Document:

exv10w24

Exhibit 10.24

*** Text Omitted and Filed Separately

Confidential Treatment Requested

Under 17 C.F.R. §§ 200.80(b)(4)

and 203.406

Agreement No. A5029

STANDARD EXCLUSIVE LICENSE AGREEMENT

WITH SUBLICENSING TERMS

	 	 	 

	Section 1

	 	Definitions
	Section 2

	 	Grant
	Section 3

	 	Due Diligence
	Section 4

	 	Royalties
	Section 5

	 	Certain Warranties and Disclaimers of UFRF
	Section 6

	 	Record keeping
	Section 7

	 	Patent Prosecution
	Section 8

	 	Infringement and Invalidity
	Section 9

	 	Term and Termination
	Section 10

	 	Assignability
	Section 11

	 	Dispute Resolution Procedures
	Section 12

	 	Product Liability; Conduct of Business
	Section 13

	 	Use of Names
	Section 14

	 	Miscellaneous
	Section 15

	 	Notices
	Section 16

	 	Contract Formation and Authority
	Section 17

	 	United States Government Interests
	Section 18

	 	Confidentiality
	Section 19

	 	University Rules and Regulations
	 
	 	 
	Appendix A

	 	Development Plan
	Appendix B

	 	Development Report
	Appendix C

	 	UFRF Royalty Report
	Appendix D

	 	Milestones

     This Agreement is made effective the 2nd day of February, 2006, (the “Effective Date”) by and
between the University of Florida Research Foundation, Inc. (hereinafter called “UFRF”), a
nonstock, nonprofit Florida corporation, and BioEnergy International LLC having an address at 99
Longwater Circle, Norwell, MA 02061 (hereinafter called “Licensee”), a corporation organized and
existing under the laws of Delaware;

     WHEREAS, UFRF owns certain inventions that are described in the “Licensed Patents” defined
below, and UFRF is willing to grant a license to Licensee under any one or all of the Licensed
Patents and Licensee desires a license under all of them;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, the
parties covenant and agree as follows:

Section 1 Definitions

 

			
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	 	1.1	 	“Licensed Patents” shall refer to and mean all of the following UFRF
intellectual property:

	 	1.1.1	 	the United States patent(s)/patent
application(s) entitled “Escherichia coli B Engineered for Lactic Acid
Production,” filed in the United States Patent Office on August 10th,
2005, and assigned Registration Number/Serial Number 60/706,887 and all
United States patents and foreign patents and patent applications based
on this U.S. application.
	 
	 	1.1.2	 	United States and foreign patents issued from
the applications listed in 1.1.1 above and from divisionals and
continuations of these applications, to the extent the claims are
directed to subject matter specifically described in the applications
listed in 1.1.1 above and are dominated by the claims of those patent
applications and patents issuing thereon or reissues thereof, and any
and all foreign patents and patent applications corresponding thereto,
all to the extent owned or controlled by the University of Florida.

	 	1.2	 	“Licensed Product” and “Licensed Process” shall mean:

	 	1.2.1	 	In the case of a Licensed Product, any product
or part thereof developed by or on behalf of Licensee that:

	 	(a)	 	is covered in whole or in part by
an issued, unexpired claim or a pending claim contained in the
Licensed Patents, in any country in which any product is made,
used or sold; or
	 
	 	(b)	 	is manufactured by using a
process which is covered in whole or in part by an issued,
unexpired claim or a pending claim contained in the Licensed
Patents, in any country in which any such process is used or in
which any such product is used or sold

	 	1.2.2	 	In the case of a Licensed Process:

	 	(a)	 	any process which is covered in
whole or in part by an issued, unexpired claim or a pending
claim contained in the Licensed Patents in any country in which
such process is practiced

	 	1.3	 	“Improvements” shall mean any modification of an invention
described in the Licensed Patents which, if unlicensed, would infringe one or
more claims of the Licensed Patents.
	 
	 	1.4	 	“Net Sales” shall mean the amount invoiced on sales of Licensed
Product and/or Licensed Processes after deducting, if not already deducted in
the amount invoiced:

			
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	 	•	 	Trade and/or quantity discounts
	 
	 	•	 	Credits on returns and allowances
	 
	 	•	 	Outbound transportation costs paid

	 	 	 	The “Net Sales” for a Licensed Product or Licensed Process that is
transferred to a third party for promotional purposes without charge or at a
discount shall be the average invoiced price to the customer of that type of
Licensed Product and/or Licensed Process during the applicable calendar
quarter.
	 
	 	1.5	 	The term “Affiliate” shall mean: (a) any person or entity which
controls at least fifty percent (50%) of the equity or voting stock of the
Licensee or (b) any person or entity fifty percent (50%) of whose equity or
voting stock is owned or controlled by the Licensee or (c) any person or entity
of which at least fifty percent (50%) of the equity or voting stock is owned or
controlled by the same person or entity owning or controlling at least fifty
percent (50%) of Licensee or (d) any entity in which any officer, employee, or
director is also an officer, employee, or director of Licensee or any person
who is an officer, employee or director of Licensee.
	 
	 	1.6	 	The term “Sublicensee” shall mean any third party to whom
Licensee confers the right to make, use or sell Licensed Product and/or
Licensed Processes.
	 
	 	1.7	 	“Development Plan” shall mean a written report summarizing the
development activities that are to be undertaken by the Licensee to bring
Licensed Products and/or Licensed Processes to the market. The Development Plan
is attached as Appendix A.
	 
	 	1.8	 	“Development Report” shall mean a written account of Licensee’s
progress under the Appendix B
	 
	 	1.9	 	“Licensed Field” shall be limited to the field of specialty
chemicals excluding the production of ethanol.
	 
	 	1.10	 	“Licensed Territory” shall be limited to worldwide

Section 2 Grant

	 	2.1	 	License.

	 	2.1.1	 	License Under Licensed Patents

	 	 	 	UFRF hereby grants to Licensee an exclusive license, limited to the Licensed
Field and the Licensed Territory, under the Licensed Patents to make, use
and sell Licensed Products and/or Licensed Processes. UFRF reserves to
itself and the University of Florida the right to make and use Licensed
Products and/or Licensed Processes solely for their internal, non-

			
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	 	 	 	commercial: research, clinical, and educational purposes. In addition, UFRF
reserves to itself, as well as to the University of Florida and to all
non-profit research institutions, the right to use materials that might be
covered under Licensed Patents solely for their internal, non-commercial
research, educational, and clinical purposes and to meet all applicable
governmental requirements governing the ability to transfer materials.

	 	2.2	 	Sublicense.

	 	2.2.1	 	Licensee may grant written, Sublicenses to
third parties subject to UFRF prior review and consent which review and
consent shall not be unreasonably withheld. Any agreement granting a
Sublicense shall state that the Sublicense is subject to the
termination provisions as defined in Section 9.8 of this Agreement.
Licensee shall have the same responsibility for the activities of any
Sublicensee or Affiliate as if the activities were directly those of
Licensee.
	 
	 	2.2.2	 	In respect to Sublicenses granted by Licensee
under 2.2.1, Licensee shall pay to UFRF an amount equal to [...***...]
of all royalties received by Licensee for Licensed Products sold by
such Sublicensee. In addition, if Licensee receives any fees, minimum
royalties, or other payments in consideration for any rights granted
under a Sublicense, and such payments are not based directly upon the
amount or value of Licensed Products sold by the Sublicensee, then
Licensee shall pay UFRF [...***...] of all of such payments in the
manner specified in Section 4.4. Licensee shall not receive from
Sublicensees anything of value in lieu of cash payments in
consideration for any Sublicense under this Agreement without the
express prior written permission of UFRF.
	 
	 	2.2.3	 	“Permitted Deductions” means funds received as
consideration for equity purchases of LICENSEE’S securities by a
sublicense (provided that fair and commercially reasonable sublicense
fees are collected in conjunction with such transaction) and any other
payments received by LICENSEE from any sublicense for purposes of
paying or reimbursing LICENSEE for any future research, development,
testing, or engineering services actually undertaken by or for LICENSEE
related to any Licensed Product or Licensed Process.
	 
	 	2.2.4	 	Licensee shall provide UFRF with an unredacted
copy of each sublicense agreement and any agreement which transfers
intellectual property rights granted hereunder, within thirty (30) days
prior to the execution of the sublicense agreement.

			
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	 	2.2.5	 	If Licensee is unable or unwilling to serve or
develop a potential market or market territory for which there is a
company willing to be a sublicensee Licensee will, at UFRF’s request,
negotiate in good faith a sublicense with any such sublicensee.

Section 3 Due Diligence

	 	3.1	 	Development.

	 	3.1.1	 	Licensee agrees to and warrants that:

	 	(a)	 	it has, or will obtain, the
expertise necessary to independently evaluate the inventions of
the Licensed Patents;
	 
	 	(b)	 	it will establish and actively
and diligently pursue the Development Plan (see Appendix A ) to
the end that the inventions of the Licensed Patents will be
utilized to provide Licensed Products and/or Licensed Processes
for sale in the retail market within the Licensed Field;
	 
	 	(c)	 	it will diligently develop
markets for Licensed Products and Licensed Processes;
	 
	 	(d)	 	and, until the date of first
commercial sale of Licensed Products or Licensed Processes, it
will supply UFRF with a written Development Report annually
fifteen (15) days after the end of the calendar year (see
Appendix B)

	 	 	 	UFRF’s review of Licensee’s Development Plan is solely to verify the
existence of Licensee’s commitment to development activity and to
ensure compliance with Licensee’s obligations to commercialize the
inventions of the Licensed Patents, as set forth above.
	 
	 	3.1.2	 	Licensee agrees that the first commercial sale
of one or more products to the customer shall occur on or before August
1, 2010 or UFRF shall have the right to terminate the Agreement
pursuant to Section 9.4 hereto. In addition, Licensee will meet the
milestones shown in Appendix D or UFRF shall have the right to
terminate the Agreement pursuant to Section 9.4. Licensee will notify
UFRF in writing as each milestone is met.
	 
	 	3.1.3	 	Licensee agrees that three years after the
Effective Date of this Agreement the Licensee would have achieved one
of the following milestones: a) Completion of at least one sublicense
for rights under the Licensed Patents or Licensed Process or b)
Production of 10 Kilogram sample quantities of the Licensed Products by
the

			
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	 	 	 	Licensee. If neither of these milestones is met by the License, then
the Licensee shall pay UFRF $[...***...] for a one time,
non-refundable, 2-year extension to meet either milestone. Failure to
meet either milestone after the 2-year extension is a material breach
of this Agreement and grounds for termination pursuant to Section 9.3
hereto.
	 
	 	3.1.4	 	Upon written request by Licensee to negotiate
extensions of any Milestones Due Dates set forth in Appendix D, such
request to be received by UFRF no less than ninety (90) days prior to
any of the Due Dates subject of such request, set forth in this Section
3.1.3, such request fully describing Licensees Commercially Reasonable
Efforts to achieve the Milestone required to be met by such Due Date,
UFRF shall consider in good faith such requests. Upon granting such
request, UFRF and Licensee shall negotiate such extensions in good
faith.

Section 4 Royalties

	 	4.1	 	License Issue Fee.
	 
	 	 	 	Licensee agrees to pay to UFRF a License Issue Fee of [...***...] within
thirty (30) days of the Effective Date.
	 
	 	4.2	 	Royalty.

	 	4.2.1	 	Royalty on Licensed Patents. In
addition to the Section 4.1 License Issue Fee, Licensee agrees to pay
to UFRF as earned royalties a royalty calculated as a percentage of Net
Sales of Licensed Products which, if not for this Agreement, would
infringe Licensed Patents, in accordance with the terms and conditions
of this Agreement. The royalty is deemed earned as of the earlier of
the date the Licensed Product and/or Licensed Process is actually sold
and paid for, the date an invoice is sent by Licensee or its
Sublicensee(s), or the date a Licensed Product and/or Licensed Process
is transferred to a third party for any promotional reasons. If the
License Product and/or Licensed Process is sold by the Licensee the
royalty shall remain fixed while this Agreement is in effect at a rate
of [...***...] of Net Sales. If the License Product and/or Licensed
Process is sold by the Sublicensee the royalty shall be paid to UFRF as
specified in Section 2.2.2.

