Document:

Limited Liability Company Operating Agreement

 Exhibit 10.12 
 EXECUTION COPY 
 LIMITED LIABILITY COMPANY OPERATING AGREEMENT

 OF 
 FRONTIER RENEWABLE RESOURCES, LLC 
 THIS LIMITED LIABILITY COMPANY
OPERATING AGREEMENT (the “Agreement”), dated as of December 15, 2008, is entered into by and among FRONTIER RENEWABLE RESOURCES, LLC (the “Company”); MASCOMA CORPORATION, a corporation
organized and existing under the laws of the State of Delaware (“Mascoma”); and J.M. LONGYEAR, L.L.C., a Michigan limited liability company being organized hereby under the laws of the State of Michigan
(“Longyear”). Mascoma and Longyear are also hereinafter sometimes individually referred to as the “Member” or collectively as the “Members.” 

W I T N E S S E T H: 
 WHEREAS, the Members have formed the Company as a limited liability company under and pursuant to provisions of the Delaware Limited Liability Company Act, as amended (the “LLC
Act”), by the filing of a Certificate of Formation (the “Certificate”) in the office of the Secretary of State of the State of Delaware (with the date of such filing of the Certificate with the State of Delaware
being the “Date of Commencement”); and 
 WHEREAS, the Members desire to set forth their
understandings with respect to the ongoing operations of the Company and their respective rights and obligations; 

WHEREAS, on the date hereof, the parties have entered into a certain Collaboration Agreement between the Company and the
Members (or Affiliates thereof) (the “Collaboration Agreement”); and 
 WHEREAS, each
Member agrees to make certain contributions in cash, in kind, or in services to the Company; which contributions may be credited to the Member’s Capital Account in accordance with the terms of this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises herein contained and intending to be legally bound
hereby, the Company and the Members agree as follows: 
 SECTION 1. FORMATION OF THE COMPANY 

1.1 Formation. The Members, by execution of this Agreement, hereby agree to form the Company as a limited liability company
under and pursuant to the provisions of the LLC Act and upon the terms and conditions set forth in this Agreement. The parties intend that the Company will be taxable as a partnership for United States federal income tax purposes. The parties agree
that the rights, duties and liabilities of the Members, Directors (as defined herein) and Officers (as defined below) shall be as provided in the LLC Act, except as otherwise provided herein. 

1.2 Company Name; Registered Office. The Members hereby agree that the name of the Company shall be Frontier
Renewable Resources, LLC, until such time as the Members shall unanimously agree otherwise. The initial address of the Company’s registered office and agent for service of process in Delaware shall be the office and the agent designated on the
Certificate. 

  
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 1.3 Purpose and Powers of the Company. 

(a) The purposes of the Company are to: 

(i) develop and operate an integrated facility within the State of Michigan that includes a commercial scale cellulosic
fuel production facility, and may also include a lumber milling facility and a biomass power facility (collectively, the “Project”); 
 (ii) promote, support and carry out the commercialization of technology related to the production of cellulosic fuel; and 

(iii) do such other things and acts in furtherance of and consistent with such purpose and such other acts as may be
conducted by a limited liability company formed under the LLC Act. 
 (b) The Company shall have and may exercise
all the powers and privileges to the fullest extent permitted by law as are necessary, appropriate, advisable, desirable or incidental to the conduct, promotion or attainment of the purpose of the Company. 

1.4 Company Place of Business. The principal executive offices and place of business of the Company shall be at such place
as the Board of Directors (the “Board”) shall establish, and the Board may from time to time change the location of the principal executive office of the Company to any other place within or without the State of Delaware.

 1.5 Authorized Person. The Chief Executive Officer of the Company is hereby designated as the authorized person
to act on behalf of the Company to execute, deliver and file any amendments to the Certificate of Formation approved in accordance with this Agreement with the Secretary of State of the State of Delaware. 

1.6 Qualification in Other Jurisdictions. The Chief Executive Officer shall cause the Company to be qualified or registered
in any jurisdictions in which the Company transacts business, and if necessary or desired, under assumed or fictitious name statutes or similar laws in other jurisdictions in which the Company transacts business. The Chief Executive Officer shall
have the authority to execute, deliver and file any certificates (and any and all amendments thereof) necessary for the Company to qualify to do business in the jurisdictions in which the Company may wish to conduct business, as determined by the
Board. 
 1.7 Duration of the Company. The Company shall commence as of the Date of Commencement and shall
continue until dissolved in accordance with the provisions of Section 14. 
 SECTION 2. MEMBERS; OWNERSHIP INTEREST; INITIAL CAPITAL
CONTRIBUTIONS TO THE COMPANY; ADDITIONAL CAPITAL CONTRIBUTIONS; PAYMENT OF CERTAIN LIABILITIES 
 2.1 Mascoma.
The name, business address, Initial Contribution, and initial Percentage Interest (as defined below) of Mascoma are as provided in Exhibit A hereto. A Member’s Percentage Interest, together with all other rights of such Member
in the Company, are hereinafter referred to herein individually as an “Interest” and collectively as the “Interests.” 

  
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 2.2 Longyear. The name, business address, Longyear Initial Capital
Contribution and Longyear initial Percentage Interest are as provided in Exhibit A. 
 2.3 Percentage
Interests. For the purposes of this Agreement, the term “Percentage Interest” means, with respect to any Member as of any date, such Member’s proportionate interest in the gains, profits, and losses of the
Company, nonliquidating distributions from the Company, and such other rights and obligations as are specified in this Agreement. The Percentage Interest of each of the Members shall be subject to adjustment, if any, solely in accordance with the
terms of this Agreement. 
 2.4 Reimbursement of Organizational Expenses. The Members recognize that each
Member has accumulated certain documented out-of-pocket expenses (the “Organizational Expenses”) summarized in Schedule 2.4 hereto in connection with the organization and formation of the Company. The
Organizational Expenses are reimbursable in cash by the Company within 30 days of the date of the Company’s initial receipt of Capital Contributions of cash in an amount exceeding $1,000,000 (the “Contributions Commencement
Date”). 
 2.5 Additional Capital Contributions; Nonassessability. 

(a) No Member will be required to make any Capital Contribution in excess of its Initial Capital Contribution unless such
Member has agreed to make such Capital Contribution pursuant to the terms of this Agreement or any other agreement with the Company to which such Member is a party. If the Board, by a Required Vote, (a) determines that additional funds are
required or desired for proper business purposes of the Company or (b) approves a budget that contemplates additional funds for the operation of the Company to be funded by additional Capital Contributions, then each Member shall make
additional Capital Contributions as provided by the Board thereby pro-rata in accordance with Percentage Interests. In such event, the Chief Executive Officer will cause written notice of such capital call to be delivered to all Members, specifying
the amount required from each Member and the time or time(s) for payment. Each Member shall make additional Capital Contributions in the amounts and at the times specified in such notice. Any call for additional Capital Contributions may be
rescinded or postponed at any time prior to the due date therefor by a Required Vote of the Board. Members shall be obligated to make payment in full of each required additional Capital Contribution, and such Member shall not make (nor shall the
Company be obligated to accept) any partial payments of any required additional Capital Contributions. For the purposes of this Agreement, the term “Capital Contribution” shall mean, with respect to a Member, the total amount
of cash and the fair market value as determined in good faith by the Board of property contributed to the capital of the Company, including without limitation the Initial Capital Contribution and any contributions made pursuant to this
Section 2.5. 
 (b) If the Board, by majority vote, determines that the Company requires additional
capital to finance the business and operations of the Company and the provisions of Section 2.5(a) are not utilized, the Company may, subject to the other provisions of this Section 2.5, issue additional
Interests with such Percentage Interests, rights and preferences as the Board determines to be appropriate and in the best interests of the Company under the circumstances (the “Additional Interests”); provided that the
Capital Contributions required for such Additional Interests shall be based upon and reflect the fair market value of the existing Interests at the time of the decision to issue Additional Interests as determined in the reasonable good faith
judgment of the Board. The Board is hereby authorized to make any amendments to this Agreement the Board reasonably and in good faith deems necessary or appropriate in connection with the issuance of the Additional Interests (including, without
limitation, expanding 

  
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the size of the Board to grant seats on the Board to the purchasers of the Additional Interests). Upon the closing of the sale of the Membership Interests, the Percentage Interests of the Members
will be adjusted to reflect the issuance of the Membership Interests. 
 (c) Subject to
Section 2.5(e), the Company shall issue, sell or exchange, or agree to issue, sell or exchange (collectively, “Issue,” and any issuance, sale or exchange resulting therefrom, an
“Issuance”) any Membership Interests only if the Company shall have first given written notice (the “Section 2.5 Offer Notice”) to each of Longyear (provided it is then a Member) and Mascoma (provided
it is then a Member) (each a “Preemptive Holder”) which shall (a) state the Company’s intention to Issue Additional Interests, the amount to be Issued, the terms of such securities, the purchase price therefor and a
summary of the other material terms of the proposed Issuance and (b) offer (a “Preemptive Offer”) to Issue to each Preemptive Holder up to such Preemptive Holder’s Pro Rata Share (as defined below) of such Interests
(with respect to each Preemptive Holder, the “Offered Securities”) upon the terms and subject to the conditions set forth in the Section 2.5 Offer Notice, which Preemptive Offer by its terms shall remain open for a
period of 30 days from the date it is delivered by the Company to the Preemptive Holder (and, to the extent the Preemptive Offer is accepted during such 30-day period, until the closing of the Issuance of Membership Interests contemplated by the
Preemptive Offer). “Pro Rata Share,” for purposes of this Section 2.5, shall mean the Percentage Interest held by such Preemptive Holder immediately prior to the issuance of the Section 2.5 Offer
Notice. 
 (d) Notice of a Preemptive Holder’s intention to accept a Preemptive Offer, in whole or in part,
shall be evidenced by a writing signed by the Preemptive Holder and delivered to the Company prior to the end of the 30-day period of such Preemptive Offer (each, a “Section 2.5 Notice of Acceptance”), setting forth such
portion of the Offered Securities that the Preemptive Holder elects to purchase. 
 (e) (i) In the event that a
Section 2.5 Notice of Acceptance is not given by a Preemptive Holder accepting all the Offered Securities, the Company shall have 90 days (or the period required for completion of all required regulatory approvals, so long as a binding
agreement with respect to such Issuance is entered into within such 90-day period) following the earlier of (A) delivery of the Section 2.5 Notice of Acceptance and (B) the expiration of the 30- day period referred to in
Section 2.5(d) above if no Section 2.5 Notice of Acceptance is delivered, to Issue all or any part of such remaining Offered Securities not covered by the Section 2.5 Notice of Acceptance (the “Section 2.5
Remaining Interests”) to any other Person or Persons, but only at the price and upon the payment terms set forth in the Section 2.5 Offer Notice and on such other terms and conditions as are no more favorable, in the aggregate, to
such other Person or Persons or less favorable, in the aggregate, to the Company than those set forth in the Section 2.5 Offer Notice. 
 (ii) If the Company does not consummate the Issuance of all or part of the Section 2.5 Remaining Interests to such other Person or Persons within the 90-day period referred to in
Section 2.5(d) above, the rights provided hereunder shall be deemed to be revived and such securities shall not be offered unless first reoffered to the Preemptive Holders in accordance with this Section 2.5.

 (iii) Upon the closing of the Issuance to such other Person or Persons (the “Other
Buyers”) of all or part of the Remaining Securities, the Preemptive Holder shall purchase from the Company, and the Company shall Issue to the Preemptive Holder, the Offered Securities covered by the Section 2.5 Notice of
Acceptance delivered to the Company by the 

  
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Preemptive Holder, on the terms specified in the Preemptive Offer. The purchase by the Preemptive Holder of any Offered Securities is subject in all cases to the execution and delivery by the
Company and the Preemptive Holder of a purchase agreement relating to such Offered Securities in form and substance similar in all material respects to the extent applicable to that executed and delivered between the Company and the Other Buyers and
the Company shall record such Membership Interests on the books of the Company on such date against payment of the purchase price for such Membership Interests. 
 (f) The Company shall, as a condition to the Issuance, require any Other Buyers of Additional Interests to execute, and agree to be bound by the terms of this Agreement, and upon such execution and
Issuance each such Other Buyer shall thereafter be deemed a Member. 
 2.6 Payment of Certain Liabilities.

 (a) From time to time employees of Longyear or Mascoma, or their respective Affiliates, may provide services
to the Company (with respect to such services, the “Service Provider”) pursuant to and in accordance with the terms of a written agreement with the Company approved by the Board by a Required Vote (each, a “Service
Agreement”). The value (as determined in accordance with the provisions of the applicable Service Agreement) of such services shall constitute a liability of the Company (a “Service Liability”) payable on the
date set forth in such Service Agreement (the “Stated Payment Date”); provided, however, (i) that the Board, acting pursuant to a Required Vote, shall have the right, but not the obligation, to pay all or
any portion of any Service Liability accrued prior to a Stated Payment Date at any time the Company has “Excess Cash” (as hereinafter defined), and (ii) notwithstanding anything to the contrary in any Service Agreement, all then
outstanding Service Liabilities shall be immediately due and payable upon the occurrence of a “Trigger Date” (as hereinafter defined). 
 (b) As used in this Section 2.6 the words and phrases that follow shall have the respective meanings that follow: 

(i) “Change of Control” means the first to occur of any of the following events: 

(A) The consummation of a reorganization, merger, ownership interest exchange, consolidation, or sale or disposition of
all or substantially all of the assets of the Company unless, in any such case, where the Persons who beneficially own the Percentage Interests of the Company immediately before that transaction beneficially own (within the meaning of Rule 13d-3
promulgated under the Securities Exchange Act of 1934, as amended), directly or indirectly, immediately after the transaction, at least 75% of the Percentage Interests of the Company or any other corporation or other entity resulting from or
surviving the transaction (including a corporation or other entity which, as the result of the transaction, owns all or substantially all of the Percentage Interests of the Company or all or substantially all of the Company’s assets, either
directly or indirectly through one or more subsidiaries). 
 (B) Approval by the Board of a complete liquidation
or dissolution of the Company. 
 (ii) “Event of Bankruptcy” means, with respect to the
Company or a Member: (A) the filing of a voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other

  
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 federal or state insolvency law, or the filing of an answer consenting to or acquiescing in
any such petition; (B) the making of any general assignment for the benefit of its creditors, or the admission in writing of its inability to pay debts as they become due; (C) the expiration of sixty (60) days after the filing of an
involuntary petition under Title 11 of the United States Code, an application for the appointment of a receiver for its assets, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other
federal, state or foreign insolvency law, provided that the same shall not have been vacated, set aside or stayed within such sixty (60) day period; (D) the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator,
or other similar agent for it or for any substantial part of its assets or property; and (E) the ordering of the winding up or liquidation of its affairs. 
 (iii) “Excess Cash” means, at any time, that portion of the cash and cash equivalent assets of the Company which the Board determines in its reasonable discretion exceeds the
amount of cash needed by the Company to (i) pay the Tax Distribution, (ii) remain “solvent”, (iii) maintain adequate working capital and reserves, and (iv) conduct its business and carry out its purposes. In making this
determination, the Board shall take into account the Company’s then current and foreseeable sources of, and needs for, cash. For the purposes of this definition, the Company is “solvent” if it its capable of paying its debts as they
become due in the usual course of business or the value of its assets are equal to or greater than the sum of its liabilities. This definition of the term “solvent” is intended to override, to the extent permitted under the LLC Act.

 (iv) “Trigger Date” means that date on which any of the following first occurs:

 (A) an equity or debt financing pursuant to which the Company receives at least $20,000,000 in gross
proceeds; 
 (B) a Change of Control; 

(C) an Event of Bankruptcy; 
 (D) at any time the Board determines in its reasonable discretion that funds are available therefor and elects to pay off such liabilities; or 

(E) upon the exercise of the rights set forth in Section 14.2 or Section 14.3.

 (c) Payments of Service Liabilities pursuant to this Section 2.6 shall be made in cash and
may be made from any source; provided they do not violate any agreement that the Company has with any of its creditors or any provision of the LLC Act. 
 2.7 Status of Capital Contributions. No return of a Member’s Capital Contributions shall be made hereunder if such distribution would violate applicable state law. Where Capital
Contributions are to be returned to a Member, the Member shall not have the right to demand or receive property other than cash, except as may be specifically provided in this Agreement. No interest will be paid to any Member on Capital
Contributions. No Member shall have any personal liability for the repayment of any Capital Contribution of any other Member. No Member shall be entitled to interest on any Capital Contribution or on the balance of such Member’s Capital
Account. For the purposes of this Agreement, the term “Capital Account” 

  
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 shall mean, with respect to a Member, the account of a Member established and maintained in
accordance with the provisions of Section 9.1 hereof. 
 2.8 Company Borrowings. 

(a) Loans From Third Parties. The Company will be authorized to borrow from recognized banks or financial
institutions and other lenders who are not Affiliates of any Members of the Company, at such times and on such terms as the Board approves. The Members hereby agree that if required under the terms of any financing arrangement hereunder, they shall
pledge their Percentage Interests to such bank, financial institutions or other lenders providing the loans to the Company. 
 (b) Loans from Members to Company. Subject to any other restrictions contained herein, the Company may borrow money from one or more Members or Affiliates of Members at such interest rate or
rates and upon such other terms as are agreed upon by the Company and the lending Member; provided that the interest rates on any such loans may not exceed the rates that would apply to Company borrowing on similar terms from recognized banks or
financial institutions and the terms are otherwise similar to those terms that would be expected to be achieved in an arms-length transaction, in each case as determined in good faith by the Board. 

SECTION 3. AUDITORS; INSURANCE 
 3.1 Auditors. The Board, by a Required Vote, shall select the Company’s independent certified public accountants within 30 days of the day hereof. 

