF GRANT 
  

	6.1	[***] 

 6.2 Licensee will mark all Licensed
Products in accordance with the statutes of the United States relating to marking of patented articles, see 35 U.S.C. § 287. Licensee is responsible for ensuring that this marking requirement is included in the Bioamber Sublicense
granted by Licensee and in all Sublicenses. Any such marking may indicate that Licensee has a license from Licensors. Otherwise, Licensee is prohibited from using Licensors’ name or the name “Oak Ridge National Laboratory” and
“Argonne National Laboratory” and “United States Department of Energy” in any such marking or any advertising, promotion or commercialization of Licensed Products without written approval of Licensors. 

  
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 6.3 The rights and licenses granted by Licensors in this Agreement are personal to Licensee and may not
be assigned or otherwise transferred in whole or in part except as may be otherwise permitted by the terms of this Agreement. If Licensee merges or is otherwise acquired by another entity that acquires substantially all of Licensee’s business
assets that relate to this Agreement, then Licensee may assign its rights and obligations under this Agreement to the merging or acquiring entity, effective on the date the merger or acquisition becomes effective, without any approval of the
Licensors, provided that all the following requirements have been satisfied in advance of the merger or acquisition: 
 6.3.1
Licensee notifies Licensors within forty-five (45) calendar days prior to said merger or acquisition; 
 6.3.2 Licensors
approve the other parties involved in such transaction, it being understood that such approval by Licensors may only be refused if any such other party is a Restricted Entity; 
 6.3.3 Licensee shall have paid all Running Royalties, Minimum Annual Royalties, Sublicensing Royalties, fees and payments due Licensors; and 

6.3.4 The merging or acquiring entity has agreed to comply with the terms and conditions of this Agreement. 

6.4. Licensee will not pledge its rights under this Agreement for any reason, including as security to obtain financing, without the prior written
approval of Licensors. The Parties agree that any such pledge by Licensee without such approval by Licensors will be an automatic, material and incurable breach of the Agreement resulting in termination of the Agreement effective as of the date of
the attempt by Licensee to make such pledge. 
 6.5. Licensee hereby agrees that, in the event Licensee, by its own actions, or the action of
any of its shareholders or creditors, files or has filed against it a case under the Bankruptcy Code of 1978, as previously or hereafter amended, Licensors shall be entitled to relief from the automatic stay of Section 362 of Title 11 of the
U.S. Code, as amended, to pursue any rights and remedies available to it under the License. Licensee hereby waives the benefits of such automatic stay and consents and agrees to raise no objection to such relief. 

  
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 ARTICLE 7 
 RECORDS, REPORTS, AND ROYALTY PAYMENTS 
 7.1 Licensee will keep and make available and will
cause Bioamber to keep and make available to Licensors for audit, inspection and copying by Licensors or its designee, including an accounting firm, adequate and sufficiently detailed records to enable Licensee’s financial obligations,
including obligations incurred as a result of sublicensing in accordance with Article 5, required under this Agreement to be easily determined. Licensee will maintain and will cause Bioamber to maintain these records for a period of three
(3) years after the end of the last Accounting Period to which the records refer. In the event an examination of Licensee’s or Bioamber’s records reveals an underpayment of more than 5% of the accurate Running or Sublicensing
Royalty amount for any Accounting Period, Licensee will pay all costs incurred by Licensors related to the examination of records in addition to paying the Royalty balance due. 
 7.2. Licensee will provide Licensors a written report for each Accounting Period during the Term of this Agreement, no later than sixty (60) days after the end of each Accounting Period, which
identifies for such Accounting Period: 
 (a) the quantity of Succinic Acid Equivalent; 

(b) the Sublicensing Revenues; 
 (c) the total amount of Running Royalties, Minimum Annual Royalties, and Sublicensing Royalties due to Licensors; and 
 (d) If Bioamber executes a Sublicense with DNP Green or a Subsidiary, 
 1)The
Running Royalties for the specific Sublicense 
 2)The Sublicensing Royalties for the specific Sublicense. 

7.3 Licensee will submit a written report to Licensors within thirty (30) days after the date of any termination or expiration of this Agreement
which contains the same information required in 7.2 above for Licensed Products produced prior to such expiration or termination that were not previously reported to Licensors. At the time this report is submitted, Licensee will pay to Licensors all
Running Royalties and any other consideration due Licensors. 
 ARTICLE 8 

BREACH AND TERMINATION 

8.1 This Agreement may be terminated by either Party for any material breach of the Agreement by the other Party. Such termination will be effective
sixty (60) days after written notice specifying the breach to the other Party. If the specified breach is cured before the effective date of termination, the Agreement will not be terminated. 

  
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 8.2 In the event Licensee either (a) fails to make payment to Licensors of Running Royalties or
other consideration in accordance with this Agreement or (b) fails to satisfy the requirements of the Commercialization Plan in Exhibit C, Licensors may, at its sole discretion, subject to Paragraph 8.1, terminate this Agreement with respect to
specified Licensed Patents. There will be no reduction in any of the payments due from Licensee, including but not limited to Running Royalties and Minimum Annual Royalties. 
 8.3 In addition to termination, in the event of a material breach by Licensee or Licensors, Licensors or Licensee, as the case may be, may pursue any rights and remedies available to it by law.