	 	4.3	 	Other Payments.

	 	4.3.1	 	Licensee agrees to pay UFRF Minimum Royalty
payments, as follows:

			
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	 	Payment
	 	Year
	 

	 	$[...***...]
	 	2010 and every year thereafter on the same date, for the life
of this Agreement.

	 	 	 	The Minimum Royalty shall be paid in advance on a quarterly basis for each
year in which this Agreement is in effect. The first Minimum Royalty payment
shall be due on December 31, 2009, and shall be in the amount of
$[...***...]. The Minimum Royalty for a given year shall be due in advance
and shall be paid in quarterly installments on March 31, June 30, September
30, and December 31 for the following quarter. Any Minimum Royalty paid in a
calendar year will be credited against the earned royalties for that
calendar year. It is understood that the Minimum Royalties will be applied
to earned royalties on a calendar year basis, and that sales of Licensed
Products and/or Licensed Processes requiring the payment of earned royalties
made during a prior or subsequent calendar year shall have no effect on the
annual Minimum Royalty due UFRF for other than the same calendar year in
which the royalties were earned.

	 	4.3.2	 	In addition to all other payments required
under this Agreement, Licensee agrees to pay UFRF Milestone payments,
as follows:

	 	 	 	 	 

	 

	 	Payment
	 	Event
	 

	 	$[...***...]
	 	Issuance of the Licensed Patents

	 	4.4	 	Accounting for Payments.

	 	4.4.1	 	Amounts owing to UFRF under Sections 2.2 and
4.2 shall be paid on a quarterly basis after the amount of Minimum
Royalties paid is exceeded, with such amounts due and received by UFRF
on or before the thirtieth day following the end of the calendar
quarter ending on March 31, June 30, September 30 or December 31 in
which such amounts were earned. All amounts owing to UFRF pursuant to
this agreement which remain unpaid more than thirty (30) days after
they are due to UFRF shall accrue interest until paid at the rate of
the lesser of (a) [...***...] per month or (b) the maximum amount
allowed under applicable law. However, in no event shall this interest
provision be construed as a grant of permission for any payment delays.
Licensee shall also be responsible for repayment to UFRF of any
attorney, collection agency, or other out-of-pocket UFRF expenses
required to collect overdue payments due from this Section 4.4.1,
Section 6.2 or any other applicable section of this Agreement.
	 
	 	4.4.2	 	Except as otherwise directed, all amounts
owing to UFRF under this Agreement shall be paid in U.S. dollars to
UFRF at the following address:

			
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	 	 	 	University of Florida Research Foundation, Inc.

223 Grinter Hall

PO Box 115500

Gainesville, Florida 32611-5500

Attention: Business Manager
	 
	 	 	 	All royalties owing with respect to Net Sales stated in currencies
other than U.S. dollars shall be converted at the rate shown in the
Federal Reserve Noon Valuation — Value of Foreign Currencies on the
day preceding the payment.
	 
	 	4.4.3	 	A certified full accounting statement showing
how any amounts payable to UFRF under Section 4.3 have been calculated
shall be submitted to UFRF on the date of each such payment. In
addition to being certified, such accounting statements shall contain a
written representation signed by an executive officer of Licensee that
states that the statements are true, accurate, and fairly represent all
amounts payable to UFRF pursuant to this Agreement. Such accounting
shall be on a per-country and product line, model or trade name basis
and shall be summarized on the form shown in Appendix C of this
Agreement. In the event no payment is owed to UFRF because the amount
of Minimum Royalties paid has not been exceeded or otherwise, an
accounting demonstrating that fact shall be supplied to UFRF.
	 
	 	4.4.4	 	UFRF is exempt from paying income taxes under
U.S. law. Therefore, all payments due under this Agreement shall be
made without deduction for taxes, assessments, or other charges of any
kind which may be imposed on UFRF by any government outside of the
United States or any political subdivision of such government with
respect to any amounts payable to UFRF pursuant to this Agreement. All
such taxes, assessments, or other charges shall be assumed by Licensee.

Section 5 Certain Warranties and Disclaimers of UFRF

	 	5.1	 	UFRF warrants that, except as otherwise provided under Section
17.1 of this Agreement with respect to U.S. Government interests, it is the
owner of the Licensed Patents or otherwise has the right to grant the licenses
granted to Licensee in this Agreement. However, nothing in this Agreement shall
be construed as:

	 	5.1.1	 	a warranty or representation by UFRF as to the
validity or scope of any right included in the Licensed Patents;

			
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	 	5.1.2	 	a warranty or representation that anything
made, used, sold or otherwise disposed of under the license granted in
this Agreement will or will not infringe patents of third parties;
	 
	 	5.1.3	 	an obligation to bring or prosecute actions or
suits against third parties for infringement of Licensed Patents;
	 
	 	5.1.4	 	an obligation to furnish any know-how not
provided in Licensed Patents or any services other than those specified
in this Agreement; or
	 
	 	5.1.5	 	a warranty or representation by UFRF that it
will not grant licenses to others to make, use or sell products not
covered by the claims of the Licensed Patents which may be similar
and/or compete with products made or sold by Licensee.

	 	5.2	 	EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, UFRF
MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS
OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, AND VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR
PENDING. UFRF ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT TO USE, SALE,
OR OTHER DISPOSITION BY LICENSEE, ITS SUBLICENSEE(S), OR THEIR VENDEES OR OTHER
TRANSFEREES OF PRODUCT INCORPORATING OR MADE BY USE OF INVENTIONS LICENSED
UNDER THIS AGREEMENT.

Section 6 Record keeping

	 	6.1	 	Licensee and its Sublicensee(s) shall keep books and records
sufficient to verify the accuracy and completeness of Licensee’s and its
Sublicensee(s)’s accounting referred to above, including without limitation,
inventory, purchase and invoice records, manufacturing records, sales analysis,
general ledgers, financial statements, and tax returns relating to the Licensed
Products and/or Licensed Processes. Such books and records shall be preserved
for a period not less than six years after they are created, both during and
after the term of this Agreement.
	 
	 	6.2	 	Licensee and its Sublicensee(s) shall take all steps necessary
so that UFRF may, within thirty (30) days of its written request, audit, review
and/or copy all of the books and records at a single U.S. location to verify
the accuracy of Licensee’s and its Sublicensee(s)’s accounting. Such review may
be performed by any authorized employees of UFRF as well as by any attorneys
and/or accountants designated by UFRF, upon reasonable notice and during
regular business hours. If a deficiency with regard to

			
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	 	 	 	any payment hereunder is determined, Licensee and its Sublicensee(s) shall
pay the deficiency within thirty (30) days of receiving notice thereof along
with applicable interest as described in Section 4.4.1. If a royalty payment
deficiency for a calendar year exceeds three percent (3%) of the royalties
paid for that year, then Licensee and its Sublicensee(s) shall be
responsible for paying UFRF’s out-of-pocket expenses incurred with respect
to such review,
	 
	 	6.3	 	At any time during the term of this agreement, UFRF may request
in writing that Licensee verify the calculation of any past payments owed to
UFRF through the means of a self-audit. Within ninety (90) days of the request,
Licensee shall complete a self-audit of its books and records to verify the
accuracy and completeness of the payments owed. Within thirty (30) days of the
completion of the self-audit, Licensee shall submit to UFRF a report detailing
the findings of the self-audit and the manner in which it was conducted in
order to verify the accuracy and completeness of the payments owed. If Licensee
has determined through its self-audit that there is any payment deficiency,
Licensee shall pay UFRF the deficiency along with applicable interest under
Section 4.4.1 with the submission of the self-audit report to UFRF.

Section 7 Patent Prosecution

	 	7.1	 	UFRF shall diligently prosecute and maintain the Licensed
Patents using counsel of its choice. UFRF shall provide Licensee with copies of
all patent applications amendments, and other filings with the United States
Patent and Trademark Office and foreign patent offices. UFRF will also provide
Licensee with copies of office actions and other communications received by
UFRF from the United States Patent and Trademark Office and foreign patent
offices relating to Licensed Patents. Licensee agrees to keep such information
confidential.
	 
	 	7.2	 	Licensee shall pay to UFRF the sum of $[...***...], within 30
days of the Effective Date which sum represents costs of preparation, filing,
prosecution, issuance, and maintenance of the Licensed Patents incurred prior
to the Effective Date.
	 
	 	7.3	 	Licensee shall be responsible for and pay all past and future
costs and expenses incurred by UFRF for the preparation, filing, prosecution,
issuance, and maintenance of the Licensed Patents within thirty (30) days of
receipt of an invoice from UFRF. It shall be the responsibility of Licensee to
keep UFRF fully apprised of the “small entity” status of Licensee and all
Sublicensees with respect to the U.S. patent laws and with respect to the
patent laws of any other countries, if applicable, and to inform UFRF of any
changes in such status, within thirty days of any such change.

			
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Section 8 Infringement and Invalidity

	 	8.1	 	Licensee shall inform UFRF promptly in writing of any alleged
infringement of the Licensed Patents by a third party and of any available
evidence thereof.
	 
	 	8.2	 	During the term of this Agreement, UFRF shall have the right,
but shall not be obligated, to prosecute at its own expense any such
infringements of the Licensed Patents. If UFRF prosecutes any such
infringement, Licensee agrees that UFRF may include Licensee as a co-plaintiff
in any such suit, without expense to Licensee. In the event that UFRF shall
undertake the enforcement by litigation and/or defense of the Licensed Patents
by litigation, any recovery of damages by UFRF for any such suit shall be
applied first in satisfaction of any unreimbursed expenses and legal fees of
UFRF relating to the suit. The balance remaining from any such recovery shall
be divided equally between Licensee and UFRF
	 
	 	8.3	 	If within six (6) months after having been notified of any
alleged infringement, UFRF shall have been unsuccessful in persuading the
alleged infringer to desist and shall not have brought and shall not be
diligently prosecuting an infringement action, or if UFRF shall notify Licensee
at any time prior thereto of its intention not to bring suit against any
alleged infringer, then, and in those events only, Licensee shall have the
right, but shall not be obligated, to prosecute at its own expense any
infringement of the Licensed Patents, and Licensee may, for such purposes, use
the name of UFRF as party plaintiff. No settlement, consent judgment or other
voluntary final disposition of the suit may be entered into without the consent
of UFRF, which consent shall not unreasonably be withheld. Licensee shall
indemnify UFRF against any order for costs that may be made against UFRF in
such proceedings.
	 
	 	8.4	 	In the event that Licensee shall undertake the enforcement by
litigation and/or defense of the Licensed Patents by litigation, any recovery
of damages by Licensee for any such suit shall be applied first in satisfaction
of any unreimbursed expenses and legal fees of Licensee relating to the suit,
and next toward reimbursement of UFRF for any legal fees, and unreimbursed
expenses. The balance remaining from any such recovery shall be divided equally
between Licensee and UFRF.
	 
	 	8.5	 	In any infringement suit that either party may institute to
enforce the Licensed Patents pursuant to this Agreement, the other party hereto
shall, at the request and expense of the party initiating such suit, cooperate
in all respects and, to the extent possible, have its employees testify when
requested and make available relevant records, papers, information, samples,
specimens, and the like.

			
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	 	8.6	 	In the event a declaratory judgment action alleging invalidity
or noninfringement of any of the Licensed Patents shall be brought against
Licensee, UFRF, at its option, shall have the right, within thirty (30) days
after commencement of such action, to intervene and take over the sole defense
of the action at its own expense.
	 
	 	8.7	 	In the event Licensee contests the validity of any Licensed
Patents, Licensee shall continue to pay 50% of the royalties owed to UFRF and
make other payments pursuant to this Agreement with respect to that patent as
if such contest were not underway until the patent is adjudicated invalid or
unenforceable by a court of last resort. Upon resolution of any such contest,
the Licensee’s obligation to pay royalties to UFRF shall be retroactively
restored. Any balance of royalties due to UFRF under 8.7 shall be paid to UFRF
within 30 days of the resolution of any such contest.

