Document:

Renewal Agreement at Shanghai

 Exhibit 10.47 
 RENEWAL AGREEMENT 
 License Agreement No.MA 3063-1 

 
  
  

			
	Date	 	: 10th Apr 2011
	Company Name	 	: Sinoven Biopolymers Inc
	Contact Person	 	: Ivy
	Location	 	: Mirea Asset Shanghai

 Dear Ivy, 

Greetings from apbcOffices! 
 It is our
pleasure to have you as apbcOffices client. We realize that your renewal period is soon approaching and hence would like to reach out to you with several options to extend your agreement. These options were created based on our understanding of your
requirements along with our current availability. 
  

							
	 Suite name
	  	3 Months
Option A	  	6 Months
Option B	  	12 Months
(12/5/11 - 11/5/12)
Option C
	 Beryl
	  	/	  	/	  	RMB 23,800.00 per month
	 Total (RMB)
	  	/	  	/	  	285,600.00

 Additional Comments (if any): 
  

	•	 	 2 sets of furniture provided without any charge. 

  

	•	 	 2 access cards provided without any charge. 

  

	•	 	 50% discount for telephone line & internet line. 

 

	•	 	 Deposit is RMB 71,400.00 (carry forward RMB 67,500.00 from MA 3063 agreement). 

 
  
 Please tick “V” in the shaded box below next to the option you prefer. If you have received this electronically you may simply email this form back indicating your preferred option, no signature
is required. 
  

					
	 	  	Lease Period	  	 
	 Option A : I Agree
	  	/	  	
	 Option B : I Agree
	  	/	  	
	 Option C : I Agree
	  	12/5/11-11/5/12	  	
	 I do not wish to renew
	  	/	  	

 If we do not hear from you by 11/4/2011 (dd/mm/yyyy), we will renew your agreement for the same length as your current
agreement at the list price which is displayed under option C. 
 If you wish to Expand/Relocate to another apbcOffices centre or discuss your
options further, please indicate your availability below: 
 Preferred Date:
    /    /    
(dd/mm/yyyy)                                       
                                      Time:
    :am/pm 
 Thank you for your continued support. We value your association with apbcOffices. 

Warm Regards, 
 Operations Manager 

 

					
	 Authorized Signer for apbcOffices
	 	 	 	 Authorized Signer

			
	Signature 1:	 	Signature 2:	 	Customer Name:
			
		 		 	Title:
			
	Title: Operations Manager	 	Title: General Manager	 	Date:

	
	TERMS AND CONDITIONS

 

	1.	FACILITY AND SERVICES 

  

	1.1.	Subject to payment of the License Fee, Deposit, Service Charges and other sums payable under this Agreement in the manner stipulated under Clause 3 below, the Licensee
is granted access to the premises and use of the Licensor’s comprehensive office services as set out below:- 

  

	 	•	 	 Fully furnished office suites has contracted for pursuant to this Agreement); 

 

	 	•	 	 24-hour, 7 days a week access to the Licensed Area; 

  

	 	•	 	 Maximum security; 

  

	 	•	 	 Personalized reception service by which calls are answered in the Licensee’s name during operating hours; 

 

	 	•	 	 Unlimited number of incoming calls with immediate call forwarding (local calls only) and message services during operating hours;

  

	 	•	 	 Direct telephone and fax numbers) with IDD facilities; 

 

	 	•	 	 Voicemail with remote retrieval capability; 

  

	 	•	 	 Central fax machine; 

  

	 	•	 	 Unlimited broadband internet access (Dynamic ADSL only); 

 

	 	•	 	 Mail collection and distribution; 

  

	 	•	 	 24-hour access to utilities (i.e., electricity, lighting and water); 

 

	 	•	 	 Air-Conditioning within business centre operating hours; 

 

	 	•	 	 24-hour access to photocopier machine(s), pantry and lounge areas; 

 

	 	•	 	 Office cleaning and maintenance; and 

  

	 	•	 	 Complimentary coffee, tea and water cooler services 

  

	1.2.	All services provided to the Licensee (as set out in the General Office Service) are charged on a Pay-as-You-Use basis and will only be provided upon prior booking by
the Licensee. 

  

	2.	TERM OF PAYMENT AND DURATION 

  

	2.1.	The Licensee must pay to the Licensor an initial start-up fee comprising of:- 

 

	 	•	 	 The first month’s payment of the License Fee 

  

	 	•	 	 A deposit amounting to three (3) months of the License Fee (the “Deposit”) 

 

	2.2.	The Licensor must receive three (3) months of the Deposit and 1st month Initial Payment within 7 days from signing of the License agreement.

  

	2.3.	The Licensor is not obligated to follow any of the terms and conditions sets in this agreement until the payment of the Deposit and 1st month Initial Payment is
received. 

  

	2.4.	In the event the Licensee wish to cancel this agreement before the commenced date, the Deposit and 1st month Initial Payment will be forfeited.

  

	2.5.	The Licensee must pay the Licensor without demand the License Fee in advance on the first day of each month, the first payment (or a due proportion of it apportioned on
a day-to-day basis) to be made on or before the commencement date of the License Period and each subsequent payment to be made on the first day of every succeeding month. 

 

	2.6.	Where the Licensee subscribes to any of the services set out in the Second Schedule of this Agreement, the Licensee will be charged service charges on a Pay-as-You-Use
basis (the “Service Charges”) and the Licensor will issue to the Licensee an invoice in respect of the amount charged. For the avoidance of doubt, all invoices are to be settled promptly within 7 days from the date of the invoice. The
Licensee is not permitted to deduct, contra or set-off any outstanding sums due and owing by the Licensor to the Licensee against the invoiced amounts. 

