Document:

Commercial License Agreement

 Exhibit 10.33 
 *** Text Omitted and Filed Separately 
 Confidential Treatment Requested

 Under 17 C.F.R. §§ 200.80(b)(4) 
 and 203.406 
 COMMERCIAL LICENSE AGREEMENT 

This Commercial License Agreement (“Commercial License”), effective the 15th day of April, 2010 (“Effective Date”), is made by and
between Cargill, Inc., through its [***], having its principal place of business at [***] (hereinafter “Cargill”), and Bioamber S.A.S., having a place of business at Route de Bazancourt, F-51110, Pomacle France (“Bioamber”).
Cargill and Bioamber are referred to herein as “Parties”, in singular or plural usage, as required by context. 
 WHEREAS, Cargill has
developed a yeast strain designated CB1 for [***] and related research tools for modifying CB1, which are protected by Licensed Patents (as defined in Section 1.3 below); 
 WHEREAS, Bioamber has engaged Cargill under the Development Agreement, to which this Commercial License is an Exhibit, to further develop or modify CB1 with the goal of [***] to produce succinic acid and
salts thereof; 
 WHEREAS, the Parties also desire to enter into this Commercial License concurrently with the Development Agreement for the
purpose of Cargill granting and Bioamber acquiring certain rights to commercialize the CB1 strain, Improvements made under the Development Agreement, and related patent rights for [***] as specified in this Commercial License under its terms and
conditions; 
 NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the Parties agree as follows: 

1. DEFINITIONS 
 1.1 “CB1 Strain”
shall mean Modified CB1 as defined in the Development Agreement between the Parties. 
 1.2 “Confidential Information” shall mean all
information related to this Commercial License in any form disclosed in any manner by or on behalf of one Party to the other Party during the term of this Commercial License. Without limitation, Confidential Information shall include information
about products, raw materials, samples, packaging, manufacturing processes, financial information, research information, tools, business plans, customer lists and supplier lists. 
 1.3 “Licensed Patents” shall mean those patents and patent applications defined in Section 2.5 of the Development Agreement and in Exhibit B thereto provided that those patents and patent
applications listed in Exhibit B under the heading of [***] are only to be included within the term “Licensed Patents” in the event that Bioamber exercises its option under Section 3 of the Development Agreement. 

  
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 1.4 “Know-How” shall mean information developed by Cargill during the Development Agreement and
this Commercial License concerning the use of CB1 Strain for the production of Product. Information relating to the Licensed Tool Kit (as defined in the Development Agreement) and the Licensed Tool Kit itself used to genetically modify CB1 Strain
shall not be included within Know-How. 
 1.5 “Product” shall mean [***], and, in the event that Bioamber exercises its option under
Section 3 of the Development Agreement, “Product” shall also mean [***]. 
 1.6 “Improvements” shall mean those
inventions or discoveries that are defined in Section 5.2 of the Development Agreement, including “Bioamber Improvements”, “Cargill Improvements”, and “Joint Improvements” as those terms are defined in
Section 5.2 of the Development Agreement and used in this Commercial License. 
 1.7 “Net Sale(s)” shall mean the gross sale or
transfer quantity [***] measured in US pounds that is made by Bioamber and its sublicensees and sold or otherwise transferred to any third party or to Bioamber itself less allowed Product returns and reasonable Product allowances given by Bioamber
and its sublicensees, all as determined by Bioamber’s standard accounting practices. For purposes of clarity, Product allowances shall not include discounts given to customers in the form of Product credits. 

1.8 “Quarter” shall mean a three month time period from January 1 to March 31, April 1 to June 30, July 1 to
September 30, or October 1 to December 31 in any year during the term of this Commercial License. 
 1.9 [***] 

1.10 “Affiliates” shall mean any person or entity that directly or indirectly controls, is controlled by, or is under common control with such
person or entity, and is identified in writing and included in Exhibit X, which may be updated periodically as mutually agreed by the Parties. For purposes of the preceding sentence, “control” means the right to control, or actual control
of, the management of such other entity, whether by ownership of securities, by voting rights, by agreement or otherwise. Neither Party’s Affiliates are included under the rights and obligations of the provisions of this Commercial License
unless done so by an explicit reference. 
 1.11 As used throughout this Commercial License, (i) “sublicense” shall mean any
agreement between Bioamber and a third party (including Affiliates) granting the third party commercial rights under or to any CB1 Strain, Licensed Patents, Know-How and/or Improvements, and (ii) “sublicensee” shall mean any such
third party entering into such sublicense with Bioamber. 

  
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 2. CB1 STRAIN DEVELOPMENT AND REGULATORY APPROVAL 
 2.1 The Parties will attempt to develop CB1 Strain under the terms of the Development Agreement for the purpose of the commercialization of the Product. 

2.2 Bioamber agrees to use its best efforts to obtain the regulatory approvals necessary to make and sell, or otherwise transfer, Products throughout the
world. 
 3. CONFIDENTIAL INFORMATION,AND TRANSFER AND USE OF STRAINS 
 3.1 Both Parties agree that Confidential Information under this Commercial License is subject to the terms and conditions governing “Confidential Information” under Section 4 of the
Development Agreement, including the exclusions therein. Notwithstanding the foregoing, Bioamber shall be permitted to disclose Confidential Information to its shareholders (DNP Green Technology, Inc. and Agro-Industrie Recherches &
Développements, S.A.) and to its sublicensees or potential sublicensees who are bound by an executed confidentiality agreement with terms equivalent to those in the Development Agreement, subject to the requirements for biological materials
specified in Section 3.2 below. 
 3.2 Bioamber shall not transfer or provide any CB1 Strain, or related biological materials, or
biological materials derived from CB1 Strain to any third party, including Affiliates, unless (i) there is a written material transfer agreement in place with such third party that strictly limits such third party to non-commercial evaluation
or testing of such strains or material and prohibits such third party from providing the strain or material to any other party, (ii) there is a written sub-license agreement in place under this Commercial License with such third party as
provided under Section 4.2; and (iii) such third party is obligated not to file patent applications utilizing any data or results learned or obtained while evaluating CB1 Strain. In no event will Bioamber transfer the Licensed Tool Kit to
any third party, except as provided in Section 2.5 of the Development Agreement. 
 3.3 Upon termination of this Commercial License for any
reason (including the end of its term), Bioamber shall destroy and have its sublicensees destroy any and all CB1 Strain and any other biological materials relating to this Commercial License in their possession, and Bioamber shall certify such
destruction in writing to Cargill, except with regard to sublicensees as provided in Section 4.3 of this Commercial License. 
 3.4
Bioamber shall have the first right to enforce the terms in the Sublicense Agreement with respect to the use and custody of the CB1 Strain. In the event Bioamber fails to enforce such provisions in the Sublicense Agreement within a reasonable period
of time, Cargill shall have the right to step in as a named party and enforce such provisions, and Bioamber shall provide assistance thereto. 

  
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 3.5 Notwithstanding any other provision of this Commercial License, Bioamber shall use all reasonable
efforts to ensure that no samples of the CB1 Strain are taken from its facilities, (i) Bioamber shall use the CB1 Strain only for the production of Product within the scope of the rights it is granted under Section 4 of this Commercial
License, subject to the limitations specified in that section, (ii) Bioamber shall not reverse engineer, analyze, attempt to analyze, or have analyzed the physical or genetic structure of the CB1 Strain, and (iii) Bioamber shall not modify
the CB1 Strain in any way or use it to develop other biological materials for any purpose whatsoever. Bioamber shall require its sublicensees to comply with the provisions set forth in this Section 3.5. 