Section 9 Term and Termination

	 	9.1	 	The term of this license shall begin on the Effective Date of
this Agreement and continue until the earlier of the date that no Licensed
Patent remains an enforceable patent or the payment of earned royalties under
Section 4.3 once begun, ceases for more than two (2) calendar quarters.
	 
	 	9.2	 	Licensee may terminate this Agreement at any time by giving at
least sixty (60) days written notice of such termination to UFRF. Such a notice
shall be accompanied by a statement of the reasons for termination.
	 
	 	9.3	 	UFRF may terminate this Agreement by giving Licensee at least
thirty (30) days written notice if Licensee:

	 	9.3.1	 	is delinquent on any report or payment
	 
	 	9.3.2	 	provides any false report.
	 
	 	9.3.3	 	is late in paying royalties or any amounts due
to UFRF in two (2) consecutive calendar quarters
	 
	 	9.3.4	 	fails to achieve the milestones described in
Section 3.1.3 after the 2 year extension has lapsed.

	 	 	 	Termination under this Section 9.3 will take effect 30 days after written
notice by UFRF unless Licensee remedies the problem in that 30-day period.
	 
	 	9.4	 	UFRF may terminate this Agreement by giving Licensee at least
ninety (90) days written notice if Licensee:

			
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	 	9.4.1	 	is not diligently developing and
commercializing Licensed Product and Licensed Process
	 
	 	9.4.2	 	misses a milestone described in Appendix D; or
	 
	 	9.4.3	 	is in breach of any provision

	 	 	 	Termination under this Section 9.4 will take effect 90 days after written
notice by UFRF unless Licensee remedies the problem in that 90-day period.
	 
	 	9.5	 	UFRF may immediately terminate this Agreement upon the
occurrence of the second separate default by Licensee within any consecutive
three-year period for failure to pay royalties, patent or any other expenses
when due.
	 
	 	9.6	 	Upon the termination of this Agreement for any reason, nothing
herein shall he construed to release either party from any obligation that
matured prior to the effective date of such termination. Licensee shall remain
obligated to provide an accounting for and to pay royalties earned to the date
of termination, and any Minimum Royalties shall be prorated as of the date of
termination by the number of days elapsed in the applicable calendar year.
Licensee may, however, after the effective date of such termination, sell all
Licensed Products, and complete Licensed Products in the process of manufacture
at the time of such termination and sell the same, provided that Licensee shall
remain obligated to provide an accounting for and to pay running royalties
thereon.
	 
	 	9.7	 	Licensee shall be obligated to deliver to UFRF, within ninety
days of the date of termination of this agreement, complete and unredacted
copies of all documentation prepared for or submitted for all regulatory
approvals of Licensed Products or Licensed Processes.
	 
	 	9.8	 	Upon termination of this Agreement for any reason, any
sublicensee not then in default, as determined by UFRF, shall receive from
UFRF, a grant similar in scope as the grant set forth in the Sublicense
Agreement with the Licensee and all other rights in the Sublicense Agreement
reasonably necessary to continue the business of such sublicensee except the
UFRF shall be under no obligation to grant any rights which UFRF does not have
or to perform any services for which it is unsuited. All payments required to
be made by such sublicensee shall, from the date of termination of this
Agreement, be paid to UFRF.

Section 10 Assignability

	 	 	 	This Agreement may not be transferred or assigned by Licensee except with the prior
written consent of UFRF.

			
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	 	 	Section 11  Dispute Resolution Procedures

	 	11.1	 	Mandatory Procedures.
	 
	 	 	 	In the event either party intends to file a lawsuit against the other with
respect to any matter in connection with this Agreement, compliance with the
procedures set forth in this Section shall be a condition precedent to the
filing of such lawsuit, other than for injunctive relief. Either party may
terminate this Agreement as provided in this Agreement without following the
procedures set forth in this section.

	 	11.1.1	 	When a party intends to invoke the procedures set forth in this
section, written notice shall be provided to the other party. Within
thirty (30) days of the date of such notice, the parties agree that
representatives designated by the parties shall meet at mutually
agreeable times and engage in good faith negotiations at a mutually
convenient location to resolve such dispute.
	 
	 	11.1.2	 	If the parties fail to meet within the time period set forth in
section 11.1.1 above or if either party subsequently determines that
negotiations between the representatives of the parties are at an
impasse, the party declaring that the negotiations are at an impasse
shall give notice to the other party stating with particularity the
issues that remain in dispute.
	 
	 	11.1.3	 	Not more than 15 days after the giving of such notice of issues, each
party shall deliver to the other party a list of the names and
addresses of at least three individuals, any one of whom would be
acceptable as a neutral advisor in the dispute (the “Neutral Advisor”)
to the party delivering the list. Any individual proposed as a Neutral
Advisor shall have experience in determining, mediating, evaluating, or
trying intellectual property litigation and shall not be affiliated
with the party that is proposing such individual.
	 
	 	11.1.4	 	Within 10 days after delivery of such lists, the parties shall agree
on a Neutral Advisor. If they are unable to so agree within that time,
within 5 days, they shall each select one individual from the lists.
Within 5 days, the individuals so selected shall meet and appoint a
third individual from the lists to serve as the Neutral Advisor. Within
30 days after the selection of a Neutral Advisor:

	 	(a)	 	The parties shall each provide a
written statement of the issues in dispute to the Neutral
Advisor.
	 
	 	(b)	 	The parties shall meet with the
Neutral Advisor in Gainesville, Florida on a date and time
established by the Neutral Advisor. The meeting must be attended
by persons

			
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	 	 	 	authorized to make final decisions on behalf of each party
with respect to the dispute. At the meeting, each party shall
make a presentation with respect to its position concerning
the dispute. The Neutral Advisor will then discuss the issues
separately with each party and attempt to resolve all issues
in the dispute. At the meeting, the parties will enter into a
written settlement agreement with respect to all issues that
are resolved. Such settlement agreement shall be final and
binding with respect to such resolved issues and may not be
the subject of any lawsuit between the parties, other than a
suit for enforcement of the settlement agreement.

	 	11.1.5	 	The expenses of the neutral advisor shall be shared by the parties
equally. All other out-of-pocket costs and expenses for the alternative
dispute resolution procedure required under this Section shall be paid
by the party incurring the same.
	 
	 	11.1.6	 	Positions taken and statements made during this alternative dispute
resolution procedure shall be deemed settlement negotiations and shall
not be admissible for any purpose in any subsequent proceeding.

	 	11.2	 	Failure to Resolve Dispute.
	 
	 	 	 	If any issue is not resolved at the meeting with the Neutral Advisor, either
party may file appropriate administrative or judicial proceedings with
respect to the issue that remains in dispute. No new issues may be included
in the lawsuit without the mandatory procedures set forth in this section
having first been followed.
	 
	 	11.3	 	Survival.
	 
	 	 	 	The provisions of this Section shall survive termination of this Agreement.

Section 12 Product Liability: Conduct of Business

	 	12.1	 	Licensee and its Sublicensee(s) shall, at all times during the
term of this Agreement and thereafter, indemnify, defend and hold UFRF, the
Florida Board of Governors, the University of Florida Board of Trustees, the
University of Florida, and each of their directors, officers, employees, and
agents, and the inventors of the Licensed Patents, regardless of whether such
inventors are employed by the University of Florida at the time of the claim,
harmless against all claims and expenses, including legal expenses and
reasonable attorneys fees, whether arising from a third party claim or
resulting from UFRF’s enforcing this indemnification clause against Licensee,
arising out of the death of or injury to any person or persons or out of any
damage to property and against any other claim, proceeding,

			
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	 	 	 	demand, expense and liability of any kind whatsoever (other than patent
infringement claims) resulting from the production, manufacture, sale, use,
lease, consumption, marketing, or advertisement of Licensed Products or
Licensed Process(es) or arising from any right or obligation of Licensee
hereunder. Notwithstanding the above, UFRF at all times reserves the right
to retain counsel of its own to defend UFRF’s, the Florida Board of
Governors’, the University of Florida Board of Trustees’, the University of
Florida’s, and the inventor’s interests.
	 
	 	12.2	 	Licensee warrants that it now maintains and will continue to
maintain liability insurance coverage appropriate to the risk involved in
producing, manufacturing, selling, marketing, using, leasing, consuming, or
advertising the products subject to this Agreement and that such insurance
coverage lists UFRF, the Florida Board of Governors, the University of Florida
Board of Trustees, the University of Florida, and the inventors of the Licensed
Patents as additional insureds. Within ninety (90) days after the execution of
this Agreement and thereafter annually between January 1 and January 31 of each
year, Licensee will present evidence to UFRF that the coverage is being
maintained with UFRF, the University of Florida, and its inventors listed as
additional insureds. In addition, Licensee shall provide UFRF with at least
thirty (30) days prior written notice of any change in or cancellation of the
insurance coverage.

Section 13 Use of Names

     Licensee and its Sublicensee(s) shall not use the names of UFRF, or of the University of
Florida, nor of any of either institution’s employees, agents, or affiliates, nor the name of any
inventor of Licensed Patents, nor any adaptation of such names, in any sales promotion,
advertising, or any other form of publicity without the prior written approval of UFRF in each
case, except that Licensee may state that it has received a license from UFRF under one or more or
the patents and/or applications comprising the Licensed Patents,

Section 14 Miscellaneous

	 	14.1	 	This Agreement shall be construed in accordance with the
internal laws of the State of Florida
	 
	 	14.2	 	The parties hereto are independent contractors and not joint
venturers or partners.
	 
	 	14.3	 	Licensee shall insure that it applies patent markings that meet
all requirements of U.S. law, 35 U.S.C. §287, with respect to all Licensed
Products subject to this Agreement.
	 
	 	14.4	 	This Agreement constitutes the full understanding between the
parties with reference to the subject matter hereof, and no statements or
agreements by or between the parties, whether orally or in writing, shall vary
or modify the written terms of this Agreement. Neither party shall

			
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	 	 	 	claim any amendment, modification, or release from any provisions of this
Agreement by mutual agreement, acknowledgment, or otherwise, unless such
mutual agreement is in writing, signed by the other party, and specifically
states that it is an amendment to this Agreement.
	 
	 	14.5	 	Licensee shall not encumber or otherwise grant a security
interest in any of the rights granted hereunder to any third party.
	 
	 	14.6	 	Licensee acknowledges that it is subject to and agrees to abide
by the United States laws and regulations (including the Export Administration
Act of 1979 and Arms Export Contract Act) controlling the export of technical
data, computer software, laboratory prototypes, biological material, and other
commodities. The transfer of such items may require a license from the
cognizant agency of the U.S. Government or written assurances by Licensee that
it shall not export such items to certain foreign countries without prior
approval of such agency. UFRF neither represents that a license is or is not
required or that, if required, it shall be issued.
	 
	 	14.7	 	Licensee is responsible for any and all wire/bank fees
associated with all payments due to UFRF pursuant to this agreement.

Section 15 Notices

	 	 	 	Any notice required to be given pursuant to the provisions of this Agreement shall
he in writing and shall be deemed to have been given

	 	•	 	when delivered personally,
	 
	 	•	 	if sent by facsimile transmission, when receipt thereof is
acknowledged at the facsimile number of the recipient as set forth
below,
	 
	 	•	 	the second day following the day on which the notice has been
delivered prepaid to a national air courier service, or
	 
	 	•	 	five (5) business days following deposit in the U.S. mail if sent
certified mail, return receipt requested:

	 	15.1     	 	If to the University of Florida Research Foundation, Inc.:

	 	 	 	President

University of Florida Research Foundation, Inc.

223 Grinter Hall

University of Florida

Post Office Box 115500

Gainesville, FL 32611-5500

Facsimile Number: 352-846-0491

			
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	 	 	 	with a copy to:

Office of Technology Licensing

Attn: Director

308 Walker Hall

University of Florida

Post Office Box 115500

Gainesville, Florida 32611-5500

Facsimile Number: 352-392-6600

	 	15.2     	 	If to Licensee:

	 	 	 	Stephen J. Gatto

Chief Executive Officer

BioEnergy International, LLC 99 Longwater Circle

Norwell, MA 02061

Facsimile Number: 781-681-5055

Section 16  Contract Formation and Authority

	 	16.1	 	No agreement between the parties shall exist unless the duly
authorized representative of Licensee and the Director of the Office of
Technology Transfer of UFRF have signed this document within thirty (30) days
of the Effective Date written on the first page of this Agreement.
	 