  

	2.7.	If the Licensee does not pay the License Fee, the Deposit, the Service Charges or any other sums owing to the Licensor under this Agreement within seven (7) days
from the due date (whether or not formally demanded) of any other sums owing to the Licensor under this Agreement because of a default by the Licensee under this Agreement, the Licensee must pay late payment interest of 2% per month on that sum
from the due date until the sum is paid to, or accepted by, the Licensor. Nothing in this clause entitles the Licensee to withhold or delay any payment or affect the rights of the Licensor in relation to non-payment. 

 

	2.8.	The Licensee must pay to the Licensor promptly as and when due, without demand, deduction, set-off, or counterclaim, all sums due and payable by the Licensee to the
Licensor under this Agreement. The Licensee must not exercise any right or claim to withhold the License Fee or any right or claim to legal or equitable set-off. 

 

	2.9.	For the avoidance of doubt, any sums due and owing under this Agreement by the Licensee to Licensor are to be paid by the Licensee in full, net of any bank charges,
taxes, administrative charges and foreign exchange (“FX”) expenses. 

  

	2.10.	In the event that the Licensee does not pay the total amount as stated on an invoice Licensor shall be entitled to 

 

	 	•	 	 Licensor will limit the licensee from entering to the licensed area within 14 (fourteen) days from invoice due date 

 

	 	•	 	 Withdraw and stop all services provided by Licensor’s choice including, but not limited to telephone and internet services

  

	 	•	 	 Enter the Unit and change the lock without prior notice 

 

	 	•	 	 Claim all costs associated with recovering all monies owed to Licensor from the Licensee 

 

	 	•	 	 Register the company name and its Directors with credit rating agencies if monies remain outstanding for more than 30 days.

  

	 	•	 	 Claim all outstanding invoices and the costs of recouping those monies against the signing party and directors of the company who by signing this
agreement agree to submit their personal assets as a guarantee. 

  

	3.	DEPOSIT 

  

	3.1.	If the Licensee has fulfilled all its obligations as specified under this Agreement, the Licensor undertakes to return the deposit to the Licensee (subject to the
deduction of the sum expended to rectify any damage caused by the Licensee to the Licensed Area and/or any sum expended to restore the Licensed Area to its Original Condition) within sixty (60) days. 

 

	3.2.	The Licensee is not allowed to set off any sums owed under the License Fee, the Service Charges or any other sum payable under this Agreement against the Deposit.

  

	3.3.	The Licensor reserves the right to set off the Licensee’s unpaid expenses in computing the amount of Deposit to be refunded. A Statement of Accounts will be
provided upon refund. 

  

	3.4.	A refund of the Deposit shall only be made in favor of the Licensee named in this Agreement. 

 

	3.5.	If the cost of the monthly services provided to the Licensee by Licensor from time to time exceeds 50% of the Deposit, if required by Licensor the Licensee shall
increase the Deposit by up to 50% of such sum on demand.

	4.	TERMINATION 

  

	4.1.	The Licensee will be released from their obligations under this License and allowed to terminate prior to the end date of this License subject to the Licensee paying
Licensor the full license fee for the unexpired term together with all other outstanding invoices. Upon settlement of these terms, the Deposit will then subsequently be refunded to the Licensee. 

 

	4.2.	This License may be terminated forthwith in the event of any breach of the obligations within this License on the part of the Licensee and in the event that Licensor
terminates this 

  

	4.3.	License due to such breach the Licensee shall be required to pay to Licensor the full license fee of the unexpired term together with all other outstanding invoice(s).
Licensor shall be entitled (but not obliged) to retain any furniture, personal effects or other belongings of the Licensee until all arrears owed to Licensor have been paid or other loss made good and in the event of non-payment within 14 days
Licensor shall be entitled to dispose of any goods retained in settlement of any arrears and any costs of disposal. 

  

	4.4.	The Licensed Area must be vacated by 5.00 pm on the date of termination of the Agreement or the last day of the License Period, as applicable in the same condition as
it was found at the beginning of the Term. Where the Unit is not returned in the same condition Licensor shall organize to repair the Licensed at the Licensee’s cost to the same condition as at the Commencement Date of the License. Licensor
does not accept any responsibility for any item of furniture, personal effects or other belongings left in the Licensed Area and have the right to dispose of such property, the costs of such disposal being the responsibility of the Licensee.

  

	4.5.	Upon expiry or termination of this Agreement or if the Licensee chooses to relocate to a different office suite within the Licensor’s premises, the Licensee is
obliged to pay to the Licensor a basic fee of RMB 200 to cover the cost for deep cleaning of the Licensed Area. In this regard, the Licensor reserves the right to charge an additional fee over and above the basic fee of RMB 200 for reparation of all
and any damage caused to the Licensed Area and/or for reinstatement of the Licensed Area to its Original Condition. 

  

	4.6.	On or before the expiry of this License the Licensee must return to Licensor all keys and other means of access to the Licensed Area and the Centre and whenever any key
or other means of access is lost to report such loss forthwith to Licensor and to pay on demand the cost of replacing such key or other means of access and the cost of replacing any lock changed by Licensor. 

 

	4.7.	On or before the expiry of this License the Licensee must deregister with all the relevant government bureaus, departments, agencies or other government entities the
address allocated to the Unit located within the Premises as stated overleaf. A fee of 50% of one month’s License Fee will be charged to the Licensee per month from the expiry of this License until the deregistration process has been completed.