 8.4 This Agreement will not be terminated for any breach that is the result of an act of God, acts or omissions of any government or agency
thereof, compliance with rules, regulations, or orders of any governmental authority or any office, department, agency, or instrumentality thereof, fire, storm, flood, earthquake, accident, acts of the public enemy or terrorism, war, rebellion,
insurrection, riot, sabotage, invasion, quarantine, restriction, transportation embargoes, or failures or delays in transportation. 
 8.5 The
rights and remedies granted herein, and any other rights or remedies which the Parties may have, either at law or in equity, are cumulative and not exclusive of others. 
 8.6 Neither Party will be relieved of any obligation or liability under this Agreement arising from any act or omission committed prior to the termination date. Upon termination, Licensee will execute any
documents necessary to achieve the transfer to Licensors of all rights to which Licensors may be entitled under this Agreement. 
 8.7 This
Agreement will terminate automatically upon a final adjudication of invalidity, unenforceability, or the extinguishment of all Licensed Patents, for any reason. 
 8.8 Annual minimum, sublicensing royalties, and running royalty rates will all double if Licensee or Bioamber or any Sublicensee contests the validity or enforceability of any Licensed Patent, or requests
reexamination of any Licensed Patent. 
 8.9 Expiration or termination of this Agreement will be without prejudice to any rights that may have
accrued to the benefit of a Party prior to such expiration or termination. 

  
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 ARTICLE 9 
 INFRINGEMENT 
 9.1 Licensee will notify Licensors in writing of any suspected infringement
of the Licensed Patents in the Field of Use, and each Party will inform the other of any evidence of such suspected infringement within a reasonable time of obtaining such evidence. 
 9.2 Licensors will have the right during the term of this Agreement to institute, prosecute, and settle at its own expense suits for infringement of the Licensed Patents for any infringement occurring
within the Field of Use, and if required by law, Licensee will join as party plaintiff in such suit. Where such suit is brought by Licensors, Licensors will be entitled to retain all damages and any other consideration recovered at successful
conclusion of the suit, after having reimbursed the Licensors and the Licensee for any cost incurred in such suit (including compensation for the time and expenses of any Licensee’s personnel involved in the suit), such reimbursement being made
on a prorated basis in the event such damages and other consideration are not sufficient to cover the costs incurred by both the Licensors and the Licensee. 
 9.3 In the event Licensors decides not to bring any such suit, Licensors will so notify Licensee and Licensee may bring such suit provided that (1) there are no other licensees of any of the Licensed
Patents and (2) Licensors has not commenced suit for enforcement of the Licensed Patents pursuant to 9.4 below. Settlement of any suit brought by Licensee will require the consent of Licensors and Licensee, which neither will unreasonably
withhold from the other, and any settlement amount or recovery for damages will be applied as follows: (i) first, to reimburse the Parties for their expenses in connection with the litigation, including compensation for the time and expenses of
any Licensors and Licensee’s personnel involved in the suit in accordance with an agreement entered into between the Parties before such suit is brought, and (ii) second, the Parties will share any monies remaining in accordance with an
agreement entered into between the Parties before such suit is brought. 
 9.4 Licensors will have the right in its absolute discretion during
the Term of this Agreement to commence suits for infringement of the Licensed Patents for any infringement outside the Field of Use. 
 9.5
Notwithstanding the pendency of any infringement or other claim or action by or against Licensee, Licensee will have no right to reduce, terminate, suspend or escrow payment of any amounts required to be paid to Licensors pursuant to this Agreement.

  
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 ARTICLE 10 
 REPRESENTATIONS AND WARRANTIES 
 10.1 Licensee represents and warrants that it will not
export any technical information, or the direct product thereof, furnished to Licensee, either directly or indirectly by Licensors in the grant of license to the Licensed Patents, from the United States of America, directly or indirectly without
first complying with all requirements of the Export Administration Regulations, including the requirement for obtaining any export license, if applicable. 
 10.2 Licensee will indemnify, defend and hold harmless Licensors, DOE, their respective members, officers, directors, agents, employees, and persons acting on their behalf, (“Indemnitees”) from
liability involving the violation of such export regulations, either directly or indirectly, by Licensee, Bioamber and Sublicensees. 
 10.3
Licensee acknowledges it may be subject to criminal liability under U.S. laws for Licensee’s failure to obtain any required export license. 
 10.4 Subject to Article 9, Licensee agrees to indemnify and hold harmless Indemnitees from and against any and all liabilities, penalties, fines, forfeitures, claims, demands, causes of action, damages,
and costs and expenses (including the costs of defense, prosecution and/or settlement, including, but not limited to, attorney’s fees), caused by, arising out of or related to, in whole or in part, Licensee’s and/or Bioamber’s and/or
Sublicensee’s exercise of rights under this Agreement or any other action or inaction relating to Licensed Patents or Licensed Products, including, but not limited to, claims or demands of product liability, personal injury, death, damage to
property or violation of any laws or regulations, except for those arising from Licensors’ gross negligence. 
 10.5 Licensors represents
that it has the right to grant all of the rights granted herein, except as to such rights as the Government of the United States of America may have or may assert. 
 ARTICLE 11 
 DISCLAIMERS 