	 	16.2	 	UFRF and Licensee hereby warrant and represent that the persons
signing this Agreement have authority to execute this Agreement on behalf of
the party for whom they have signed.
	 
	 	16.3	 	Force Majeure.
	 
	 	 	 	No default, delay, or failure to perform on the part of Licensee or UFRF
shall be considered a default, delay or failure to perform otherwise
chargeable hereunder, if such default, delay or failure to perform is due to
causes beyond either party’s reasonable control including, but not limited
to: strikes, lockouts, or inactions of governmental authorities, epidemics,
war, embargoes, fire, earthquake, acts of God, or default of common carrier.
In the event of such default, delay or failure to perform, any date or times
by which either party is otherwise scheduled to perform shall be extended
automatically for a period of time equal in duration to the time lost by
reason of the excused default, delay or failure to perform.

Section 17 United States Government Interests

	 	17.1	 	It is understood that the United States Government (through any
of its agencies or otherwise) has funded research, Grant No. DE-FC36-01G011073,
during the course of or under which any of the inventions of the Licensed
Patents were conceived or made. The United States Government is entitled, as a
right, under the provisions of 35 U.S.C. §202-

			
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	 	 	 	212 and applicable regulations of Title 37 of the Code of Federal
Regulations, to a non-exclusive, nontransferable, irrevocable, paid-up
license to practice or have practiced the inventions of such Licensed
Patents for governmental purposes. Any license granted to Licensee in this
Agreement shall be subject to such right.
	 
	 	17.2	 	Licensee agrees that for Licensed Products covered by the
Licensed Patents that are subject to the non-exclusive royalty-free license to
the United States Government, said Licensed Products will be manufactured
substantially in the United States. Licensee further agrees that it shall abide
by all the requirements and limitations of U.S. Code, Title 35, Chapter 18, and
implementing regulations thereof, for all patent applications and patents
invented in whole or in part with federal money.

Section 18 Confidentiality

	 	18.1	 	Each Party shall maintain all information of the other Party
which is treated by such other Party as proprietary or confidential (referred
to herein as “Confidential Information”) in confidence, and shall not disclose,
divulge or otherwise communicate such confidential information to others, or
use it for any purpose, except pursuant to, and in order to carry out, the
terms and objectives of this Agreement, and each party hereby agrees to
exercise every reasonable precaution to prevent and restrain the unauthorized
disclosure of such confidential information by any of its Affiliates,
directors, officers, employees, consultants, subcontractors, sublicensees or
agents.
	 
	 	 	 	Licensee’s Confidential Information includes but is not limited to the
Development Plan, Development Reports and all other financial and business
reports, strategies, and agreements (including Sublicenses) of Licensee. The
parties agree to keep the terms of this Agreement confidential, provided
that each party may disclose this Agreement to their authorized agents and
investors who are bound by similar confidentiality provisions.
Notwithstanding the foregoing, Confidential Information of a party shall not
include information which: (a) was lawfully known by the receiving party
prior to disclosure of such information by the disclosing party to the
receiving party; (b) was or becomes generally available in the public
domain, without the fault of the receiving party; (c) is subsequently
disclosed to the receiving party by a third party having a lawful right to
make such disclosure; (d) is required by law, rule, regulation or legal
process to be disclosed, provided that the receiving party making such
disclosure shall take all reasonable steps to restrict and maintain to the
extent possible confidentiality of such disclosure and shall provide
reasonable notice to the other party to allow such party the opportunity to
oppose the required disclosure; or (e) has been independently developed by
employees or others on behalf of the receiving party without access to or
use of disclosing party’s information as demonstrated by written record.

			
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	 	 	 	Each party’s obligations under this Section 18 shall extend for a period of
five (5) years from termination or expiration of this Agreement.

Section 19 University Rules and Regulations

	 	19.1	 	Licensee understands and agrees that University of Florida
personnel who are engaged by Licensee, whether as consultants, employees or
otherwise, or who possess a material financial interest in Licensee, are
subject to the University of Florida’s rule regarding outside activities and
financial interests set forth in Florida Administrative Code Rule 6C1-1,01 1,
the University of Florida’s Intellectual Property Policy, and a monitoring plan
which addresses conflicts of interests associated therewith. Any term or
condition of an agreement between Licensee and such University of Florida
personnel which seeks to vary or override such personnel’s obligations to the
University of Florida may not be enforced against such personnel, the
University of Florida or UFRF, without the express written consent of an
individual authorized to vary or waive such obligations on behalf of the
University of Florida and UFRF. Furthermore, should an interest of Licensee
conflict with the interest of the University of Florida, University of Florida
personnel are obligated to resolve such conflicts according to the guidelines
and policies set forth by the University of Florida.

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the dates
indicated below.

UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

	 	 	 	 	 	 	 	 	 

	By

	 	/s/ David L. Day
 

	 	Date:
	 	February 1, 2006
	 	 
	 

	 	David L. Day	 	 	 	 	 	 
	 	 	Director, Office of Technology Licensing	 	 

BIOENERGY INTERNATIONAL, LLC

	 	 	 	 	 	 	 	 	 

	By

	 	/s/ Stephen J. Gatto
 

	 	Date:
	 	February 3, 2006
	 	 
	 

	 	Stephen J. Gatto	 	 	 	 	 	 
	 

	 	Chief Executive Officer	 	 	 	 	 	 

			
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Appendix A — Development Plan

BioEnergy will focus on the development and licensing of biocatalysts for the production of lactic
acid, other organic acids, sugar alcohols, and specialty chemicals. Unlike currently used
biocatalysts which use glucose as a substrate, BioEnergy seeks to develop biocatalysts that
efficiently utilize all of the sugar constituents found in the carbohydrate polymers of plant
biomass.

Research to develop the Licensed Patents and Licensed Process will be initially conducted in
collaboration with Dr. Lonnie Ingram. It is BioEnergy’s plan to expand this research effort in the
future, and to develop a complementary in-house research team at the Sid Martin Biotechnology
Institute for commercial testing. Our research efforts will be divided into two areas due in part
to the differences in potential commercial market: 1) Lactic acid biocatalysts, and 2) Biocatalysts
for Organic Acids and Specialty Chemicals. Development of the Licensed Patent addresses the first
of the two research areas.

The Research Plan for Lactic Acid Biocatalyst will focus on two areas:

Year 1

1. The first area of focus is the development of a new recombinant strain of E. coli B that can
effectively ferment xylose and glucose into D-Lactic acid and with exceptional chiral purity
(>99%). Estimated time for an initial success is 4 months, with continuing improvements to
increase rates, titers, and yields using pure sugars that could extend through the year.

2. A second focus will be the development of simple inorganic salts medium containing a minimum of
phosphate, ammonia, and metals to minimize costs associated with production and costs associated
with purification. This should be substantially completed within one year.

3. Using Technology developed for the high chiral purity D-Lactate, additional strains will be
constructed to produce high chiral purity L-lactate. This should be substantially completed within
one year.

4. Exploratory work to develop other products such as additional organic acids and sugar alcohols
using technology and approaches used for lactate. The speed of success for this will depend in part
on effort available and some luck. We are unsure whether it will be possible to produce many other
chemicals with such simple growth conditions (no air, mineral salts medium). This work may continue
for several years.

5. An additional area of research will focus on elimination of the minor pathway for D-lactic acid
in the Bacillus coagulans that ferments at pH 5 and 50C. This organism produces predominantly
L-lactate and we need to eliminate the chiral impurity (i.e., D-lactate). This is more difficult
since no efficient genetic system is known for this organism and no screen comes to mind that would
facilitate direct selection. Although slow, most of the time is spent waiting for recombinant
organisms to grow during attempted transformations or transpose on mutagenesis. Time required for
success in this area is less predictable and work may span multiple years.

			
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Year II

1. Evaluate and improve our processes and strains for commercial lactate production

	 	A)	 	Evaluate stability of newly developed L-lactate and D-lactate strains during
serial transfers. Test for ability to use additional sugars.
	 
	 	B)	 	Acclimate or mutate strains to allow efficient fermentation with industrial
sugar streams such as lactose/whey, sucrose/cane molasses, fructose/beet molasses or
orange peel, and hemicellulose hydrolysates.
	 
	 	C)	 	Test different bases for neutralization, modify to utilize ammonia if needed.
	 
	 	D)	 	Evaluate performance in bench scale fermentors (10L or larger).

2. Continue exploratory and development of other products such as additional organic acids and
sugar alcohols using technology and approaches used for lactate.

3. If necessary, continue to work to delete the minor pathway for D-lactic acid in the Bacillus
coagulans that ferments at pH 5 and 50C and produces only chirally pure L-lactic acid. When
successful, replace the L-lactate gene with a D-lactate gene to yield a new derivative that
produces chirally pure D-lactate also. Minantly L-lactate and we need to eliminate the chiral
impurity, (i.e., D-lactate).

4. Develop room temperature storage methods for biocatalyst inocula.

5. Continue work on development of additional organic acid and specialty chemicals.

Year III

1. Explore the use of continuous culture or cell recycle on productivity and yield of L-lactate and
D-lactate with pure sugars and with promising industrial substrates.

2. Continue development of other products such as additional organic acids and sugar alcohols and
move into regimen developed for commercialization of lactate.

3. If necessary, continue to work to genetically engineer strains of B coagulans for L and
D-lactate.

4. Continue development of methodology for room temperate storage of biocatalyst inocula.

			
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Appendix B — Development Report 

When appropriate, indicate estimated start date and finish date for activities.

	I.	 	Date Development Plan Initiated and Time Period Covered by this Report.
	 
	II.	 	Development Report (4-8 paragraphs).

	 	A.	 	Activities completed since last report including the object and parameters of
the development, when initiated, when completed and the results.
	 
	 	B.	 	Activities currently under investigation, i.e., ongoing activities including
object and parameters of such

	III.	 	Future Development Activities (4-8 paragraphs).

	 	A.	 	Activities to be undertaken before next report including, but not limited to,
the type and object of any studies conducted and their projected starting and
completion dates.
	 
	 	B.	 	Estimated total development time remaining before a product will be
commercialized.

	IV.	 	Changes to Initial Development Plan (2-4 paragraphs).

	 	A.	 	Reasons for change.
	 
	 	B.	 	Variables that may cause additional changes.

	V.	 	Items to be Provided if Applicable:

	 	A.	 	Information relating to Licensed Products that has become publicly available,
e.g., published articles, competing products, patents, etc.
	 
	 	B.	 	Development work being performed by third parties, other than Licensee, to
include name of third party,
	 
	 	C.	 	Update of competitive information trends in industry, government compliance (if
applicable) and market plan.
	 
	 	D.	 	Information and copies of relevant materials evidencing the status of any
patent applications or other protection relating to Licensed Products or the Licensed
Patents.

			
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PLEASE SEND DEVELOPMENT REPORTS TO:

University of Florida Research Foundation, Inc.

Attn: Director

308 Walker Hall

P.O. Box 115500

Gainesville, FL 32611-5500

Facsimile: 352-392-6600

			
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Appendix C — UFRF Royalty Report

	 	 	 	 	 

	Licensee:_________________________________

	 	Agreement No:__________________________________
	 	 
	Inventor:__________________________________

	 	P#:___________________________________________
	 	 
	Period Covered:     From:______________________

	 	Through:___________
	 	 
	Prepared By______________________________

	 	Date:__________________________________________
	 	 
	Approved By:______________________________

	 	Date:__________________________________________
	 	 

If license covers several major product lines, please prepare a separate report

for each line. Then combine all product lines into a summary report.