3.2 Insurance. The Company shall maintain, with insurers or underwriters of good repute, property and casualty,
general liability and other insurance relating to the operations of the Company in accordance with reasonably prudent business practice and as a majority of the Board shall have agreed upon, and pay all premiums and other sums payable in respect of
maintaining such insurance. The Company shall regularly review insurance coverage and adjust the type and amount of coverage in accordance with such prudent business practices and as agreed upon by a majority of the Board. 

SECTION 4. RIGHTS, POWERS AND DUTIES OF THE MEMBERS; Limitation on LIABILITY OF THE MEMBERS 

4.1 Authority of the Members. 
 (a) The Members hereby consent to the exercise by the Board or its designees of the rights, powers and authority conferred on the Board by this Agreement. 

(b) Except as otherwise provided by the LLC Act, the debts, expenses, obligations and liabilities of the Company, whether
arising in contract, tort or otherwise, shall be solely the debts, expenses, obligations and liabilities of the Company, and no Member or its Affiliates shall be obligated personally for any such debt, expense, obligation or liability of the Company
solely by reason of being a Member or being an Affiliate of a Member. All Persons dealing with the Company shall have recourse solely to the assets of the Company for the payment of the debts, obligations or liabilities of the Company. In no event
shall any Member be required to make up any deficit balance in such Member’s Capital Account upon the liquidation of such Member’s Interest or otherwise. In addition, no Member or Affiliate shall be liable for

  
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the obligations of the Members or the Company by virtue of the fact that one or more officers, directors or employees of such Member or Affiliate is appointed to serve on the Board pursuant to
Section 5.1 or is designated as an Officer of the Company pursuant to Section 6.1, or for any acts or omissions of such Persons in such capacities. 

(c) Except as expressly provided in this Agreement, no Member (in its capacity as a Member) shall take part in or
interfere in any manner with the management of the business and affairs of the Company or have any right or authority to act for or bind the Company notwithstanding Section 18-402 of the Act, and the Members (in their capacity as Members) shall
have only the rights and powers granted to the Members under this Agreement. 
 4.2 Voting Rights; Required Member
Consents. 
 (a) No Member has any voting right except with respect to those matters specifically
reserved for a Member vote which are set forth in this Agreement and as required in the LLC Act. 
 (b)
Notwithstanding any other provision of this Agreement, without the prior consent of all of the Members, which consent shall be obtained in accordance with the procedures set forth in Section 7.1, the Company shall not: 

(i) commit any act in contravention of this Agreement; 

(ii) perform any act that would subject any Member to liability in any jurisdiction in virtue of their status as a Member
of the Company; or 
 (iii) commit any other act requiring the prior consent of the Members under this Agreement.

 (c) No funds of the Company shall be kept in any account other than a Company account nor shall any funds be
commingled with the funds of any other Person, and the Board shall not employ, or permit any other Person to employ, funds of the Company in any manner except for the benefit of the Company. 
 SECTION 5. RIGHTS, POWERS AND DUTIES OF THE BOARD; LIMITATION OF LIABILITY OF DIRECTORS 
 5.1 Board of Directors. Pursuant to the authority granted to it in Section 4.1, the Members hereby vest the management of the Company in the Company’s board of
directors (the “Board”). The Board shall manage the business and affairs of the Company on behalf of the Members, consistent with this Agreement and applicable law. The Board shall initially consist of five (5) members
designated by the Members in accordance with this Section 5.1 (each such person shall be hereinafter referred to as a “Director”). A Director may be any natural person who may, but need not be, an employee
of the Company, Mascoma or Longyear, or Affiliates thereof; provided, however, that at least one (1) of the Directors appointed by Mascoma shall be a senior executive of Mascoma and at least one (1) of the Directors appointed by Longyear
shall be a senior executive of Longyear. 
 (a) The Board shall initially consist of: 

  
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 (i) four (4) individuals appointed by Mascoma, which individuals shall
initially be Bruce Jamerson and three (3) other individuals appointed by Mascoma; and 
 (ii) one individual
appointed by Longyear, which individual shall initially be Steve Hicks. 
 (b) The Chairman of the Board shall be
elected by the Board, which individual shall initially be Bruce Jamerson. 
 (c) A Director shall remain in
office until his resignation or removal. A Director may be removed at any time, with or without cause, solely by and at the sole discretion of the Member that designated such Director. Such Member may designate a different individual as the
replacement for the removed Director. In the case of the death, resignation or removal of a Director, the Member that appointed the Director whose death, resignation or removal is the cause of the vacancy may designate the replacement to fill the
vacancy. 
 5.2 Meetings of the Board. 

(a) Regular meetings of the Board will be held at least once each calendar quarter, at such times and at such places as
shall be fixed by the Board by written notice to each Director in person, by telephone, or by facsimile, electronic mail or other form of electronic communication, sent to his or her business or home address, or by written notice mailed to his or
her business or home address. 
 (b) Any Director may call a special meeting of the Board. Unless waived as is
herein provided, notice of any special meeting of the Board of Directors shall be given to each Director in person, by telephone, or by facsimile, electronic mail or other form of electronic communication, sent to his or her business or home
address, at least 24 hours in advance of the meeting, or by written notice mailed to his or her business or home address by overnight courier, at least 48 hours in advance of the meeting. Such notice shall be deemed to be delivered when hand
delivered to such address, read to such director by telephone, deposited in the mail so addressed, with postage thereon prepaid if mailed, dispatched or transmitted if faxed, telexed or telecopied, or when delivered to the telegraph company if sent
by telegram. 
 (c) Any Director may waive notice of any meeting. Attendance of a Director at a Board meeting in
person or by the use of telephone shall constitute waiver of notice of such Board meeting, except where a Director attends a Board meeting for the express purpose of objecting to the transaction of any business because the Board meeting is not
lawfully called or convened. 
 (d) Directors may participate in any meeting of the Board by means of conference
telephone or similar communication if all persons participating in such meeting can hear one another for the discussion of the matter(s) to be voted upon. Participating in a meeting pursuant to this Section shall constitute presence in person at
such meeting. 
 (e) Three Directors shall constitute a quorum for the transaction of business. Any matter which
requires the unanimous consent of the Board pursuant to this Agreement shall require all of the Directors to be present at any Board meeting called for the purposes described therein. If a Board meeting to vote on a matter which requires a unanimous
vote of the Board cannot be held (after two attempts by means of delivery of proper notice) due to lack of a quorum, then such matter shall be determined pursuant to Section 15. 

  
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 (f) Except as otherwise required by this Agreement, decisions of the Board
or items set forth in this Agreement to be determined by the “Board” shall be adopted by the affirmative vote of a majority of the Directors then in office at a meeting, or acting by unanimous written consent. 

5.3 Authority of the Board. 
 (a) Except as expressly provided in this Agreement, all powers to control and manage the business and affairs of the Company shall be exclusively vested in the Board and the Board may exercise all powers
of the Company and do all such lawful acts as are not by statute, the Certificate or this Agreement directed or required to be exercised or done by the Members and in so doing shall have the right and authority to take all actions which the Board of
Directors deems necessary, useful or appropriate for the management and conduct of the business, including exercising the following: 
 (i) conduct its business, carry on its operations and have and exercise the powers granted by the LLC Act in any state, territory, district or possession of the United States, or in any foreign country
which may be necessary or convenient to effect any or all of the purposes for which it is organized; 
 (ii)
acquire by purchase, lease, or otherwise any real or personal property which may be necessary, convenient, or incidental to the accomplishment of the purposes of the Company; 

(iii) operate, maintain, finance, improve, construct, own, grant operations with respect to, sell, convey, assign,
mortgage, and lease any real estate and any personal property necessary, convenient, or incidental to the accomplishment of the purposes of the Company; 
 (iv) execute (but not to the exclusion of any Officer having such power) or authorize an Officer of the Company to execute any and all agreements, contracts, documents, certifications, and instruments,
including without limitation any deed, lease, mortgage, or promissory note, necessary or convenient in connection with the management, maintenance, and operation of the business of the Company, or otherwise in connection with managing the affairs of
the Company, including, executing amendments to this Agreement and the Certificate in accordance with the terms of this Agreement, both as Directors and, if required, as attorney-in-fact for the Members pursuant to any power of attorney granted by
the Members to the Directors. Simultaneously with the execution of this Agreement, one or more of the Directors shall execute the Collaboration Agreement on behalf of the Company; 

(v) cause the Company to engage in any kind of activity and perform and carry out contracts of any kind (including
contracts of insurance covering risks to Company assets and Director liability) necessary or incidental to, or in connection with, the accomplishment of the purposes of the Company, as may be lawfully carried on or performed by a limited liability
company under the LLC Act and the laws of any state in which the Company is then formed or qualified; 
 (vi)
cause to be paid all amounts due and payable by the Company to any Person; 

  
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 (vii) employ such agents, employees, managers, accountants, attorneys,
consultants and other Persons, including any Member, necessary or appropriate to carry out the business and affairs of the Company, whether or not any such Persons so employed are affiliated with or related to any Member, and to pay to such Persons
such fees, expenses, salaries, wages and other compensation as it shall in its sole discretion determine; 

(viii) form such committees as the Board may deem appropriate; 

(ix) pay, extend, renew, modify, adjust, submit to arbitration, prosecute, defend or compromise, upon such terms as it may
determine and upon such evidence as it may deem sufficient, any obligation, suit, liability, cause of action or claim, including taxes, either in favor of or against the Company; 

(x) pay any and all fees and make any and all expenditures which it deems necessary or appropriate in connection with the
organization of the Company, the management of the affairs of the Company and the carrying out of its business, obligations and responsibilities under this Agreement; 

(xi) establish and maintain one or more bank accounts for the Company in such bank or banks as the Board may, from time to
time, designate as depositories of the funds of the Company, subject to the provisions of Section 13.5; 
 (xii) to the extent that funds of the Company are, in the judgment of the Board, not immediately required for the conduct of the Company’s business, temporarily deposit the excess funds in such bank
account or accounts, or invest such funds in such interest bearing taxable or nontaxable investments as the Board shall deem appropriate; provided, however, that the Board shall not make any such deposits or investments that would require
registration of the Members or the Company under the Investment Partnership Act of 1940, as amended; and 

(xiii) cause to be paid any and all taxes, charges and assessments that may be levied, assessed or imposed upon any of the
assets of the Company, unless the same are contested by a majority of the Board on behalf of the Company. 
 The Members hereby consent to the
foregoing rights, powers and authority to the Board. 
 (b) The Board may, but is not required to, establish one
or more committees (each, a “Board Committee”) and may delegate certain authority of the Board to such committee of the Board. A Board Committee may be comprised of one or more directors and may include a committee of a
single Director to whom the Chief Executive Officer reports for all matters in the ordinary course of the Company’s business. To the extent this Agreement provides that certain Director(s) must consent to certain specified actions, a Board
Committee shall not have authority to act with respect to such action unless such Director(s) consent to such action. 
 (c) The Company shall not without majority approval of the Board, which approval must include the affirmative vote of at least one of the directors appointed by Mascoma and one of the directors appointed
by Longyear (a “Required Vote”): 
 (i) adopt or approve any business plan, annual budget
or capital budget, or make any material changes thereto; 
 (ii) appoint the initial Chief Executive Officer of
the Company; or 

  
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 (iii) affect any material changes to the Collaboration Agreement.

 SECTION 6. OFFICERS 
 6.1 Appointment of Officers. The Board shall have the right, power and authority to designate, by a Required Vote, the initial Chief Executive Officer of the Company, who shall have general
supervision and control of the Company and shall have such powers and perform such duties in managing the day-to-day operations of the Company as delegated to such officer by the Board. In addition, the Board shall have the right, power and
authority to designate, in its discretion, other officers, including without limitation a President, Chief Operating Officer, Chief Financial Officer, Secretary, Treasurer, and one or more vice presidents (collectively, the
“Officers,” and each individually, an “Officer”) with such powers and authorities as the Board, in its sole discretion, may determine, and solely to the extent the Board may determine such
designations, powers and authorities are appropriate and desirable. Pursuant to the authority granted to it by the Members pursuant to this Section 6.1, the Board may also from time to time appoint such other officers as it may
deem appropriate. 
 6.2 Authority of the Officers. Subject to the provisions of this Agreement, unless the
authority of an Officer is limited in the document appointing such Officer or is otherwise specified in this Agreement or by the Board, any Officer so appointed shall have the same authority to act for the Company as a corresponding officer of a
Delaware corporation would have to act for a Delaware corporation in the absence of a specific delegation of authority. Any decision or act of an Officer within the scope of the Officer’s designated or delegated authority shall control and
shall bind the Company (and any business entity for which the Company exercises direct or indirect executory authority); provided, however, that unless such power is specifically delegated to the Officer in question either for a specific transaction
or generally in a separate writing, no such Officer shall have the power to lease or acquire real property, to borrow money, to issue notes, debentures, securities, equity or other interests of or in the Company, to make investments in (other than
the investment of surplus cash in the ordinary course of business) or to acquire securities of any Person, to give guarantees or indemnities, to merge, liquidate or dissolve the Company or to sell or lease all or any substantial portion of the
assets of the Company. 
 SECTION 7. RIGHTS OF MEMBERS; ACTIONS OF MEMBERS 

7.1 Procedure for Obtaining Consent. 

(a) Any approval, consent, waiver or vote of the Members required by this Agreement or by the LLC Act may be given by
either: 
 (i) a written approval, consent, waiver or affirmative vote executed by all of the Members to the
other Member or the Board at or prior to the commission of the act or thing for which the approval is solicited, provided that such approval, consent or waiver shall not have been revoked by (A) notification to the Members or the Board, as the
case may be, of such revocation by any Member or negative vote by any Members at or prior to any meeting called to consider such act or thing or (B) notification to the other Members or the Board, as the case may be, of such revocation by any
Member prior to the commission of the act or thing which is subject of the approval, consent or waiver; or 

(ii) the approval, consent, waiver or affirmative vote of all of the Members at any meeting called and held pursuant to
Section 7.1(b). 

  
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 (b) Unless notice is waived as is herein provided and allowed, any approval,
consent, waiver or vote of the Members required pursuant to this Agreement or any other matter to come before the Members may be considered at a meeting of the Members held not less than 20 nor more than 60 days after notification of such meeting
shall have been given to all of the Members in accordance with this Section 7.1(b). Such notification shall be given by the Members or the Board within 30 days after receipt by the Members or the Board of a request for such a
meeting by any Member. All such meetings shall be held at such reasonable time and place as the Members or the Board may designate. Any Member may waive notice of any such meeting as to itself. Attendance of a Member at a meeting in person or by use
of the telephone shall constitute waiver of notice of such meeting, except where a Member attends such meeting for the express purpose of objecting to the transaction of any business because the meeting is not properly called or convened. Any such
meeting may be held by means of a conference telephone or similar communication if all persons participating in such meeting can hear one another for the discussion of the matter(s) to be voted upon. 

SECTION 8. OWNERSHIP INTEREST TRANSFER RESTRICTIONS 
 8.1 Restrictions on Transfer. The Members hereby agree that no Member shall be permitted to Transfer (as defined below) any or all of its respective Interest except in accordance with this
Section 8. Except as otherwise provided in this Section 8, Section 14.2 or Section 14.3, no Member, may sell, pledge, assign, transfer, hypothecate or otherwise encumber (each, a
“Transfer”) its Interest in the Company to any third party, except with the consent of the other Members, in each such Member’s sole discretion, and on such conditions as each such Member may require;
provided, however, that any Member may sell, transfer or assign all (but not less than all) of its Interest in the Company to an Affiliate of such Member, upon notice to Company and the other Member, so long as such Affiliate agrees to
be bound by the terms and conditions of this Agreement and executes a counterpart signature page to this Agreement pursuant to which it or they agree to be bound by this Agreement. Upon the transfer by a Member of its entire Interest pursuant to
this Agreement, such Member shall not cease to be a Member of the Company until after the admission of such Member’s transferee as a Member of the Company in accordance with this Agreement. 

8.2 Bankruptcy. 
 (a) Each of the Members hereby grants to the other Members an irrevocable option (the “Bankruptcy Option”), which Bankruptcy Option shall be exercisable only upon the
bankruptcy, insolvency, winding-up or liquidation of the granting Member (the “Insolvent Member”), or in the event that a receiver is appointed in respect of the whole or substantially the whole of such Insolvent
Member’s property and assets, or in the event of the transfer or assignment, voluntary or involuntary, by such Insolvent Member of its Interest in the Company to any creditor, in total or partial satisfaction of any debt, obligation, judgment
or other liability (any such assignee, trustee, receiver or transferee is hereinafter referred to as the “Special Transferee” and the other Members are hereinafter referred to as the “Solvent
Members”), to purchase the Insolvent Member’s Interest for a purchase price equal to the fair market value of such Interest (the “Bankruptcy Value”) at that time, as determined by a third party
expert in such matters. Upon the Bankruptcy Option becoming exercisable, the Solvent Members may exercise the Bankruptcy Option by delivering a written notice to the Special Transferee. Each Solvent Member shall have a right to purchase its pro-rata
portion (based on Percentage Interest) with the right of oversubscription of the Special Transferee’s Interest. Payment of the Bankruptcy Value shall be made by the Solvent Members in cash or by certified funds within 180 days from the date of
exercise of the Bankruptcy Option. 