4. GRANTS TO BIOAMBER AND CARGILL, AND CARGILL OPTION 
 4.1 Subject to the terms and conditions of this Commercial License, Cargill hereby grants to Bioamber an exclusive, worldwide, royalty bearing license with a limited right to sublicense, subject to
Section 4.2, under and to Licensed Patents, the CB1 Strain, the Know-How, Cargill Improvements, and Joint Improvements to make, have made, use, sell or otherwise transfer, offer for sale, export, and/or import the Product only. 

4.2 Bioamber’s license under Section 4.1 and ownership rights under the Development Agreement include the right to grant sublicenses according
to the following requirements: 
 a. Bioamber will be responsible for reporting on and paying all royalties that are due to
Cargill in accordance with Section 5 of this Commercial License for Product sold or otherwise transferred by any of Bioamber’s sublicensees. 
 b. Any sublicenses granted by Bioamber under this Section 4.2 shall be in writing (“Sublicense Agreement”) and, prior to Bioamber granting any sublicenses to third parties, Cargill shall
have the right to review and approve such Sublicense Agreement that will be used as a template for the sublicensing of the CB1 Strain. Any sublicenses granted by Bioamber under this Section 4.2 shall be subject to the terms and conditions of
this Commercial License, including but not limited to the obligations on Bioamber concerning confidentiality and material transfer provisions as set forth in Section 3. [***]. 

  
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 c. No sublicensee under this Commercial License may grant any third party or any Affiliate
of the sublicensee any rights in, any access to, or any copies or samples of the Licensed Patents, the CB1 Strain (and any related biological materials and biological materials derived from CB1 Strain), the Know-How, Cargill Improvements, Joint
Improvements, and Confidential Information for any purpose. 
 d. Any non-remedied breach by a sublicensee of the terms of its
sublicense or the requirements of this Commercial License shall not be considered to be a breach by Bioamber of this Commercial License. 
 e. Only the final commercial strains of CB1, which are adapted for commercially manufacturing Product will be provided to sublicensees. Additionally, Know-How may be provided to sublicensees, but in no
event will the Licensed Tool Kit and pre-commercial CB1 strains be provided to sublicensees. 
 4.3 Effective on the date this Commercial
License is terminated for any reason, prior to the end of its term (the “Termination Date”), and provided that any Bioamber sublicensee is not then in default under the terms of the sublicense to which it is a party, then Bioamber hereby
assigns to Cargill those of its rights, title and interest under any such sublicense that are in effect on the Termination Date that relate to the license granted herein, including the right to receive the portion of the income from the sublicense
that relates to the license provided herein, and Cargill undertakes to respect the terms of any such sublicense as though Cargill itself had contracted directly with such sublicensee, in accordance with the terms of any such sublicense so long as
any such sublicensee respects the terms of its sublicense. 
 4.4 At any time up until the fifth anniversary of the completion of Milestone 3 as
referenced in Section 2.3 of the Development Agreement and described in Exhibit A to the Development Agreement, Cargill shall have the options to [***] 

  
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 4.5 Bioamber hereby grants to Cargill anexclusive, worldwide, royalty-free license with an unlimited right
to sublicense under and to Bioamber Improvements to make, have made, use, sell or otherwise transfer, offer for sale, export, and/or import any and all products and services excluding the Product only. 

4.6 This Commercial License shall serve as the framework for additional license grants should Bioamber exercise its option to [***] pursuant to
Section 3 of the Development Agreement, and subject to the terms and conditions specified in Section 3 of the Development Agreement. 

4.7 Cargill reserves any and all rights under and to Licensed Patents, the CB1 Strain, the Know-How, Cargill Improvements, Cargill Confidential
Information, the Licensed Tool Kit, and Joint Improvements that are not exclusively granted to Bioamber under Section 4.1 of this Commercial License. 
 5. PAYMENTS, ROYALTIES, AND OTHER CONSIDERATION 
 5.1 In consideration of the rights granted to
Bioamber under this Commercial License, including the grants under Section 4.1 herein, and the rights granted to Bioamber respecting Bioamber Improvements and Joint Improvements as specified in the Development Agreement, Bioamber agrees to the
provisions of this Section 5. The Parties acknowledge and agree that the payments provided in this Section 5 and the obligations for sublicenses under Section 4.2 shall apply without regard to (i) what, if any patents issue
respecting Licensed Patents and/or Improvements, the countries in which such patents issue, the scope of such patents, and whether or not any such patents are necessary or used to make, have made, use, sell or otherwise transfer, offer for sale,
export, and/or import a Product and (ii) which party owns the CB1 Strain, Confidential Information, Licensed Patents, Know-How, and/or Improvements that may be necessary or used to make, have made, use, sell or otherwise transfer, offer for
sale, export, and/or import a Product. 
 5.2 Bioamber shall pay an up-front fee to Cargill as specified in Section 2.1 of the Development
Agreement. Bioamber shall also pay Cargill the milestone fees as specified in Section 2.3 of the Development Agreement. 
 5.3 Bioamber
shall pay Cargill a royalty based on the Net Sale of the Product during each calendar quarter at the following rate: [***]. Bioamber shall be responsible for making the payments due to Cargill for its own Net Sales and the Net Sales of its
sublicensees. 

  
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 5.4 Within sixty (60) days of the last day of each Quarter, Bioamber shall submit to Cargill quarterly
reports and royalty payments for each immediately preceding Quarter. Each report shall contain the amount of Net Sales of Product in the preceding Quarter and the total amount of royalties due to Cargill. 

5.5 Bioamber and its sublicensees shall keep complete, true and accurate books and records for the purpose of determining and verifying royalty and other
payment obligations under this Section 5, including those specified in 5.3 and in 5.10. Bioamber agrees to permit its books and records to be examined by an independent auditor not more than once per year, for the purpose of verifying the
payments for Cargill. Bioamber will ensure that sublicensees’ books and records can be examined by an independent auditor on an annual basis on Cargill’s behalf solely to ensure compliance with this Section 5. Bioamber will keep, and
will ensure that its sublicensees keep, these books and records for a minimum of five (5) years following the end of the calendar year to which they pertain. Cargill will pay all costs associated with any audits for this purpose, however in the
event such audit reveals a discrepancy greater than [***] of the total amount of royalties owed to Cargill, Bioamber agrees to pay for the cost of such audit (including sublicensee audits). 
 5.6 Any payments to be made hereunder that remain due and unpaid after a period of sixty (60) calendar days after the date due shall accrue interest compounded daily, commencing as of the date
payment was first past due, at the prime interest rate of Citibank, N.A., in effect on the first day of the calendar month in which the payment first becomes overdue. 
 5.7 No part of any amount payable to Cargill by Bioamber may be reduced due to any counterclaim, set off, adjustment or other right. 
 5.8 If in any one year period commencing with the Effective Date or the annual anniversary thereof the total royalty payments made by Bioamber to Cargill is less than $[***] United States dollars,
Bioamber shall make additional payment to Cargill to bring the total to $[***] United States dollars within thirty (30) days of the end of that one year period. In the event that Bioamber’s royalty payments owed in any given year are less
than $[***] and Bioamber elects not to pay an additional amount to bring the total to $[***], Cargill’s sole remedy shall be to transform the license it granted to Bioamber under Section 4.1 from an exclusive to a non-exclusive license by
written notice to Bioamber. Upon such written notice, (i) Cargill shall have the right to freely license others with respect to the rights granted to Bioamber under Section 4.1 without any accounting to Bioamber and (ii) Bioamber
shall and hereby does grant to Cargill a non-exclusive, worldwide, royalty-free license, with an unlimited right to sublicense, under and to Bioamber Improvements to make, have made, use, sell or otherwise transfer, offer for sale, export, and/or
import [***]. Except as specified in this Section 5.8, such conversion of the exclusive grant by Cargill under Section 4.1 to a non-exclusive grant shall not otherwise change any term or obligation of this Commercial License, including
Bioamber’s payment obligations. For the [***] after the Effective Date or up until [***] following completion of Milestone 3 as specified in the Development Agreement, whichever occurs first, the amount paid by Bioamber to Cargill for
development work under the Development Agreement in [***] commencing with the Effective Date or the annual anniversary thereof (but not including any up-front or milestone payments) [***]. 