	 	 	 

	Report Type:

	 	o Single Product Line Report:________________________________________________
	 
	 	 
	 

	 	o Multiproduct Summary Report. Page 1 of ________ Pages
	 
	 	 
	 

	 	o Product Line Detail. Line:______ Tradename:______ Page:_____
	 
	 	 
	Report Currency:

	 	o U.S. Dollars o Other______________________________________________________

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Period Royalty Amount
	 	 	Unit	 	Gross	 	* Less:	 	Net	 	Royalty	 	 	 	 
	Country	 	Sales	 	$$ Sales	 	Allowances	 	$$ Sales	 	Rate	 	This Year	 	Last Year
	U.S.A.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Canada
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Europe
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Japan
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

     TOTAL:

Total Royalty:__________ Conversion Rate:__________ Royalty in U.S. Dollars: $______________________________

The following royalty forecast in non-binding and for UFRF’s internal planning purposes only:

Royalty Forecast Under This Agreement: Next Quarter:_____ Q2:_____ Q3:_____ Q4:_____

*On a separate page, please indicate the reasons for returns or other adjustments if significant.

Also note any unusual occurrences that affected royalty amounts during this period.

To assist UFRF’s forecasting, please comment on any significant expected trends in sales volume.

			
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Appendix D — Milestones

In addition to the research milestones described in Appendix A, the following milestones shall be
completed by the Licensee.

	1.	 	Licensee has already provided UFRF a preliminary business plan, dated April, 2005. By August
1, 2008, Licensee will provide UFRF a detailed document covering Licensee’s plans as to
projected product development, markets and sales forecasts, manufacturing and operations, and
financial forecasts until at least $[...***...] in revenues are achieved (“Business Plan”).
UFRF will treat this Business Plan as confidential information and to protect it as UFRF would
its own confidential information.
	 
	2.	 	By March 1, 2006, Licensee will provide to UFRF a fisting of the management team or a
schedule for the recruitment of key management positions.
	 
	3.	 	By August 1, 2010, Licensee will have a first sale of Licensed Product.
	 
	4.	 	Licensee or a sublicense must sell at least one Licensed Product every six months after the
date of first sale of a Licensed Product.

			
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FIRST AMENDMENT TO LICENSE AGREEMENT

This First Amendment to the License Agreement (A5029) dated February 2nd, 2006, is made
as of the 6th day of October, 2006, by and between the University of Florida Research Foundation,
Inc. (UFRF), a nonstock, nonprofit Florida corporation, and BioEnergy International LLC
(“Licensee”), a corporation organized and existing under the laws of Delaware.

WHEREAS, UFRF and Licensee (collectively “the Parties”) entered into a license agreement covering
certain Licensed Patents, made effective February 2nd, 2006 (“License Agreement”) ; and

WHEREAS, the Parties have agreed to amend certain terms of the License Agreement;

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth below, the Parties
hereby amend the License Agreement as follows:

	1.	 	The provisions of Section 1.1 (“Licensed Patents”) of the License Agreement is replaced in
its entirety with the following:

	 	1.1	 	“Licensed Patents” shall refer to and mean all of the following UFRF
intellectual property:

	 	1.1.1	 	the United States patent(s)/patent application(s) entitled
“Escherichia coli B Engineered for Lactic Acid Production,” filed in the United
States Patent Office on August 10th, 2005, and assigned Registration
Number/Serial Number 60/706,887 and all United States patents and foreign
patents and patent applications based on this U.S. application.
	 
	 	1.1.2	 	United States and foreign patents issued from the applications
listed in 1.1.1 above and from divisionals and continuations of these
applications, to the extent the claims are directed to subject matter
specifically described in the applications listed in 1.1.1 above and are
dominated by the claims of those patent applications and patents issuing
thereon or reissues thereof, and any and all foreign patents and patent
applications corresponding thereto, all to the extent owned or controlled by
the University of Florida.’
	 
	 	1.1.3	 	the United States patent(s)/patent application(s) entitled
“Materials and Methods for Improved Microbial Production of Organic Compounds,”
filed in the United States Patent Office on November 8th, 2005, and assigned
Registration Number/Serial Number 60/734,443 and all United States patents and
foreign patents and patent applications based on this U.S. application.
	 
	 	1.1.4	 	United States and foreign patents issued from the applications
listed in 1.1.3 above and from divisionals and continuations of these
applications, to the extent the claims are directed to subject matter
specifically

			
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	 	 	 	described in the applications listed in 1.1.1 above and are dominated by the
claims of those patent applications and patents issuing thereon or reissues
thereof, and any and all foreign patents and patent applications
corresponding thereto, all to the extent owned or controlled by the
University of Florida.

	2.	 	UFRF acknowledges that it has received from the Licensee $[...***...] in accordance to the
original Section 7.2 of the License Agreement dated February 2, 2006. The provision of
Section 7.2 of the License Agreement is now replaced in its entirety with the following:

	 	7.2	 	Licensee shall pay to UFRF the sum of $[...***...], within 30 days of the
Effective Date of this First Amendment of the License Agreement, which sum represents
costs of preparation, filing, prosecution, issuance, and maintenance of the Licensed
Patents incurred prior to the Effective Date.

	3.	 	All other provisions of the License Agreement shall remain in full force and effect and
unmodified by this Amendment.
	 
	4.	 	This amendment shall be executed in duplicate and shall be referred to as the First
Amendment.
	 
	5.	 	Governing Law: This First Amendment of the License Agreement shall be governed by and
construed in accordance with the laws of the State of Florida.

			
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IN WITNESS WHEREOF, the Parties hereto have duly executed this First Amendment to the License
Agreement on the dates indicated below.

	 	 	 	 	 
	 	UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

 	 
	 	By:  	/s/ David L. Day                                 	Date: October 10, 2006 
	 	 	David L. Day 	 
	 	 	Director, Office of Technology Licensing 	 
	 
	 	BIOENERGY INTERNATIONAL, LLC

 	 
	 	By:  	/s/ Stephen J. Gatto                             	Date: October 6, 2006 
	 	 	Stephen J. Gatto 	 
	 	 	Chief Executive Officer 	 

			
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SECOND AMENDMENT TO

LICENSE AGREEMENT NO. A5029

WHEREAS, the University of Florida Research Foundation, Inc., a not-for-profit corporation duly
organized and existing under the laws of the State of Florida and having its principal office at
223 Grinter Hall, Gainesville, Florida 32611 U.S.A. (hereinafter referred to as “UFRF”, and
BioEnergy International, LLC, a corporation duly organized under the laws of the State of Delaware,
and having its principal office at 2 Batterymarch Park, Suite 301, Quincy, MA 02169-4801
(hereinafter referred to as “Licensee”) entered into a license agreement effective February 2, 2006
(hereinafter “License Agreement”);

WHEREAS, the parties entered into a First Amendment to License Agreement effective October 6, 2006;

WHEREAS, the parties now wish to further amend the License Agreement;

NOW THEREFORE, in consideration of the premises and mutual covenants contained herein the parties
hereby amend the License Agreement as follows;

	 	1.	 	The provisions of Section 1.1 (“Licensed Patents”) of the License Agreement is
replaced in its entirety with the following effective June 3, 2008:

	 	1.1	 	“Licensed Patents” shall refer to and mean all of the following
UFRF intellectual property:

	 	1.1.1	 	the United States patent(s)/patent
application(s) entitled “Escherichia coli B Engineered for Lactic Acid
Production” U.S. Provisional Patent Application No. 60/706,887 filed in
the United States Patent Office on August 10, 2005, and all United
States patents and foreign patents and patent applications based on
this U.S. application.
	 
	 	1.1.2	 	United States and foreign patents issued from
applications listed in 1.1.1 above and from divisionals and
continuations of these applications, to the extent the claims are
directed to subject matter specifically described in the applications
listed in 1.1.1 above and are dominated by the claims of those patent
applications and patents issuing thereon or reissues thereof, and any
and all foreign patents and patent applications corresponding thereto,
all to the extent owned or controlled by the University of Florida.

	 	2.	 	All other provisions of the License Agreement shall remain in full force and
effect and unmodified by this Amendment.

			
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	 	3.	 	This Amendment shall be executed in duplicate and shall be referred to as the Second
Amendment.

	 	 	 	 	 	 	 

	UNIVERSITY OF FLORIDA	 	BIOENERGY INTERNATIONAL, LLC
	RESEARCH FOUNDATION, INC.	 	 	 	 
	 
	By: 	 /s/ David L. Day	 	By: 	/s/
Stephen J. Gatto
	 	Name: 	 David L. Day	 	 	Name: 	 Stephen J. Gatto
	 	Title:	 Director, OTL	 	 	Title:	 President
	 
	Date: October 8, 2008	 	Date: September 22, 2008

			
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THIRD AMENDMENT TO LICENSE

AGREEMENT NO. A5029

     This Agreement, effective June 8th, 2009, is between the University of Florida Research
Foundation, Inc., a not profit corporation duly organized and existing under the laws of the State
of Florida and having its principal office at 223 Grinter Hall, Gainesville, Florida 32611 U.S.A.
(hereinafter referred to as “UFRFI”), and BioEnergy International LLC, a company duly organized
under the laws of the State of Delaware, and having its principal office at 2 Batterymarch Park,
Suite 301, Quincy, MA 02169 (hereinafter referred to as “Licensee”).

     WHEREAS, UFRFI and Licensee entered into a license agreement effective February 2, 2006
(hereinafter “License Agreement”);

     WHEREAS, the parties amended the License Agreement by a First Amendment on October 6, 2006;

     WHEREAS, the parties amended the License Agreement by a Second Amendment on June 3, 2008;

     WHEREAS, Licensee has licensed from Gene Bridges GmbH certain technology to help promote the
development and sales of Licensed Products or Licensed Processes;

     WHEREAS, UFRFI has agreed to credit a portion of the payments Licensee makes to Gene Bridges
for that license against payments that are due under the License Agreement;

     WHEREAS, UFRFI has agreed to include further relief to Licensee from payments that may become
due under the License Agreement; and

     WHEREAS, the parties now wish to amend the License Agreement as follows:

     THEREFORE, in consideration of the premises and mutual covenants contained herein the parties
hereto agree as follows;

	 	1.	 	The following Section 4.5 shall be added to the License Agreement as follows:

	 	4.5	 	Deductions for Gene Bridges License - If Licensee requires the
licensing of the Licensed Technology described in the Non-Exclusive Sub-License
Agreement for Using and Making Metabolic Engineering Applications and Research
Products by Red/ET Recombination between Licensee and Gene Bridges GmbH, dated
October 6, 2008, in order to make and sell or have its sublicensees make and
sell Licensed Products or Licensed Processes in any year of this Agreement,
UFRF agrees to a reduction in payments owed to UFRF of [...***...] of the fees
actually paid by Licensee to Gene Bridges GmbH in that year. However, in no
case may royalties paid pursuant to Subsection 4.2.1 ever be less than
[...***...] of Net Sales, and in no case may sublicense income payments paid
pursuant to Subsection 2.2.2 be less than [...***...].

			
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	 	2.	 	The following new Subsection 4.4.2 shall be added to the License Agreement as
follows:

	 	4.2.2	 	Royalty Stacking — If Licensee requires the
in-licensing of additional technology from a third party to make and
sell Licensed Products or Licensed Processes in any year of this
Agreement, UFRF agrees to a reduction in royalty payments (as specified
in Subsection 4.2.1) by the amount of royalties actually paid by
Licensee to third parties in that year under the following conditions:

	 	(a)	 	UFRF shall be notified in writing
30 days in advance of any required in-licensing Agreement and
Licensee shall provide a copy of such in-license Agreement.
	 
	 	(b)	 	Licensee actually pays royalties
to a third party licensor before the actual reduction in
royalties paid to UFRF is applied.
	 
	 	(c)	 	The royalty reduction will only
apply to third party technology that is in-licensed and
integrated into a Licensed Product or Licensed Process that is
sold to a customer. The Royalties on Licensed Products or
Licensed Processes that do not require the third party
technology shall not be reduced.
	 
	 	(d)	 	Notwithstanding the royalty
reductions allowed by this Subsection 4.2.2, the royalty paid to
UFRFI on Licensed Products and Licensed Processes will never be
less than [...***...] of Net Sales, even if the actual amount of
royalties paid to the third party would mathematically reduce
the royalty below [...***...].
	 
	 	(e)	 	Royalty reductions apply on a
year-to-year basis and do not carry over from one year to the
next.