  
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 (b) If any of the parties (the “Disagreeing Party”)
disagrees with the Bankruptcy Value, the Disagreeing Party may, within 20 days after its receipt of the Bankruptcy Value (the “Bankruptcy Value Calculation”), deliver a notice to the other party disagreeing with such
calculation and setting forth the Disagreeing Party’s calculation of the Bankruptcy Value. Any such notice of disagreement shall specify those items or amounts as to which the Disagreeing Party disagrees, and the Disagreeing Party shall be
deemed to have agreed with all other items and amounts contained in the Bankruptcy Value Calculation. 
 (c) If a
notice of disagreement shall have been delivered by the Disagreeing Party pursuant to Section 8.2(b), the parties shall, during the 20 days following such delivery, use their best efforts to reach agreement on the disputed items
or amounts in order to determine the Bankruptcy Value, which amount shall not be more than the amount shown in the Bankruptcy Value Calculation nor less than the amount shown in the Disagreeing Party’s notice of disagreement. If, during such
period, the parties are unable to reach agreement, they shall promptly thereafter cause the Accounting Referee (as defined below) promptly to review this Agreement and the disputed items or amounts for the purpose of calculating the Bankruptcy
Value. In making such calculation, the Accounting Referee shall consider only those items or amounts in the Bankruptcy Calculation to which the Disagreeing Party has disagreed. The Accounting Referee shall deliver to both parties, as promptly as
practicable, a report setting forth such calculation. Such report shall be final and binding upon the parties hereto. The cost of such review and report shall be borne equally among the parties. For purposes of this paragraph (c), the term
“Accounting Referee” means an accounting firm (so long as the same is not engaged by any party as its independent auditor) selected jointly by the Company and the Disagreeing Party. 

8.3 Right of First Refusal. 
 (a) Except as otherwise provided in Sections 8.1, 8.2, 8.4,14.2 and 14.3, if a Member (other than Mascoma (unless Mascoma proposes to transfer its interest to a direct
competitor of Longyear, in which case, Mascoma shall be considered a Transferring Member hereunder)) wishes to Transfer all or a part of its Interest (a “Transferring Member”), such Member shall first deliver to the offered
Member (which shall be Mascoma unless Mascoma is the Transferring Member, in which case the offered Member shall be Longyear) (the “Offered Member”) a written notice (an “Offer Notice”), which shall
(i) state the Member’s intention to sell all or a portion of its Interest to one or more Persons, the portion of its Interest to be sold (the “Subject Interest”), the purchase price therefor and a summary of the
other material terms of the proposed Transfer and (ii) offer the Offered Member the option to acquire all or a portion of such Subject Interest upon the terms and subject to the conditions of the proposed Transfer as set forth in the Offer
Notice (the “Offer”). A Member may submit an Offer Notice only if such Member has received a bona fide written offer, the terms of which are reflected in the Offer Notice. The Offer shall remain open and irrevocable for the
periods set forth below (and, to the extent the Offer is accepted during such period, until the consummation of the sale contemplated by the accepted Offer). The Offered Member shall have the right and option, for a period of 30 days after its
receipt of the Offer Notice (the “Acceptance Period”), to accept all or any part of the Subject Interest so offered at the purchase price and on the terms stated in the Offer Notice. Such acceptance shall be made by
delivering a written notice to the Transferring Member during the Acceptance Period specifying the portion of the Subject Interest the Offered Member will purchase. 

(b) If effective acceptance shall not be received pursuant to Section 8.3(a) above with respect to all of the
Subject Interest offered for sale pursuant to the Offer Notice, then the Transferring Member may Transfer all or any portion of its Subject Interest at a price not less 

  
 14 

 
than the price, and on terms not more favorable to the purchaser thereof than the terms, stated in the Offer Notice at any time within 30 days after the expiration of the Acceptance Period (the
“Sale Period”). To the extent the Transferring Member Transfers all or, if the Offered Member has accepted the Offer with respect to a part of such Transferring Member’s interest, the remaining portion of the Interest so
offered during the Sale Period, the Transferring Member shall promptly notify the Company, and the Company shall promptly notify the other Members, as to (i) the Interest, if any, that the Transferring Member then owns, (ii) the Interest
that the Transferring Member has transferred, (iii) the terms of such Transfer and (iv) the name of the owner(s) of any of the Interest Transferred. In the event that all of the Subject Interest is not sold by the Transferring Member
during the Sale Period, the right of the Transferring Member to Transfer such unsold Subject Interest shall expire and the obligations of this Section 8.3 shall be reinstated; provided, however, that, in the event that the
Transferring Member determines, at any time during the Sale Period, that the Transfer of all of the Interest on the terms set forth in the Offer Notice is impractical, the Transferring Member may terminate the offer and reinstate the procedure
provided in this Section 8.3 without waiting for the expiration of the Sale Period. 
 8.4 Bring-Along Right

 (a) If at any time, any Third Person (such Person, a “Third Party Purchaser”)
makes a bona fide offer to purchase all or substantially all of the Company or the Interest of Mascoma (a “Sale Transaction”), and Mascoma desires in its sole discretion to accept such offer, then, upon the delivery by
Mascoma to the other Member(s) of 30 days’ written notice (the “Drag-Along Notice”), which Drag-Along Notice shall contain the information set forth below, each such other Member shall be obligated to accept the terms of
such Sale Transaction, take all such steps necessary to approve and facilitate such sale, and shall sell, transfer and deliver, or cause to be transferred, and delivered, to such Third Party Purchaser, its entire Interest on the terms of such Sale
Transaction (and will deliver such Member’s Interest to be transferred at the closing of the transaction, free and clear of all liens, claims, or encumbrances other than any arising pursuant to this Agreement). Each Member shall be allocated
that portion of the aggregate consideration paid by the Third Party Purchaser in the Sale Transaction to all Members that such Member would be allocated if such aggregate consideration were the aggregate amount to be distributed upon a liquidation
of the Company (with respect to each Member, such Member’s “Drag-Along Consideration Amount”). Other than with respect to each Member’s Drag-Along Consideration Amount, such Sale Transaction shall be effected on the
same terms with respect to all Members as those offered to Mascoma and as further set forth in the Drag-Along Notice. The Drag-Along Notice shall set forth the material terms and conditions of the Sale Transaction, including (i) the name and
address of the Third Party Purchaser, (ii) the aggregate consideration to be received by the Members for their Interests, (iii) the terms and conditions of payment offered by the Third Party Purchaser and, in the case of consideration in
whole or in part other than cash, the fair market value thereof as determined in good faith by the Company’s Board, which determination shall be evidenced by a resolution filed with the Company, (iv) a statement that the Third Party
Purchaser has been informed of the rights provided for in this Section 8.4 and has agreed to purchase the Interests in accordance with the terms hereof and to be bound by such terms, and (v) the approximate date, time and location of the
closing of the Transfer of the Interests to the Third Party Purchaser. 
 (b) If Mascoma elects not to deliver to
Longyear a Drag-Along Notice in connection with a Sale Transaction, then if upon the consummation of such Sale Transaction Mascoma shall have a Percentage Interest of less than 10% (without giving effect to the provisions of this
Section 8.4(b)), then Mascoma must provide Longyear the opportunity to Transfer its Interest to such third party on a pro rata basis (the “Tag Along Right”). Each 

  
 15 

 
Member (as between Mascoma and Longyear) shall be allocated that portion of the aggregate consideration paid by the Third Party Purchaser in the Sale Transaction to such Members in the aggregate
as that Member would be allocated if such aggregate consideration were the aggregate amount to be distributed with respect to the transferred Interests upon a liquidation of the Company (with respect to each such Member, such Member’s
“Tag-Along Consideration Amount”). Other than with respect to each Member’s Tag-Along Consideration Amount, such Sale Transaction shall be effected on the same terms with respect to all Members participating in such Sale
Transaction as those offered to Mascoma and as further set forth in the Drag-Along Notice. Mascoma must give Longyear notice of the closing of Sale Transaction to which a Tag Along Right relates at least 30 days before the proposed closing (the
“Tag Along Notice”). The Tag Along Notice must set forth the identity of the third party, the sale price, and all other material terms and conditions of the offer. If Longyear desires to exercise its Tag Along Right, then
Longyear must give notice of exercise to Mascoma no later than 15 days after delivery of the Tag Along Notice. If Longyear fails to exercise its Tag Along Right during such 15-day period, such failure shall be deemed to be an election by Longyear
not to exercise its Tag Along Right. 
 8.5 Longyear Change of Control. 

(a) Longyear shall give Mascoma notice within two (2) days following the execution of an agreement that will result
in a change in control of Longyear (“Longyear Change in Control”). 
 (b) In the case of
a Longyear Change in Control, Mascoma may by written notice (an “Acquisition Notice”) delivered to Longyear and to the Company within 60 days after receipt of the notice contemplated in Section 8.5(a),
elect to acquire the Interest of Longyear pursuant to the provisions of this Section 8.5 and in such event Longyear shall be obligated to sell its Interest to Mascoma. The purchase price of the Interest shall be equal to the fair
market value of the Interest, determined in accordance with Section 8.6, below. Mascoma may at any time before the tenth business day following the date Mascoma is informed of the purchase price that has been established with
respect to the Interest in accordance with the terms hereof, rescind an Acquisition Notice by written notice to Longyear. If Mascoma rescinds an Acquisition Notice in accordance with the terms of this Agreement, then it will pay to Longyear the
out-of-pocket costs incurred by Longyear in connection with the establishment of such purchase price. 
 (c) The
closing of the purchase and sale pursuant to this Section 8.5 shall occur on a date and at a place designated by Mascoma not later than 60 days after the later of (i) final determination of the purchase price of the Interest,
or (ii) the date all filings, notices, approvals and consents with respect to the transaction have been made with and obtained from all governmental entities required under applicable Law and all applicable waiting periods have expired or been
terminated. Each Party and its Affiliates shall make all required filings and notices with and shall use commercially reasonable efforts to obtain all approvals and consents from all governmental entities required under applicable Law. At the
closing, the Parties shall deliver or cause to be delivered such instruments of Transfer and other agreements, documents and papers as are customary in transactions of the character contemplated in this Section 8.5 (and containing
customary representations and warranties as to title, authority and otherwise and other agreements). Mascoma may assign its right to acquire the Interest of Longyear under this Section 8.5 without the consent of Longyear, provided
that Mascoma must guaranty payment of the purchase price if the right is exercised by the transferee of such right. 

  
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 8.6 Purchase Price. 

(a) The purchase price of an Interest for purposes of Section 8.5 will be the “Fair Market
Value” of the Interest as of the date on which the Acquisition Notice was delivered (the “Valuation Date”). For this purpose the “Fair Market Value” of an Interest means the amount that would be
distributed with respect to such Interest upon a dissolution and liquidation of the Company pursuant to Article 14 after a sale of all of the assets of the Company to a single buyer, at a price equal to the price that would be paid by
a willing buyer to a willing seller, with each having knowledge of all relevant facts, as of the last day of the most recent month ending on or prior to the Valuation Date. 

(b) The Fair Market Value of the Interest involved will be as agreed by the purchasing Member and the selling Member, if
such agreement can be reached. 
 (c) If no agreement is reached pursuant to Section 8.6(b) by
the date that is forty-five days after the applicable Valuation Date, upon the written request of either Member delivered to the other Member, the Fair Market Value of the Interest will be determined based on the criteria set forth above and using
the following process: 
 (i) The purchasing Member and the selling Member will attempt to mutually agree upon a
single appraiser who, if so selected, will establish the Fair Market Value of the Interest. In such case the purchasing Member and the selling Member will share the cost of such appraiser equally. 

(ii) If a single appraiser is not mutually selected pursuant to paragraph (i) within 30 days after written demand
from one Member to the other Member, then, upon written demand of a Member, the purchasing Member and the selling Member each will have 15 days to select one appraiser. The purchasing Member and the selling Member each must pay the costs of its
respective appraiser. If only one appraiser is selected during this 15-day period, such appraiser, at the cost of the Member who selected such appraiser, will establish the Fair Market Value of the Interest. 

(iii) If two appraisers are selected within the 15-day period provided for in paragraph (ii), such appraisers are to
attempt to agree on the Fair Market Value of the Interest. If such appraisers do not agree upon the Fair Market Value of the Interest within 30 days after the appointment of the second of them, within 45 days after the appointment of the second
appraiser each must separately determine the Fair Market Value of the Interest. If the higher of the two values is no more than 115% of the lower of the two values, the Fair Market Value of the Interest will be the average of the two values.

 (iv) If the higher of the two values is more than 115% of the lower of the two values, the two appraisers must
jointly appoint a third appraiser within 15 days after the 45 day period provided for in Section 8.6(c)(iii), above, the cost of which is to be shared equally by the purchasing Member and the selling Member. If the two appraisers
do not agree upon a third appraiser within this time period, the Circuit Court for Oakland County, Michigan will appoint a third appraiser on petition of either Member. Within 15 days of appointment, the third appraiser must then separately
determine the Fair Market Value of the Interest. If the Fair Market Value of the Interest as determined by the third appraiser is the same as the Fair Market Value of the Interest as determined by either of the other two appraisers, such value will
be the Fair Market Value of the Interest. In other cases the Fair Market Value of the Interest will be determined as follows: The middle value of the three values will be determined. If the two other values differ

  
 17 

 
from the middle value by an equal amount, the Fair Market Value of the Interest will be the middle value. If the difference between each of the other two values and the middle value is not
identical, then the value with the greatest difference from the middle value will be disregarded and the Fair Market Value of the Interest will be the average of the two remaining values. The Fair Market Value of the Interest, as so determined, will
be binding upon all parties. 
 (v) Unless otherwise agreed, in order to be eligible to be an appraiser under
this Section, an individual or entity must be a competent appraiser of businesses that are similar to that of the Company. 
 (vi) Only appraisals completed in writing and delivered to both Members within the specified time periods will be considered valid for purpose of this Agreement. The Company will allow its books, records,
and operations to be available for review by all chosen appraisers for the purposes of determining the Fair Market Value of the Interest so long as such appraisers agree to be bound by customary confidentiality and non-use agreements. 

SECTION 9. CAPITAL ACCOUNTS; ALLOCATION OF LOSSES 
 9.1 Capital Accounts. A Capital Account shall be maintained on the books of the Company for each Member in compliance with Code Sections 1.704-1(b)(2)(iv) and 1.704-2, as amended. Subject to
the preceding sentence, each Member’s Capital Account shall initially be credited with the amount of such Member’s Initial Capital Contribution to the capital of the Company as set forth in Section 2.1. The Initial
Capital Account Balances of the Members and their respective Percentage Interests are set forth in Exhibit A hereto. Thereafter, each Member’s Capital Account shall be increased by: 

(a) the amount of any additional capital contributed by such Member pursuant to Section 2.5; and

 (b) the amount of Profits (as hereinafter defined) allocated to such Member; and shall be decreased by:

 (i) the amount of distributions to such Member; and 

(ii) the amount of Losses allocated to such Member. 

9.2 [RESERVED] 
 9.3 Allocations. Subject to Section 9.4(b) and Section 14.5(b), The Profits and Losses of the Company shall be allocated to the Members in proportion to
their Percentage Interests. The following provisions shall apply with respect to the allocation of Profits and Losses: 
 (a) “Profits” and “Losses” mean, for each taxable year or other period, an amount equal to the Company’s Federal taxable income or loss (as is
appropriate) for such year or other period, determined in accordance with Code Section 703(a) (including all items of income, gain, loss or deduction required to be stated separately under Section 703(a)(l) of the Code), with the following
adjustments: 

  
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 (i) Any income of the Company that is exempt from Federal income tax and not
otherwise taken into account in computing Profits or Losses will be added to taxable income or loss; 
 (ii) Any
expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures under Treasury Regulations Section 1.704-I(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or
Losses, will be subtracted from taxable income or loss; 
 (iii) Gain or loss resulting from any disposition of
Company property (with respect to which gain or loss is recognized for Federal income tax purposes) will be computed by reference to the Gross Asset Value of the property, notwithstanding that the adjusted tax basis of the property differs from its
Gross Asset Value; 
 (iv) Any items which are specially allocated pursuant to Section 9.4, or which are
allocated solely for Federal income tax purposes pursuant to Section 9.5 hereof, shall be excluded from the determination of Profits and Losses; 
 (v) In lieu of depreciation, amortization, and other cost recovery deductions taken into account in computing taxable income or loss, there will be taken into account Depreciation for the taxable year or
other period (where the term “Depreciation” shall mean for each taxable year, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such taxable year,
except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such taxable year, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as
the federal income tax depreciation, amortization, or other cost recovery deduction for such taxable year bears to such beginning adjusted tax basis; provided, if the adjusted basis for federal income tax purposes of an asset at the beginning of
such taxable year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Board; provided, if the remedial allocation method is used, Depreciation shall be determined
pursuant to Treasury Regulation Section 1.704-3(d)(2).”); and 
 (vi) If the Gross Asset Value of any
Company asset is adjusted pursuant to clauses (ii) or (iii) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of
computing Profits or Losses. 
 (b) “Gross Asset Value” means, with respect to any asset,
the adjusted basis of such asset for Federal income tax purposes, except as follows: 
 (i) The initial Gross
Asset Value of any asset contributed by a Member to the Company will be the fair market value of the asset on the date of the contribution, as determined by the Board. 

(ii) The Directors shall adjust the Gross Asset Values of all Company assets to equal the respective fair market values of
the assets, as reasonably determined by the Board, as of (a) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution or in connection with
services; (b) the distribution by the Company to a Member of more than a de minimis amount of Company property as consideration for an interest in the Company if the Board reasonably determine an adjustment is necessary or appropriate to
reflect the relative economic interests of the 

  
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Members in the Company and (c) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g). 

(iii) The Gross Asset Values of Company assets will be increased or decreased to reflect any adjustment to the adjusted
basis of the assets under Code Sections 734(b) or 743(b), but only to the extent that the adjustment is taken into account in determining Capital Accounts under Treasury Regulations Section 1.704-1(b)(2)(iv)(m). 

(iv) The Gross Asset Value of any Company asset distributed to any Member will be the gross fair market value of the asset
on the date of distribution. 
 (v) After the Gross Asset Value of any asset has been determined or adjusted
under subparagraphs (i), (ii), or (iii) above, the Gross Asset Value will be adjusted by the depreciation taken into account with respect to the asset for purposes of computing Profits or Losses. 