11.1 NEITHER LICENSORS, DOE, NOR PERSONS ACTING ON THEIR BEHALF WILL BE RESPONSIBLE FOR ANY INJURY TO OR DEATH OF PERSONS OR OTHER LIVING THINGS OR
DAMAGE TO OR DESTRUCTION OF PROPERTY OR FOR ANY OTHER LOSS, DAMAGE, OR INJURY OF ANY KIND WHATSOEVER RESULTING FROM LICENSORS’ GRANT OF LICENSE TO LICENSEE UNDER THIS AGREEMENT.  
 11.2. ALL LICENSED PATENTS, INFORMATION, MATERIALS OR SERVICES FURNISHED UNDER OR WITH THIS AGREEMENT (“DELIVERABLES”) ARE PROVIDED ON AN “AS IS” BASIS. NEITHER LICENSORS, DOE, NOR
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REPRESENTATIONS, OR EXTEND ANY WARRANTIES, EITHER EXPRESS OR IMPLIED: (a) WITH RESPECT TO THE VALIDITY OF THE LICENSED PATENTS; (b) WITH RESPECT TO THE MERCHANTABILITY, ACCURACY,
COMPLETENESS, FITNESS FOR USE OR USEFULNESS OF ANY DELIVERABLES; (c) THAT THE USE OF ANY SUCH DELIVERABLES WILL NOT INFRINGE PRIVATELY OWNED RIGHTS; (d) THAT THE DELIVERABLES WILL NOT RESULT IN INJURY OR DAMAGE WHEN USED FOR ANY PURPOSE;
(e) THAT THE DELIVERABLES WILL ACCOMPLISH THE INTENDED RESULTS OR ARE SAFE FOR ANY PURPOSE, INCLUDING THE INTENDED OR PARTICULAR PURPOSE; OR (f) WITH RESPECT TO USE, OR DISPOSITION BY LICENSEE OR BIOAMBER OR ITS SUBLICENSEES, VENDEES, OR
OTHER TRANSFEREES OF LICENSED PRODUCTS INCORPORATING OR MADE BY USE OF (1) INVENTIONS LICENSED UNDER THIS AGREEMENT OR (2) INFORMATION, IF ANY, FURNISHED UNDER THE AGREEMENT. FURTHERMORE, LICENSORS AND DOE HEREBY SPECIFICALLY DISCLAIM ANY
AND ALL WARRANTIES, EXPRESS OR IMPLIED, FOR ANY LICENSED PRODUCTS RESULTING FROM LICENSORS’ GRANT OF LICENSE HEREUNDER. IT IS AGREED THAT NEITHER LICENSORS NOR DOE WILL BE LIABLE FOR CONSEQUENTIAL, SPECIAL, OR INCIDENTAL DAMAGES IN ANY EVENT.
LICENSEE, BIOAMBER AND ITS SUBLICENSEES WILL MAKE NO WARRANTY, EXPRESS OR IMPLIED, ON BEHALF OF LICENSORS OR THE DOE.  
  

	11.3	Nothing in this Agreement will be construed as: 

  

	 	a.	an obligation of the Licensors to bring or prosecute actions or suits against third parties for infringement (except to the extent and in the circumstances stated in
Article 9); or 

  

	 	b.	an obligation of the Licensors to furnish any manufacturing or technical information or technical assistance, or 

 

	 	c.	conferring a right to use in advertising, publicity, or otherwise any trademark or name of Licensors (except to the extent stated in 6.2); or 

 

	 	d.	granting by implication, estoppel, or otherwise, any licenses or rights under patents of Licensors other than Licensed Patents, regardless of whether such other patents
are dominant of or subordinate to any Licensed Patents. 

  
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 ARTICLE 12 
 GENERAL 
 12.1 All notices and reports will be addressed to the Parties as follows:

 If to Licensors: 
 [***] 
 UT-Battelle, LLC 
 [***] 
 With a copy to: 
 [***] 
 UChicago Argonne. LLC 
 [***] 
 If to Licensee: 

DNP Green Technology, Inc 
 1250 Rene-Levesque
West, Suite 4110 
 Montreal, Quebec, Canada 
 H3B 4W8 
 Care of: [***] 
 With a copy to: 
 Boivin Desbiens Senecal, g.p. 

[***] 

  
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 12.2. Any notice, report or any other communication required to be given will be in writing and
delivered either: (a) personally, (b) by express, registered or certified first-class mail, (c) by commercial courier, (d) by facsimile with machine confirmation of transmission, or (e) by email. 

12.3 The failure of either Party to enforce a provision of this Agreement or to exercise any right or remedy will not be a waiver of such provision or of
such rights or remedies or the right of the Parties thereafter to enforce each and every provision, right or remedy. 
 12.4 This Agreement may
be amended or modified only by a written instrument signed by all Parties. 
 12.5 The determination by a Court of competent jurisdiction that
any part, term, or provision of this Agreement is illegal or unenforceable, will not affect the validity of the remaining provisions of this Agreement. 
 12.6 Licensors may assign this Agreement and all rights, duties and obligations hereunder, to DOE or a successor contractor to Licensors, as may be required under its prime contract with DOE. 