  

	4.8.	Licensor shall have the right to terminate this agreement without notice if the Client: 

 

	 	•	 	 breaches the national or local laws in which the centre is located, in which Licensor has reasons to believe Licensee has breached the best practice
and code of ethnic principal; deliberately jeopardize public laws and order. 

  

	 	•	 	 if the Licensee is declared bankrupt, is wound up or put under receivership. 

 

	4.9.	Upon expiry of the License Period, Licensee will automatically enter into apbcOffices’ Virtual Office Package of Corporate Identity Service (the “CIS
Package”) for period of 1 month. 

  

	4.10.	If the Licensee wishes to not enter into apbcOffices’s Virtual Office Service, the Licensee’s direct dial instruction will be cancelled and any post received
on behalf of the Licensee shall be held at the Centre for a period of up to two weeks and thereafter (at the discretion of Licensor) shall be returned to the sender. 

 

	5.	RENEWAL OF THIS AGREEMENT 

  

	5.1.	Where parties wish to renew this Agreement, the renewed license must be signed not less than two (2) months before the expiry date of the License Period (or not
less than one (1) month in the case of a short term contract with a License Period of less than three (3) months). 

  

	5.2.	If either party does not give notice for termination of this agreement in writing by notice period stated in clause 5.1, the license shall automatically renewed at
licensor’s prevailing list price for 6 months. 

  

	5.3.	If after the renewed license has been signed but before the commencement of the renewed License Period, the Licensee is in default of the provisions of this Agreement,
the Licensor is entitled to terminate the renewed license by giving notice to the Licensee. Upon receipt of the notice, the renewed License Period will be terminated without affecting the other rights of the Licensor against the Licensee in respect
of the default. The Licensor will not be liable for any loss, damage, cost, expense or compensation in connection with the termination. 

  

	6.	OBLIGATIONS OF THE LICENSEE 

  

	6.1.	Obligations relating to the use and occupation of the Licensed Area The Licensee agrees:- 

 

	 	•	 	 Possession and control: Not to impede and/or interfere with the Licensor’s right of possession and control of the premises and/or Common Area
and/or Licensed Area in any way. 

  

	 	•	 	 Illegal purpose: Not to use the Licensed Area either for any dangerous, noisy or offensive trade or business or for any illegal or immoral act or
purpose. 

  

	 	•	 	 No obstruction: Not to place anything in or cause obstruction of the Common Area. 

 

	 	•	 	 To give notice: To immediately give to the Licensor a copy of any notice or order from any government authority which relates to the Licensed Area;
and/or notice of any defect in the Licensed Area which may give rise to a liability or duty on the Licensor. 

  

	 	•	 	 Alterations: Not to (without the prior written consent of the Licensor) (i) make any alterations or additions to or affecting the structure of the
Licensed Area; (ii) carry out works involving the hacking of the floors or the structural column and beams of the Licensed Area; (iii) install and/or add any additional furniture, fixture and/or fittings in the Licensed Area;
(iv) exhibit and/or display on and/or or affix, inter alia, fixture and/or fittings to the interior or exterior of the office suite or anywhere in the premises; (v) make any alterations to the furniture, partitions and/existing
furnishings; and/or (vi) damage the furniture, partitions and/existing furnishings. The approved alterations and additions must be carried out by the Licensee at its own cost and expense. 

 

	 	•	 	 Maintenance and repair: To keep the Licensed Area clean and tidy; keep the Licensed Area, including all fixtures and fittings in it in good and
tenantable repair and condition; and immediately make good, to the reasonable satisfaction of the Licensor, any damage caused to the Licensed Area (including the Licensor’s fixtures and fittings in it) or any other part of the premises by the
Licensee, its employees, agents, independent contractors or any permitted occupier. 

 

	 	•	 	 Care of keys/ access cards: To exercise care in the handling and/or safekeeping of the Licensee’s keys and/or access cards, as well as to ensure
the security of the Licensed Area. In the event the Licensee reports a loss of its keys and/or access cards, the cost of replacing such keys and/or access cards must be borne by the Licensee. 

 

	 	•	 	 Fire safety: To keep the Licensed Area including its fixtures, fittings, installations and appliances in a safe condition by adopting all necessary
measures to prevent an outbreak of fire in or at the Licensed Area, and to this end, the Licensee must comply with all requirements of the Licensor, the Fire Safety Bureau and/or other relevant body or authority. 

 

	 	•	 	 Anti-virus programs: To have updated anti-virus programs installed in the Licensee’s computer(s) before using the Licensor’s line(s) to
connect to the Internet. The Licensee shall compensate and indemnify the Licensor for the cost of rectification and repair if the system is disrupted due to corruption caused by a virus in the Licensee’s system(s). The Licensor reserves its
right to disconnect the Licensee’s line(s) if the Licensee does not take steps to protect its computer(s) from such viruses. 

  

	 	•	 	 Licensee’s corporate logo: To allow the Licensor to use the Licensee’s corporate logo in the Licensor’s website and/or printed
materials. 

  

	 	•	 	 Advertisements and signs: Not to affix or display at the Licensed Area or any part of the premises, any name, sign, notice, placard, poster, banner or
advertisement, except with the prior written consent of the Licensor and in a style and manner and at a location previously approved by the Licensor. If the Licensee displays any name, sign, notice, placard, poster, banner or advertisements in
default of this clause, the Licensee must remove them immediately on demand, failing which the Licensor may do so and the Licensee shall bear the Licensor’s costs and expenses of doing so. 

 

	 	•	 	 Change of name: If the Licensee changes its name, to provide the Licensor with written notification within 14 days of the said name change.