9.4 Regulatory Allocations. 
 (a) The Members intend that the allocations pursuant to this Section 9.4 shall be equivalent to allocations that are or are deemed to be in accordance with the “partners interests in the
partnership” within the meaning of Regulations §§ 1.704-1(b) and 1.704-2, and the Board shall make such changes in the allocations pursuant to this Section 9.4 as it believes are reasonably necessary to meet the requirements of
such Regulations, including, without limitation the provisions related to qualified income offsets, the allocations of partner non recourse debt and to the minimum gain chargebacks. 

(b) Notwithstanding any provision of Section 9.3, no allocation of Loss shall be made to a Member if it would cause
such Member to have a negative balance in its “Adjusted Capital Account” (as such term is defined in clause (c) below), decreased by reasonably expected adjustments, allocations and distributions described in Regulation §§
1.704 1(b)(2)(ii)(d)(4), (5) and (6), immediately following such allocation. Allocations of Losses that would be made to a Member but for this Section 9.4(b) shall instead be made to other Members pursuant to Section 9.3 to the extent
not inconsistent with this Section 9.4(b). To the extent allocations of Losses cannot be made to any of the Members because of this Section 9.4(b), such allocations shall be made to the Members in accordance with Section 9.3, as
applicable, notwithstanding this Section 9.4(b). Allocations of Profits following any allocations of Losses subject to this Section 9.4(b) shall be allocated among the Members in a manner so as to offset the allocations of Losses
previously made to the Members pursuant to this Section 9.4(b). 
 (c) A Member’s “Adjusted
Capital Account” at any time shall mean such Member’s Capital Account at such time increased by the sum of (a) the amount of such Member’s share of partnership minimum gain (as defined in Regulation §1.704-2(g)(l)
and (3)) and (b) the amount of such Member’s share of partner nonrecourse debt minimum gain (as defined in Regulation §1.704-2(i)(5)), and decreased by reasonably expected adjustments, allocations and distributions described in
Regulation §§ 1.704 1(b)(2)(ii)(d)(4), (5) and (6). 
 (d) Except to the extent otherwise required
by the Code and Treasury Regulations, if one or more Percentage Interests in the Company is transferred in any taxable year, the items of income, gain, loss, deduction and credit allocable to such Percentage Interests for such taxable year shall be
apportioned between the transferor and the transferee in proportion to the number of days in such taxable year such Percentage Interests are held by each of the them, 

  
 20 

 
except, that if they agree between themselves and so notify the Company within 30 days after the transfer, then at their option and expense, (i) all items or (ii) extraordinary items,
may be allocated to the person that held such Percentage Interests on the date such items were realized or incurred by the Company. 
 9.5 Allocations of Taxable Income. The income, gains, losses, deduction and credits of the Company for any taxable year shall be allocated to the Members in the same manner as Profits and
Losses were allocated to the Members for such fiscal year pursuant to Sections 9.3 and 9.4; provided, however, that solely for Federal, state and local income and franchise tax purposes and not for book or Capital Account purposes, income, gain,
loss and deduction with respect to any Company asset properly carried on the Company’s books at a value other than the tax basis of such Company asset shall be allocated in a manner determined in the discretion of the Board, so as to take into
account (consistently with Code Section 704(c) principles) the difference between such Company asset’s book basis and its tax basis. 
 9.6 Withholding. The Company shall comply with withholding requirements under Federal, state and local law and shall remit amounts withheld to and file required forms with the applicable
jurisdictions. To the extent the Company is required to withhold and pay over any amounts to any authority with respect to distributions or allocations to any Member, the amount withheld shall be deemed to be, at the option of the Board, either a
distribution to or a demand loan by the Company to such Member in the amount of the withholding. In the event of any claimed over-withholding, Members shall be limited to an action against the applicable jurisdiction. If the amount was deemed to be
a demand loan, the Company may, at its option, (a) at any time require the Member to repay such loan in cash or (b) at any time reduce any subsequent distributions by the amount of such loan. Each Member agrees to furnish the Company with
any representations and forms as shall reasonably be requested by the Company to assist it in determining the extent of, and in fulfilling, its withholding obligations. 
 SECTION 10. DISTRIBUTIONS 
 10.1 Distributions Generally.

 (a) Subject to 14.5, and provided that all previously accrued Tax Distributions have been made to the
Members, distributions to Members (in their capacity as such) may be made in such amounts and forms and at such times as this Agreement provides or as otherwise determined by the Board. Any such distributions are to be made (i) first in such
proportions as will cause the positive Capital Accounts of the Members to most quickly be in the same proportions as the Percentage Interests of the Members and (ii) thereafter among the Members in the same ratio as their Percentage Interests.

 (b) The amount of any distribution shall be charged against the Capital Account of the Member to whom such
cash or property is distributed. In the event of any distribution by the Company to a Member of property (other than cash), the property so distributed shall be valued by the Valuation Expert, and treated for accounting purposes as sold by the
Company and as though cash proceeds of such sale were distributed. The difference between the value of the property so distributed and the amount at which such property was carried on the books of the Company shall be treated as Profit or Loss on
the sale of such property and shall be credited or charged, as the case may be, in accordance with Section 9.3. 

  
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 (c) For the avoidance of doubt, this Section 10.1 applies
only to distributions made to Members in their capacity as Members, and not to payments owed to any Member, its Affiliates or employees, for services, compensation or similar arrangements. 

10.2 Distributable Cash. The term “Distributable Cash” as used herein with respect to any period
shall mean all revenues received by the Company (other than cash received as capital contributions, the proceeds of any loans or other financing obtained by the Company, interest earned on temporary investment of Company funds pending utilization
thereof and proceeds from the sale of assets in partial or complete liquidation of the Company in such period), less (i) all expenses of the Company fairly attributable to such revenues and (ii) such reserves as a majority of the Board may
determine are necessary or appropriate to the continued operation of the Company’s business (including reserves established for working capital purposes); provided that the Board may, in its sole discretion, at any time and from time to time,
declare other funds of the Company to be Distributable Cash. 
 10.3 Tax Distributions. To the extent the Company
has Distributable Cash that may lawfully be distributed by the Company under the LLC Act and subject to any applicable agreement to which the Company or any of its subsidiaries is a party governing the terms of indebtedness for borrowed money and
subject to the retention and establishment of reserves, or payment to third parties, of such funds as the Board deems necessary with respect to the reasonable business needs and obligations of the Company, the Board will cause the Company to make,
on an annual basis or more frequently, a distribution to each Member equal to such Member’s Tax Distribution for each Fiscal Year. The “Tax Distribution” for a Member for a Fiscal Year is such Member’s Percentage
Interests of the aggregate amount determined by the Board to be sufficient to at least equal the amount of the Members’ aggregate federal and state income taxes with respect to the Company’s net taxable income and gain for such fiscal
period, determined by assuming (without regard to any Members’ actual tax liability) that such income or gain, as applicable, is taxable at a combined effective federal and state income tax rate reflecting the deductibility of state income
taxes for federal income tax purposes and by using for all Members the highest marginal federal and state income tax rate then in effect for any Member for the type of income taking into account available deductions and allowances with respect to
the income and taking into account all previous allocations of Profits and Losses pursuant to Section 9.2, such that such Member shall receive an amount anticipated to be equal to the taxes for which such Member is liable with
respect to the cumulative amount of net Profits which have been allocated to him, her or it, less all prior Tax Distributions made under this Section 10.3. For purposes of applying this Section 10.3, the Board
may treat a distribution made by the sixtieth day following the end of a Fiscal Year as occurring during such Fiscal Year (and not the Fiscal Year in which it was in fact made). 
 SECTION 11. CONFIDENTIALITY 
 11.1 Confidential Information.

 (a) For the purposes of this Agreement, “Confidential Information” shall mean any
information or material, written or oral, disclosed by any Member or the Company (the “Disclosing Party”), or its respective directors, officers, managers, employees, agents or advisors (including, without limitation, attorneys,
accountants, consultants and financial advisors) (collectively, its “Representatives”) to the other Member or the Company (the “Receiving Party”), or its Representatives, in writing, verbally, or by
observations, and whether or not specifically designated as confidential information by the Disclosing Party, disclosed on or after the date hereof, including, without limitation, any financial information, statements and records,

  
 22 

 
costs and expense data, processes, procedures, methodologies, formulas, sources, methods, drawings, specifications, models, documentation, marketing and development plans, data, diagrams,
manuals, techniques, know how, business strategies, or any compilations or information. 
 (b) Confidential
Information does not include information that 
 (i) is or becomes available to the Receiving Party on a
nonconfidential basis from a source other than the Disclosing Party or its Representatives; provided that such source is not known by the Receiving Party to be bound by a confidentiality agreement with, or other contractual, legal or
fiduciary obligation to, the Disclosing Party that prohibits such disclsoure; 
 (ii) is or becomes generally
available to the public other than as a result of a disclosure by the Receiving Party or its Representatives in violation of this Section 11; or 

(iii) has been or is independently developed by the Receiving Party or its Representatives without the use of the
Confidential Information or in violation of the terms of this Section 11. 
 11.2 Confidentiality
Obligation. 
 (a) Each Member and the Company agree to carefully restrict access to the Confidential
Information to its Representatives. All such Representatives shall (i) be informed by the Receiving Party of the confidential nature of the Confidential Information, (ii) agree to keep the Confidential Information strictly confidential and
(iii) be advised of the terms of this Section 11 and agree to be bound to their employer-Member or employer-Company by terms of this Section 11. Each Member agrees to be responsible for any breaches of any
of the provisions of this Section 11 by any of its Representatives (it being understood that such responsibility shall be in lieu of any right or remedy the Disclosing Party may have against any Representative with respect to such
breach). 
 (b) The Members hereby agree that the Confidential Information will be disclosed solely in connection
with the purpose of the Company, as provided in Section 1.3. The Receiving Party shall hold and maintain the Confidential Information in confidence, with the same degree of care as it treats its own, comparable confidential
information, and shall not disclose to any person, which shall include, without limitation, any corporation, organization, group, partnership, entity or individual, any Confidential Information, without the written consent of the Disclosing Party.
The Members and Company agree that all Confidential Information shall remain the property of the Disclosing Party. 
 (c) No Member or Company shall, without the prior written consent of the Disclosing Party, duplicate, copy, publish, use or otherwise disclose to others or, to the extent practicable, permit the use by
others of any of the Confidential Information received by it. 
 (d) Notwithstanding the foregoing, in the event
any Member or Company, or any Representatives receive a request or are required (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose all or any part of the Confidential
Information, such Member or Company, as the case may be, agree to (i) immediately notify the Disclosing Party of the existence, terms and circumstances surrounding 

  
 23 

 
such request, (ii) consult with the Disclosing Party on the advisability of taking legally available steps to resist or narrow such request and (iii) assist the Disclosing Party, at the
Disclosing Party’s expense, in seeking a protective order or other appropriate remedy. In the event that such protective order or other remedy is not obtained or that the Disclosing Party waives compliance with the provisions hereof,
(A) the Receiving Party or its Representatives, as the case may be, may disclose to any tribunal only that portion of the Confidential Information which the Receiving Party or its Representatives are advised by counsel is legally required to be
disclosed, and the Receiving Party or its Representatives shall exercise reasonable best efforts to obtain assurance that confidential treatment will be accorded such Confidential Information, and (B) the Receiving Party or its Representatives
shall not be liable for such disclosure, unless disclosure to any such tribunal was caused by or resulted from a previous disclosure by the Receiving Party or its Representatives not permitted by this Section 11. 

11.3 Equitable Relief. The Receiving Party acknowledges and agrees that due to the unique nature of the Disclosing
Party’s Confidential Information, there can be no adequate remedy at law for any breach of its obligations hereunder, that any such breach may allow the Receiving Party or third parties to unfairly compete with the Disclosing Party resulting in
irreparable harm to the Disclosing Party, and therefore, that upon any such breach or any threat thereof, the Disclosing Party shall be entitled to appropriate equitable relief without the posting of a bond in addition to whatever remedies it might
have at law. The Receiving Party will notify the Disclosing Party in writing immediately upon the occurrence of any such unauthorized release or other breach of which it is aware. 

11.4 Public Relations. During the term of the Company, neither the Company nor any Member shall, or shall permit any of its
respective Affiliates to, issue or cause the publication of any press release or other public announcement with respect to, or otherwise make any public statement concerning, the Company, the Project or matters pertaining thereto (each a
“Public Announcement”) without the approval of Mascoma, such approval not to be unreasonably withheld or conditioned. 

SECTION 12. LIABILITY, EXCULPATION AND INDEMNIFICATION 
 12.1 Liability of Members. Except as otherwise prohibited by law, no Member shall have any personal liability whatever in its capacity as a Member, whether to the Company, to any of the
Members or to the creditors of the Company, for the debts, liabilities, contracts or any other obligations of the Company or for any Losses (as defined herein) of the Company in excess of (a) the amount of its Capital Contributions to the
Company; (b) its share of any assets and undistributed profits of the Company; (c) its obligations to make other payments expressly provided for in this Agreement; and (d) the amount of any distributions wrongfully distributed to it.

 12.2 Exculpation. Neither the Members nor any Director or Officer shall be liable to the Company, any other
Member, Director or Officer or any other person or entity who has an interest in the Company for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Member, Director or Officer in good faith on behalf of
the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Member, Director or Officer by this Agreement and with the reasonable belief that any act or omission was in the “best interests” of
the Company or designed to promote and advance the interests of the Company, except that such Member, Director or Officer shall be liable for any such loss, damage or claim incurred by reason of such Member, Director or Officer’s gross
negligence or willful misconduct. 

  
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 12.3 Indemnification of Member, Directors and Officers. 

(a) To the greatest extent not inconsistent with applicable law, the Company shall indemnify the Members, any Director and
any Officer of the Company made a party to any proceeding because such individual is or was the Member, a Director or an Officer of the Company as a matter of right, against all liability incurred by such person in connection with any proceeding;
provided, that it shall be determined in the specific case in accordance with Section 12.3(d) that indemnification of such person is permissible in the circumstances because the person has met the standard of conduct for
indemnification set forth in Section 12.3(c). The Company shall pay for or reimburse the reasonable expenses incurred by the Member, Director or Officer in connection with any such proceeding in advance of final disposition
thereof if (i) the person furnishes the Company a written affirmation of the person’s good faith belief that it has met the standard of conduct for indemnification described in Section 12.3(c), (ii) the person
furnishes the Company a written undertaking, executed personally or on such person’s behalf, to repay the advance if it is ultimately determined that such person did not meet such standard of conduct, and (iii) a determination is made in
accordance with Section 12.3(d) that based upon facts then known to those making the determination, indemnification would not be precluded under this Section 12.3. The undertaking described in
Section 12.3(a)(ii) must be a general obligation of the person, subject to such reasonable limitations as the Company may permit, but need not be secured and may be accepted without reference to financial ability to make
repayment. The Company shall indemnify the Member, Director or Officer who is wholly successful, on the merits or otherwise, in the defense of any such proceeding, as a matter of right, against reasonable expenses incurred by such person in
connection with the proceeding without the requirement of a determination as set forth in Section 12.3(c). Upon demand by the Member, Director or Officer for indemnification or advancement of expenses, as the case may be, the
Company shall expeditiously determine whether the Member, Director or Officer is entitled thereto in accordance with this Section 12.3. The indemnification and advancement of expenses provided for under this
Section 12.3 shall be applicable only to any proceeding arising from acts or omissions occurring after the adoption of this Section 12.3. 

(b) The Company shall have the power, but not the obligation, to indemnify any individual who is or was an employee or
agent of the Company to the same extent as if such individual was the Member, a Director or an Officer. 
 (c)
Indemnification of a Member, Director or Officer is permissible under this Section 12 only if (i) such person conducted himself or itself in good faith; (ii) such person reasonably believed that his or its conduct was
in, or at least not opposed to, the Company’s best interest and was within the authority delegated to him or it by this Agreement, the resolutions of the Board or by the Member and (iii) in the case of any criminal proceeding, he or it had
no reasonable cause to believe his or its conduct was unlawful. The foregoing notwithstanding, a final determination with respect to such Member, Director or Officer, as the case may be, in any proceeding by judgment, order, settlement, conviction
or upon a plea of nolo contendere or its equivalent is not, of itself, determinative of whether or not that person met the standard of conduct described in Section 12.3(c)(i), (ii) and (iii). 

(d) A determination as to whether indemnification or advancement of expenses is permissible shall be made by the Board by
the affirmative vote of all Directors not at the time parties to the proceeding, or, if all Directors are parties to the proceeding, by the Members. 

  
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 (e) A Member, Director or Officer who is a party to a proceeding may apply
for indemnification from the Company to the court, if any, conducting the proceeding or to another court of competent jurisdiction. On receipt of an application, the court, after giving notice the court considers necessary, may order indemnification
if it determines: 
 (i) in a proceeding in which a Member, Director or Officer is wholly successful, on the
merits or otherwise, Member, Director or Officer is entitled to indemnification under this Section 12, in which case the court shall order the Company to pay the Member, Director or Officer his or its reasonable expenses incurred
to obtain such court ordered indemnification; or 
 (ii) a Member, Director or Officer is fairly and reasonably
entitled to indemnification in view of all the relevant circumstances, whether or not the Member, Director or Officer met the standard of conduct set forth in Section 12.3(c). 