  
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 5.9 In the event that (i) Milestone 3 as specified in the Development agreement is achieved,
(ii) the CB1 Strain and fermentation protocols are successfully scaled up, (iii) Bioamber receives any applicable and necessary regulatory approvals to use the CB1 Strain to make and sell Product in any country, and (iv) the economics
of using the CB1 Strain technology is no less favorable than use of Bioamber’s current E. coli strain technology (including OPEX and CAPEX economic considerations), then [***]. 
 5.10 In addition to the royalties specified in this Section 5, including royalties for sales and other transfers of Product by sublicensees, Bioamber shall make the following calculation and payment
to Cargill. [***] 

  
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 6. INTELLECTUAL PROPERTY 
 6.1 Intellectual property rights, including rights respecting Improvements, are subject to the provisions of Section 5 of the Development Agreement and the terms of this Commercial License.

 7. TERM AND TERMINATION 
 7.1 The
term of this Commercial License shall be from the Effective Date and will continue either (a) until no issued Licensed Patents and no issued patents respecting Improvements remain valid and enforceable, or (b) [***] years after the date of
first commercial sale of Product made in a fully-operational plant (not a sale from a pilot plant), whichever is sooner. Following this initial term (the “Initial Term”), this Commercial License shall automatically renew for successive
[***], and Bioamber shall provide Cargill at least six (6) month notice in the event it decides to terminate this Commercial License prior to any extensions of the Initial Term. Bioamber shall provide written notice to Cargill as to the date of
such first commercial sale and in the event of a dispute the Parties shall resolve such dispute in good faith. Termination of the Development Agreement for any reason, including its end of term, will not terminate this Commercial License.

 7.2 Following the Initial Term, Section 5.3 of this Commercial License shall only apply to the production of sublicenses that continue
to pay licensing revenues to Bioamber (“Eligible Production”). The Eligible Production for the purposes of calculating Section 5.3 of this Commercial License shall be determined each three-month period during such an extension period.
Notwithstanding the foregoing, Bioamber, should it elect to do so, shall continue to pay the annual minimum royalty provided in Section 5.8. 
 7.3 Either Party may terminate this Commercial License at any time for a material breach by the other Party, provided (i) that the Party alleging the breach provides the other with written notice
specifying the breach, and (ii) the breach is not cured within one hundred twenty (120) days. To the extent permitted under applicable law, either Party may terminate this Commercial License in the event of the other Party’s
bankruptcy, insolvency, or the filing of a petition therefore. A Party shall promptly give the other Party notice of its bankruptcy, insolvency, or intent to file a petition therefore, whereupon the other Party may immediately terminate this
Commercial License on written notice to that Party. 
 7.4 Bioamber may terminate this Commercial License upon ninety (90) days written
notice to Cargill. 
 7.5 Termination of this Commercial License for any reason, including the end of its term, terminates all rights and
obligations hereunder, including licenses and sublicenses, except as otherwise specified in this Commercial License. 
 7.6 Upon termination of
this Commercial License by Bioamber pursuant to Section 7.4 or upon Cargill’s termination of this Commercial License pursuant to Section 7.3 as a result of Bioamber’s breach: (i) all of Bioamber’s rights specified in
Sections 5.2.1 and 5.2.2 in the Development Agreement terminate; (ii) Bioamber shall and hereby does assign to Cargill all 

  
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of its rights, title and interest in and to Bioamber Improvements and Bioamber will have no remaining rights respecting Bioamber Improvements; and (iii) such termination shall have no affect
whatsoever on any license or other intellectual property rights granted from Bioamber to Cargill under the terms of the Commercial License or the Development Agreement. 
 7.7 Expiration or termination of this Commercial License shall not: (a) relieve Bioamber or its sublicensees of their obligation to make payments or fulfill any obligations to Cargill incurred prior
to expiration or termination including quarterly payments for a completed milestone, other royalty and payment obligations, and a pro rata portion of the minimum payment due for the partial year as of the date of termination, or (b) relieve
Cargill of its obligations to Bioamber incurred prior to expiration or termination. 
 7.8 Material breach of this Commercial License by
Bioamber shall include, but not be limited to, the failure of Bioamber to use its best efforts to seek regulatory approval pursuant to Section 2.2 or pay any amounts due under Section 5. 

7.9 Expiration or termination of this Commercial License, however effectuated, shall not release the Parties from their rights and obligations incurred
prior to the expiration or termination of this Commercial License. Except as otherwise provided in this Commercial License, the following provisions survive any expiration or termination of this Commercial License: Sections 3 (Confidential
Information & Transfer of Strains), 4.3, 4.4, 4.5, 5 (Payments, Royalties, and Other Consideration, except for Sections 5.8 (Bioamber’s obligation to pay the $[***] annual minimum payment shall not survive, but Cargill’s license
and rights granted thereunder shall survive), 5.9 and 5.10), 6 (Intellectual Property), 7 (Term and Termination), 8 (Disclaimer of Warranty, Limitation of Liability), 9 [***], and 10 (Miscellaneous). 

8. DISCLAIMER OF WARRANTY, LIMITATION OF LIABILITY 
 8.1 CARGILL EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE. 

8.2 SUBJECT TO SECTION 8.1, BOTH PARTIES EXPRESSLY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, EXPRESSED OR IMPLIED, OF NON INFRINGEMENT OF THIRD PARTY
INTELLECTUAL PROPERTY RIGHTS OR OTHER CONFIDENTIAL INFORMATION. 
 8.3 SUBJECT TO SECTIONS 8.1 AND 8.2, IN NO EVENT SHALL EITHER PARTY BE LIABLE
TO THE OTHER PARTY, OR TO THE OTHER PARTY’S OFFICERS, EMPLOYEES OR REPRESENTATIVES, OR TO ANY THIRD PARTY, FOR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES OF ANY KIND (INCLUDING, BUT NOT LIMITED TO, LOST
BUSINESS, LOST PROFITS, DAMAGE TO GOODWILL OR REPUTATION AND/OR DEGRADATION IN VALUE OF BRANDS, TRADEMARKS, TRADENAMES, SERVICE NAMES OR SERVICE MARKS) WHETHER ARISING OUT OF BREACH OF CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE, FAILURE TO WARN
OR STRICT LIABILITY) OR OTHERWISE. 