  

	 	•	 	 Hiring of the Licensor’s employees: To provide an undertaking that in the event the Licensee hires any of the Licensor’s employees
(i) during the term of the License period; and/or (ii) within 6 months from the date of termination of the said employee’s employment contract with the Licensor, the Licensee will pay to the Licensor an amount equivalent to 6 months
of the employee’s last drawn salary and reimburse the employee’s one time placement fee of RMB 5000 to the Licensor.(iii) within 6 months from the date of termination of the said Licensee’s agreement with Licensor, the licensee will
pay to the Licensor an amount equivalent to 6 months of the employee’s last drawn salary and reimburse the employee’s one time placement fee of RMB 5000 to the Licensor. 

 

	 	•	 	 No downloading of movies: Not to download any movies and/or any video clips from unauthorized websites via the Licensor’s shared Internet server.

  

	6.2	Compliance with the law 

  

	 	•	 	 The Licensee must promptly comply, at its cost and expense, with the law and all requirements of the relevant authority in force at the moment relating
to the Licensed Area, the use or occupation of the Licensed Area, anything done in the Licensed Area by the Licensee, and anything in the Licensed Area. The term “law” referred to herein includes any present or future requirement of
statute (including subsidiary legislation) or common law (if applicable). 

  

	6.3	Indemnity by Licensee 

  

	 	•	 	 The Licensee will indemnify the Licensor against all claims, demands, actions, proceedings, judgments, damages, losses, costs and expenses of any
nature which the Licensor may suffer or incur for death, injury, loss and/or damage caused, directly or indirectly, by:-any occurrences in the Licensed Area or the use or occupation of the Licensed Area by the Licensee or by any of the
Licensee’s employees, independent contractors, agents or any permitted occupier; the Licensee or its employees, independent contractors, agents or any permitted occupier to the Licensed Area, the premises or any property in them; and any
default by the Licensee in complying with the provisions of this Agreement. 

  

	7.	LICENSOR NOT LIABLE 

  

	7.1	No Claim by Licensee: Notwithstanding anything contained in this Agreement, the Licensor is not liable to the Licensee and the Licensee must not claim against the
Licensor for any death, injury, loss or damage (including indirect, consequential and special losses) which the Licensee may suffer in respect of any of the following (whether caused by negligence or other causes):- 

 

	 	•	 	 any failure or inability of or delay by the Licensor to provide, or any interruption in, or inadequate supply of, any of the utilities,
air-conditioning services, lift services or lighting to the Licensed Area; or 

  

	 	•	 	 any failure or inability of or delay by the Licensor to grant access to the Licensed Area and/or the premises and/or to the use of the Licensor’s
comprehensive office services as set out in Clause 2 above and in the Second Schedule; or leakage or defect in the piping, wiring and sprinkler system or defect in the structure of the premises; or 

 

	 	•	 	 any act, omission or negligence of any contractor approved by the Licensor under this Agreement, and such contractor appointed by the Licensor will not
be treated as an employee or agent of the Licensor; or

	 	•	 	 any loss of confidential information and/or loss of confidentiality brought about by the entry of unauthorized persons into the Licensed Area and/or
premises; or Death, injury, loss or damage caused by other persons in the Licensed Area and/or the premises. 

  

	7.2.	For the avoidance of doubt, “injury, loss and damage” as set out in Clause 7.1 above includes, but is not limited to any loss of business, loss of profits,
loss of anticipated savings, loss of data, third party claims or any consequential loss. 

  

	7.3.	Extent of Licensor’s Liability: The Licensor is not responsible to the Licensee or to its employees, independent contractors, agents or permitted occupier nor to
any other persons for any death, injury, loss or damage sustained at or originating from the Licensed Area and/or the business centre and/or the premises directly or indirectly caused by, resulting from or in connection with any act, omission or
negligence of the Licensor or its employees, agents or independent contractors; or any willful misconduct of the Licensor’s employees, agents or independent contractors 

 

	8.	LICENSOR’S RIGHT 

 The Licensor
reserves the right to:- 
  

	 	•	 	 Request for the removal of items placed along the glass partitions in the Licensed Area and/or premises; 

 

	 	•	 	 Request the Licensee keep the noise levels down and/or to close the door to the Licensed Area to reduce noise emission; and/or

  

	 	•	 	 In the event the Licensee and/or Licensor chooses not to renew the Agreement, conduct viewings of the Licensed Area in the month preceding the last day
of the License Period, subject to advance written notice being given to the Licensee. Should the Licensor be unable to give advance written notice to the Licensee (including but not limited to situations where the Licensee is uncontestable), the
Licensor will post a written notice on the door of the Licensed Area and the Licensee is deemed to have sufficient notice of the same. In such an event, the Licensee is advised to exercise due care not to expose or leave any confidential documents
out in the open. 

  

	9.	NOTICES 

  

	9.1.	A notice given under this Agreement must be in writing. A notice to the Licensee is only valid if given by hand to the Licensee or sent by facsimile to the facsimile
number of the Licensee. A notice to the Licensor is only valid if sent by registered post to the registered office for the time being of the Licensor or any other address notified by the Licensor to the Licensee. 

 

	9.2.	Any notice will be treated as served: 

  

	 	•	 	 for notice by fax or given by hand) immediately on the day upon which it is sent; or 

 

	 	•	 	 for notice by registered post) twenty-four (24) after posting and in proving it, it will be adequate to show that the envelope containing the
notice was addressed, stamped and posted. 