(f) Nothing contained in this Section 12.3 shall limit or preclude the exercise or be deemed exclusive
of any right under the law, by contract or otherwise, relating to indemnification of or advancement of expenses to any individual who is or was a Member, Director or Officer of the Company or is or was serving at the Company’s request as a
director, officer, partner, manager, trustee, employee, or agent of another foreign or domestic company, association, limited liability company corporation, joint venture, trust, employee benefit plan, or other enterprise, whether for-profit or not.
Nothing contained in this Section 12.3 shall limit the ability of the Company to otherwise indemnify or advance expenses to any person. It is the intent of this Section 12.3 to provide indemnification to the
Members, the Directors and the Officers to the fullest extent now or hereafter permitted by the law consistent with the terms or conditions of this Section 12.3. Indemnification shall be provided in accordance with this
Section 12.3 irrespective of the nature of the legal or equitable theory upon which a claim is made, including, without limitation, negligence, breach of duty, mismanagement, waste, breach of contract, breach of warranty, strict
liability, violation of federal or state securities law, or violation of any other state or federal law or violation of any law of any other jurisdiction. 
 (g) For purposes of this Section 12.3: 
 (i) The term
“expenses” includes all direct and indirect cost (including, without limitation, counsel fees, retainers, court costs, transcripts, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees and all other disbursements or out-of-pocket expenses) actually incurred in connection with the investigation, defense, settlement or appeal of a proceeding or establishing or enforcing a
right to indemnification under this Section 12.3, applicable law or otherwise. 
 (ii) The
term “liability” means the obligation to pay a judgment, settlement, penalty, fine, excise tax (including an excise tax assessed with respect to an employee benefit plan), or reasonable expenses incurred with respect to a
proceeding. 
 (iii) The term “party” includes an individual who was, is or is threaten
to be made, a named defendant or respondent in a proceeding. 
 (iv) The term “proceeding”
means any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative and whether formal or informal. 

  
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 (h) The Company may purchase and maintain insurance for its benefit, the
benefit of any individual who is entitled to or may be granted indemnification under this Section 12.3, or both, against any liability asserted against or incurred by such individual in any capacity or arising out of such
individual’s service with the Company, whether or not the Company would have the power to indemnify such individual against such liability. 
 SECTION 13. BOOKS AND RECORDS; REPORTS; TAX RETURNS; BANK ACCOUNTS 
 13.1
Books and Records. The Company shall keep such books of account and other records with respect to its operations as will sufficiently explain the transactions and financial position of the Company and enable financial statements to be
prepared in accordance with GAAP (as defined in Section 13.2), and shall cause such books and other records to be kept in such manner as will enable them to be properly audited. In addition, the Company shall keep such other books
and records with respect to its operations as a Member or a majority of the Board shall from time to time request, and shall cause such books and records to be kept in such manner as the Member or a majority of the Board shall have directed. All
books and other records referred to above shall be maintained at the principal place of business of the Company, or at such other place as a Member or a majority of the Board shall specify, and the Members, their duly authorized representatives and
each Director shall at all reasonable times have access to such books and other records. Any review, audit or other investigation required or requested by a Member, other than usual and customary internal or other audits and reviews, shall be at the
sole cost and expense of the Member conducting or undertaking the same. In addition, the Members shall be entitled to review and discuss with the external auditors and their designees working papers and any other documentation with respect to the
books and records of the Company. Notwithstanding the foregoing, records maintained in connection with this Section 13 shall be subject to Section 11. 

13.2 Accounting Basis and Fiscal Year. Such books (i) shall be maintained according to U.S. generally accepted
accounting principles, consistently applied (“GAAP”), (ii) shall reflect all Company transactions, (iii) shall be appropriate and adequate for the Company’s business and for carrying out all provisions of this
Agreement, and (iv) shall be closed, balanced and audited or reviewed (as the Members or the Board may determine) as of the end of each fiscal year, as soon as practicable after the end of such fiscal year. The fiscal year of the Company shall
end on December 31. 
 13.3 Reports. 

(a) The Board shall cause to be delivered to each Member, within 30 days after the end of each fiscal year of the Company
a draft balance sheet as of the end of such fiscal year and statements of income, Members’ equity, and changes in financial position for the year then ended, together with a clearance letter from the Company’s independent certified public
accountants stating that such certified public accountants have completed the Company’s annual audit and setting forth any adjustments expected to be made to any of the Company’s draft financial statements for such fiscal year. The Board
shall cause to be delivered to each Member within 60 days after the end of each fiscal year of the Company an annual report approved by a majority of the Board containing the following: 

(i) a balance sheet as of the end of such fiscal year and statements of income, Members’ equity, and changes in
financial position for the fiscal year then ended, each of which shall be audited by the Company’s independent certified public accountants, together 

  
 27 

 
with the audit opinion and report of the Company’s independent certified public accountants thereon; 
 (ii) a general description of the activities of the Company during such year; and 
 (iii) a report of any material transaction during such year between the Company and any other person (including any Member and Affiliate), stating fees and compensation paid by the Company and the
products supplied and services performed by such other person for such fees or compensation. 
 The expenses of the Company’s certified
public accountants incurred in connection with their annual audit of the Company’s financial statements shall be paid by the Company. 
 (b) Within 30 days after the end of each quarter of each fiscal year of the Company, the Board shall cause to be delivered to each Member a quarterly report, approved by a majority of the Board,
containing a balance sheet as of the end of such quarter and a statement of income for such quarter, each of which shall be unaudited but which shall be certified by the Chief Financial Officer of the Company (i) as fairly presenting the
financial position of the Company at the end of such quarter and the results of operations of the Company for such quarter (subject to normal year-end adjustments) and (ii) as having been prepared in accordance with GAAP consistent with that of
the Company’s audited or reviewed financial statements. The report shall also contain a description of any material event regarding the business of the Company during such quarter. 

(c) Within 120 days after the end of each fiscal year, the Board will cause to be delivered to each Member all information
necessary for the preparation of such Member’s U.S. Federal income tax returns, including a statement showing such Member’s share of income, gains, losses, deductions and credits for such year for U.S. Federal income tax purposes and the
amount of any distribution made to or for the account of such Member pursuant to this Agreement. 
 13.4 Tax
Returns. The Members agree that the Company shall be responsible for the preparation and timely filing of all federal, state and local tax and information returns that the Company is required to file. The Members agree that the Company will
either prepare the necessary tax and information returns internally, or enlist the services of a tax preparation and/or consultation firm, and the Company will provide a copy of each such tax or information return filed on its behalf to the Members
promptly following such filing. The Members agree that the Company will provide the Members with any additional information required for the completion of any tax filings required to be made by the Members under U.S. law. The Members agree that the
Company will cooperate in resolving any inquiries made by any government tax authority to the Members concerning the results or activities of the Company. 
 13.5 Bank Accounts. A majority of the Board shall cause one or more accounts of the Company to be maintained in one or more banks, each of which shall be a member of the Federal Deposit
Insurance Corporation, which accounts shall be used for the payment of the expenditures incurred by the Company in connection with its business, and in which shall be deposited any cash receipts of the Company. All amounts credited to any such
account at any time shall be and remain the property of the Company, and shall be received, held and disbursed by the Company for the purposes specified in this Agreement and in accordance with the instructions of a majority of the Board. There
shall not be deposited in any of such accounts any funds other than funds 

  
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belonging to the Company, and no other funds shall in any way be commingled with such Company funds. 
 SECTION 14. TERM; PUT AND REPURCHASE RIGHTS; DISSOLUTION AND WINDING UP 

14.1 Term. The term of the Company shall commence as of the Date of Commencement and shall continue until the winding up and
liquidation of the Company and its business is completed following an event of Dissolution (as defined below), in accordance with the provisions set forth in Section 14.4 hereof. The existence of the Company as a separate legal
entity shall continue until the cancellation of the Company’s Certificate of Formation, as filed with the Secretary of State of the State of Delaware, as the same may be amended from time to time. 

14.2 Longyear Put Right. At any time between the second and third anniversary of the Contributions Commencement Date (the
“Evaluation Period”), Longyear shall have the right to evaluate its participation in the Project and, subject to the terms hereof, may deliver to the Company a put notice (the “Put Notice”). Upon its
receipt of a Put Notice during the Evaluation Period, the Company shall set a closing date (which date shall not be more than three months after its receipt of the Put Notice) for the purchase of Longyear’s entire Interest in the Company at the
“Guaranteed Return Price” as such term is defined in Section 14.3 below. On the closing date set by the Company, the Company shall purchase and pay the Guaranteed Return Price for Longyear’s entire Interest in the
Company and Longyear shall sell to the Company Longyear’s entire Interest in the Company. The purchase by the Company pursuant to Section 14.2, or the purchase by Mascoma pursuant to Section 14.3, of
Longyear’s entire Interest in the Company shall be effected pursuant to an agreement and such other documents as are customary in transactions of this type; provided, however, that upon payment, on or after the date set therefor,
of the Guaranteed Return Price into a separate escrow account, of which Longyear is the beneficiary, the Company shall, for all intents and purposes, reflect the Company (if the repurchase is effected pursuant to
Section 14.2) or Mascoma (if the purchase is effected pursuant to Section 14.3) as the sole owner of Longyear’s entire Interest in the Company. 

14.3 Mascoma Repurchase Right. At any time during the Evaluation Period, Mascoma shall have the right to evaluate its
participation in the Project and, subject to the terms hereof, may deliver to Longyear a repurchase notice (“Repurchase Notice”) which specifies a closing date (which shall not be more than 60 days after delivery of the
Repurchase Notice) for the purchase of Longyear’s entire Interest in the Company. Upon delivery of a Repurchase Notice during the Evaluation Period At the closing date set forth in the Repurchase Notice, Mascoma shall purchase and pay the
Guaranteed Return Price for Longyear’s entire Interest in the Company and Longyear shall sell to Mascoma Longyear’s entire Interest in the Company at the “Guaranteed Return Price” as hereinafter defined. For the purposes of this
Agreement, the term “Guaranteed Return Price” shall equal the sum of: (i) the total amount that Longyear has contributed in cash, in kind and in services provided as reflected in Longyear’s Capital Account or an
accrued liability payable to Longyear, plus (ii) an additional amount calculated to provide that the sum of (i) and (ii) provides Longyear with a 12% annual rate of return with respect to such contributions and amounts identified in
(i) above, calculated as of the date of the Repurchase Notice through the date that such amount is actually paid to Longyear (or to an escrow account of which Longyear is the beneficiary). 

14.4 Dissolution. The Company shall dissolve, and its affairs shall be wound up (the “Dissolution”)
upon the first to occur of the following: (a) the written unanimous consent of the 

  
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Members; (b) the consent of the Board (provided such action is passed by a Required Vote or the Board has otherwise used commercially reasonable efforts to provide Longyear with 30 days
advanced written notice of its intention to dissolve the Company); (c) the bankruptcy or dissolution of any Member, the occurrence of any other event under the LLC Act that terminates the continued existence of a Member, unless within 90 days
after the occurrence of such an event, the remaining Member or Members agree(s) in writing to continue the business of the Company and to the appointment, if necessary or desired, effective as of the date of such event of one or more additional
Members; or (d) the entry of a decree of dissolution under and in accordance with applicable law. 
 14.5 Winding Up
and Distribution Upon Liquidation. 
 (a) Upon Dissolution, the Company shall continue solely for the
purposes of winding up its affairs in an orderly manner, liquidating its assets, and satisfying the claims of its creditors and Members; provided that all covenants contained in this Agreement and obligations provided for in this Agreement
shall continue to be fully binding upon the Members until such time as the property of the Company has been distributed as contemplated by this Agreement and the Certificate has been canceled pursuant to the LLC Act. All technology and proprietary
information in the possession of the Company upon Dissolution shall be distributed to Mascoma or an Affiliate thereof designated by Mascoma. The distribution or assignment of such technology and proprietary information in accordance with this
Section 14.3 shall not, for purposes of Section 10.1, be deemed to constitute a distribution to such Member of any asset of the Company. After such distribution or assignment and the payment of liabilities owing
to creditors of the Company (including Members who are creditors but only to the extent they are creditors), the Board, or the liquidator (if any) appointed by the Board (the “Liquidator”), shall set up such reserves as it
deems reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company. Said reserves may be paid over by the Members, Board or the Liquidator to a bank, to be held in escrow for the purpose of paying any such
contingent or unforeseen liabilities or obligations and, at the expiration of such period as the Members, the Board, or the liquidator may deem advisable, as the case may be, such reserves shall be distributed to the Members or their assigns.

 (b) After paying such liabilities and providing for such reserves, and after making all allocations required
by Section 9.3, including all allocations relating to the liquidation of the Company, the Board or the Liquidator (if any) shall cause the remaining net assets of the Company (the “Remaining Net Assets”) to
be distributed to the Members in accordance with the following: 
 (i) First, and immediately prior to any
distribution of the Remaining Net Assets pursuant to this Section 14.5(b), Longyear’s Capital Account shall be increased (and Mascoma’s Capital Account shall be correspondingly decreased) by an amount equal to
Longyear’s initial Percentage Interest (25%) multiplied by the MI Contribution; 
 (ii) Second, the
Remaining Net Assets shall be distributed to the Members in accordance with their Percentage Interests to the extent of the MI Contribution; 
 (iii) Third, the Remaining Net Assets of the Company shall be distributed to the Members in such amounts as are necessary to cause the Members’ respective positive Capital Accounts (after taking into
account the increase in Longyear’s Capital Account and the corresponding reduction of Mascoma’s Capital Account pursuant to clause (i) of this Section 14.5(b)) to be in the same ratio as the then Percentage
Interests of the Members; and 

  
 30 

 (iv) Fourth, and finally, the Remaining Net Assets of the Company shall be
distributed to the Members in the same ratio as the then Percentage Interests of the Members. 
 If the foregoing distributions
are not sufficient to return to any Member the full amount of such Member’s Capital Contributions or Capital Account balances, such Member shall have no recourse against the other Members. 

As used herein, “MI Contribution” means an amount equal to the lesser of $13,000,000 or such amount as shall have
been received by Mascoma from the State of Michigan and contributed to Mascoma’s Capital Account as a Capital Contribution. 
 (c) The assets of the Company may be distributed pursuant to this Section 14.5 in cash or in kind, and the proportion of each Member’s share that is distributed in cash, as well as
the nature of the assets distributed in kind, shall be in proportion to the extent reasonably practicable to the amounts distributable to Members pursuant to subparagraph (b) above. In the event that any part of such net assets consists of
notes or accounts receivable or other non-cash assets, the Board or the Liquidator (if any) shall take whatever steps it deems appropriate to convert such assets into cash or into any other form that would facilitate the distribution thereof. If any
assets of the Company are to be distributed in kind, such assets shall be distributed on the basis of their fair market value at the time of such distribution, as determined by the Board in good faith. 

14.6 Survival. In the event of Dissolution, the provisions of Section 11 shall survive the termination
of this Agreement for a period of five years, and the Members and their respective Affiliates shall be bound thereby. 
 14.7
Termination of Certain Rights. The special rights and privileges of Longyear (in its capacity as such and not as a result solely of its status as a Member) set forth in Sections 2.6(a) and 5.3 (c), shall have
no further force or effect as of the earlier to occur of (i) the first anniversary of the commissioning of a commercial scale ethanol production facility, or (ii) the date, if any, that Longyear has transferred its Interest in accordance
with the terms hereof. 
 SECTION 15. DISPUTE RESOLUTION 
 15.1 Dispute Resolution. 
 (a) Prior to pursuing
mediation with respect to any dispute hereunder, the chief executive officers (or a direct report appointed by them) of each of the Members, or an Affiliate of each of them, shall meet to seek an amicable resolution to such dispute. No party shall
be entitled to make and bring a claim in arbitration unless it has attempted for a period of 45 days from written notice of a dispute to reach such amicable resolution. 

(b) Except as provided herein, no civil action with respect to any dispute, claim or controversy arising out of or
relating to this Agreement may be commenced until the matter has been submitted to Judicial Arbitration Mediation Services (“JAMS”) for mediation. Either Member may commence mediation by providing to JAMS and the other Member
a written request for mediation, setting forth the subject of the dispute and the relief requested. The Members will cooperate with JAMS and with one another in selecting a mediator from JAMS panel of neutrals, and in scheduling the mediation
proceedings. The Members covenant that they will participate in the mediation in good faith, and that they will share equally in its costs. All 

  
 31 

 
offers, promises, conduct and statements, whether oral or written, made in the course of the mediation by any of the Members, their agents, employees, experts and attorneys, and by the mediator
and any JAMS employees, are confidential, privileged and inadmissible for any purpose, including impeachment, in any litigation or other proceeding involving the Members, provided that evidence that is otherwise admissible or discoverable shall not
be rendered inadmissible or non-discoverable as a result of its use in the mediation. Either Member may seek equitable relief prior to the mediation to preserve the status quo pending the completion of that process. Except for such an action to
obtain equitable relief, neither Member may commence a civil action with respect to the matters submitted to mediation until after the completion of the initial mediation session, or 45 days after the date of filing the written request for
mediation, whichever occurs first. Mediation may continue after the commencement of a civil action, if the Members so desire. The provisions of this clause may be enforced by any Court of competent jurisdiction, and the Member seeking enforcement
shall be entitled to an award of all costs, fees and expenses, including attorneys’ fees, to be paid by the Member against whom enforcement is ordered. 
 SECTION 16. MISCELLANEOUS 
 16.1 Government and Regulatory
Restrictions. The provisions hereof shall be subject to applicable restrictions provided for in any effective grant, permit, loan or approval issued to the Company, or any Member with respect to the purpose of the Company, now held or
obtained following the date hereof, by the Federal government, any state or local government or any administrative agency or board thereof. 
 16.2 Other Company Opportunities. If an opportunity comes to the attention of any Director, officer or employee of the Company who is also a director, officer or employee of the Member or an
Affiliate (other than the Company) of such Member (the “Agent”), such opportunity shall belong to the Company if such opportunity is expressly offered to the Agent solely in his or her capacity as a director, officer or
employee of the Company. 
 16.3 Expenses. Each Member shall bear its own expenses, including the fees of any
attorneys, accountants, investment bankers or other engaged by such Member, incurred in connection with this Agreement and the transactions contemplated hereby except as otherwise expressly provided herein. 