  
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 8.4 Cargill and its Affiliates shall not be liable to Bioamber, and Bioamber shall indemnify and hold
harmless Cargill and its Afffiliates for any loss, claim, damage, or liability, of whatsoever kind or nature, which may arise from or in connection with Bioamber’s and Bioamber’s sublicensee’s use, handling, or storage of CB1 Strain
and/or Confidential Information received from Cargill. 
 9. [***] 
 10. MISCELLANEOUS 
 10.1 This Commercial License is personal to the parties hereto and shall not
be assigned by either Party without the prior written consent of the other Party. Notwithstanding the foregoing, no assignment of this Commercial License shall be made effective unless (i) any breach or default of the intended assignor is cured
by either the intended assignor or the intended assignee, or (ii) the intended assignee can give reasonable assurances of its ability to comply with the terms and conditions of this Commercial License, and to fulfill its intent. This Commercial
License shall be binding upon and shall inure to the benefit of the Parties and their permitted successors and assigns. 
 10.2 All notices and
reports respecting this Commercial License shall be sent via facsimile, mail, or electronically to the appropriate address of the Party as given below. If either Party wishes to change its address for notification, it shall promptly notify the other
Party in writing of such change of address. 

  
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	 If to Cargill:
	  	[***]
		
	 with a copy to:
	  	Cargill Incorporated
		  	 [***]

		
	 If to Bioamber:
	  	[***]
		  	Bioamber SAS
		  	1250 Rene-Levesque West
		  	Suite 4110
		  	Montreal, Quebec
		  	Canada
		  	H3B4W8
		  	[***]
		
	 with a copy to:
	  	[***]
		  	Boivin Desbiens Senecal, g.p.
		  	[***]

 10.3 Nothing contained herein shall limit the right of any Party to seek specific performance, injunctive relief or other
non-monetary remedies in any court of competent jurisdiction. 
 10.4 If any provision or covenant, or any part thereof, of this Commercial
License should be held by any court of competent jurisdiction to be invalid, illegal or unenforceable, either in whole or in part, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of the
remaining provisions or covenants, or any part thereof, of this Commercial License, all of which shall remain in full force and effect. 
 10.5
This Commercial License shall be governed, interpreted, and construed in accordance with the laws of Minnesota without regard to the principles of conflicts of laws. 
 10.7 This Commercial License and the Development Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereto, and no other representations, guarantees,
covenants, or agreements shall be binding or affect any provisions hereof. This Commercial License may be modified only in a written amendment signed by both Parties hereto. In the event that the terms of this Commercial License conflict with the
Terms of the Development Agreement, this Commercial License shall control. Provisions of the Development Agreement which are referenced by this Commercial License shall survive termination or end of term of the Development Agreement for the purpose
referenced in this Commercial License. 

  
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 IN WITNESS WHEREOF, the Parties hereto have executed this Commercial License the day, month, and year first
above written. 
  

									
	Cargill, Inc.	 		 	Bioamber S.A.S.
					
	By:	 	/s/ [***]	 		 	By:	 	/s/ J.F. Huc
	Name:	 	[***]	 		 	Name:	 	J.F. Huc
	Title:	 	[***]	 		 	Title:	 	Director General
	Date:	 	4/16/10	 		 	Date:	 	April 15 2010

  
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 EXHIBIT X 
 Affiliates 
 The following shareholders of Bioamber, until such time that they cease to be
a shareholder of Bioamber, at which point they will no longer be considered Affiliates: 
 DNP Green Technology 

Agrorecherches et Developpement (ARD) 

  
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 EXHIBIT Y 
 Prohibited Geographies 
 [***] 

  
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 Exhibit Z 
 Cargill’s Guiding Principles 
 Guiding Principles 

 

	 	•	 	 Cargill will comply with the laws of all countries to which it is subject. 

 

	 	•	 	 Cargill will not knowingly assist any third party to violate any law of any country, by creating false documents or by any other means.

  

	 	•	 	 Cargill will not pay or receive bribes or participate in any other unethical, fraudulent, or corrupt practice. 

 

	 	•	 	 Cargill will always honor all business obligations that it undertakes with absolute integrity. 

 

	 	•	 	 Cargill will keep its business records in a manner that accurately reflects the true nature of its business transactions. 

 

	 	•	 	 Cargill managers and supervisors will be responsible that employees, consultants and contract workers under their supervision are familiar with
applicable laws and company policies and comply with them. Further, they will be responsible for preventing, detecting, and reporting any violations of law of Cargill policies. 

 

	 	•	 	 Cargill employees will not become involved in situations that create a conflict of interest between the company and the employee.

  

	 	•	 	 Every year, all Cargill employees sign an agreement to live these principles. 

Compliance Policy on Intellectual Property 
 [*** 2 pages omitted.] 

  
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 AMENDMENTS TO COMMERCIAL LICENSE AGREEMENT AND DEVELOPMENT AGREEMENT 

WHEREAS, Cargill, Incorporated (“Cargill”) and BioAmber S.A.S. (“Bioamber”) entered into a
Development Agreement having an Effective Date of April 15th, 2010, as amended on July 5th, 2011 (the “Development Agreement”); 
 WHEREAS, Cargill and Bioamber
entered into a Commercial License Agreement having an Effective Date of April 15, 2010 (the “Commercial License”); 
 WHEREAS, Bioamber now desires to amend the Development Agreement to allow Bioamber to fund a research project being conducted by [***]; 

WHEREAS, Bioamber further desires to [***] (1) Bioamber’s existing demonstration-scale succinic acid production facility
located at Pomacle, France; and (2) a succinic acid production facility located at Sarnia, Ontario Canada having a maximum production capacity of 35,000 metric tons of succinic acid per year (the “Sarnia Plant”). [***]; 

WHEREAS, Cargill is willing to allow Bioamber to fund the [***] and to conduct the [***], subject to the following terms and conditions.
Now therefore the Parties agree: 
 Amendment To the Development Agreement 

A. Section 13.9 of the Development Agreement is amended to add the following at the end of the Section: 

“Notwithstanding the above, Bioamber may fund [***]. 
 B. New Section 13.10 is added to the Development Agreement as set forth below: 

“13.10 Notwithstanding the provisions of section 13.9, Bioamber may conduct the [***], subject to Bioamber hereby agreeing to
[***].” 
 Amendment To the Commercial License 
 A. Section 5.9 of the Commercial License is amended to add the following at the end of the Section: 
 “Bioamber shall use best efforts to obtain regulatory approvals for the use of the CB1 Strain in all countries where Bioamber and/or a Bioamber licensee are using any strain other than the CB1 strain
for the production of succinic acid and/or salts thereof. Additionally, Bioamber shall use best efforts to scale up the CB1 Strain and fermentation protocols utilizing the CB1 Strain.” 
 Nothing in these amendments will reduce Bioamber’s obligations to [***]. 

  
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	CARGILL, INCORPORATED
		
	By:	 	 /s/ [***]

		 	 Name: [***]

		 	 Title: Director, [***]

	 Date:
	 	 10/19/2011

	
	BIOAMBER, SAS
		
	By:	 	 /s/ Jean-François Huc

		 	 Name: Jean-François Huc

		 	 Title: President

	 Date:
	 	 October 15, 2011

  
 * Confidential
treatment requestedDevelopment Agreement

 Exhibit 10.34 
 *** Text Omitted and Filed Separately 
 Confidential Treatment Requested

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

This Development Agreement (“Development Agreement”) is entered into on April 15th, 2010 (“EffectiveDate”) by and between Cargill,
Incorporated through its [***], having its principal place of business at [***] (“Cargill”) and Bioamber S.A.S., having a place of business at Route de Bazancourt, F-51110, Pomacle France (“Bioamber”). Bioamber and Cargill shall
be referred to individually as “Party” and collectively as “Parties”, as required by text. 
 Background

  

	 	A.	Cargill has developed a yeast strain designated CB1 (“CB1”) [***] and related research tools for modifying CB1,which are protected by Licensed Patents (as
defined in Section 2.5 below). 