12.7 This Agreement will be construed according to the laws of the State of Tennessee and the United States of America and in the English language. Any
action brought to enforce any provision or obligation hereunder will be brought in the Federal District Court for the Eastern District of Tennessee. However, if jurisdiction is not found in Federal Court, actions will be brought in Tennessee in
either Knox, Roane, or Anderson County Court. 
 12.8 This Agreement is solely for the benefit of the Parties, represents the entire and
integrated agreement between the Parties, and supersedes all prior negotiations, representations, and agreements, either written or oral, including the Sole Commercial Patent License Agreement (ORNL License #183/ANL License IPA 0280) dated
May 23, 1996 and amendments thereto, and the Sole Commercial Patent License Agreement (ORNL License #251/ANL License IPA 0285) dated April 20, 1998 and amendments thereto. This Agreement, and each and every provision thereof, is for the
exclusive benefit of Licensors and Licensee and not for the benefit of any third party, except to the extent expressly provided in the Agreement. 

  
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 IN WITNESS WHEREOF, each of the Parties hereto has caused this Agreement of be executed in duplicate
originals by its duly authorized officers or representatives. 
  

									
	UT-BATTELLE, LLC	 		 	
					
	By:	 	/s/ [***]	 		 		 	Approved by:
	Name:	 	[***]	 		 		 	Initials: [illegible]
	Title:	 	[***]	 		 		 	Date: 1/19/10
	Date:	 	1-19-10	 		 		 	

  

			
	UChicago Argonne, LLC
		
	By:	 	/s/ [***]
	Name:	 	[***]
	Title:	 	[***]
	Date:	 	3/3/10

 LICENSEE 
  

			
	DNP Green Technology, Inc.
		
	By:	 	/s/ Jean- François Huc
	Name:	 	Jean-François Huc
	Title:	 	President & CEO
	Date:	 	March 9th, 2010

  
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 EXHIBIT A: LICENSED PATENTS 

[*** 2 pages omitted.] 
  

									
		 		 	Initials
					
		 	 Approved by:
	 		 	UT-Battelle:	 	[illegible]
		 	 Initials: [illegible]
	 		 	Date:	 	1-19-10
		 	 Date: 1/19/10
	 		 	UC-A:	 	[illegible]
		 		 		 	Date:	 	3/3/10
		 		 		 	Licensee:	 	[illegible]
		 		 		 	Date:	 	March 9th, 2010

  
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 EXHIBIT B: TERM SHEET & FINANCIAL OBLIGATIONS 

 

	A.	Running Royalty Rate Structure: 

 [***] for Succinic Acid Equivalent calculated annually based on the applicable Accounting Period, payable within sixty (60) days of the end of each Accounting Period. In the event that the
Licensee or a Subsidiary is granted a Sublicense by Bioamber, then the Running Royalty payable in respect of such Sublicense will be the greater of (i) [***] for the applicable Succinic Acid Equivalent attributable to such Sublicense
calculated annually based on the applicable Accounting Period, or (ii) [***] attributable to such Sublicense calculated annually based on the applicable Accounting Period. 

 

	B.	Minimum Annual Royalty Rate Structure: 

 If the Running Royalties plus Sublicensing Royalties received by Licensors in each said Accounting Period during the term of this Agreement shall not equal the Minimum Annual Royalty amount shown
below, then Licensee shall pay the difference between the amount of actual royalties paid and the Minimum Annual Royalty within sixty (60) days of the end of each Accounting Period. 

 

			
	 Accounting Period
	  	 Minimum Annual Royalty

	 July 1, 2009 –

June 30, 2010
  
 July 1, 2010 –
 June 30, 2011
	  	[***]
	July 1, 2011-June 30, 2012 and all subsequent Accounting Periods	  	[***]

  

	C.	Execution Fee: [***] 

  

	D.	Sublicensing Royalty Structure: 

 [***] calculated annually based on the applicable Accounting Period, payable within sixty (60) days of the end of each Accounting Period. [***] 

  
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 N O T I C E 
 This Exhibit contains financial and commercial information that is BUSINESS SENSITIVE and the Parties hereby agree not to use or disclose this Exhibit to any third party without the advance written
approval of the other Party, except: (1) to those necessary to enable the Parties to perform under this Agreement; (2) as may be required by the UT-Battelle and UC-A Prime Contract with the DOE under the same restrictions as set forth
herein; or (3) in event of breach of any provision of this Agreement by either Party, to those deemed necessary by the non-breaching Party to enforce the non-breaching Party’s rights under the Agreement. 

 

			
	Initials
		
	UT-Battelle:	 	[illegible]
	Date:	 	1-19-10
	UC-A: 	 	[illegible]
	Date:	 	3/3/10
	Licensee:	 	[illegible]
	Date:	 	March 9th, 2010
		
		 	 Approved by:

Initials: [illegible]

Date: 1/19/10

  
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 EXHIBIT C: DEVELOPMENT AND COMMERCIALIZATION PLAN 

[***] 
 N O T I C E

 This Exhibit contains financial and commercial information that is BUSINESS SENSITIVE and the Parties hereby agree not to use or
disclose this Exhibit to any third party without the advance written approval of the other Party, except: (1) to those necessary to enable the Parties to perform under this Agreement; (2) as may be required by the UT-Battelle and UC-A
Prime Contract with the DOE under the same restrictions as set forth herein; or (3) in event of breach of any provision of this Agreement by either Party, to those deemed necessary by the non-breaching Party to enforce the non-breaching
Party’s rights under the Agreement. 
  