  

	10.	NO WAIVER 

 The Licensor’s consent to
or waiver of any default by the Licensee of its obligations in this Agreement is only effective if it is in writing. Such written consent or waiver by the Licensor must not be taken as a consent or waiver to another default by the Licensee of the
same obligation, or a default by the Licensee of another obligation in this Agreement. 
  

	11.	REPRESENTATIONS 

 This Agreement
supersedes any prior agreement between the Parties and embodies the entire agreement between the Parties. This Agreement may not be modified, changed or altered in any way except as agreed in writing and endorsed by both Parties 

 

	12.	ENFORCEABILITY AND SEVERANCE 

 The
illegality, invalidity or unenforceability of any provision of this Agreement under the law of any jurisdiction will not affect the legality, validity or enforceability of (i) that provision under the law of any other jurisdiction; or
(ii) any of the other provisions in this Agreement. 
  

	13.	JOINT AND SEVERAL LIABILITY 

 Where the
Licensed Area is licensed to two (2) or more individuals, such individuals shall be jointly and severally liable in respect of observing and performing the Licensee’s obligations under this Agreement. 

 

	14.	GOVERNING LAW AND SUBMISSION TO JURISDICTION 

 This Agreement is governed by Malaysia law. 
 The Parties agree to submit to the jurisdiction of
the courts of the Malaysia. 
  

	15.	CONFIRMATION 

 By signing this Agreement,
Parties confirm that they have read and agreed to all the terms and conditions set out above. 
  

			
	Signature:	 	Date:

 
 

  

	
	3

 GENERAL OFFICE SERVICES 

Mirae Asset 

*All rates quoted are in RMB and subject to change without prior notice 

 

	
	Services List

  

							
	 TELEPHONE
 Local (Shanghai)
Other parts of China and International Calls
	 	 At Cost
 Cost +
10%
	 	DIRECTORY LISTING @ THE RECEPTION	 	¥240.00 per month
		 		 	 PHOTOCOPYING PREPAID PACKAGES

(A4 in B&W only)
	 	
	 TELEPHONE SET UP FEE
  

FACSIMILE
	 	¥180 (one time payment)	 	 250 @ ¥0.84 per copy
 500 @
¥0.67 per copy
 1000 @ ¥0.50 per copy
	 	 ¥210.00 per month

¥335.00 per month
 ¥500.00 per
month

	 Incoming
 (Local, Other parts
of China & International)
	 	¥2.50 per page	 	 PHOTOCOPYING
 A4
(B&W)
 A3 (B&W)
	 	  
 ¥1.00 per copy

¥5.00 per copy

	 Outgoing

(Local)
	 	¥2.50 per page + Telecom charges at cost	 	 PRINTING SERVICES
 A4
(B&W)
 A4 (Color)
	 	  
 ¥1.00 per page

¥13.00 per page

	 Outgoing
 (Other parts of
China & International)
	 	¥2.50 per page + Telecom charges + 10%	 	 SCANNING SERVICES
 A4
(Assisted)
	 	¥13.00 per page
	ADDITIONAL PRINTER PORT	 	¥50.00 per port per month	 	ADDITIONAL ACCESS CARDS	 	¥250.00 per card
	FULLY-MANAGED TELEPHONE SERVICE	 	¥700.00 per line per month	 	OFFICE STATIONERY	 	Pls check with Admin
	IT CONNECTIVITY (DEDICATED FIBER OPTIC LINE)	 	¥800.00 per user per month	 	 PARKING LOT (subjected to availability)
 Season (monthly)
 Reserved (monthly)
	 	  
 At Cost + 20%

At Cost + 20%

	 COURIER SERVICES
 China and
International Self Arrangement
	 	 Cost + 20%
 ¥45.00 admin
charge
	 	COMPANY REGISTRATION DOCUMENTS	 	¥3,000/set
	 POSTAGE SERVICES
 Postage
Stamps
	 	Cost + 20%	 		 	

  

	
	Secretarial Services

 Every Block of minimum 10 minutes duration of service - ¥50.00 (Chargeable on 10 copies & above for
facsimile & photocopying) 
  

	
	Other Special Services* (Details Upon Request)

  

			
	Accounting / Auditing / Tax Services	 	Mass Emailing / Faxing / Mailing Services
	Car Rental & Limousine Arrangements	 	Multilingual Translation Services
	Commercial Design & Printing (Letterheads, Name Cards, etc.)	 	Recruitment Services (Classified Ad Placement,
	Company Incorporation & Corporate Secretarial Services	 	Temporary Staff, etc.)
	Company Gifts / Souvenirs	 	Restaurant Reservations (Complimentary)
	Dry Cleaning & Laundry Services	 	Subscription of Magazines & Newspapers
	F & B Catering & Delivery Services	 	Telemarketing Projects
	IT Services (Consultation, Domain Name Reg., Email Add. Pkg., etc.)	 	Travel & Hotel Arrangements
	Marketing Materials Design & Printing	 	Video Conferencing Services
		 	Yellow Pages Listing Services

  

	
	Additional Furniture Rental

 Set of Desk, Executive Chair, Mobile Pedestal & Cabinet @ ¥1500 per month or Individual Units @
¥420 per month 
  

	
	Equipment Rental (Details upon Request)

  

					
	- Personal Computer	 	Overhead Projector	 	
	- Fax Machine	 	LCD Data Video	 	
	- Typewriter	 	Multi-system TV & VCR	 	
	- LCD Data Projector (In-House Usage Only)	 	Audio Conferencing	 	

  

	*	Rented Equipment is for in-house use only. 

	*	For rental equipments must be reserved 3 days in advance. 