	 	3.	 	The following language shall be added to end of Subsection 2.2.2 of the License
Agreement as follows:
	 
	 	 	 	If Licensee requires the in-licensing of additional technology from a third party to
allow its sublicensees to make and sell Licensed Products or Licensed Processes in
any year of this Agreement, UFRF agrees to a reduction in the sublicense income
payments owed to UFRF (as specified in this Section 2.2.2) by the amount paid to the
third party in that year of the Agreement under the following conditions:

	 	(a)	 	UFRF shall be notified in writing
30 days in advance of any required in-licensing Agreement and
Licensee shall

			
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	 	 	 	provide a copy of such in-license Agreement required by
Sublicensee.
	 
	 	(b)	 	Licensee actually makes the
payments to a third party licensor before the actual reduction
in payments made to UFRF is applied.
	 
	 	(c)	 	The payment reduction will only
apply to third party technology that is in-licensed and
integrated into a Licensed Product or Licensed Process.
Sublicense income payments that do not correspond to third party
technology that is required in order to make and sell Licensed
Products and Licensed Processes shall not apply to payment
reduction under this Subsection 2.2.2.
	 
	 	(d)	 	Notwithstanding the royalty
reductions allowed by this Subsection 2.2.2, the sublicense
income payments made to UFRFI will never be less than
[...***...], even if the actual amount of sublicense income
payments made to the third party would mathematically reduce the
sublicense income payments below [...***...]%.
	 
	 	(e)	 	Sublicense income payment
reductions apply on a year-to-year basis and do not carry over
from one year to the next.

	 	4.	 	All other provisions of the License Agreement shall remain in full force and
effect and unmodified by this Amendment.
	 
	 	5.	 	This amendment shall be executed in duplicate and shall be referred to as the
Third Amendment.

	 	 	 	 	 	 	 

	 
	UNIVERSITY OF FLORIDA
RESEARCH FOUNDATION, INC.	 	BIOENERGY INTERNATIONAL, LLC
	 
	By: 	 /s/ David L. Day	 	By: 	 /s/ Stephen J. Gatto
	 	Name: 	 David L. Day	 	 	Name: 	  Stephen J. Gatto
	 	Title:	 Director of Technology Licensing	 	 	Title:	    President
	 
	Date: June 11, 2009	 	Date:    June 8, 2009

			
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FOURTH AMENDMENT TO

LICENSE AGREEMENT No. A5029

     This Agreement, effective April 26, 2010, is between the University of Florida Research
Foundation, Inc., a not-for-profit corporation duly organized and existing under the laws of the
State of Florida and having its principal office at 223 Grinter Hall, Gainesville, Florida 32611
U.S.A. (hereinafter referred to as “UFRF), and Myriant Technologies LLC, a company duly recognized
under the laws of the State of Delaware, and having its principle office at 2 Batterymarch Park,
Suite 301, Quincy, MA 02169 (hereinafter referred to as “Assignee”).

     WHEREAS, UFRF and BioEnergy International LLC, a company duly organized under the laws of the
State of Delaware, and having its principle office at 2 Batterymarch Park, Suite 301, Quincy, MA
02169 (hereinafter referred to as Licensee) entered into a license agreement No. A5029 effective
February 2, 2006, (hereinafter “License Agreement”);

     WHEREAS, UFRF and Licensee amended the License Agreement by a First Amendment on October
6, 2006;

     WHEREAS, UFRF and Licensee amended the License Agreement by a Second Amendment on June 3,
2008;

     WHEREAS, UFRF and Licensee amended the License Agreement by a Third Amendment on June 8, 2009;

     WHEREAS, UFRF and Licensee consented to the assignment of the License Agreement from Licensee
to Assignee on July 10, 2009;

     WHEREAS, UFRF and Assignee (collectively “the Parties”) now wish to amend certain terms of the
License Agreement;

     NOW THEREFORE, in consideration of the mutual covenants and agreement set forth below,
the parties hereby amend the License Agreement as follows:

	 	1.	 	The provision of Section 1.9 of the License Agreement is replaced in its
entirety with the following:
	 
	 	 	 	“Licensed Field” shall be limited to the field of specialty chemicals. The
specialty chemicals as defined in this License Agreement include a number organic
acids including lactic acid and exclude ethanol.
	 
	 	2.	 	The provisions of Section 2.1.1 (“License Under Licensed Patents”) of the
License Agreement is replaced in its entirety with the following:

	 	2.1.1	 	License Under Licensed Patents
	 
	 	 	 	UFRF hereby grants to Licensee an exclusive license, limited to the
Licensed Field and the Licensed Territory, under the Licensed Patents to
make, have made, use and sell Licensed Products and/or

			
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	 	 	 	Licensed Processes. This grant of exclusive license shall allow the
making, using and selling of Licensed Products and/or Licensed processes by
tolling facilities owned and operated by third parties under and a written
agreement with the Licensee or sublicensee. UFRF reserves to itself and the
University of Florida the right to make and use Licensed product and/or
Licensed Processes solely for their internal research, clinical and
educational purposes. In addition, UFRF reserves itself, as well as to the
University of Florida and to all non-profit research institutions, the right
to use materials that might be covered under Licensed Patents solely for
their internal research, educational, and clinical purposes and to meet all
applicable governmental requirements governing the ability to transfer
materials.

	 	3.	 	The provisions of Section 8.3 (“Licensed Patents”) of the License Agreement is
replaced in its entirety with the following:

	 	8.3	 	UFRF shall diligently strive to make a decision on whether UFRF
will bring an infringement action against the alleged infringer within thirty
(30) days of being notified of any alleged infringement. If within seventy
five (75) after having been notified of any alleged infringement, UFRF shall
have been unsuccessful in persuading the alleged infringer to desist and shall
not have brought an infringement action against the alleged infringer, or if
UFRF shall notify Licensee at any time prior thereto of its intention not to
bring suit against the alleged infringer, then, and in those events only,
Licensee shall have the right, but shall not be obligated, to prosecute at its
own expense any infringement of the Licensed Patents, and Licensee may, for
such purposes, use the name of UFRF as party plaintiff. No settlement, consent
judgment or other voluntary final disposition of the suit may be entered into
without the consent of UFRF, which consent shall not be unreasonably withheld.
Licensee shall indemnify UFRF against any order for costs that may be made
against UFRF in such proceedings.

	 	4.	 	The provisions of Section 8.4 of the License Agreement is replaced in its
entirety with the following:

	 	8.4	 	In the event that Licensee shall undertake the enforcement by
litigation and/or defense of the Licensed Patents by litigation, any recovery
of damages by Licensee for any such suit shall be applied first in satisfaction
of any reimbursed expenses and legal fees of Licensee relating to the suit, and
next toward reimbursement of UFRF for any legal fees, and unreimbursed
expenses. The balance remaining from any such recovery shall be divided in the
ratio of [...***...]% to Licensee and [...***...]% to UFRF. In the event that
UFRF shall undertake the enforcement by litigation and/or defense of the
Licensed Patents by litigation, any recovery of damages by UFRF for any such
suit shall be applied first in

			
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	 	 	 	satisfaction of any reimbursed expenses and legal fees of UFRF relating
to the suit, and next toward reimbursement of Licensee for any legal fees,
and unreimbursed expenses. The balance remaining from any such recovery
shall be divided in the ratio of [...***...]% to UFRF and [...***...]% to
Licensee.

	 	5.	 	The provisions of Section 10 (“Assignability”) of the License Agreement is
replaced in its entirety with the following:

	 	 	 	This Agreement may not be transferred or assigned by Licensee except with
the prior written consent of UFRF and UFRF will not unreasonably withhold
its consent to such a transfer or assignment.

	 	6.	 	All other provisions of the License Agreement shall remain in full force and
effect and unmodified by this amendment.
	 
	 	7.	 	The amendment shall be executed in duplicate and shall be referred to as the
Fourth Amendment No. A5029.
	 
	 	8.	 	Governing Law: The Fourth Amendment of the License Agreement shall be governed
by and construed in accordance with the laws of the State of Florida.

IN WITNESS WHEREOF, the PARTIES hereto have duly executed this First Amendment to the License
Agreement on the dates indicated below.

	 	 	 	 	 
	 	UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

 	 
	 	By:  	/s/ David L. Day                                 	Date: April 29, 2010 
	 	 	David L. Day 	 
	 	 	Director, Office of Technology Licensing 	 
	 
	 	Myriant Technologies LLC

 	 
	 	By:  	/s/ Stephen J. Gatto                             	Date: April 26, 2010 
	 	 	Stephen J. Gatto 	 
	 	 	Chief Executive Officer 	 
	 

			
	***	 	Confidential Treatment Requestedexv10w25

Exhibit 10.25

*** Text Omitted and Filed Separately

Confidential Treatment Requested

Under 17 C.F.R. §§ 200.80(b)(4)

and 203.406

Agreement No. A6126

STANDARD EXCLUSIVE LICENSE AGREEMENT

WITH SUBLICENSING TERMS

Appendix A — Development Plan

Appendix B — Development Report

Appendix C — UFRF Royalty Report

Appendix D — Milestones

     This Agreement is made effective the 30 day of November, 2007, (the “Effective Date”) by and
between the University of Florida Research Foundation, Inc. (hereinafter called “UFRF”), a
nonstock, nonprofit Florida corporation, and BioEnergy International LLC having an address at 99
Longwater Circle, Norwell, MA 02061 (hereinafter called “Licensee”), a corporation organized and
existing under the laws of Delaware;

     WHEREAS, UFRF owns certain inventions that are described in the “Licensed Patents” defined
below, and UFRF is willing to grant a license to Licensee under any one or all of the Licensed
Patents and Licensee desires a license under all of them;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, the
parties covenant and agree as follows:

Section 1 Definitions

	 	1.1	 	“Licensed Patents” shall refer to and mean all of the following
UFRF intellectual property:

	 	1.1.1	 	the United States patent(s)/patent
application(s) entitled “Succinate and Malate Production by Engineered
E. coli” filed in the United States Patent Office on March 2007, and
assigned Registration Number/Serial Number 60/895,806 and all United
States patents and foreign patents and foreign patent applications
based on this U.S. application.
	 
	 	1.1.2	 	United States and Foreign patents issued from
the applications listed in 1.1.1 above and from divisionals and
continuations of
	 
	 	 	 	these applications, to the extent the claims are directed to subject
matter specifically described in the applications listed in 1.1.1
above and are dominated by the claims of those patent applications
and patents issuing thereon or reissues thereof and any and all
foreign patents and patent applications corresponding thereto, all to
the extent owned or controlled by the University of Florida.

 

			
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	1.2	 	“Licensed Product” and “Licensed Process” shall mean;

	 	1.2.1	 	In the case of a Licensed Product, any product
or part thereof developed by or on behalf of Licensee that:

	 	(a)	 	is covered in whole or in part by
an issued, unexpired claim or a pending claim contained in the
Licensed Patents, in any country in which any product is made,
used or sold; or
	 
	 	(b)	 	is manufactured by using a
process which is covered in whole or in part by an issued,
unexpired claim or a pending claim contained in the Licensed
Patents, in any country in which any such process is used or in
which any such product is used or sold

	 	1.2.2	 	In the case of a Licensed Process:

	 	(a)	 	any process which is covered in
whole or in part by an issued, unexpired claim or a pending
claim contained in the Licensed Patents in any country in which
such process is practiced.

	 	1.3	 	“Net Sales” shall mean the amount invoiced on sales of Licensed
Product and/or Licensed Processes after deducting, if not already deducted in
the amount invoiced:

	 	•	 	Trade and/or quantity discounts
	 
	 	•	 	Credits on returns and allowances
	 
	 	•	 	Outbound transportation costs paid

	 	 	 	The “Net Sales” for a Licensed Product or Licensed Process that is
transferred to a third party for promotional purposes without charge or at a
discount shall be the average invoiced price to the customer of that type of
Licensed Product and/or Licensed Process during the applicable calendar
quarter.
	 
	 	1.4	 	The term “Affiliate” shall mean (a) any person or entity which
controls at least fifty percent (50%) of the equity of voting stock of the
Licensee or (b) an person or entity fifty percent (50%) of whose equity or
voting stock is owned or controlled by the Licensee or (c) any person or entity
of which at least fifty percent (50%) of the equity or voting stock is owned or controlled by the same person or entity owning or controlling at least fifty
percent (50%) of Licensee or (d) any entity in which any officer, employee,
or director is also an officer, employee, or director of Licensee or any
person who is an officer, employee or director of Licensee.