  

	 	B.	Bioamber desires to engage Cargill to further develop or modify CB1 with the goal of [***] to produce succinic acid and salts thereof. 

 

	 	C.	The Parties desire to grant each other certain rights to use the further developed or modified CB1 as well as other technology that is developed in the course of the
work as provided in this Development Agreement [***]. 

 Cargill and Bioamber mutually agree as follows: 

 

	1.	Scope of Work Plan 

  

	1.1	Cargill agrees to perform the services to develop or modify CB1 to produce succinic acid and salts thereof [***] (“Work Plan”). The Work Plan is more fully
described in Exhibit A, which is hereby incorporated by reference into this Development Agreement. CB1 that has been further developed or modified (or the like) under the Work Plan shall be referred to as “Modified CB1”. Any changes to the
Work Plan must be in writing and signed by both Cargill and Bioamber and may be subject to incremental fees depending on resource requirements. 

  

	1.2	In agreeing to perform the Work Plan, Cargill represents and warrants that: 

 

	 	1.2.1	Cargill has the capability, experience, and means necessary to perform the Work Plan, and the Work Plan will be performed using personnel, equipment, and material
qualified and suitable to perform the Work Plan requested; 

  
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	 	1.2.2	Cargill will provide properly trained and informed personnel, and Cargill will be solely responsible for the negligent acts, errors and omissions of its employees,
subcontractors, and agents and for any other person performing services under this Development Agreement at the direct request of Cargill; 

  

	 	1.2.3	Cargill will perform the Work Plan in a workmanlike manner with reasonable skill and care ordinarily exercised by members of the profession practicing under similar
conditions and in accordance with accepted industry practices and professional guidelines; 

  

	 	1.2.4	Subject to Section 13.1, Cargill has in effect and will maintain in effect all permits, licenses and other authorizations necessary to perform the Work Plan; and

  

	 	1.2.5	No other party has rights to its services as described in the Work Plan, and that a work assignment from any third party shall not be accepted, or work by Cargill
aloneshall not be conducted, to develop CB1 or other microorganisms that will be used to [***], for the Term (as defined in Section 10.1) of this Development Agreement. For purposes of clarity, and as examples, Cargill may sell dextrose as
fermentation feedstock to third parties, who may use such dextrose to produce [***]; also, Cargill may modify starches to [***]. 

  

	2.	Fees and Milestones  

  

	2.1	Bioamber shall pay Cargill [***] U.S. Dollars ($[***]) within thirty (30) days of the execution of this Development Agreement. 

 

	2.2	In addition to the payment in Section 2.1, Bioamber shall pay Cargill a total of [***] U.S. Dollars ($[***] to perform the Work Plan, and Cargill will make
available up to [***] per year to perform the work as outlined in the Work Plan. Such total is subject to change based on an annual review of the needs and requirements of the Work Plan. The actual number of FTEs assigned at any given time will be a
function of the Work Plan and will be subject to agreement amongst the Parties. In addition, Bioamber will pay for reasonable expenses incurred by Cargill, including travel. Cargill shall cover ordinary and customary [***]. Cargill shall submit to
Bioamber a monthly invoice for costs owed by Bioamber, accompanied by a report summarizing Cargill’s activities in relation to actual hours worked and expenses incurred. Bioamber will pay Cargill’s costs within thirty (30) days of
receipt of invoice and supporting documentation. Bioamber shall have the right to audit Cargill time sheets from time to time. Such audit shall occur once per year during reasonable business hours by an independent third party agreed to by both
parties, who shall be under obligations of confidentiality. 

  
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	2.3	Bioamber shall also pay Cargill within thirty (30) days of achieving each of the milestones summarized below and more fully described in the Work Plan found in
Exhibit A. For purposes of clarity, payment is triggered by [***]. Further, each of the Milestones and Target Dates may be changed according to the needs of the Work Plan and upon written agreement by the parties. 

 

					
	 Milestone
	  	 Target Date
	  	 Payment

	 Milestone 1: [***]
	  	[***] after Effective Date	  	US $[***]
	 Milestone 2: [***]
	  	[***] after Effective Date	  	US $[***]
	 Milestone 3: [***]
	  	[***] after Effective Date	  	US $[***]

  

	2.4	Missed Milestones. 

  

	 	2.4.1	In the event Cargill does not achieve a given Milestone provided in Section 2.3 by the Target Date listed in Section 2.3 or modified Milestone and modified
Target Date as agreed to by the Parties, and subsequently achieves such milestone as per the criteria described in Exhibit A, [***] The Target Date for subsequent Milestones will be adjusted to reflect the date on which the Milestone was actually
achieved. If a subsequent Milestone is achieved by the original Target Date listed in Section 2.3, Bioamber will pay Cargill [***] For purposes of clarity and as examples, if Milestones 1 and 2 were not delivered by the Target Dates, but
Milestone 3 is delivered by or before the Target Date, then the total payments due to Cargill at that time would be [***]. 

  

	 	2.4.2	In the event Cargill does not achieve a given Milestone provided in Section 2.3 by the Target Date listed in Section 2.3 or modified Milestone and modified
Target Date as agreed to by the Parties, and Bioamber decides to commercialize Modified CB1, any outstanding milestone payments shall immediately become due such that the total payment due Cargill under this Development Agreement equals [***] U.S.
Dollars (US $[***]). 

  
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	 	2.4.3	Provided that Cargill has respected its undertakings set out in Section 1.2 of this Development Agreement, no other damages shall accrue to Cargill for not
achieving a given Milestone other than provided in Sections 2.4.1, 2.4.2, and 2.5. 

  

	2.5	Option to Research License. In the event Cargill (i) is unable to achieve a given milestone described in Section 2.3 by the Target Date, or
(ii) terminates this Agreement pursuant to Section 10.2, Bioamber shall have the option to obtain a license during the term of this Development Agreement to the patent applications and patents listed in Exhibit B (including any
continuations, continued prosecutions, continuations-in-part, reissues, reexaminations, divisions or substitutions thereof) (collectively “Licensed Patents”), the tool kit listed in Exhibit C (“Licensed Tool Kit”),and Cargill
Improvements if any (as defined in Section 5.2 below), for research use only and for additional monetary consideration (“Research License”). [***], the Research License shall be offered to Bioamber at [***]. Such research use shall be
for the development and optimization of CB1 for [***]. The Research License shall be provided to Bioamber only, with no rights to sublicense and with no “have made” rights. Notwithstanding the preceding, Bioamber will be permitted to
outsource development work as outlined in the Work Plan and according to the Research License to third parties that have been approved by Cargill, and such approval shall not be unreasonably withheld. In considering whether or not to outsource such
development work to third parties, the Parties recognize that it is in their mutual interest to protect CB1, Modified CB1, Cargill Confidential Information (as defined in Section 4.1), and Know-How and Licensed Patents (as those terms are
defined under the Commercial License Agreement) and, therefore, the Parties shall undertake joint evaluations of third parties who have been identified by Bioamber to perform such development work, including, for example and not by limitation, a
risk assessment of the geography in which such development work will occur, and whether or not such third parties have similar guiding principles as Cargill (a copy of Cargill’s Guiding Principles and Compliance Policy on Intellectual Property
is attached as Exhibit F). Such development work shall not be conducted by such third parties in circumstances where Cargill’s intellectual property is at an unacceptable risk as determined by Cargill based on the joint evaluations of such
third parties.The terms and conditions of such Research License shall be negotiated between the Parties and shall include the terms described in this Section 2.5 and terms addressing ownership and rights to use of any intellectual property
developed. Further, this Development Agreement shall serve as the framework for the Research License. 