			
	Initials
		
	UT-Battelle:	 	[illegible]
	Date:	 	1-19-10
	UC-A:	 	[illegible]
	Date:	 	3/3/10
	Licensee:	 	[illegible]
	Date:	 	March 9th, 2010
		
		 	 Approved by:

Initials: [illegible]

Date: 1/19/10

  
 20 

* Confidential treatment requestedExclusive Distributorship Agreement

 Exhibit 10.32 
 *** Text Omitted and Filed Separately 
 Confidential Treatment Requested

 Under 17 C.F.R. §§ 200.80(b)(4) 
 and 203.406 
 EXCLUSIVE DISTRIBUTORSHIP AGREEMENT 

THIS AGREEMENT (this “Agreement”) is made and entered into this 9th day of April 2010. 

BETWEEN: 
  

	(1)	BIOAMBER, S.A.S., a company organised and existing under the laws of France, having its principal place of business at Route de Bazancourt, F-51110, Pomacle,
France (“Bioamber”); and 

  

	(2)	Mitsui & Co., Ltd., a company organised and existing under the laws of Japan, having its principal place of business at [***]
(“Mitsui”). 

 Hereinafter, Bioamber and Mitsui are individually called the “Party” and
collectively called the “Parties.” 
 WHEREAS: 

 

	(a)	Bioamber is dedicated to building a world-wide leadership position in the area of green chemistry business by developing and commercializing fermentation technologies
through which Bioamber manufactures bio-based succinic acid and derivative products thereof; 

  

	(b)	Bioamber possesses intellectual property and know-how with respect to production through microbial fermentation of bio-based succinic acid and derivative products
thereof; 

  

	(c)	Mitsui conducts global trading business in a variety of chemical business areas, including resource development of potential raw materials for bio-based chemicals,
planning and establishment of an efficient supply system of such raw materials, and recycle and reuse of waste materials; 

  

	(d)	Bioamber wishes to sell the Products (as defined in Article 1.1 below) to Mitsui, and wishes Mitsui to be [***]; and 

 

	(e)	Mitsui is willing to become such distributor for the purposes of [***], subject to the terms and conditions set out herein. 

 

	(f)	 Bioamber acknowledges that Mitsui has a strong interest in being a licensee under Bioamber’s patents, technical information and other intellectual
property rights to manufacture bio based succinic acid and its derivatives and agrees to commence and actively pursue, on or after July 1st, 2010, negotiation in good faith with Mitsui or third party designated by Mitsui for executing an agreement to grant
such license to Mitsui or a third party designated by Mitsui, subject to the undertakings granted by Bioamber to a third party having expired. 

 NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: 
  

	1.	APPOINTMENT 

Subject to the terms and conditions set out herein, Bioamber appoints Mitsui as [***] of the products specified below (the
“Products”) within the territory set out below (the “Territory”), and Mitsui accepts such appointment. 
 Products: [***] which are manufactured by Bioamber [***] as of the date of this Agreement. 
 Territory: [***], being comprised of the countries and territories listed at Exhibit A attached hereto, which forms an integral part hereof. 

  
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	1.2	During the term of this Agreement or any extension thereof, Bioamber shall not: 

 

	 	(a)	appoint any other person, firm or company as a distributor, reseller or agent for sale of the Products in the Territory; 

 

	 	(b)	sell, export or otherwise supply to any other person, firm or company in the Territory any of the Products; or 

 

	 	(c)	cause any other person, firm or company to sell or export the Products to any other person, firm or company within the Territory. 

 

	2.	INDIVIDUAL SALE AND PURCHASE 

  

	2.1	The relation between Bioamber and Mitsui is that of seller and buyer. Subject to the terms and conditions hereof, Bioamber shall sell and deliver the Products to Mitsui
and Mitsui shall purchase and take delivery of the Products from Bioamber, for resale purposes in the Territory. 

  

	2.2	Each transaction of sale and purchase of the Products between the Parties and the terms and conditions thereof shall be conducted in accordance with, and evidenced by,
a separate purchase contract (the “Individual Contract”) on Mitsui’s customary form in use at the time of such sale and purchase, provided that the terms and conditions of the Individual Contracts shall be subject to the terms
and conditions of this Agreement. Each such Individual Contract shall be in writing and duly signed by both Bioamber and Mitsui. In the event that any conflict arises between the terms and conditions of this Agreement and those of the Individual
Contracts, those of this Agreement shall prevail. 

  

	2.3	Bioamber shall be entitled under this Agreement to provide samples of the Products to prospective Licensees (as defined in Article 4.4 below) in the Territory, and
shall be free to sell the Products outside of the Territory, subject to the limitations provided in section 1.2 hereof. Bioamber may also negotiate with and conclude any agreement with any other third party located in the Territory and conduct
business in the Territory, with a view to granting such other third party a license to use Bioamber’s technology that relates to the Products, subject to the limitations provided in Article 1.2 hereof. For the sake of clarity, the exclusive
rights granted to Mitsui in connection with the Products pursuant to this Agreement shall not apply to any product that would be produced by such third party Licensee. 