16.4 Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be given,
as to each party, at the address set forth on Exhibit A or such other address as shall be designated by such party in accordance with the procedures of this Section. All notices shall be deemed to have been given (i) when
personally delivered, (ii) three business days following deposit in the U.S. mail, certified or registered, return receipt requested, postage prepaid or (iii) one business day following dispatch by a nationally recognized overnight courier
service. 
 16.5 Amendments; No Waivers. 

(a) Subject to Section 2.5, any provision of this Agreement may be amended or waived if such amendment
or waiver is in writing and signed, in the case of an amendment, by Members holding at least 90% of the Percentage Interests held by all Members, or in the case of a waiver, by the Member against whom the waiver is to be effective. 

  
 32 

 (b) No failure or delay by any Member in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by law. 
 16.6 Successors and Assigns.
The provisions of this Agreement shall be binding upon and inure to the benefit of the Members and their respective successors and assigns. No Member may Transfer any of its rights or obligations under this Agreement without the prior written
consent of the other Member. 
 16.7 Governing Law. This Agreement shall be construed in accordance with and
governed by the law of the State of Delaware, without regard to the conflicts of law rules of such state. The parties agree that any action, suit, claim or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby shall be brought by the parties in a Delaware state court or a federal court sitting in the State of Delaware, which shall be the exclusive venue of any such action, suit, claim or proceeding. Each party waives any objection which such party
may now or hereafter have to the laying of venue of any such action, suit, claim or proceeding, and irrevocably consents and submits to the jurisdiction of any such court (and the appropriate appellate courts) in any such action, suit, claim or
proceeding. Any and all service of process and any other notice in any such action, suit, claim or proceeding shall be effective against such party when transmitted in accordance with Section 16.4 of this Agreement. Nothing
contained herein shall be deemed to affect the right of any party to serve process in any manner permitted by law. 
 16.8
Entire Agreement; No Third Party Rights. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, both written and
oral, between the parties with respect to the subject matter of this Agreement. No representation, inducement, promise, understanding, condition or warranty not set forth herein has been made or relied upon by any party hereto. Neither this
Agreement nor any provision hereof is intended to confer upon any Person other than the parties to this Agreement any rights or remedies hereunder, as a third party beneficiary or otherwise. 

16.9 Further Assurances. In connection with this Agreement, as well as all transactions contemplated by this Agreement,
each party agrees to execute and deliver such additional documents and instruments, including amendments to this Agreement, and to perform such additional acts as may be necessary, appropriate or reasonably requested to carry out or evidence the
provisions of this Agreement and the transactions contemplated hereby. 
 16.10 Severability. If any provisions of
this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable, the other provisions of this Agreement or the application of such provision to other Persons or circumstances shall not be affected
thereby but shall continue in force to the fullest extent permitted by law. 
 16.11 Counterparts; Effectiveness.
This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto
shall have received a counterpart hereof signed by the other party hereto. 
 16.12 Captions. The captions herein
are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. 

  
 33 

 16.13 Definition of Affiliate. For the purposes of this Agreement, the term
“Affiliate” means a corporation or other entity, which directly or indirectly controls, is controlled by or is under common control with any party or its shareholders. The term “control” means the
ownership of more than 50% of the outstanding shares or equivalent interest entitled to vote. 
 [SIGNATURES APPEAR ON THE
NEXT PAGE] 

  
 34 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to
execute this agreement as of the day and year first above written. 
  

					
	FRONTIER RENEWABLE RESOURCES, LLC
		
	By:	 	/s/ Stephen J. Hicks
		 	Name:	 	Stephen J. Hicks
		 	Title:	 	COO
	
	MASCOMA CORPORATION
		
	By:	 	/s/ Bruce Jamerson
		 	Name:	 	Bruce Jamerson
		 	Title:	 	CEO
	
	J.M. LONGYEAR, L.L.C.
		
	By:	 	/s/ Stephen J. Hicks
		 	Name:	 	Stephen J. Hicks
		 	Title:	 	COO

  
 35 

 SCHEDULE 2.4 
 Reimbursable Organizational Expenses 
 In addition to the expenses listed
below, the members have incurred other reimbursable organizational expenses. The amount and type of such other reimbursable organizational expenses shall be subsequently agreed upon by the Members. Once the Members reach an agreement on the amount
and type of such other reimbursable organizational expenses, the parties to this Agreement shall amend this Schedule 2.4 to reflect such agreement. 

  
 36 

 2.4 (Mascoma). Mascoma Reimbursable Organizational Expenses 

 

					
	 Legal expenses
	  	$	122,237.87	  
	 BE&K FEL 1 study
	  	$	54,682.21	  
	 STS Fatal Flaw Analysis
	  	$	11,296.93	  
	 Travel expenses
	  	$	6,934.30	  
	 Total:
	  	$	195,151.31	  

 2.4 (JML). JML Reimbursable Organizational Expenses 

 

					
	 Legal expenses
	  	$	28,250.00	  
	 Consulting (Hilshorst)
	  	$	33,126.00	  
	 Consulting (Turcotte)
	  	$	13,219.63	  
	 Geotech
	  	$	17,170.00	  
	 Access permit
	  	$	4,099.27	  
	 Property appraisal
	  	$	11,220.00	  
	 Travel expenses
	  	$	11,270.12	  
	 Total:
	  	$	118,355.02	  

  
 37 

 EXHIBIT A 
 Initial Capital Account Balances and Percentage Interests 
  

											
	 Member
	  	 Initial Capital Contribution
	  	Initial Capital
Account
Balance	 	  	Initial
Percentage
Interest	 
	 Mascoma
	  	Subject to the availability to, and receipt by, Mascoma of (i) any funds received by Mascoma from the Michigan Economic Development Corporation (“MEDC”)
pursuant to MEDC’s commitment letter dated August 29, 2008, as the same may be amended, including any amendment that may be provided in connection with the award of DOE Grants (as defined below), if any, relating to the Project (said funds
being the “MEDC Grant Proceeds”), and (ii) a portion of any funds received by Mascoma from the Department of Energy (the “DOE”) under the DOE grant applied for by Mascoma entitled “Demonstration
of Integrated Biorefinery Application MAS10BIO5” (the “DOE Grant Proceeds”), an amount in cash not to exceed $16,000,000 (such initial capital contribution referred to herein individually and in the aggregate as the
“Mascoma Initial Contribution”). Such cash shall be contributed by Mascoma as it is made available and received by Mascoma pursuant to the applicable documents governing the disbursement thereof.	  	 	1/	  	  	 	75	% 
				
	 Longyear
	  	Unencumbered title to certain real property consisting of approximately 350 acres located in Kinross, MI (the “Preferred Site”). If at any time the Board,
in its reasonable discretion, determines that the Preferred Site is not suitable for the development and operation of a commercial scale cellulosic fuel production facility or a lumber milling facility or a biomass power facility, then the Company
shall notify Longyear of its determination (the “Nonsuitability Notice”) and shall use reasonable efforts to acquire an Alternative Site (as defined below) by exchanging the Preferred Site for such Alternative Site; provided,
however, in no event shall the Company be obligated to pay any amounts to the owners of the Alternative Site (other than the exchange of the Preferred Site). If within 45 days of its delivery of the Nonsuitability Notice the Company is unable to
reach an agreement with a third party for the purchase of unencumbered title to an Alternative Site using part or all of the Preferred Site as payment therefor, Longyear, at its cost and expense, shall promptly and without delay acquire unencumbered
title to an Alternative Site and shall transfer unencumbered title and ownership of the Alternative Site to the Company, Longyear may elect to exchange the Company’s interest to the Preferred Site at its sole discretion. If at the time of such
exchange, the then fair market value of the Alternative Site is less than the fair market value of the Preferred Site on the date that the Preferred Site was contributed to the capital of the Company by Longyear, then, concurrently with such
exchange, Longyear’s Capital Account shall be reduced in an amount equal to the positive difference, if any, between such fair market value of the Preferred Site and such fair market value of the Alternative Site. As used herein,
“Alternative Site” means real property consisting of not less than 350 acres located in the State of Michigan that Longyear proposes and the Board, in its reasonable discretion, agrees is suitable for the development and
operation of a commercial scale cellulosic fuel production facility, a lumber milling facility, and a biomass power facility. The Preferred Site and the Alternative Site are each a “Site.”	  	 	2/	  	  	 	25	% 

  

	1/	As of any date of determination, an amount equal to the lesser of (i) $36,000,000 and (ii) the aggregate of cash actually received by Mascoma from MEDC Grant
Proceeds and DOE Grant Proceeds and contributed by Mascoma to the capital of the Company. 

	2/	As of any date of determination, an amount equal to the appraised value of the Site.Collaboration Agreement

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Exhibit 10.16 

COLLABORATION AGREEMENT 
 This Collaboration Agreement is entered into as of this 21st day of October, 2011 (the “Effective Date”) by and between ICM, Inc., a Kansas corporation with a principal address at P.O. Box 397, 310 N. First Street, Colwich, KS 67030-0397
(“ICM”) and Mascoma Corporation, a Delaware corporation with a principal address at 67 Etna Road. Suite 300, Lebanon, NH 03766 (“Mascoma”; together with ICM, the “Parties” and each a “Party”). 

Background 

ICM is an industry leader in engineering, building, and supporting ethanol plants around the world. ICM’s focus on excellence and
innovation has played a major role in the growth of the fuel ethanol industry. The focus continues as ICM’s R&D and engineering teams provide further optimization of the ethanol production process and develop new biofuel technologies based
upon corn fiber, ,switchgrass, and miscanthus. 
 Mascoma is in the business of researching, developing and commercializing
proprietary microorganisms and manufacturing know-how for the advanced biological processing of various inputs into low-carbon biofuels and other products, including ethanol (the “Mascoma Technology”). 

Recitals 

WHEREAS, ICM and Mascoma are interested in collaborating on the development and commercialization of the Mascoma Technology related to the
consolidated bioprocessing of corn (“Corn CBP”), which includes using new yeast strains for the simultaneous hydrolysis and fermentation of starch and/or corn kernel fiber to ethanol; 

WHEREAS, Mascoma and ICM acknowledge that part of the work to be conducted under this Agreement will include trials at existing ethanol
plants using certain yeast strains for the simultaneous hydrolysis and fermentation of starch and/or corn kernel fiber to ethanol (hereinafter, the trials are referred to as the “Plant Trials”); and 

WHEREAS, upon reaching mutually agreed upon targets for Corn CBP, the Parties intend to work together to develop a process which will
include ICM engineering and piloting capabilities to convert corn distillers grains (DG) to ethanol and high protein distillers grains (HPDG). 
 NOW, THEREFORE, in consideration of the foregoing Recitals, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally
bound, hereby agree as follows. 
  

	1.0	Purpose and Scope of Collaboration. 

 1.1 Overview. The Parties will collaborate on the application development, testing, and launch of Corn CBP technology. Three product releases (the “Releases”) are expected to be completed
over the first eighteen (18) months of the Term. For each Release, ICM will conduct application research and development activities (lab and pilot testing) of the Corn CBP yeast strains as set forth in the Joint Launch Plan (as described in
Section 1.2). This application testing will facilitate the generation of a selling package for the commercial launch of the Corn CBP technology. ICM will assist with the transitioning of the first three customer plants per release (MGT 1.0
Series and MGT 1.1 Series, as defined in Section 1.2.2 and 1.2.3, each constituting a release) to the Corn CBP technology, as well as providing ongoing 

  

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
technical support at the plants as described in the Joint Launch Plan. This support includes product and process analysis to help define and maximize the price paid per gallon of ethanol
produced. Without limiting the foregoing, ICM will provide laboratory and piloting services required to take each release of the Corn CBP Technology from the lab to the commercial scale using practices that are customary in the industry. Piloting
services to be provided by ICM for each release will be based, generally, on a template similar to the one set forth in Appendix B, attached hereto. Mascoma will provide all organism development and laboratory applications work with performance as
mutually agreed to between the Parties. Mascoma will also provide on-site technical support for all piloting and engineering efforts as required. 
 1.2 Joint Launch Plan. Promptly following the Effective Date. Mascoma and ICM will work together to develop a written plan which will define the work to be performed by the Parties hereunder,
including details of the target plants for conversion and timing thereof and an associated budget for such activities (the “Joint Launch Plan”). The initial Joint Launch Plan will be based on the information set forth in Appendix A,
attached hereto. The Joint Launch Plan and milestones contained therein will be reviewed, modified, and updated, as necessary, on an ongoing basis as mutually agreed between the Parties. ICM agrees not to collaborate with or support any third party
in the development of Corn CBP during the Term of this Agreement. 
 1.2.1 Release 0. In order to
demonstrate the efficacy of Mascoma’s base yeast strain in the Mascoma Corn CBP technology and achieve a comfort level with regard to using yeast supplied by Mascoma, “Release 0” will involve the trial of a conventional yeast supplied
as a cream product. This yeast strain will be the host strain into which modifications will be incorporated to generate subsequent Corn CBP strains. ICM agrees to help secure and support Release 0 trials of at least three (3) months duration at
up to two (2) production plants during 2011. This support represents “work in kind” to set the stage for MGT 1.0 Series and MGT 1.1 Series. 
 1.2.2 MGT 1.0 Series. The yeast strains in the MGT 1.0 series (the “MGT 1.0 Series”) will constitute the first commercial enzyme expressing yeast and are expected to produce sufficient
glucoamylase to replace exogenous enzyme addition without negatively impacting ethanol yields, final ethanol titer or the time required for fermentation when compared to current plant operation. 

1.2.3 MGT 1.1 Series. The yeast strains in the MGT 1.1 series (the “MGT 1.1 Series”) will constitute the
next significant technical advancement in the conversion of recalcitrant starch and corn kernel fiber to ethanol and high value co-products. The MGT 1.1 Series will provide exogenous enzyme replacement and a yield boost, estimated at 2-4% via the
conversion of [***] which raise yields. 
 1.2.4 MGT 2.0. MGT 2.0 will involve the development and
commercialization of a process to convert [***]. Except for facilities operated by [***] and subject to ICM achieving mutually agreed upon milestones for prior releases as described in the Joint Launch Plan (as modified from time to time based on
recommendations of the Joint Steering Committee), [***] The Parties agree to negotiate the terms of such an agreement in good faith based upon the commercialization success of the Release 0. MGT 1.0 Series, and MGT 1.1 Series Corn CBP technology
(the “R2 Agreement”). 

  
 2 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 1.2.5 Ongoing Technical Support. ICM will provide ongoing
technical support for a reasonable period of time for the first three (3) plants that are transitioned to the use of new Corn CBP technology for ethanol production, as outlined in Appendix A. 

1.3 Joint Steering Committee. Promptly following the Effective Date, the Parties shall form a joint steering committee (the
“Joint Steering Committee”) comprised of two (2) representatives from ICM and two (2) representatives from Mascoma. One representative from each party will be a “business lead” and one will be a “technical
lead.” The initial ICM representatives will be Kurt Dieker (business lead) and Dr. Scott Kohl (technical lead). The initial Mascoma representatives will be Chris Veit (business lead) and Dr. Kevin Wenger (technical lead). Either Party
may change its representatives from time to time by providing written notice to the other Party. The Joint Steering Committee will meet in person at least quarterly, and by conference call at least monthly. The Joint Steering Committee shall have
the following responsibilities: 
 (a) recommend amendments to the Joint Launch Plan, including modification of the milestones,
deadlines, and dates contained therein, which milestones, deadlines, and dates the parties acknowledge and agree will need to be modified from time to time: 
 (b) recommend approval of the Budget and amendments thereto; 
 (c) resolve disputes
as described in Section 3.5 below: 
 (d) forecast anticipated demand for and royalties to be received from MGT 1.0 Series
and MGT 1.1 Series. 
 (e) monitoring actual performance vs. Joint Launch Plan 

For avoidance of doubt, the Joint Steering Committee shall have no authority to bind either Party to any commitments to third parties, or to alter, amend
or deviate from the terms and conditions set forth in this Agreement. The Joint Steering Committee shall keep minutes of its meetings, including any actions authorized therein, which minutes shall be approved by both Parties within thirty
(30) days after each meeting. 
 1.4 Subcontracting. Neither Party may subcontract or otherwise delegate any of its
obligations under this Agreement without the prior written consent of the other Party, which consent will not be unreasonably withheld. In the event that subcontracting is consented to, the subcontracting Party shall require the subcontractor to
enter into appropriate confidentiality and assignment of inventions agreements with such subcontracting Party, which provide for assignment of inventions by such subcontractor to the subcontracting Party, unless such subcontracting would not entail
the possible discovery, conception or making of new technology or inventions. 
  

	2.0	Funding; Payments. 

2.1 General. Except as otherwise specified herein, each Party will be responsible for payment of its own costs associated with work
performed by it or on its behalf in connection with this Agreement. 
 2.2 Shared Funding; Budget. The Parties shall
prepare and mutually agree upon a budget for the performance of the work which shall be incorporated into Appendix A (the “Budget”). Prior to the Effective Date. Mascoma paid ICM $80,000 for services and accrued expenses for application
testing, piloting, and support; ICM acknowledges receipt of such amount. For each release described above. 

  
 3 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
Mascoma will pay ICM [***] for services provided by ICM. ICM’s monetary obligation will be limited to [***] per release. Any additional reasonably necessary costs in excess of the [***]
Budget per release will be paid equally by Mascoma and ICM, with charges for work performed calculated on a time and materials basis. For the purposes of this budgeting process, Release 0 and the MGT 1.0 Series are considered one release. Within
sixty (60) days following the end of each calendar quarter, ICM will provide a cost report to Mascoma showing the costs for the time and materials incurred as of the end of such previous calendar quarter. 