 

			
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	 	1.5	 	The term “Sublicensee” shall mean any third party to whom
Licensee confers the right to make, use or sell Licensed Product and/or
Licensed Processes,
	 
	 	1.6	 	“Development Plan” shall mean a written report summarizing the
development activities that are to be undertaken by the Licensee to bring
Licensed Products and/or Licensed Processes to the market. The Development
Plan is attached as Appendix A.
	 
	 	1.7	 	“Development Report” shall mean a written account of Licensee’s
progress under the Appendix B
	 
	 	1.8	 	“Licensed Field” shall be limited to the field of succinic and
malic acids and salts and esters thereof.
	 
	 	1.9	 	“Licensed Territory” shall be worldwide

Section 2 Grant

	 	2.1	 	License.

	 	2.1.1	 	License Under Licensed Patents
	 
	 	 	 	UFRF hereby grants to Licensee an exclusive license, limited to the
Licensed Field and the Licensed Territory, under the Licensed Patents
to make, use and sell Licensed Products and/or Licensed Processes.
UFRF reserves to itself and the University of Florida the right to
make and use licensed Products and/or Licensed Processes solely for
their internal research, clinical, and educational purposes. In
addition, UFRF reserves to itself, as well as to the University of
Florida and to all non-profit research institutions, the right to use
materials that might be covered under Licensed Patents solely for
their internal research, educational, and clinical purposes and to
meet all applicable governmental requirements governing the ability
to transfer materials.

	 	2.2	 	Sublicense.

	 	2.2.1	 	Licensee may grant written, Sublicenses to
third parties subject to UFRF prior review and consent which review and
consent shall not be unreasonably withheld. Any agreement granting a
Sublicense shall state that the Sublicense is subject to the
termination provisions as defined in Section 9.8 of this Agreement.
Licensee shall have the same responsibility for the activities of any
Sublicensee or Affiliate as if the activities were directly those of
Licensee.

 

			
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	 	2.2.2	 	In respect to “Sublicenses granted by Licensee
under 2.2.1, Licensee shall pay to UFRF an amount equal to [...***...]
of all royalties received by Licensee for Licensed Products sold by
such Sublicensee. In addition, if Licensee receives any fees, minimum
royalties, or other payments in consideration for any rights granted
under a Sublicense, and such payments are not based directly upon the
amount or value of Licensed Products sold by the Sublicensee, then
Licensee shall pay UFRF [...***...] of all of such payments in the
manner specified in Section 4.4. Licensee shall not receive from
Sublicensees anything of value in lieu of cash payments in
consideration for any Sublicense under this Agreement without the
express prior written permission of UFRF.
	 
	 	2.2.3	 	“Permitted Deductions” means funds received as
consideration for equity purchases of LICENSEE’S securities by a
sublicense (provided that fair and commercially reasonable sublicense
fees are collected in conjunction with such transaction) and any other
payments received by LICENSEE from any sublicense for purposes of
paying or reimbursing LICENSEE for any future research requested by the
sublicense, for development, testing, or engineering services actually
undertaken by or for LICENSEE related to any Licensed Product or
Licensed Process. For greater clarity, reimbursement by the sublicense
of future research expenses incurred by or for Licensee after the
Effective Date of this Agreement for research which has not been
requested by sublicense and has been conducted by Licensee as Licensee
diligent pursuit of the Licensed Patents shall not be considered a
Permitted Deduction.
	 
	 	2.2.4	 	Licensee shall provide UFRF with an unredacted
copy of each sublicense agreement and any agreement which transfers
intellectual property rights granted hereunder, within thirty (30) days
prior to the execution of the sublicense agreement.
	 
	 	2.2.5	 	If Licensee is unable or unwilling to serve or
develop a potential market or market territory for which there is a
company willing to be a sublicensee Licensee will, at UFRF’s request,
negotiate in good faith a sublicense with any such sublicensee.

Section 3 Due Diligence

	 	3.1	 	Development.

	 	3.1.1	 	Licensee agrees to and warrants that:

 

			
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	 	(a)	 	it has, or will obtain the
expertise necessary to independently evaluate the inventions of
the Licensed Patents;
	 
	 	(b)	 	it will establish and actively
and diligently pursue the Development Plan (see Appendix A) to
the end that the inventions of the Licensed Patents will be
utilized to provide Licensed Products and/or Licensed Processes
for sale in the retail market within the Licensed Field;
	 
	 	(c)	 	it will diligently develop
markets for Licensed Products and Licensed Processes;
	 
	 	(d)	 	and until the date of first
commercial sale of Licensed Products or Licensed Products or
Licensed Processes, it will supply UFRF with a written
Development Report annually fifteen (15) days after the end of
the calendar year (see Appendix B)
	 
	 	 	 	UFRF’s review of Licensee’s Development Plan is solely to
verify the existence of Licensee’s commitment to development
activity and to ensure compliance with Licensee’s obligations
to commercialize the inventions of the Licensed Patents as
set forth above.

	 	3.1.2	 	Licensee agrees that (three years after the
Effective Date of this Agreement the Licensee would have achieved one
of the following milestones: a) Completion of at least one sublicense
for rights under the Licensed Patents or Licensed Process or b)
Production of 10 Kilogram sample quantities of the License Products by
the Licensee. If neither of these milestones is met by the License,
then the License shall pay UFRF $[...***...] for a one-time,
non-refundable, 2-year extension to meet either milestone. Failure to
meet either milestone after the 2-year extension is a material breach
of this Agreement and grounds for termination pursuant to Section 9.3
hereto.
	 
	 	3.1.3	 	Licensee agrees that the first commercial sale
of one or more products to the customer shall occur on or before August
1, 2011 or UFRF shall have the right to terminate the Agreement
pursuant to Section 9.4 hereto. In addition, Licensee will meet the
milestones shown in Appendix D or UFRF shall have the right to
terminate the Agreement pursuant to Section 9.4. Licensee will notify
UFRF in writing as each milestone is met.
	 
	 	3.1.4	 	Upon written request by Licensee to negotiate
extensions of any Milestones Due Dates set forth in Appendix D, such
request to be

 

			
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received by UFRF no less than ninety (90) days prior to any of the Due
Dates subject of such request, set forth in this Section 3.1.4, such
request fully describing Licensees Commercially Reasonable Efforts to
achieve the Milestone required to be met by such Due Date. UFRF shall
consider in good faith such requests. Upon granting such requests.
UFRF and Licensee shall negotiate such extensions in good faith.

Section 4 Payments

	 	4.1	 	License Issue Fee.
	 
	 	 	 	Licensee agrees to pay to UTRF a License Issue Fee of [...***...] within
thirty (30) days of the Effective Date.
	 
	 	4.2	 	Royalty.

	 	4.2.1	 	Royalty on Licensed Patents. In
addition to the Section 4.1 License Issue Fee. Licensee agrees to pay
to UFRF as earned royalties a royalty calculated as a percentage of Net
Sales or Licensed Products which, if not for this Agreement, would
infringe Licensed Patents, in accordance with the terms and conditions
or this Agreement. The royalty is deemed earned as of the earlier of
the date the Licensed Product and/or Licensed Process is actually sold
and paid for, the date an invoice is sent by Licensee or its
Sublicensee(s), or the dale a Licensed Product and/or licensed Process
is transferred to a third party for any promotional reasons. If the
License Product and/or Licensed Process is sold by the Licensee the
royalty shall remain fixed while this Agreement is in effect at a rate
of [...***...] of Net Sales. If the License Product and/or Licensed
Process is sold by the Sublicensee the royalty shall be paid to UFRF as
specified in Section 2.2.2.

	 	4.3	 	Other Payments.

	 	4.3.1	 	Licensee agrees to pay UFRF Minimum Royalty
payments, as follows:

	 	 	 	 	 

	 

	 	Payment
	 	Year
	 

	 	$[...***...]
	 	2011 and every year thereafter on the same date, for
the life of this Agreement

	 	 	 	The Minimum Royalty shall be paid in arrears on a quarterly basis for
each year in which this Agreement is in effect. The first Minimum
Royalty payment shall be due on April 1, 2011, and payable by April
30, 2011 and shall be in the amount of $[...***...]. The Minimum
Royalty for a given year shall be paid in quarterly installments by
April 30, July 31, October 31, January

 

			
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	 	 	 	31 for each of the previous quarter, respectively. Any Minimum
Royalty paid in a calendar year will be credited against the earned
royalties for that calendar year. It is understood that the Minimum
Royalties will be applied to earned royalties on a calendar year
basis, and that sales of Licensed Products and/or Licensed Processes
requiring the payment of earned royalties made during a prior or
subsequent calendar year shall have no effect on the annual Minimum
Royalty due UFRF for other than the same calendar year in which the
royalties were earned.
	 
	 	4.3.2	 	In addition to all other payments required
under this Agreement, Licensee agrees to pay UFRF Milestone payments,
as follows per each Licensed Product:
	 
	 	 	 	For Succinic Acid Applications:

	 	 	 	 	 
	Event	 	Payment	 	Date
	Successful genetic engineering or
process development to remove genes
to reduce by products to less than
10 milli-moles per mole of product
Succinic acid

	 	N/A
	 	December 31, 2009
	 
	 	 	 	 
	Pilot scale production of the
Licensed Product (production of an
aggregate 1,000 Kilos of polymer
grade Succinic Acid)

	 	$[...***...]
	 	June 30, 2010
	 
	 	 	 	 
	The Core US licensed patent

	 	$[...***...]
	 	December 31, 2009
	 
	 	 	 	 
	Customers commit to purchase an
aggregate 500 metric tons of polymer
grade Succinic acid

	 	$[...***...]
	 	December 31st, 2011
	 
	 	 	 	 

     For Malic Acid Applications:

	 	 	 	 	 
	Event   	 	Payment	 	Date
	Completion of market assessment and
submission of written commercial plan
to UFRF, resulting in Licensee’s
decision to proceed with commercial
development

	 	N/A
	 	January 31st, 2009
	 
	 	 	 	 
	Pilot scale production of

	 	$[...***...]
	 	June 30, 2011

 

			
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	Event   	 	Payment	 	Date
	the Licensed Product (production of an
aggregate 1,000 Kilos of Malic Acid)
	 	 	 	 
	 
	 	 	 	 
	Customers’ commitment to purchase an
aggregate 500 metric tons of polymer
grade Malic Acid

	 	$[...***...]
	 	June 30, 2012

	 	 	 	Upon completion of favorable market assessment on January 31st,
2009, Licensee shall provide UFRF additional commercial milestones
with associated payments and dates.

	 	4.4	 	Accounting for Payments.

	 	4.4.1	 	Amounts owing to UFRF under Sections 2.2 and
4.2 shall be paid on a quarterly basis after the amount of Minimum
Royalties paid is exceeded, with such amounts due and received by UFRF
on or before the thirtieth day following the end of the calendar
quarter ending on March 31, June 30, September 30 or December 31 in
which such amounts were earned. All amounts owing to UFRF pursuant to
this agreement which remain unpaid more than thirty (30) days after
they are due to UFRF shall accrue interest until paid at the rate of
the lesser of (a) [...***...] per month or (b) the maximum amount
allowed under applicable law. However, in no event shall this interest
provision be construed as a grant of permission for any payment delays.
Licensee shall also be responsible for repayment to UFRF of any
attorney, collection agency, or other out-of-pocket UFRF expenses
required to collect overdue payments due from this Section 4.4.1.
Section 7.2 or any other applicable section of this Agreement.
	 
	 	4.4.2	 	Except as otherwise directed, all amounts
owing to UFRF under this Agreement shall be paid in U.S. dollars to
UFRF at the Following address:
	 
	 	 	 	University of Florida Research Foundation, Inc.

223 Grinter Hall

PO Box 115500

Gainesville, Florida 32611-5500

Attention: Business Manager
	 
	 	 	 	All royalties owing with respect to Net Sales slated in currencies
other than U.S. dollars shall be converted at the rate shown in the
Federal Reserve Noon Valuation — Value of Foreign Currencies on the
day preceding the payment.