 

	3.	PRICE 

 The prices
for the Products to be supplied in each shipment under this Agreement (the “Price”) shall be specified in the Individual Contracts. 
  

	4.	QUANTITY 

  

	4.1	The quantity of the Products to be supplied in each shipment under this Agreement shall be specified in the Individual Contracts. 

 

	4.2	The non-binding annual target purchase volume of the Products will be [***]. For the avoidance of doubt, Bioamber assumes no obligation to sell, and Mitsui assumes no
obligation to purchase, the Products of this target purchase volume. 

  
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	4.3	The maximum quantities of the Products to be supplied during each three (3) month period under this Agreement shall be informed by Mitsui to Bioamber by the
beginning of the immediately preceding three (3) month period. 

  

	4.4	In the event that Bioamber grants to a third party the licence to manufacture, use, sell or lease the Products with respect to Bioamber’s intellectual property
rights or confidential information subject to the limitations provided in Article 1.2 hereof, Bioamber shall [***]. 

  

	5.	PAYMENT 

 Payment
of the Price by Mitsui to Bioamber shall be made in Euros by telegraphic transfer to such bank account as designated by Bioamber, within thirty (30) days after Mitsui’s receipt from Bioamber of all of the following documents in good order
or after acceptance by Mitsui of the Products with respect to such payment, whichever comes later: 
  

	 	(a)	commercial invoice in three (3) sets; 

  

	 	(b)	full set of clean on board ocean Bill of Lading; 

  

	 	(c)	certificates of weight and analysis in three (3) sets; 

  

	 	(d)	certificates of origin in three (3) sets; and 

  

	 	(e)	other necessary documents reasonably required by Mitsui and specified in the Individual Contracts. 

 

	6.	DELIVERY 

  

	6.1	Bioamber shall deliver the Products to Mitsui on CIF the port designated by Mitsui basis. 

 

	6.2	Delivery of the Products by Bioamber shall be made in accordance with shipping schedules informed by Mitsui. 

 

	6.3	The term “CIF” shall be interpreted in accordance with INCOTERMS 2000, as amended. 

 

	7.	TITLE AND RISK 

Title to and risk of loss of or damage to the Products shall be transferred from Bioamber to Mitsui at the time when the Products have
passed ship’s rail of carrying vessel at the loading port in France. 
  

	8.	SALES ASSISTANCE BY BIOAMBER 

  

	8.1	Bioamber shall at its own costs and expenses: 

  

	 	(a)	provide Mitsui with such samples, catalogues, brochures, information and data in respect of the Products as Mitsui may reasonably require; and 

 

	 	(b)	promptly answer any technical or other enquiries from Mitsui about the Products, without disclosing any information that Bioamber considers to be confidential.

  
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	8.2	Notwithstanding paragraph (a) of Article 8.1, Bioamber may request Mitsui to purchase samples of Products in excess of [***] for each Individual Contract for the
price separately agreed by and between the Parties. For the avoidance of doubt, Mitsui assumes no obligation to purchase such samples unless Mitsui expressly agrees in writing to accept such request. If Mitsui agrees to purchase such samples,
payment for such samples by Mitsui to Bioamber shall be made in accordance with Article 5. 

  

	9.	WARRANTY 

  

	9.1	Bioamber warrants to Mitsui that: 

  

	 	(a)	the Products shall, for a period of one (1) year from the date of delivery thereof, correspond with the relevant specification or sample as referred to in the
relevant Individual Contracts and be free from defects in design, material and workmanship; This warranty does not cover defects resulting from use that is non-compliant with the reasonable, written instructions of Bioamber, improper use, improper
storage or handling after the Products have been delivered, or any modification or transformation of the Products that has not been approved by Bioamber; 

  

	 	(b)	Bioamber shall vest in Mitsui good and valid title to the Products, which shall be free and clear of all liens, security interests, encumbrances, burdens and other
claims. No express and no implied warranties whether of merchantability or fitness for any particular use, or otherwise other than those expressly set forth in this agreement which are made expressly in lieu of all other warranties shall apply to
the products sold to and by Mitsui, and no waiver, alteration, or modification of the foregoing conditions shall be valid unless made in writing and signed by Bioamber 

 

	 	(c)	Bioamber has the sole right and authority, without any restriction, to grant Mitsui all the rights and license under this Agreement; and 

 

	 	(d)	Bioamber is the owner or licensee of the entire right, title, and interest in and to the patents, Trade Names (as defined in Section 10 and subject to the
provisions of Exhibit B) and technical information and other intellectual property rights which are necessary to resell the Products within the Territory. 

  

	9.2	Without prejudice to any other remedy available under applicable laws and regulations, any other provisions of this Agreement or otherwise, if any Products are not
supplied in compliance with the warranties set out in Article 9.1 above, Mitsui shall be entitled: 

  

	 	(a)	to require Bioamber to repair the Products or to supply replacement Products in accordance with this Agreement within thirty (30) days; and

  

	 	(b)	at Mitsui’s sole discretion, to terminate the relevant Individual Contracts and require the repayment of the Price which has been paid by Mitsui to Bioamber for
said non-complying Products. 

  

	9.3	Bioamber shall fully indemnify Mitsui against all loss, damages, costs and expenses (including, but not limited to, legal expenses) incurred or paid by Mitsui as a
result of or in connection with the breach by Bioamber of any of the said warranties under Article 9.1 above. 