  

					
	 Facilities*
	  	Hourly	  	Daily
	 Conference room (M1: up to 14 persons)
	  	¥420	  	¥3350
	 Meeting room (M2: up to 6 persons)
	  	¥250	  	¥1900

 (Daily rates for conference / meeting room facilities include: Whiteboard, flipchart, self-serve coffee/tea/water)

 (Above & beyond each hour, subsequent charges are prorated in 15 minutes block) 

(The above rates are applicable to usage within Operating hours) 
 (Charges for usage after Operating hours: Weekdays (x1.5) & Weekends are at standard rates but subjected to a minimum booking of 3 hrs) 
 Cancellation charges apply for less than 24hrs advance notice. For details, please check with Customer Service. 

 IN-HOUSE IT SERVICES 

 

							
	General Consulting Fees	 		 		 	
			
	Hourly	 		 	¥300.00 per hour* ¥55.00 per 10 mins

 

	*	Note: A minimum charge of the 10 mins is applicable whenever an on-site activation is made. 

							
	  
 Domain Name &
Registration
	 		 	
				
	‘mydomain.com’ – 1st Year Registration	 		 	¥420.00 per year	 	
	‘mydomain.com.cn’ –
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 5Employment Agreement ... and Andrew Ashworth

 Exhibit 10.54 

EMPLOYMENT AGREEMENT 
 ENTERED INTO as of September 2, 2011. 
  

			
	BETWEEN:	  	 BIOAMBER INC., a corporation duly incorporated in Delaware, having a business place located at 3850 Annapolis Lane North,
Plymouth, Minnesota, 55447, represented for the purposes hereof by Jean-Francois Huc, its President and Chief Executive Officer, duly authorized as he so declares;
  

(hereinafter referred to as the “Corporation”)

		
	AND:	  	 MS. ANDREW P. ASHWORTH, residing and domiciled at ***;

 
 (hereinafter referred to as the “Employee”)

 WHEREAS the Corporation wishes to employ the Employee as its Chief Financial Officer; 

WHEREAS the Employee wishes to act as the Corporation’s Chief Financial Officer; 

THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: 
  

	1.	EMPLOYMENT 

  

	 	1.1.	The Employee shall serve as Chief Financial Officer of the Corporation, and perform the functions and duties attached to such position in all of the Corporation’s
sectors of activity, as well as the tasks and duties that the President & Chief Executive Officer of the Corporation may delegate to him from time to time. The Employee will report to the President & Chief Executive Officer of the
Corporation. 

  

	 	1.2.	The Employee will spend time in Minneapolis and Montreal and will travel as needed, and will consider relocating in one of these locations within one year from the
effective date of this Agreement, as it will be appropriate for the Corporation, at no cost to the Employee. 

  
 -1-

	2.	REMUNERATION 

  

	 	2.1.	In consideration of the Employee’s services pursuant to this Agreement, the Corporation shall: 

 

	 	2.1.1.	pay to the Employee, US$20,000.00 per month which annualizes to US$240,000, payable in accordance with the Corporation’s remuneration policy;

  

	 	2.1.2.	review and possibly adjust the annualized base salary described in section 2.1.1 at the end of each fiscal year end, such salary adjustment being at the discretion of
the Board of Directors of the Corporation. Salary adjustments are based on the Employee’s performance and the Corporation’s ability; 

  

	 	2.1.3.	pay to the Employee, in the first quarter of each fiscal year, a cash bonus equal to up to 35% of the base salary provided in Section 2.1.1., based on the
Employee’s and the Corporation’s performance during the previous fiscal year, such performance evaluation and bonus determination being at the discretion of the Board of Directors of the Corporation. 

 

	3.	STOCK OPTIONS  

  

	 	3.1.	As additional consideration for the Employee’s services pursuant to this Agreement, the Corporation shall grant the Employee, in the first quarter of each fiscal
year (the first grant should be expected to be following the fiscal year end of the Corporation which will terminate on December 31, 2011), stock options to purchase shares in the Corporation based on the Employee’s and the
Corporation’s performance during the previous fiscal year, such grant of stock options and their related terms and conditions being at the discretion of the Board of Directors of the Corporation. All grants of stock options shall be in
accordance with the Corporation’s stock option plan. 

	 	

	 	3.2.	Subject to the prior approval of its Board of Directors, the Corporation undertakes to grant to the Employee 1,600 options pursuant to the Corporation’s stock
option plan, giving him the right to acquire 1,600 shares of Common Stock of the Corporation at a price per share to be determined by the Board of Directors. These options would vest over four (4) years, 25 % vesting at each anniversary
date of the initial grant. Such grant of stock options shall be in accordance with the terms and conditions of the Corporation’s stock option plan. In the event of the occurrence of a Change of Control, as this term is defined in the
Corporation’s stock option plan, the options granted to the Employee pursuant to this subsection 3.2 will automatically be fully vested. 

  
 -2-

	4.	FRINGE BENEFITS 

  

	 	4.1	The Employee shall be entitled, as an employee of the Corporation, to the insurance and benefits (including any 401k retirement plan and any health, dental, disability
and life insurance) approved from time to time by the Board of Directors of the Corporation, if eligibility requirements are met. BioAmber currently offers an insurance package for its employees (medical, dental, life, etc.) and the cost of such
plan is shared between BioAmber and its employees. 

  

	5.	EXPENSES 

  

	 	5.1.	The Corporation agrees to reimburse the Employee, for all the reasonable fees, expenses and disbursements incurred by him in the performance of his duties, on behalf
and for the benefit of the Corporation. The Employee shall submit to the Corporation a periodic report together with supporting documents concerning the fees, disbursements and expenses incurred by him in the performance of his duties during the
said period. 