  

	2.6	Technology Transfer. In the event Milestone 3 is achieved, Cargill will [***]. 

  
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	2.7	Scale-Up. Following the successful technology transfer, upon request by Bioamber and subject to [***]. Cargill shall invoice Bioamber [***] U.S. Dollars
(US$[***]) per man-day provided, not inclusive of taxes or other governmental fees, and further adjusted for inflation at the time it goes into effect. Cargill shall [***]. 

 

	3.	[***]. Bioamber also desires the right to further develop CB1 to [***]. Cargill hereby grants Bioamber the option to [***] (“Modified Work Plan”). If such
option is exercised, (a) the terms and conditions of this Development Agreement shall apply to the Modified Work Plan except (i) new, additional up-front and milestone payments shall apply as provided below, and (ii) any development
work performed under the Modified Work Plan will be [***]; and (b) the commercial license attached as Exhibit D shall be expanded to include the resulting strain developed out of the Modified Work Plan with no additional change in the financial
terms. Additionally, the additional up-front fee [***]. 

  

					
	 Milestone using Alternative Feedstock
	  	Target Date	 	 Payment

	 Up-front Payment
	  	[***]	 	US $[***]
	 Milestone 1: [***]
	  	[***]	 	US $[***]
	 Milestone 2: [***]
	  	[***]	 	US $[***]
	 Milestone 3: [***]
	  	[***]	 	US $[***]

  

	4.	Confidentiality. To carry out the Work Plan, Cargill may receive from, and provide to, Bioamber certain Confidential Information, as defined below. Such
Confidential Information will be disclosed by one Party (the “Disclosing Party”) to the other Party (the “Receiving Party”) on the following terms and conditions: 

 

	4.1	“Confidential Information” means all business, technical, and financial information related to the Work Plan, the terms and discussions relating to the Term
Sheet executed by the parties on December 3, 2009 and December 4, 2009, and to any aspect of the business of each Party that is material to the Work Plan, including, without limitation, Licensed Tool Kit, products, product compositions,
raw materials, specifications, formulae, equipment, business plans and strategies, customer lists, supplier lists, know-how, samples, drawings, pricing informationand other financial information, inventions, ideas, research information, packaging,
manufacturing processes, and other information, or its potential use, that is owned by or in possession of either Party. For purposes of clarity, the parties shall not disclose to each other any Confidential Information that is not material to the
Work Plan, such as, by way of example and without limitation, processes and other information relating to post-fermentation activities. Confidential Information shall not include information that: (a) is in the public domain prior to disclosure
by Disclosing Party; (b) becomes part of the public domain, by publication or otherwise, through no unauthorized act or omission by the Receiving Party; (c) is lawfully in the Receiving Party’s possession prior to disclosure by the
Disclosing Party; or (d) is independently developed by an employee(s) of the Receiving Party with no access to the disclosed Confidential Information. 

  
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	4.2	The Receiving Party agrees to take and maintain proper and appropriate steps to protect Confidential Information of the Disclosing Party. The Receiving Party agrees to
disclose the Confidential Information of the Disclosing Party only to employees or agents of the Receiving Party who are directly involved with the Work Plan contemplated by this Development Agreement, and even then only to such extent as is
necessary and essential to perform the Work Plan. The Receiving Party agrees to inform such employees and agents of the confidential nature of the information disclosed hereunder and to cause all such employees and agents to abide by the terms of
this Development Agreement. 

  

	4.3	The Receiving Party shall not disclose the Disclosing Party’s Confidential Information to any unauthorized party without the Disclosing Party’s prior express
written consent or unless required by court order or order of a similar governmental entity. If a Party is required by court order or order of a similar governmental entity to disclose the other’s Confidential Information, they shall give the
other Party prompt notice of such requirement so that an appropriate protective order or other relief may be sought. 

  

	4.4	The Receiving Party will use Confidential Information only in connection with the Work Plan. Both Parties have reserved all rights to their respective Confidential
Information not expressly granted herein. All documents and/or tangible materials containing or comprising Confidential Information of the Disclosing Party will remain the property of the Disclosing Party. Upon the request of the Disclosing Party,
the Receiving Party will destroy all Confidential Information of the Disclosing Party and any documents prepared by the Receiving Party using Confidential Information of the Disclosing Party and the Receiving Party agrees to provide confirmation of
such destruction in writing. The Receiving Party may, however, keep one copy of any such document in the files of its legal department or outside counsel for record purposes only. 

 

	4.5	Notwithstanding any other provision of this Development Agreement, each Receiving Party acknowledges that a breach of confidentiality and use as provided in this
Section may result in irreparable harm and damages to the Disclosing Party in an amount difficult to ascertain and that cannot be adequately compensated by a monetary award. Accordingly, in addition to any other relief to which the Disclosing Party
may be entitled at law or in equity, the Disclosing Party shall be entitled to seek a temporary and/or permanent injunctive relief from any breach or threatened breach by the Receiving Party. 

  
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	4.6	The obligations imposed by this section, including but not limited to non-disclosure and non-use, however, will endure so long as the Confidential Information of the
Disclosing Party does not become part of the public domain. 

  

	4.7	The existence of and the terms of this Development Agreement, including its Exhibits, are confidential and are not to be disclosed without the prior written approval of
Cargill. 

  

	4.8	Neither Party may make any public announcement concerning this Development Agreement, its subject matter, and the activities and actions it contemplates without the
other Party’s express written consent. 

  

	4.9	This Section 4 supercedes and replaces the Mutual Confidentiality Agreement between the Parties, which was effective July 17, 2009. All Confidential
Information that was subject to that Mutual Confidentiality Agreement is hereby made subject to the terms and conditions of this Section 4. 

  

	5.	Intellectual Property 

  

	5.1	Each party shall retain ownership of all intellectual property that it owned prior to the Effective Date. 

 

	5.2	Improvements. Any invention or discovery relating to the Work Plan, in whole or in part, that is conceived during the term of this Development Agreement shall be
an “Improvement”. The scope for Improvements will be [***]. Bioamber will own any Improvement [***] and such Improvement shall be designated “Bioamber Improvements”. Cargill will own any Improvement [***], and such Improvement
shall be designated “Cargill Improvements”. In the event [***], and such Improvement shall be designated “Joint Improvements”. [***]. 

  

	 	5.2.1	Cargill hereby grants Bioamber, and Bioamber hereby accepts, an [***] license to Cargill Improvements and Joint Improvements for use in [***] during the term of this
Development Agreement with a reservation of right for Cargill to practice such Cargill Improvements and Joint Improvements for use in [***] during the term of this Development Agreement. Such use shall be for research purposes only with no rights to
sublicense and with no “have made” rights. Cargill shall also grant a commercial license to Bioamber for Cargill Improvements and Joint Improvements under the terms and conditions of Exhibit D. 

  
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	 	5.2.2	Bioamber hereby grants Cargill, and Cargill hereby accepts, an [***] license with an unlimited right to sublicense under and to Bioamber Improvements for use outside
the Field during the term of this Development Agreement. Such use shall be for research purposes only. 