2.3 Purchaser Royalty Payment Sharing. 
 A. Payments from Purchasers. Mascoma, directly or with or through one or more collaborative partners in the business of marketing and selling conventional yeast (each a “Collaborative
Partner”), will negotiate with the purchasers of MGT 1.0 Series and MGT 1.1 Series products a royalty fee based on the cost-savings realized by such purchasers in the production of ethanol produced with the use of such yeast as compared to the
cost of producing ethanol using conventional yeast (each such payment is a “Purchaser Royalty Payment”). Mascoma anticipates entering into agreements with one or more Collaborative Partners which will provide for the Collaborative Partner
to provide MGT 1.0 Series and/or MGT 1.1 Series to its customers in lieu of conventional yeast in exchange for a base payment from such customers that is approximately equal to the then-current market price of similar quantities of conventional
yeast plus a Purchaser Royalty Payment. Mascoma and its Collaborative Partners will be contractually bound to use commercially reasonable efforts to negotiate Purchaser Royalty Payments that are equal to approximately fifty percent (50%) of such
cost saving, as determined on a purchaser-by-purchaser and facility-by-facility basis, provided that there can be no guarantee that such a Purchaser Royalty Payment will be agreed upon by Mascoma and all or any of its customers. For avoidance of
doubt, to the extent that a sale of MGT 1.0 Series or MGT 1.1 Series does not include the payment of a Purchaser Royalty Payment, the quantity of MGT 1.0 Series or MGT 1.1 Series that was subject to such sale shall not be included towards the
calculation of the [***] ceiling described below in Section 2.3B. ICM will provide data and analysis to support Mascoma in such negotiations with the overall goal of negotiating the maximal Purchaser Royalty Payment. 

B. Royalty Payment to ICM. Subject to the limitations set forth in this Agreement. Mascoma will pay to ICM [***] of all Purchaser
Royalty Payments that are received by Mascoma from purchasers of both MGT 1.0 Series and MGT 1.1 Series to the extent that those royalties are paid to Mascoma based upon the production of the [***] produced by all such purchasers, cumulatively, and
for which a Purchaser Royalty Payment is paid using MGT 1.0 Series and the [***] produced by all such purchasers, cumulatively, and for which a Purchaser Royalty Payment is paid using MGT 1.1 Series. For avoidance of doubt, with respect to any
production for which no Purchaser Royalty Payment is paid, such production shall not be included toward the calculation of the “[***] produced” using MGT 1.0 Series or MCT l.l Series, as referenced above. Mascoma shall pay such amounts to
ICM within sixty (60) days following the end of each calendar quarter during which any such Purchaser Royalty Payments are received by Mascoma along with a report showing all sales of MGT 1.0 Series and MGT 1.1 Series made, and all revenues
received, in any form, during such calendar quarter from such purchasers. 
 C. Exceptions; Survival. Anything herein to
the contrary notwithstanding, the royalty sharing obligation set forth in this Section 2.3 shall survive termination of this Agreement for any reason but shall not include any amounts paid or payable to Mascoma from Archer Daniels Midland
Company, POET, LLC or their respective affiliates. 

  
 4 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 2.4 Records and Audits. 

A. Record Keeping. The Parties shall keep accurate books and accounts of record in connection with the activities, events, or
relationship implicated in the fees payable hereunder in sufficient detail to permit accurate determination of all figures necessary for verification of the fees and other payments to be paid hereunder or for which a Party owes an obligation of
reimbursement under this Agreement. Each Party shall maintain such records for a period of at least three (3) years after the end of the calendar year in which they were generated. 

B. Audits. Upon sixty (60) days prior written notice from a Party, the other Party shall permit an independent certified
public accounting firm of nationally recognized standing selected by the Party and reasonably acceptable to the other Party to examine, at the requesting Party’s sole expense, the relevant books and records of the other Party as may be
reasonably necessary to verify the accuracy of the reports submitted by the other Party in accordance with this Agreement, including, without limitation, the payment of fees and amounts for reimbursements. An examination under this Section shall
occur not more than once in any calendar year. The accounting firm shall be provided access to such books and records at the facility where such books and records are normally kept and such examination shall be conducted during the other
Party’s normal business hours. Upon completion of the examination, the accounting firm shall provide both Parties with a written report disclosing whether the reports submitted by the other Party are correct or incorrect, whether the fees and
reimbursements paid are correct or incorrect, and in each case, the specific details concerning any discrepancies. 
 C.
Amounts Owed. If such accounting firm concludes that additional fees or reimbursements were due to a Party or that a Party overpaid fees or reimbursements, the Party owing shall pay to the Party owed any such additional or overpaid fees or
reimbursements within thirty (30) days of the date the Parties received such accountant’s written report so concluding. If such amounts exceed ten percent (10.0%) of the amounts that were to be paid to the Party requesting the
examination, the other Party also shall reimburse the requesting Party for the out-of-pocket expenses inclined in conducting the examination, including professional fees. 

 

	3.0	Intellectual Property; Ownership and Licenses for Release 0, MGT 1.0 Series and MGT 1.1 Series. 

3.1 ICM Background Technology. ICM will own (i) any and all technology and intellectual property owned or controlled by ICM
as of the Effective Date of this Agreement (“ICM Background Technology”), and (ii) any and all improvements, modifications, and derivative works to the ICM Background Technology developed hereunder, whether developed by ICM. Mascoma,
or jointly by the Parties. 
 3.2 Mascoma Background Technology. Mascoma will own (i) any and all technology and
intellectual property owned or controlled by Mascoma as of the Effective Date of this Agreement (“Mascoma Background Technology”), and (ii) any and all improvements, modifications, and derivative works to the Mascoma Background
Technology developed under this Agreement, whether developed by Mascoma, ICM. or jointly by the Parties. 
 3.3 ICM Project
Technology. Except as provided in Sections 3.1 and 3.2, ICM will own any and all new technology and intellectual property invented, discovered, reduced to practice, created, or developed under this Agreement that is primarily related to the
planning, designing, engineering (e.g. process and chemical engineering), developing, constructing, and/or operating of corn ethanol facilities 

  
 5 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
(the “ICM Project Technology”), whether developed by ICM. Mascoma. or jointly by the Parties. ICM will promptly disclose any ICM Project Technology to Mascoma. ICM will control,
in its sole discretion. the preparation, filing, prosecution, maintenance and enforcement of all rights in such intellectual property, including but not limited to patents. Mascoma does hereby assign to ICM any and all rights it has or may have in
such intellectual property and inventions and agrees to sign any written assignments as may be reasonably requested by ICM to confirm and/or effectuate such assignment. Further, Mascoma hereby agrees to cooperate with ICM and provide all reasonable
assistance requested by ICM in connection with any patent or other applications ICM may choose to file or in connection with any action to enforce ICM’s intellectual property rights. 

3.4 Mascoma Project Technology. Except as provided in Sections 3.1 and 3.2, Mascoma will own any and all new technology and
intellectual property invented, discovered, reduced to practice. created, or developed under this Agreement that is primarily related to (i) CBP organisms and enzymes and recombinant DNA technology, and (ii) the research, development and
commercialization of any such organisms, enzymes or recombinant DNA technology and related know-how for the bio-conversion, bio-mass pretreatment. and advanced biological processing of cellulosic feedstocks or corn into ethanol and related products,
including processing that produces DG. HPDG, lignin or other materials as a by-product (the “Mascoma Project Technology”), whether developed by ICM. Mascoma. or jointly by the Parties. Mascoma will promptly disclose any Mascoma
Project Technology to ICM. Mascoma will control, in its sole discretion, the preparation, filing, prosecution, maintenance and enforcement of all rights in such intellectual property, including but not limited to patents. ICM does hereby assign to
Mascoma any and all rights it has or may have in such intellectual property and inventions and agrees to sign any written assignments as may be reasonably requested by Mascoma to confirm and/or effectuate such assignment. Further. ICM hereby agrees
to cooperate with Mascoma and provide all reasonable assistance requested by Mascoma in connection with any patent or other applications Mascoma may choose to file or in connection with any action to enforce Mascoma’s intellectual property
rights. 
 3.5 Disputes. In the event of a dispute regarding whether any intellectual property developed under this
Agreement should be categorized as ICM Background Technology. Mascoma Background Technology, ICM Project Technology or Mascoma Project Technology, the Joint Steering Committee will make such determinations. 

3.6 ICM License Grant. ICM hereby grants to Mascoma a royalty-free, non-exclusive license to use all ICM Background Technology and
ICM Project Technology during the Term of this Agreement for the sole purpose of performing the activities contemplated hereunder. 
 3.7 Mascoma License Grant. Mascoma hereby grants to ICM a royalty-free, non-exclusive license to use all Mascoma Background Technology and Mascoma Project Technology during the Term of this
Agreement for the sole purpose of performing the activities contemplated hereunder. 
 3.8 Site-Specific Licenses. Each
Party will grant limited, non-exclusive, site-specific licenses to each facility that is converted to using the new Corn CBP technology for ethanol production as described herein to use each Party’s Background Technology and Project Technology
to the extent reasonably necessary for commercial production of ethanol. 
 3.9 Acknowledgements. 

3.9.1 Certain New Technology. The Parties hereby acknowledge that the provisions set forth in this Section 3
regarding the ownership and use of specified intellectual property rights shall not apply to technology that relates to MGT 2.0 or any subsequent release. Any such rights shall be governed by the R2 Agreement, if and when it is negotiated and
executed by the Parties as described in Section 1.2.4 above. 

  
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COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 3.9.2 Government Rights. Each Party acknowledges that the other
Party is currently developing project technology for the conversion of cellulose to ethanol under separate grants from the United States Department of Energy. ICM’s project includes the conversion of cellulose in bran from the com kernel
without a CBP organism. The intellectual property rights associated with the projects funded in part by the government grants are subject to the applicable government entity’s rights in such intellectual property, and are specifically excluded
from the application of the definitions above, and shall not be claimed by the other Party under the foregoing definitions. 
  

	4.0	Warranties; Limitation of Liability. 

 4.1 Warranties. The Parties hereby mutually represent, warrant and covenant that: (i) it shall perform its obligations hereunder and under the Joint Launch Plan in a professional and
workmanlike manner; (ii) this Agreement has been duly and validly executed and delivered by it and constitutes the valid and binding agreement of such Party, enforceable against such Party in accordance with its terms; (iii) neither such
Party nor such Party’s employees or agents is under any pre-existing obligation inconsistent with the terms of this Agreement; and (iv) such Party’s performance of its obligations hereunder and under the Joint Launch Plan do not and
will not violate or conflict with or result in a breach of any terms, conditions, duties or obligations such Party has to any third party or any other rights of any third party. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY
MAKES ANY REPRESENTATIONS, WARRANTIES OR COVENANTS WITH RESPECT TO ANY TECHNOLOGY, PATENTS, GOODS, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT AND HEREBY DISCLAIMS WARRANTIES OF MERCHANTABILITY. FITNESS FOR A PARTICULAR PURPOSE AND
NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING. 
 4.2 Limitation of Liability. WITHOUT LIMITING EITHER
PARTY’S OBLIGATIONS UNDER SECTION 5, NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT UNDER ANY CONTRACT, TORT, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY FOR (A) ANY INDIRECT.
INCIDENTAL. CONSEQUENTIAL. EXEMPLARY, PUNITIVE, OR OTHER SIMILAR DAMAGES OR LOST PROFITS OR (B) COST OF PROCUREMENT OF SUBSTITUTE GOODS. TECHNOLOGY OR SERVICES. 
  

	5.0	Indemnification. 

  
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COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 5.1 Indemnification. Each Party (the “Indemnifying Party”) shall
indemnify, defend and hold harmless the other Party and its current and former directors, officers, employees, and agents and their respective successors, heirs and assigns (collectively, the “Indemnitees”) from and against any claim,
liability, cost, expense, damage, deficiency, loss or obligation of any kind or nature (including, without limitation, reasonable attorney’s fees and other costs and expenses of litigation) (collectively, “Claims”), to the extent
based upon, arising out of, or otherwise relating to a material breach of this Agreement by the Indemnifying Party, the gross negligence or intentional misconduct of the Indemnifying Party or any of its directors, officers, employees, and agents, or
claims that the Indemnifying Party’s Background Technology or Project Technology, or a Party’s use thereof, infringes upon, misappropriates, or otherwise violates any third party’s intellectual property or other rights. Each
Indemnitee shall provide prompt written notice to the Indemnifying Party after the Indemnitee becomes aware of circumstances that may result in a claim for indemnification hereunder, provided that the failure to give such notice shall only limit the
indemnification obligation hereunder as and to the extent it prejudices or otherwise limits a defense to liability that otherwise may have been available in connection with the relevant Claim. The Indemnifying Party shall control the defense of any
such Claims for which indemnification is sought hereunder and shall be permitted to settle any such claims, provided that the Indemnitee receives a full release of claims and that the Indemnifying Party has not made any admission of wrong-doing on
the Indemnitee’s behalf. 
 5.2 Certain Representation and Warranties of Mascoma. Mascoma hereby represents and
warrants to ICM as follows: 
 5.2.1 Compliance with Laws and Regulations. In the development of the
microorganisms that will be utilized in the Plant Trials, it has complied with all applicable federal, state, and local laws, regulations, and guidelines. 
 5.2.2 Application AAFCO Ingredient Definition. It has made application with the Association of American Feed Control Officials (AAFCO) and the Food and Drug Administration to obtain an AAFCO Feed
Ingredient Definition for the microorganisms that will be utilized in the Plant Trials. Mascoma will continue to prosecute this application until such definition is received. 

5.2.3 Mascoma GRAS determination. It has commissioned a study of its own expert panel of independent scientists
(the “Mascoma Expert Panel”), which in conjunction with Mascoma has concluded that the microorganisms that will be utilized in the Plant Trials meet the criteria in 21 C.F.R. § 170.30. Generally Recognized as Safe (GRAS) through
scientific procedures for the production of Distillers’ co-products, such as DDGS, for use in animal feeding applications, with the understanding that self-affirmation and expert panel review are specifically acknowledged by the Food and Drug
Administration as procedures exempting a substance from premarket review (See Substances Generally Recognized as Safe, Proposed Rule. 62 Fed. Reg. 18,938. 18,943 (Apr. 17, 1997)). 

5.2.4 Mascoma Expert Panel Report. It has provided to ICM a true and correct written summary of the Mascoma Expert
Panel’s report, which opines that the microorganisms meet the criteria for the GRAS designation. 
 5.2.5
Notice of Government Determinations. It will notify ICM immediately upon receipt of any notice from any government agency that the microorganisms will or will not receive the AAFCO Feed Ingredient Definition or any other designation for which
Mascoma may apply. 

  
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COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 5.3 Additional Indemnity Obligations. In consideration of ICM agreeing to proceed
with the Plant Trials prior to Mascoma receiving approval from the appropriate government agencies of the microorganisms that will be utilized in the Plant Trials of Release 0, MGT 1.0 Series and MGT 1.1 Series, Mascoma hereby agrees to indemnify
and hold harmless ICM and its directors, officers, employees, and agents and their respective successors, heirs and assigns (collectively, the “ICM Indemnitees”) from and against any Claims incurred by or imposed upon the ICM Indemnitees
that are based upon, arise out of, or otherwise relate to (i) any breach by Mascoma of its representations and warranties set forth in Section 5.2; (ii) use of the microorganisms provided by Mascoma for the Plant Trials; and
(iii) the byproducts produced by using such microorganisms. Any claim for indemnification under this Section 5.3 shall be subject to the same terms and conditions set forth in Section 5.1 for indemnification claims arising under such
section. 
 5.4 Evidence of Ability to Provide Indemnity. Upon request, each Party shall provide to the other Party
written evidence that it has sufficient liability insurance or such other adequate forms of protection, to satisfy its indemnification obligations hereunder. 
  

	6.0	Confidentiality. 

 6.1
Confidential Information. “Confidential Information” means any and all business, technical, and financial information disclosed or submitted by one Party (the “Disclosing Party”) to the other Party (the “Receiving
Party”), whether orally, visually, in writing, or by any other means, whether tangible or intangible, directly or indirectly and in whatever form or medium. Confidential Information may include, by way of example, but without limitation, data,
materials, products, technology, specifications, manuals, formulae, equipment, business strategies, business plans, marketing plans, customer lists, know-how, drawings, pricing information, inventions, ideas, and other information, or its potential
use, that is owned by or in possession of the Disclosing Party. Confidential Information shall not include information that: (a) is in the public domain prior to disclosure by the Disclosing Party to the Receiving Party; (b) becomes part
of the public domain, by publication or otherwise, through no unauthorized act or omission on the part of the Receiving Party or any third party; or (c) is lawfully in the Receiving Party’s possession prior to disclosure by the Disclosing
Party, if such prior possession can be documented by the Receiving Party through written records that were in existence prior to such disclosure. Confidential Information shall not be deemed to be in the public domain merely because such information
is embraced by more general disclosures in the public domain, and any combination of features shall not be deemed to be within the foregoing exceptions merely because individual features are in the public domain if the combination itself and its
principles of operation are not in the public domain. 
 6.2 Obligation to Protect Confidential Information. The
Receiving Party acknowledges and agrees that all of the Confidential Information it receives from the Disclosing Party is confidential and proprietary to the Disclosing Party, and the Receiving Party agrees to hold the same in strictest confidence
and take proper and appropriate steps, at all times, to protect the Disclosing Party’s Confidential Information. The Receiving Party shall not reproduce, summarize or otherwise disclose the Disclosing Party’s Confidential Information
except to its employee(s) and or agent(s) who have a specific need to know the Confidential Information, and even then only to such extent as is necessary and essential for such employee’s or agent’s involvement in participating in the
work to be performed pursuant to this Agreement. The Receiving Party shall inform its employee(s) and agent(s) of the confidential nature of such Confidential Information. The Receiving Party shall notify the Disclosing Party immediately upon
discovery of any unauthorized use or disclosure of Confidential Information, or any other breach of this Agreement by the Receiving Party, its employees or agents, and shall cooperate with the Disclosing Party in every reasonable way to help the
Disclosing Party regain possession of its Confidential Information and 

  
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prevent its further unauthorized use. In all events, the Receiving Party shall be fully liable for any breach of this Agreement by its employees or agents. 