  

	6.	UNDERTAKINGS OF THE EMPLOYEE 

  

	 	6.1.	The Employee undertakes, during the term of this Agreement: 

  

	 	6.1.1.	on a full-time basis, to devote and to use all his efforts and professional knowledge in the exercise of his functions; and 

 

	 	6.1.2.	to act at all times within the scope of his employment and in the best interests of the Corporation, to perform his duties to the best of his ability, faithfully,
honestly and diligently and to conform at all times to the instructions and directives that may be given to him by the President & Chief Executive Officer of the Corporation. 

 

	7.	INTELLECTUAL PROPERTY 

  

	 	7.1.	The Employee hereby: 

  

	 	7.1.1.	transfers and assigns to the Corporation, without any compensation other than the remuneration provided in Section 2 hereof, all property rights he might own on
all documents or works done by the Employee, alone or in collaboration, in the framework of the services rendered pursuant to this Agreement (the “Works”), and more particularly, but without limitation, all property rights on any material
support of the Works and all intellectual property rights on the Works; 

  
 -3-

	 	7.1.2.	renounces to any right, and more particularly, but without limitation, to any intellectual property rights which may arise during the execution of the Works, including
any moral rights; and 

  

	 	7.1.3.	agrees that the Corporation may dispose of or modify the Works and the rights pertaining to the Works, at its sole discretion, and without any obligation on its part to
consult, notify or compensate the Employee. 

  

	8.	VACATION 

  

	 	8.1.	The Employee shall be entitled to four (4) weeks of vacation per year (for the current fiscal year of the Corporation ending on December 31, 2011, the
Employee shall be entitled to seven (7) days of vacation), the duration of which and the dates of which shall be established reasonably and professionally managed by the Employee taking into account his functions and duties. If the Employee has
not used the vacation to which he is entitled during a year, the non-used vacation days may be transferred to the next year according to the Company policy in place at the time, but will not give rise to any compensation whatsoever.

  

	9.	TERM 

  

	 	9.1.	This Agreement shall take effect on September 12, 2011 and continue in force for an undetermined period thereafter. 

 

	 	9.2.	The Employee shall have the right to terminate this Agreement at any time by giving a six (6) month prior written notice to this effect to the Corporation.

  

	 	9.3.	In the event that the Corporation terminates the employment of the Employee for any reason whatsoever (other than according to the provision of Section 9.4
hereof), the Employee shall be entitled to receive a severance payment in lieu of notice of an amount equal to six (6) months’ base salary (as set out in Section 2.1.1). 

 

	 	9.4.	This Agreement shall terminate: 

  

	 	9.4.1.	upon the termination of the employment of the Employee resulting from (i) the commitment by the Employee of any act of embezzlement, fraud or similar conduct
involving the Corporation, and/or (ii) the commission of any indictable offence by the Employee, and/or (iii) the persistent failure of Employee to perform his duties hereunder after notices to do so by the Corporation,

  

	 	9.4.2.	upon the death of the Employee, or 

  

	 	9.4.3.	following a period of six (6) consecutive months or an aggregate of six (6) months during any twelve (12) consecutive month period during which the
Employee will have been unable to perform his duties provided hereunder due to sickness or disability, in any case without any severance payment in lieu of notice being due. 

  
 -4-

	10.	CONFIDENTIALITY AND NON-COMPETITION 

  

	 	10.1.	The Employee agrees (i) that he shall not, as long as he is employed by the Corporation and forever after employment ends, disclose and/or reveal in any manner
whatsoever and to whomever, confidential information obtained during his employment on and about the business of the Corporation and its affiliated companies, (ii) to maintain the confidentiality of this information and to prevent any
inopportune disclosure including but not limited to, information regarding the financial situation of the Corporation and its affiliated companies, their operations and their projects of operation, and undertakes not to use for his own benefit or
for purposes other than those of the Corporation and its affiliated companies, to the detriment of the Corporation and its affiliated companies, any information thus obtained. The disclosure of confidential information shall be restricted to the
officers, directors and shareholders and, on a need to know basis, employees, agents and professional advisors of the Corporation and of its affiliated companies. Any confidentiality undertaking made under this subsection shall continue to be in
full force after the termination of this Agreement. The confidentiality undertakings provided in this section shall not apply to information that: i) is already known to the Employee without having been obtained from the Corporation or its
affiliated companies, directly or indirectly, ii) was in the public domain before its disclosure to the Employee, iii) becomes in the public domain after its disclosure to the Employee without breach of any obligation under this Agreement, and iv)
is required to be disclosed by operation of law or a judicial order. 

  

	 	10.2.	The Employee agrees, for so long as he is employed by the Corporation and, until the expiry of a period of twelve (12) months thereafter, that he shall not,
directly or indirectly, alone or through a company, or jointly with any person, firm, corporation, partnership, company or other business organization whether as principal or as agent, mandater, mandatory, officer, partner, director, employee,
consultant, shareholder or in any other manner except for the benefit and in the interests of the Corporation or its affiliated companies: 

  

	 	10.2.1.	encourage or attempt to bring any person employed by the Corporation or any of its affiliated companies to leave his employment with the Corporation or its affiliated
companies; and 

  

	 	10.2.2.	be involved in or carry on a business engaged in, involved in or interested in the Corporation’s current or future sectors of activities, being currently related
to biobased succinic acid, butanediol or adipic acid and their derivatives, within the territories in which the Corporation does business; without limiting the preceding, the following entities will be deemed to be involved in the Corporation’s
sectors of activities for the purposes of the application of this section 10.2: DSM, Roquette, Reverdia, Myriant, Purac, BASF, Genomatica, Draths, Rennovia, Verdesign and Mitsubishi Chemical. 