  

	 	5.2.3	Cargill shall have the first option to prepare, file, prosecute, and maintain patent applications and issued/granted patents on [***], which option may be waived in
whole or in part. [***] bear all costs incurred in connection with such preparation, filing, prosecution, and maintenance of U.S. and foreign application(s) and issued/granted patents directed to [***]. Cargill shall provide Bioamber a copy of any
proposed patent application covering [***] in advance of the submission of the proposed patent application to any patent office. [***] If [***] waives its option, [***] shall have the option to prepare, file, prosecute, and maintain patent
applications and issued patents on [***]. Cargill shall provide, when requested by Bioamber, all information in its possession, or true copies thereof, pertaining to [***] which may be necessary or useful in the preparation, filing, and prosecution
of patent applications covering the [***]. Such information shall be treated as Confidential Information. 

  

	 	5.2.4	If Cargill waives its option to prepare and prosecute a patent application in accordance with Section 5.2.3 and elects not to file such a patent application or
elects to allow any such patent application or issued/granted patent to become abandoned or lapse, Cargill shall give Bioamber notice of such election promptly and at least two (2) months prior to the first date that action must be taken to
avoid such abandonment or lapse. Bioamber shall have the right to take over at its sole expense the filing, prosecution or maintenance of any such patent application and Bioamber shall keep Cargill informed of Bioamber’s filing, prosecution,
and maintenance activities. All out-of-pocket expenses of Cargill shall be reimbursed by Bioamber. Bioamber shall have no liability to Cargill for Bioamber’s acts or failure to act with respect to such patent application or issued/granted
patent. 

  

	 	5.2.5	Cargill shall have the sole power to bring and/or settle suits for infringement of any and all patent applications and/or patents on Improvements, regardless of
ownership; provided, however, if required by law, Cargill shall join Bioamber, and Bioamber shall be joined, in such suits. Cargill shall control any such suits and shall bear all expenses related to any such suits. Bioamber shall provide any
assistance reasonably requested in prosecuting and enforcing any and all patent applications and/or patents on Improvements. In the event Cargill elects not to initiate and prosecute suits for infringement of any patent application/and or patent
onImprovement within the Field, then with sixty (60) days prior written notice to Cargill, Bioamber shall be entitled to initiate and prosecute such suits. For purposes of clarity, within such sixty (60) day period, Cargill shall be
entitled to initiate and prosecute such suits. 

  
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	 	5.2.6	Cargill shall have the sole power to settle suits for infringement of the Licensed Patents. Cargill will in good faith consider enforcement requests from Bioamber.

  

	 	5.2.7	Improvements are to be considered Confidential Information of the owning Party subject to the terms and conditions of Section 4, provided that the Party authorized
hereunder to file and prosecute patent applications for an Improvement may make disclosure of that Improvement to outside patent counsel and to relevant patent offices as reasonably necessary for filing and prosecution of a patent application.

  

	5.3	In consideration of the ownership rights granted to Bioamber under this Section 5, and the licenses granted to Bioamber under this Section 5 and the
Commercial License attached as Exhibit D, Bioamber agrees to the payment terms and its other obligations contained in the attached Commercial License. 

  

	6.	[***] 

  

	7.	Warranties. Except as provided in Section 1.2 of this Development Agreement, Cargill makes no representations or warranties, express or implied, with
respect to the services provided under this Development Agreement and with respect to the subject matter of this Development Agreement. The services are provided “as is” and Bioamber acknowledges that it bears all responsibility and
accountability for evaluating, approving, and implementing any of results resulting from this Development Agreement. 

  

	8.	Indemnification. Bioamber and Cargill agree to waive any and all claims against each other for consequential, punitive, incidental, special, or other forms of
“exemplary” losses whether arising in contract, warranty, tort (including negligence), strict liability, or otherwise, including any losses relating to lost use, lost profits, lost business, damage to reputation, or lost or diminished
financing unless such claims are based on a Party’s gross negligence or willful misconduct. 

  

	9.	Notices. All notices or other communication must be in writing and delivered by (a) personal delivery, (b) reputable overnight delivery service, or
(c) facsimile or e-mail, confirmed under clause (a) or clause (b), and addressed in each case as set forth below: 

  
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	If to Cargill:	  	If to Bioamber:
		
	Cargill, Incorporated	  	Bioamber S.A.S.
	[***]	  	1250 Rene-Levesque West
		  	Suite 4110
		  	 Montreal, Quebec
 Canada H3B
4W8

		  	Fax: 514-844-1414
		  	Attention: [***]
		
	 With copy to:
 Cargill,
Incorporated
 [***]
	  	 With copy to:
 Boivin
Desbiens Senécal, g.p.
 [***]

  

	10.	Term and Termination. 

  

	10.1	This Development Agreement will begin on the Effective Date and continue for [***] unless earlier terminated pursuant to Section 10.2, or unless the parties extend
the term by mutual written Development Agreement (“Term”). 

  

	10.2	Either Party may terminate this Development Agreement by giving written notice to the other Party, (a)in the event the other Party’s bankruptcy, insolvency, or the
filing of a petition therefore; and (b) the other Party materially defaults in the performance of its obligations hereunder. This Development Agreement shall also terminate upon mutual written agreement by the Parties. Further, in the event
there is a dispute as to whether or not Cargill has missed a certain Milestone, then the Target Date for that Milestone shall be tolled until the Parties, acting in good faith, have settled such dispute in writing between themselves or through an
independent expert. 

  

	11.	Independent Contractor. Nothing in this Development Agreement is to be construed to deem the relationship between the parties to be one of master/servant,
principal/agent, or employer/employee. To the contrary, the relationship of Cargill to Bioamber is that of independent contractor, and Cargill will have no authority to (i) make any binding decision for, or on behalf of, Bioamber or
(ii) commit Bioamber to any contract, obligation, debt, or other liability. None of Cargill’s employees will be deemed to be employees of Bioamber. 

 

	12.	Publicity. Any public statements related to work performed under this Development Agreement, including public statements related to the existence of this
Development Agreement itself, will only be made after the prior written consent of both Parties concerning timing, content, and audience. 

  
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	13.	Miscellaneous. 

  

	13.1	Third Party Patents. [***] Cargill represents that, to the best of its knowledge as of the Effective Date, the patents and patent applications of third parties
that could impact the Work Plan and the commercialization thereof are provided in Exhibit E (“Third Party Patents”). Cargill shall have no liability to Bioamber for Bioamber’s acts or failure to act with respect to such Third Party
Patents. The Parties shall meet regularly throughout the Term of this Development Agreement to determine whether or not licenses to Third Party Patents are needed to perform or continue to perform the Work Plan and the next steps if such licenses
are needed. 

  

	13.2	Governing Law. This Development Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, United States of America,
disregarding its conflicts of law rules. 

  

	13.3	Assignment. Neither Party shall assign this Development Agreement or the obligations contained herein without the express written consent of the other Party.

  

	13.4	Waiver. The failure of either Party to insist in any one or more instances upon performance of any terms or conditions of this Development Agreement, is not to
be construed as a waiver of future performance of any such term, covenant, or condition, but the obligations of either Party with respect thereto will continue in full force and effect. No waiver will be effective unless in writing and signed by the
waiving Party. 

  

	13.5	Amendment. No amendment, modification, or waiver of the terms of this Development Agreement shall be binding unless placed in writing and duly executed by the
Parties’ authorized representatives. 