  

	9.4	Mitsui warrants to Bioamber that (i) Mitsui has the necessary powers to conclude this Agreement, (ii) Mitsui specifically assumes the liability and
responsibility for marketing and selling the Products in the Territory, and (iii) Mitsui’s importation, packaging, storage, transportation, labeling, marketing, and all other activities related to the Products in the Territory shall
conform in all respects to present and future laws, rulings, rules, standards, and regulations related to the Products by the applicable authorities in the Territory. 

  
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	9.5	Mitsui shall fully indemnify Bioamber against all loss, damages, costs and expenses (including, but not limited to, legal expenses) incurred or paid by Bioamber as a
result of or in connection with the breach by Mitsui of any of the said representations and warranties under Article 9.4 above. 

  

	10.	INTELLECTUAL PROPERTY RIGHTS 

  

	10.1	Bioamber authorizes Mitsui to use in the Territory the tradename(s) specified in Exhibit B attached hereto (the “Trade Names”), on or in relation to
the Products for the purposes of exercising its rights and performing its obligations under this Agreement and in such manner as Mitsui deems fit. Bioamber shall not give authorization to use the Trade Names in the Territory to any other person,
firm or company. Notwithstanding the above, Bioamber shall be permitted to grant Trade Names rights to eventual licensees in the Territory unless Bioamber does not breach its obligations provided in Article 1.2 hereof. Every representation of the
Trade Names that Mitsui intends to use must, prior to any use, be submitted to Bioamber for written approval. 

  

	11.	THIRD PARTY CLAIM 

  

	11.1	In the event that any third party brings any claim against Mitsui and/or any dispute arises between any third party and Mitsui, in relation to any of the Products by
reason of or in connection with: 

  

	 	(a)	any defect of the Products or product liability with respect to the Products; 

 

	 	(b)	infringement of the patents, utility models, tradenames, designs, copyrights or any other intellectual property rights owned or used by any third party; or

  

	 	(c)	infringement by any third party of any of the patents, utility models, designs, copyrights of any other intellectual property rights owned or used by Bioamber,

 then, subject to the limitations provided in Section 9 hereof, Bioamber shall defend and hold Mitsui
harmless from such claim and/or dispute and shall indemnify Mitsui from any costs, expenses, losses and damages sustained by Mitsui due to or in connection with such claim and/or dispute up to the limitations defined under section 12 hereinafter.

  

	11.2	Without limiting or qualifying Bioamber’s liabilities, obligations or indemnities otherwise assumed by Bioamber pursuant to this Agreement, Bioamber shall
maintain, at its sole cost and expense, a product liability insurance initially issued by the insurance company Zurich, with limits of liability not less than three (3) million Euros per occurrence in connection with the Products.

  

	11.3	The provisions of this Article 11 shall survive the termination or expiry of this Agreement. 

 

	12.	LIMITATION OF LIABILITY 

 Notwithstanding anything stated herein, neither Party shall be liable to the other Party for loss of profit, for loss of contract or business opportunity, or for any indirect, consequential, special or
exemplary damages of any kind or nature whatsoever, howsoever caused, incurred by the other Party or any third party, whether in an action in contract, tort or otherwise. 
 In any event any Bioamber liability arising out of or in connection with this Agreement shall never be more than [***] per civil year during which any claim was notified to Bioamber and shall never be
more than [***] per occurrence. 

  
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	13.	TERM 

  

	13.1	This Agreement shall become effective on the day and year first above written and shall remain in effect until [***]. 

 

	13.2	 The Parties will mutually discuss in good faith during one (1) month period commencing on
1st March and ending on 31st March of every year during the term of this Agreement in order
to review and assess Mitsui’s performance during the immediately preceding eleven (11) months period commencing on 1st April. [***] 

 In any event, except otherwise expressly agreed by the Parties, this subsection 13.2 shall not survive after [***]. 
  

	13.3	The provisions of Articles 9, 11, 12 and 15 hereof shall survive the termination or expiry of this Agreement and shall continue in force in accordance with their
respective terms. 

  

	14.	TERMINATION 

  

	14.1	Each Party shall be entitled forthwith to terminate this Agreement and any Individual Contracts by written notice to the other Party if: 

 

	 	(a)	the other Party commits any breach of any of the provisions of this Agreement or those of the Individual Contracts and, in the case of a breach capable of remedy, fails
to remedy the same within thirty (30) days after receipt of a written notice giving full particulars of the breach and requiring it to be remedied; 

  

	 	(b)	an encumbrancer takes possession or a receiver is appointed over any of the property or assets of the other Party; 

 

	 	(c)	the other Party makes any voluntary arrangement with its creditors or becomes subject to an administration order; 

 

	 	(d)	the other Party goes into liquidation (except for the purposes of amalgamation or reconstruction and in such manner that the company resulting therefrom effectively
agrees to be bound by or assume the obligations imposed on the other Party under this Agreement); 

  

	 	(e)	anything which, under the law of any jurisdiction, is analogous to any of the acts or events specified in paragraph (b), (c) or (d); or 

 

	 	(f)	the other Party ceases, or threatens to cease, to carry on business 

  

	14.2	Upon the termination of this Agreement for any reason: 

  

	 	(a)	Bioamber shall, at the request of Mitsui, [***]; 

  

	 	(i)	[***]; and 

  

	 	(ii)	[***]; 

  

	 	(b)	Mitsui may not use the Trade Names, patents and technical information of Bioamber other than for the purpose of selling stock of the Products in respect of which
Bioamber does not perform its obligations of repurchase; and 

  
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	 	(c)	subject as otherwise provided in this Agreement and to any rights or obligations which have accrued prior to termination, neither Party shall have any further
obligation other than (a) and (b) above in this Article 14.2 to the other Party under this Agreement. 