  
 -5-

	 	10.3.	In the event the Employee terminates this Agreement in accordance with section 9.2 hereof, during the six (6) month notice provided for there, the Corporation may
require that the twelve (12) month period mentioned in section 10.2 hereof be increased to twenty four (24) months, in which case the Employee will be entitled to receive, as compensation, a payment of an amount equal to one (1) year
base salary at the latest on the date of termination of his employment. 

  

	 	10.4.	The Employee acknowledges that his failure to respect his undertakings and obligations mentioned in 10.1 and 10.2 would be detrimental to the Corporation so as to
justify, without prejudice to any other recourse of the Corporation, an injunction and a seizure before judgment, all recourses of the Corporation being cumulative and non-alternative. 

 

	 	10.5.	The Employee acknowledges and agrees that all the restrictions contained in 10.1 and 10.2 are reasonable and valid, in particular in respect of their duration, their
scope and the persons they affect, and that these restrictions are essential in order to allow the Corporation and its affiliated companies to adequately protect their position in the field in which they carry on business and operate.

  

	11.	ASSIGNMENT 

  

	 	11.1.	Except in the event of a merger or change in control involving the Corporation, the Corporation may not transfer or assign in whole or in part its rights and
obligations hereunder without the prior written consent of the Employee. The Employee may not transfer or assign in whole or in part its rights and obligations hereunder. 

 

	12.	PREAMBLE 

  

	 	12.1.	The preamble forms an integral part of this Agreement. 

  

	13.	NOTICES 

  

	 	13.1.	Any notice or other communication which is required or permitted to be given hereunder shall be given in writing and shall be deemed properly given when delivered to
its recipient, either by bailiff, by courier, messenger or by mail, or by fax, in which latter case said notice shall immediately thereafter be confirmed by mail copy, when sent to the addresses set out on the first page hereof.

  
 -6-

	 	13.2.	Any notice sent in accordance with this Agreement shall be deemed to be received by its recipient at the time of its delivery, if delivered by courier, messenger or by
bailiff, or the fifth (5th) business day following its sending by mail, or the business day after its sending by fax. However, if ordinary postal or fax service is interrupted and such interruption is by reason of force majeure, the party
sending said notice shall use a service that has not been interrupted or send said notice by courier or messenger to ensure prompt delivery of same. Any change of address may be given in the manner above described. 

 

	14.	ARBITRATION PROVISION 

  

	 	14.1.	The parties understand that they would have had a right or opportunity to litigate disputes through a court and to have a judge or jury decide their case, but they
choose to have any disputes resolved through arbitration. 

  

	 	14.2	The parties agree that any claim or dispute between them, and any claim by either of them against any agent, employee, successor, or assign of the other, including, to
the full extent permitted by applicable law, third parties who are not signatories to this agreement, whether related to this agreement or otherwise, including past, present, and future claims and disputes, and including any dispute as to the
validity or applicability of this arbitration clause, shall be resolved by binding arbitration administered by the National Arbitration Forum under the Code of Procedure in effect when the claim is filed. 

 

	15.	GENERAL PROVISIONS 

  

	 	15.1.	The parties agree to sign all documents and to do all things required to give effect to the provisions of this Agreement. 

 

	 	15.2.	All amounts referred to in this Agreement are so in US Dollars (US$). 

  

	 	15.3.	The waiver by a party hereto to the breach of any provision of this Agreement by the other party shall not prevent said party from exercising any of its rights as a
result of a subsequent breach of said provision or of any other provision of this Agreement. A waiver by a party to any provision of this Agreement shall be made in writing; otherwise it shall not be deemed to be a waiver. 

 

	 	15.4.	This Agreement expresses the entire agreement between the parties hereto with respect to all matters contained herein and supersedes any other agreement, proposal,
representation, negotiation, oral or written, among the parties concerning such matters. 

  

	 	15.5.	The headings and captions contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation hereof.

  
 -7-

	 	15.6.	The invalidity of all or any part of any section of this Agreement shall not render invalid the remainder of that section or of this Agreement. If any provision of this
Agreement is so broad as to be unenforceable, such provision shall be interpreted and enforced only to the extent that such provision is enforceable. 

  

	 	15.7.	Any modification, amendment or qualification hereof shall be null and void and shall not be binding upon any party unless recorded by written instrument duly signed by
the parties hereto. 

  

	 	15.8.	This Agreement shall be governed by, construed and interpreted in accordance with the laws in force in the state of Minnesota. 

 

	 	15.9.	This Agreement may be executed in one or more counterparts, each of which so executed shall constitute an original and all of which together shall constitute one and
the same Agreement. 

  

	 	15.10.	Subject to section 14, each of the parties attorns and submits to the non-exclusive jurisdiction of the courts of the state of Minnesota with respect to any matter or
dispute pertaining to this Agreement. 

  

	 	15.11.	This Agreement shall be binding upon and enure to the benefit of the parties hereto together with their respective heirs, executors, successors and permitted assigns.

 IN WITNESS WHEREOF, THE PARTIES HAVE SIGNED THIS AGREEMENT AT THE PLACE AND AT THE DATE HEREINABOVE FIRST MENTIONED.

  

			
		 	BIOAMBER INC.
		
	Per:	 	/s/ Jean-François Huc
		 	JEAN-FRANÇOIS HUC
		 	President & Chief Executive Officer
		
		 	/s/ Andrew P. Ashworth
		 	ANDREW P. ASHWORTH

  
 -8-

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