  

	13.6	Severability. All provisions contained herein are severable, and in the event any of them is held to be invalid by any competent court or arbitrator, this
Development Agreement is to be interpreted as if such invalid provision were not contained herein. 

  

	13.7	Survivability. Sections 4 (Confidentiality), 5 (Intellectual Property), 6 [***], 7 (Warranties), 8 (Indemnification), 13.2 (Governing Law), and 13.7
(Survivability) will survive the expiration or earlier termination of this Development Agreement. 

  

	13.8	Entire Agreement. This Development Agreement supersedes all previous understandings between Cargill and Bioamber concerning the subject matter of this
Development Agreement, including but not limited to the Term Sheet executed by the Parties on December 3, 2009 and December 4, 2009, and the Mutual Confidentiality Agreement between the Parties which was effective July 17, 2009, and,
together with its attachments, including the Commercial License Agreement attached hereto as Exhibit D executed concurrently with this Development Agreement, contains the entire agreement between the parties with respect to the subject matter
hereof, and may not be amended, modified, or supplemented except in writing and signed by both Parties specifically referring to this Development Agreement and the Commercial License Agreement. 

 

	13.9	Bioamber Non-Compete Commitment. Bioamber will not itself or with or through third parties [***]. This obligation endures for the Term of this Development
Agreement. Notwithstanding the above, Bioamber shall be permitted to [***]. 

  
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 The Parties, through their authorized representatives, hereby agree to the terms and conditions of this
Development Agreement. 
  

					
	 CARGILL, INCORPORATED

[***]
	 		 	BIOAMBER S.A.S.
			
	/s/ [***]	 		 	/s/ Jean-François Huc
	Signature	 		 	Signature
			
	[***]	 		 	Director General
	Title	 		 	Title
			
	4/16/10	 		 	April 15, 2010
	Date	 		 	Date

  
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 Exhibit A 
 Work Plan 
 Milestones 

[***] 
 MILESTONE 1 

[***] 
 MILESTONE 2 

[***] 
 MILESTONE 3 

[***] 

  
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 Exhibit B 
 Cargill Patents and Patent Applications 
 [*** 4 pages omitted.] 

  
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 Exhibit C 
 Licensed Tool Kit 
 [***] 

  
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 EXHIBIT D 
 COMMERCIAL LICENSE AGREEMENT 

  
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 EXHIBIT E 
 Third Party Patents relating to the Work Plan 
  

			
	Publication number and title	  	Assignee
	 [***]
	  	

 Third Party Patents relating to Modified Work Plan 

 

			
	Publication number and title	  	Assignee
	 [***]
	  	

  
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 EXHIBIT F 
 Cargill’s Guiding Principles 
  

	 	•	 	 Cargill will comply with the laws of all countries to which it is subject. 

 

	 	•	 	 Cargill will not knowingly assist any third party to violate any law of any country, by creating false documents or by any other means.

  

	 	•	 	 Cargill will not pay or receive bribes or participate in any other unethical, fraudulent, or corrupt practice. 

 

	 	•	 	 Cargill will always honor all business obligations that it undertakes with absolute integrity. 

 

	 	•	 	 Cargill will keep its business records in a manner that accurately reflects the true nature of its business transactions. 

 

	 	•	 	 Cargill managers and supervisors will be responsible that employees, consultants and contract workers under their supervision are familiar with
applicable laws and company policies and comply with them. Further, they will be responsible for preventing, detecting, and reporting any violations of law of Cargill policies. 

 

	 	•	 	 Cargill employees will not become involved in situations that create a conflict of interest between the company and the employee.

  

	 	•	 	 Every year, all Cargill employees sign an agreement to live these principles. 

Cargill’s Compliance Policy on Intellectual Property 
 [*** 2 pages omitted.] 

  
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 AMENDMENT 1 TO DEVELOPMENT AGREEMENT 

This is the First Amendment (“First Amendment”) to the Development Agreement (“Development Agreement”) entered into on April 15,
2010, by and between Cargill, Incorporated through its [***], having its principal place of business at [***] (“Cargill”) and BioAmber S.A.S., having a place of business at Route de Bazancourt, F-51110, Pomacle France
(“BioAmber”). This First Amendment will be effective as of July 5, 2011, upon the signature of both Cargill and BioAmber. 

Cargill and Bioamber mutually agree as follows: 
  

	1.	Section 2.2 of the Development Agreement is hereby amended to allow [***], to perform the Work Plan in addition to the [***] specified in the unamended
Section 2.2. [***] 

  

	2.	Other than as expressly modified by this First Amendment, all terms and conditions of the Development Agreement continue without modification. 

The Parties, through their authorized representatives, hereby agree to the terms and conditions of this First Amendment. 

 

					
	 CARGILL, INCORPORATED

[***]
	 		 	BIOAMBER S.A.S.
			
	/s/ [***]	 		 	/s/ Jim Millis
	Signature	 		 	Signature
	[***]	 		 	CTO
	Title	 		 	Title
	7/14/11	 		 	7/18/11

  
 Cargill
Confidential 
 * Confidential treatment requested 

 AMENDMENTS TO COMMERCIAL LICENSE AGREEMENT AND DEVELOPMENT 

AGREEMENT 
 WHEREAS, Cargill, Incorporated (“Cargill”) and BioAmber S.A.S. (“Bioamber”) entered into a Development Agreement having an Effective Date of April 15th, 2010, as amended on July 5th, 2011 (the “Development Agreement”); 

WHEREAS, Cargill and Bioamber entered into a Commercial License Agreement having an Effective Date of April 15, 2010 (the
“Commercial License”); 
 WHEREAS, Bioamber now desires to amend the Development Agreement to allow Bioamber to fund a
research project being conducted by [***]; 
 WHEREAS, Bioamber further desires to [***] (1) Bioamber’s existing
demonstration-scale succinic acid production facility located at Pomacle, France; and (2) a succinic acid production facility located at Sarnia, Ontario Canada having a maximum production capacity of 35,000 metric tons of succinic acid per year
(the “Sarnia Plant”). [***]; 
 WHEREAS, Cargill is willing to allow Bioamber to fund the [***] and to conduct the
[***], subject to the following terms and conditions. Now therefore the Parties agree: 
 Amendment To the Development
Agreement 
 A. Section 13.9 of the Development Agreement is amended to add the following at the end of the Section: 

“Notwithstanding the above, Bioamber may fund [***]. 
 B. New Section 13.10 is added to the Development Agreement as set forth below: 

“13.10 Notwithstanding the provisions of section 13.9, Bioamber may conduct the [***], subject to Bioamber hereby agreeing to
[***].” 
 Amendment To the Commercial License 
 A. Section 5.9 of the Commercial License is amended to add the following at the end of the Section: 
 “Bioamber shall use best efforts to obtain regulatory approvals for the use of the CB1 Strain in all countries where Bioamber and/or a Bioamber licensee are using any strain other than the CB1 strain
for the production of succinic acid and/or salts thereof. Additionally, Bioamber shall use best efforts to scale up the CB1 Strain and fermentation protocols utilizing the CB1 Strain.” 
 Nothing in these amendments will reduce Bioamber’s obligations to [***]. 

  
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	CARGILL, INCORPORATED
		
	By:	 	/s/ [***]
		 	 Name: [***]

Title: Director, [***]

	Date:	 	10/19/2011
	
	BIOAMBER, SAS
		
	By:	 	/s/ Jean-François Huc
		 	 Name: Jean-François Huc
 Title: President

	Date:	 	October 15, 2011

  
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