  

	14.3	The rights under this Article 14 shall be without prejudice to any other right or remedy of either Party in respect of the breach concerned (if any) or any other
breach. 

  

	15.	CONFIDENTIALITY 

Any commercial, technical or other information of a confidential nature received or obtained by any Party (“Receiving
Party”) from the other Party (“Disclosing Party”), which shall be conspicuously marked by such Disclosing Party as “Confidential” (the “Confidential Information”), shall be treated as strictly
confidential. The Receiving Party shall not, without the prior written consent of the Disclosing Party, disclose the Confidential Information to any person, firm or company except for its employees, advisors and agents having need to know the
Confidential Information, provided that the Receiving Party shall ensure that such employee, advisor and agent shall observe the same obligations as those of the Receiving Party under this Article and shall not use the Confidential Information for
any purpose other than those for which the same is furnished, except those which: 
  

	 	(a)	is known to or possessed by Receiving Party at the time of disclosure by the Disclosing Party; 

 

	 	(b)	is now or become hereafter available to the public through no fault of Receiving Party; 

 

	 	(c)	is developed by the Receiving Party independently from any references to the Confidential Information; 

 

	 	(d)	is required to be disclosed by law or governmental order; or 

  

	 	(e)	may be acquired by the Receiving Party from any third party without any restriction of disclosure. 

 

	16.	NON-ASSIGNMENT 

Neither this Agreement nor any right or obligation hereunder may be assigned by either Party without the other Party’s prior written
consent. 
  

	17.	ENTIRE AGREEMENT 

  

	17.1	This Agreement and Secrecy Agreement entered into between the Parties on January 29, 2010 (the “Secrecy Agreement”) contain the entire and only
agreement between the Parties with respect to the distributorship for the sale of the Products in the Territory. This Agreement wholly cancels, terminates and supersedes any prior agreements except for the Secrecy Agreement, representations or
undertakings, formal or informal, oral or written heretofore between the Parties pertaining to the subject matter. 

  

	17.2	The Parties hereby confirm that, upon execution of this Agreement, the Memorandum of Understanding entered into between the Parties on 30 October 2009 (the
“MOU”) expires pursuant to Article 5.1 of the MOU. 

  

	18.	NO IMPLIED WAIVERS 

No waiver by either Party of a breach of any one or more provisions in this Agreement to be performed by the other Party shall be
construed as a waiver of a subsequent breach, whether of the same or any different provision. 

  
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	19.	AMENDMENT 

 Any
amendment to this Agreement shall not be effective unless it is made in writing and signed by the duly authorized representatives of the Parties. 
  

	20.	NOTICE 

 All
notice, consents, requests and other communications hereunder shall be in writing in the English language and shall be deemed validly given (i) upon personal delivery in case of personal delivery or (ii) five (5) days after
transmission in case of facsimile (if sent by facsimile, the said notice, consents, requests and communications shall be confirmed by registered mail or major international delivery services on the following business day) or after being sent in case
of registered prepaid airmail letter or major international delivery services, to be served at the following addresses: 
  

					
	 If to Bioamber:
	  	Address:	  	1250 Rene Levesque Blvd West, Suite 4110
		  		  	Montreal, Quebec, Canada H3B-4W8
		  	 Facsimile:
	  	+1 (514) 844-1414
		  	 Attention:
	  	Jean-Francois Huc
			
	 With a copy to:
	  	Address:	  	[***]
			
	 If to Mitsui:
	  	Address:	  	[***]

  

	21.	ARBITRATION AND GOVERNING LAW 

  

	21.1	Any dispute or controversy which may arise between the Parties out of or in connection with or in relation to this Agreement or any Individual Contracts, or for breach
thereof, shall, unless settled amicably between the Parties without undue delay, be settled by arbitration in New York, NY, in accordance with the rules of the International Chamber of Commerce (ICC). The award thereof shall be final and binding to
both Parties. 

  

	21.2	This Agreement shall be governed by and construed in accordance with the laws of the state of New York. The United Nations Convention on Contracts for the International
Sale of Goods shall not apply to this Agreement or the Individual Contracts. 

 IN WITNESS WHEREOF, the Parties have caused this
Agreement to be executed by their duly authorized representatives in duplicate as of the date first above written 
  

			
	Bioamber, S.A.S.
		
	By	 	/s/ Jean-Francois Huc
	 Name: Jean-Francois Huc
 Title: Director General

  
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	Mitsui & Co., Ltd.
		
	By	 	/s/ [***]
	 Name: [***]
 Title:
[***]

  
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 Exhibit A 
 List of countries and territories comprised in the Territory 
 [***] 

  
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 Exhibit B 
  

	1.	Trade Names 

 [***] 

  
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