6.3 Obligation Not to Disclose Confidential Information. Except as provided in this Agreement, the Receiving Party shall not
duplicate, reproduce, summarize or otherwise disclose the Disclosing Party’s Confidential Information to any person without prior express written consent of the Disclosing Party or unless required by law or court order. If the Receiving Party
is required by law or court order to disclose any of the Disclosing Party’s Confidential Information, the Receiving Party shall furnish only such portion of the Disclosing Party’s Confidential Information as it is legally compelled to
disclose and will exercise its best efforts to obtain an order or other reliable assurance that confidential treatment will be accorded to the Disclosing Party’s Confidential Information. If a Party is required to disclose the other
Party’s Confidential Information pursuant to this paragraph, it shall use best efforts to provide the other Party with prior written notice of its intent to disclose, along with the asserted grounds for disclosure, so that the Disclosing Party
can seek an appropriate protective order or other relief. 
 6.4 Use of Confidential Information. Confidential
Information of a Disclosing Party will be used by the Receiving Party only in connection with the work to be performed pursuant to this Agreement; no other use will be made of it by the Receiving Party, it being recognized that the Disclosing Party
has reserved all rights to the Disclosing Party’s Confidential Information not expressly granted herein. Without limiting the generality of the foregoing, the Receiving Party agrees that it will not directly or indirectly use the Disclosing
Party’s Confidential Information for commercial gain or for any purpose other than the work to be performed pursuant to this Agreement. 
 All documents provided hereunder that contain Confidential Information of the Disclosing Party shall remain the property of the Disclosing Party at all times. Upon the request of the Disclosing Party, at
the end of the term of this Agreement and subject to any right of use that may survive such termination, the Receiving Party shall return all Confidential Information received from the Disclosing Party in whatever format, whether written or
electronic, including any and all copies or reproductions of such Disclosing Party’s Confidential Information, within ten (10) days of receiving such request. The Receiving Party shall also return any Confidential Information that was
disclosed by the Disclosing Party visually or orally but was reduced to written, electronic or other format by the Receiving Party, or at the Receiving Party’s direction. Upon being requested to return the Confidential Information to the
Disclosing Party, the Receiving Party shall use reasonable efforts to permanently delete all such Confidential Information of the Disclosing Party from the Receiving Party’s computer hard drives and any other electronic storage medium. At the
Receiving Party’s option, any documents or other information created by the Receiving Party, or at its direction, which may contain or be derived from the Disclosing Party’s Confidential Information (“Receiving Party’s Work
Product”) may be destroyed by the Receiving Party, rather than being delivered to the Disclosing Party. In such event, the Receiving Party, within ten (10) days of receiving the request to return all Confidential Information as described
above, shall deliver to the Disclosing Party a written certificate, which certifies that the Receiving Party’s Work Product, and all copies thereof, have been destroyed. 
 6.5 Continuing Obligation. The Receiving Party’s obligations under this Section 6, shall continue even after the Disclosing Party’s Confidential Information is returned to the
Disclosing Party. Such obligations shall not be affected by bankruptcy, receivership, assignment, attachment or seizure procedures, whether initiated by or against the Receiving Party, nor by the rejection of any agreement between the Parties by a
trustee of the Receiving Party in bankruptcy, or by the Receiving Party as a debtor-in-possession or the equivalent of any of the foregoing under local law. 

  
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 6.6 Right to Injunctive Relief. The Parties acknowledge and agree that in the
event of any breach or threatened breach of the confidentiality obligations of this Section 6 by a Receiving Party or its employees or agents, a Disclosing Party will be irreparably and immediately harmed and unable to be made whole by monetary
damages. The Parties agree that, in addition to any other remedy to which a Disclosing Party may be entitled in law or equity, such Disclosing Party will be entitled to an injunction or injunctions against the Receiving Party to remedy breaches or
threatened breaches of this Agreement and/or to compel specific performance of the Receiving Party’s obligations under this Agreement. 
  

	7.0	Term and Termination. 

 7.1 Term. The initial term of this Agreement will be for three (3) years (the “Initial Term”). Thereafter, this Agreement will automatically renew for successive one
(1) year periods (each, a “Renewal Term” and collectively with the Initial Term, the “Term”) unless, not less than one hundred eighty (180) days prior to the end of the Initial Term or any then applicable Renewal
Term, either Party provides written notice to the other Party of its intent not to renew this Agreement. Provided ICM performs all of its obligations hereunder with respect to either MGT 1.0 Series or MGT 1.1 Series, and the milestones in the
initial Joint Launch Plan (as the same may be modified from time to time upon recommendation of the Joint Steering Committee) with respect to MGT 1.0 Series or MGT 1.1 Series, as applicable, have been achieved, and the Agreement expires or
terminates for any reason other than a material breach by ICM, then the obligation to share royalties, as provided in Section 2.3. with respect to either MGT 1.0 Series or MGT 1.1 Series, as applicable based on the above conditions, shall
continue after the Term of this Agreement for so long as Mascoma receives revenues from third parties using the Corn CBP technology embodied in such product until such obligation is fulfilled. 

7.2 Termination for Cause. Either Party will have the right to terminate this Agreement upon notice to the other Party in the
event that the other Party breaches any material term or condition of this Agreement, and such breach remains uncured for longer than thirty (30) days after receipt of written notice from the non-breaching Party describing such breach.

 7.3 Termination for Failure to Achieve Milestones. Beginning in July 2012, in the event that either Party fails to
achieve any milestone set forth in the Joint Launch Plan (as may be modified from time to time) in any calendar quarter, then the non-breaching Party will have the right to terminate this Agreement upon thirty (30) days prior written notice to
the other Party. 
 7.4 Payment Rights Upon Termination. Upon termination of this Agreement (in whole or in part) for any
reason each Party shall promptly pay to the other Party all fees, reimbursements, and other amounts that may be due and owing as of the effective date of such termination, or which have been earned prior to the effective dale of such termination but
are not due to be paid until after such termination. 
 7.5 Survival. Notwithstanding any termination of this Agreement,
the provisions of Sections 2, 3, 4, 5, 6, 7.1, 7.4, and 7.5 shall survive such termination and remain in full effect. 
  

	8.0	Miscellaneous. 

8.1 Bankruptcy. All rights and licenses granted under or pursuant to Section 3 of this Agreement are and shall otherwise be
deemed to be for purposes of Section 365(n) of the Bankruptcy Code, licenses of rights to “intellectual property” as defined under Section 101 (35A) of the Bankruptcy Code. The Parties agree that each Party, as a licensee of
such rights under this Agreement, shall retain 

  
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and may fully exercise all of its rights and elections under the Bankruptcy Code. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against the
Party granting a right or license to intellectual property under Section 3, the other Party shall be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such
intellectual property, and same, if not already in its possession, shall be promptly delivered to such other Party upon any such commencement of a bankruptcy proceeding upon written request therefore. 

  
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 8.2 Entire Agreement. This Agreement is the sole agreement with respect to the
subject matter hereof and except as expressly set forth herein, supersedes all other agreements and understandings between the parties with respect to the same. 
 8.3 Notices. Unless otherwise specifically provided, all notices required or permitted by this Agreement will be in writing and may be delivered personally, or may be sent by facsimile or certified
mail, return receipt requested, to the following addresses, unless the parties are subsequently notified of any change of address in accordance with this Section 8.3: 

 

			
	 If to ICM:
	  	ICM. Inc. 
		  	P.O. Box 397
		  	310 N. First Street
		  	Colwich, KS 67030-0397
		  	Attn: General Counsel
		
		  	Facsimile: (316) 927-0570
		
	 If to Mascoma:
	  	Mascoma Corporation
		  	67 Etna Road
		  	Suite 300
		  	Lebanon, NH 03766
		  	Attn.: William Brady, President and CEO
		
		  	Facsimile: (603) 676-3321
		
	 With a copy to:
	  	Goodwin Procter LLP
		  	Exchange Place
		  	Boston, MA 02109
		  	Attn.: William Schnoor, Esq.
		
		  	Facsimile: (617) 523-1231

 Any notice will be deemed to have been received as follows: (a) by personal delivery, upon receipt: (b) by
facsimile, one business day after transmission or dispatch; (c) by airmail, seven (7) business days after delivery to the postal authorities by the party serving notice. If notice is sent by facsimile, a confirming copy of the same will be
sent by mail to the same address. 

  
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 8.4 Governing Law and Venue. This Agreement will be governed by, and construed in
accordance with, the substantive taws of the State of New York, without giving effect to any choice or conflict of law provision. Any action, suit or other proceeding arising under or relating to this Agreement (a “Suit”) shall be brought
in a court of competent jurisdiction in New York, New York, and the parties hereby consent to the sole jurisdiction of the state and federal courts sitting in New York, New York. Each party agrees not to raise any objection at any time to the laying
or maintaining of the venue of any Suit in any of the specified courts, irrevocably waives any claim that Suit has been brought in any inconvenient forum and further irrevocably waives the right to object, with respect to any Suit, that such court
does not have any jurisdiction over such party. 
 8.5 Binding Effect. This Agreement will be binding upon and inure to
the benefit of the parties and their respective legal representatives, successors and permitted assigns. 
 8.6 Headings.
Section and subsection headings are inserted for convenience of reference only and do not form a part of this Agreement. 
 8.7
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an original. 
 8.8 Amendment; Waiver. This Agreement may be amended, modified, superseded or canceled, and any of the terms may be waived, only by a written instrument executed by each Party or in the case of
waiver, by the Party waiving compliance. The delay or failure of any Party at any time or times to require performance of any provisions hereof will in no manner affect the rights at a later time to enforce the same. No waiver by either Party of any
condition or of the breach of any term contained in this Agreement, whether by conduct, or otherwise, in any one or more instances, will be deemed to be or considered as a further or continuing waiver of any such condition or of the breach of such
term or any other term of this Agreement. 
 8.9 No Agency or Partnership. Nothing contained in this Agreement will give
any Party the right to bind the other, or be deemed to constitute either Party as agent for the other, or as partners with each other or any third party. 
 8.10 Assignment and Successors. This Agreement may not be assigned by either Party without the consent of the other, which consent shall not be unreasonably withheld, except that each Party may,
without such consent, assign this Agreement and the rights, obligations and interests of such Party to any of its Affiliates, to any purchaser of all or substantially all of its assets to which the subject matter of this Agreement relates, or to any
successor corporation resulting from any merger or consolidation of such Party with or into such corporation; provided, in each case, that the assignee agrees in writing to be bound by the terms of this Agreement. Any assignment purported or
attempted to be made in violation of the terms of this Section 8.10 will be null and void and of no legal effect. For purposes of this Section 8.10. the term “Affiliates” means, with respect to any person, any other person which
controls is controlled by or is under common control with such person. A person shall be regarded as in control of another entity if he/it owns or controls at least fifty percent (50%) of the equity securities of the subject entity entitled to
vote in the election of directors (or, in the case of an entity that is not a corporation, for the election of the corresponding managing authority). 
 8.11 Force Majeure. Neither Party will be responsible for delays resulting from causes beyond the reasonable control of such Party, including without limitation fire, explosion, flood, war, strike
or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch

  
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whenever such causes are removed. 
 8.12 Interpretation. The
Parties hereto acknowledge and agree that: (a) each Party and its counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed to its revision; (b) the rule of construction to the effect that any
ambiguities are resolved against the drafting Party shall not be employed in the interpretation of this Agreement; and (c) the terms and provisions of this Agreement shall be construed fairly as to both Parties hereto and not in favor of or
against either Party, regardless of which Party was generally responsible for the preparation of this Agreement. 
 8.13
Severability. If any provision of this Agreement is or becomes invalid or is ruled invalid by any court of competent jurisdiction or is deemed unenforceable, it is the intention of the Parties that the remainder of this Agreement will not be
affected. 
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 IN WITNESS WHEREOF, the Parties hereto have signed this Agreement as of the Effective
Date. 
  

									
	ICM, Inc.	 		 	Mascoma Corporation
			
	/s/ Chris Mitchell	 		 	/s/ David Arkowitz
	Name:	 	Chris Mitchell	 		 	Name:	 	David Arkowitz
	Title:	 	Executive Vice President	 		 	Title:	 	CFO

  

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 Appendix A (Revised Oct 18, 2011) 
 MASCOMA/ICM MGT 1.0, 1.1 APPLICATION TESTING AND DEMONSTRATION PLAN 
 General
Schedule: 
  

							
	 Release
	  	Lab & Piloting	 	 Regulatory Approval
	  	Mascoma/
ICM
Joint
Demonstration
Plan
	 MGT 1.0
	  	Q3 2011	 	 [***]
	  	[***]
	 MGT 1.1
	  	[***]	 	 [***]
	  	[***]

 2011 Detailed Plan – October 18, 2011 
 Launch Plan and Phase Detail in Sample Demonstration Plan (see below) 
 MGT 1.0 2011 Customer
Timeline: 2011 Technical Support 
  

																									
	  	    	October	    	November	    	December
	 Week beginning
	    	10	    	17	    	24	    	31	    	7	    	14	 	21	    	28	    	5	    	12	    	19	    	26
													
	 [***]
	    		    		    		    		    		    		 		    		    		    		    		    	
													
	 [***]
	    		    		    		    		    		    	[***]	 		    		    		    		    		    	
													
	 [***]
	    		    		    		    		    		    		 		    		    		    		    		    	
													
	 [***]
	    		    		    		    		    		    		 		    		    		    		    		    	

 Mascoma: [***] lead 
  

	 	•	 	 All Demonstrations - Phase 1, Phase 2, Phase 3 (1st half) – [***] lead 

 ICM: Principal Scientist 
  

	    	[***] 

 Upon Conclusion of Phase 3 at [***]
– ICM-Mascoma will issue Demonstration Summary Report 
 [***] – to replace 2nd plant Release 0 demo support 

  

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 SAMPLE DEMONSTRATION PLAN – MGT 1.0 

 

			
	 Product
	  	MGT 1.0
	 Location
	  	
	 Start Date
	  	

 Baseline Yeast:
                             
 Baseline GA Product:
                                     

Baseline GA Dose:
                                         
  
 Total trial fermentations in plan:
                             
 Trial duration: [***] 
 PHASE 1) TRIAL FERMENTATION [***]

 Trial fermentation will be performed using standard conditions at the plant. The data for the trial fermentation will be reviewed before
the Main Fermentations begin. 
  

							
	 Dates
	  	 Plan
	  	 Success Criteria
	  	 Support Level

	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

 Success Criteria 
 [***] 
 PHASE 2) ENZYME REDUCTION PHASE 

[***] 
  

							
	 Dates
	  	 Plan
	  	 Success Criteria
	  	 Support Level

	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

 [***] 
  

					
	 MAIN FERMENTATION RUNS
	  	 TYPE OF YEAST
	  	 ENZYME DOSE (% OF BASELINE)

	 MAIN FERMENTATION [***]
	  	 [***]
	  	 [***]

	 MAIN FERMENTATION [***]
	  	 [***]
	  	 [***]

	 MAIN FERMENTATION [***]
	  	 [***]
	  	 [***]

  

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

					
	 MAIN FERMENTATION # [***]
	  	 [***]
	  	 [***]

	 MAIN FERMENTATION # [***]
	  	 [***]
	  	 [***]

	 MAIN FERMENTATION # [***]
	  	 [***]
	  	 [***]

	 MAIN FERMENTATION # [***]
	  	 [***]
	  	 [***]

	 MAIN FERMENTATION # [***]
	  	 [***]
	  	 [***]

 Success Criteria 
 [***] 
 PHASE 3) VALIDATION OF NEW GA DOSE 

[***] 
 [***] 

 

							
	 Dates
	  	 Plan
	  	 Success Criteria
	  	 Support Level

	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

 Success Criteria 
 [***] 
 The data from this phase will be reviewed and statistical analysis will be performed to
establish equivalency in performance. 
  

							
	 MAIN FERMENTATION RUNS
	  	TYPE OF YEAST	 	ENZYME DOSE (% OF BASELINE)	 
	 MAIN FERMENTATION [***]
	  	[***]	 	 	[	***] 
	 MAIN FERMENTATION [***]
	  	[***]	 	 	[	***] 
	 MAIN FERMENTATION [***]
	  	[***]	 	 	[	***] 
	 MAIN FERMENTATION [***]
	  	[***]	 	 	[	***] 
	 MAIN FERMENTATION [***]
	  	[***]	 	 	[	***] 
	 MAIN FERMENTATION [***]
	  	[***]	 	 	[	***] 
	 MAIN FERMENTATION [***]
	  	[***]	 	 	[	***] 
	 MAIN FERMENTATION [***] 
	  	[***]	 	 	[	***] 
	 MAIN FERMENTATION [***]
	  	[***]	 	 	[	***] 
	 MAIN FERMENTATION [***]
	  	[***]	 	 	[	***] 

 Trial Conditions: 
 (based on the standard conditions at the plant) 

  

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Propagation 
  

					
	 Target
	  	 U.S.
	  	 Metric

	 [***]
	  		  	

 Propagation Data Collection 
  

													
	 Variable, hrs
	  	[***]	 	  	[***]	 	  	[***]	 
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  

  

	 	[***]	

 Main Fermentation 

  

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

					
	 Target
	  	U.S.	  	Metric
	 [***]
	  		  	

 Main Fermentation Data Collection 

 

																									
	 Variable, hrs
	  	[***]	 	  	[***]	 	  	[***]	 	  	[***]	 	  	[***]	 	  	[***]	 
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  
	 [***]
	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  	  	 	X	  

 [***] 
 [***]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]