 

			
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	 	4.4.3	 	A certified full accounting statement showing
how any amounts payable to UFRF under Section 4.2 have been calculated
shall be submitted to UFRF on the date of each such payment. In
addition to being certified, such accounting statements shall contain a
written representation signed by an executive officer or Licensee that
states that the statements are true, accurate, and fairly represent all
amounts payable to UFRF pursuant to this Agreement. Such accounting
shall be on a per-country and product line, model or trade name basis
and shall be summarized on the form shown in Appendix C of this
Agreement. In the event no payment is owed to UFRF because the amount
of Minimum Royalties paid has not been exceeded or otherwise, an
accounting demonstrating that fact shall be supplied to UFRF.
	 
	 	4.4.4	 	UFRF is exempt from paying income taxes under
U.S. law. Therefore, all payments due under this Agreement shall he
made without deduction for taxes, assessments or other charges of any
kind which may he imposed on UFRF by any government outside of the
United States or any political subdivision of such government with
respect to any amounts payable to UFRF pursuant to this Agreement. All
such taxes, assessments, or other charges shall be assumed by Licensee.

Section 5 Certain Warranties and Disclaimers of UFRF

	 	5.1	 	UFRF warrants that, except as otherwise provided under Section
17.1 of this Agreement with respect to U.S. Government interests, it is the
owner of the Licensed Patents or otherwise has the right to grant the licenses
granted to Licensee in this Agreement. However, nothing in this Agreement
shall be construed as:

	 	5.1.1	 	a warranty or representation by UFRF as to the
validity or scope of any right included in the Licensed Patents:
	 
	 	5.1.2	 	a warranty or representation that anything
made, used, sold or otherwise disposed of under the license granted in
this Agreement will or will not infringe patents of third parties;
	 
	 	5.1.3	 	an obligation to bring or prosecute actions or
suits against third parties for infringement of Licensed Patents;
	 
	 	5.1.4	 	an obligation to furnish any know-how not
provided in Licensed Patents or any services other than those specified
in this Agreement; or
	 
	 	5.1.5	 	a warranty or representation by UFRF that it
will not grant licenses to others to make, use or sell products not
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	 	 	 	the Licensed Patents which may be similar and/or compete with
products made or sold by Licensee.

	 	5.2	 	EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, UFRF
MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS
OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, AND VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR
PENDING. UFRF ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT TO USE,
SALE, OR OTHER DISPOSITION BY LICENSEE, ITS SUBLICENSEE(S), OR THEIR VENDEES OR
OTHER TRANSFEREES OF PRODUCT INCORPORATING OR MADE BY USE OF INVENTIONS
LICENSED UNDER THIS AGREEMENT.

Section 6 Record Keeping

	 	6.1	 	Licensee and its Sublicensee(s) shall keep books and records
sufficient to verify the accuracy and completeness of Licensee’s and its
Sublicensee(s)’s accounting referred to above, including without limitation,
inventory, purchase and invoice records, manufacturing records, sales analysis,
general ledgers, financial statements, and tax returns relating to the Licensed
Products and/or Licensed Processes. Such books and records shall be preserved
for a period not less than six years after they are created, both during and
after the term of this Agreement.
	 
	 	6.2	 	Licensee and its Sublicensee(s) shall take all steps necessary
so that UFRF may, within thirty (30) days of its written request, audit, review
and/or copy all of the books and records at a single U.S. location to verify
the accuracy of Licensee’s and its Sublicensee(s)’s accounting. Such review
may be performed by any authorized employees of UFRF as well as by any
attorneys and/or accountants designated by UFRF, upon reasonable notice and
during, regular business hours. If a deficiency with regard to any payment
hereunder is determined, Licensee and its Sublicensee(s) shall pay the
deficiency within thirty (30) days of receiving notice thereof along with
applicable interest as described in Section 4A.1. If a royalty payment
deficiency for a calendar year exceeds three percent (3%) of the royalties paid
for that year, then Licensee and its Sublicensee(s) shall be responsible for
paying UFRF’s out-or-pocket expenses incurred with respect to such review.
	 
	 	6.3	 	At any time during the term of this agreement, UFRF may request
in writing that Licensee verify the calculation of any past payments owed to
UFRF through the means of a self-audit. Within ninety (90) days
of the request, Licensee shall complete a self-audit of its books and records to
verify the accuracy and completeness of the payments owed.  Within thirty 

 

			
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(31) days of the completion of the self-audit, Licensee
shall submit to UFRF a report detailing the findings of the self-audit and the
manner in which it was conducted in order to verify the accuracy and
completeness of the payments owed. If Licensee has determined through its
self-audit that there is any payment deficiency. Licensee shall pay UFRF the
deficiency along with applicable interest under Section 4.4.1 with the
submission of the self-audit report to UFRF.

Section 7 Patent Prosecution

	 	7.1	 	UFRF shall diligently prosecute and maintain the Licensed
Patents using counsel of its choice. UFRF shall provide Licensee with copies
of all patent applications amendments, and other filings with the United States
Patent and Trademark Office and foreign patent offices. UFRF will also provide
Licensee with copies of office actions and other communications received by
UFRF from the United States Patent and Trademark Office and foreign patent
offices relating to Licensed Patents. Licensee agrees to keep such information
confidential.
	 
	 	7.2	 	Licensee shall pay to UFRF within 30 days of the receipt of
invoice, a sum which represents costs of preparation, filing, prosecution,
issuance, and maintenance of the Licensed Patents incurred prior to the
Effective Date.
	 
	 	7.3	 	Licensee shall be responsible for and pay all past and future
costs and expenses, subsequent to and separate of those expenses cited in
section 7.2, incurred by UFRF for the preparation, filing, prosecution,
issuance, and maintenance of the Licensed Patents within thirty (30) days of
receipt of an invoice from UFRF. It shall be the responsibility of Licensee to
keep UFRF apprised of the “small entity” status of Licensee and all
Sublicensees with respect to the U.S. patent laws and with respect to the
patent laws of any other countries, if applicable, and to inform UFRF of any
changes in such status, within thirty days of any such change.

Section 8 Infringement and Invalidity

	 	8.1	 	Licensee shall inform UFRF promptly in writing of any alleged
infringement of the Licensed Patents by a third party and of any available
evidence thereof.
	 
	 	8.2	 	During the term of this Agreement, UFRF shall have the right,
but shall not be obligated, to prosecute at its own expense any such
infringements of the Licensed Patents. If UFRF prosecutes any such
infringement, Licensee agrees that UFRF may include Licensee as a co-plaintiff
in any such suit, without expense to Licensee. In the event that UFRF shall
undertake the enforcement by litigation and/or defense of the Licensed Patents
by litigation, any recovery of damages by UFRF for any such suit shall be
applied first in satisfaction of any unreimbursed expenses and

 

			
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	 	 	 	legal fees of UFRF relating to the suit. The balance remaining from any
such recovery shall be divided equally between Licensee and UFRF.

	 	8.3	 	If within six (6) months after having been notified of any
alleged infringement, UFRF shall have been unsuccessful in persuading the
alleged infringer to desist and shall not have brought and shall not be
diligently prosecuting an infringement action, or if UFRF shall notify Licensee
at any time prior thereto of its intention not to bring suit against any
alleged infringer, then, and in those events only, Licensee shall have the
right, but shall not be obligated, to prosecute at its own expense any
infringement of the Licensed Patents, and Licensee may, for such purposes, use
the name of UFRF as party plaintiff. No settlement, consent judgment or other
voluntary final disposition of the suit may be entered into without the consent
of UFRF, which consent shall not unreasonably be withheld. Licensee shall
indemnify UFRF against any order for costs that may be made against UFRF in
such proceedings.
	 
	 	8.4	 	In the event that Licensee shall undertake the enforcement by
litigation and/or defense of the licensed Patents by litigation, any recovery
of damages by Licensee for any such suit shall be applied first in satisfaction
of any unreimbursed expenses and legal fees of Licensee relating to the suit,
and next toward reimbursement of UFRF for any legal fees, and unreimbursed
expenses. The balance remaining from any such recovery shall be divided
equally between Licensee and UFRF.
	 
	 	8.5	 	In any infringement suit that either party may institute to
enforce the Licensed Patents pursuant to this Agreement, the other parry hereto
shall, at the request and expense of the party initiating such suit, cooperate
in all respects and, to the extent possible, have its employees testify when
requested and make available relevant records, papers, information, samples,
specimens, and the like.
	 
	 	8.6	 	In the event a declaratory judgment action alleging invalidity
or noninfringement of any of the Licensed Patents shall be brought against
Licensee, UFRF, at its option, shall have the right within thirty (30) days
after commencement of such action, to intervene and take over the sole defense
of the action at its own expense.
	 
	 	8.7	 	In the event Licensee contents the validity of any Licensed
Patents, Licensee shall continue to pay 50% of the royalties owed to UFRF and
make other payments pursuant to this Agreement with respect to that patent as
if such content were not underway until the patent is adjudicated invalid or
unenforceable by a court of last resort. Upon resolution of any such contest,
the Licensee’s obligation to pay royalties to UFRF shall be retroactively
restored. Any balance of royalties due to UFRF under 8.7 shall be paid to UFRF
within 30 days of the resolution of any such contest.

 

			
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Section 9 Term and Termination

	 	9.1	 	The term of this license shall begin on the Effective Date of
this Agreement and continue until the earlier of the date that no Licensed
Patent remains an enforceable patent or the payment of earned royalties under
Section 4.2 once begun, ceases for more than two (2) calendar quarters.
	 
	 	9.2	 	Licensee may terminate this Agreement at any time by giving at
least sixty (60) days written notice of such termination to UFRF. Such a
notice shall be accompanied by a statement of the reasons for termination.
	 
	 	9.3	 	UFRF may terminate this Agreement by giving Licensee at least
thirty (30) days written notice of Licensee:

	 	9.3.1	 	is delinquent on any report or payment
	 
	 	9.3.2	 	provides any false report
	 
	 	9.3.3	 	is late in paying royalties or any amounts due
to UFRF in two (2) consecutive calendar quarters
	 
	 	9.3.4	 	fails to achieve the milestones described in
Section 3.1.3 after the 2 year extension has lapsed
	 
	 	 	 	Termination under this Section 9.3 will take effect 30 days after
written notice by UFRF unless Licensee remedies the problem in that
30-day period.

	 	9.4	 	UFRF may terminate this Agreement by giving Licensee at least
ninety (90) days written notice if Licensee:

	 	9.4.1	 	is not diligently developing and
commercializing Licensed Product and Licensed Process
	 
	 	9.4.2	 	misses a milestone described in Appendix D; or
	 
	 	9.4.3	 	is a breach of any provision
	 
	 	 	 	Termination under this Section 9.4 will take effect 90 days after
written notice by UFRF unless Licensee remedies the problem in that
90-day period.

	 	9.5	 	UFRF may immediately terminate this Agreement upon the
occurrence of the second separate default by Licensee within any consecutive
three-year period for failure to pay royalties, patent or any other expenses
when due.

 

			
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	 	9.6	 	Upon the termination of this Agreement for any reason, nothing
herein shall be construed to release either party from any obligation that
matured prior to the effective date of such termination. Licensee shall remain
obligated to provide an accounting for and to pay royalties earned to the date
of termination, and any Minimum Royalties shall be prorated as of the date of
termination by the number of days elapsed in the applicable calendar year.
Licensee may, however, after the effective date of such termination, sell all
Licensed Products, and complete Licensed Products in the process of manufacture
at the time of such termination and sell the same, provided that Licensee shall
remain obligated to provide an accounting for and to pay running royalties
thereon.
	 
	 	9.7	 	Licensee shall he obligated to deliver to UFRF, within ninety
days of the date of termination of this agreement, complete and unredacted
copies of all documentation prepared for or submitted for all regulatory
approvals of Licensed Products or Licensed Processes.
	 
	 	9.8	 	Upon termination of this Agreement for any reason, any
sublicensee not then in default, as determined by UFRF, shall receive from
UFRF, a grant similar in scope as the grant set forth in the Sublicense
Agreement with the Licensee and other rights in the Sublicense Agreement
reasonably necessary to continue the business of such sublicensee except the
UFRF shall be under no obligation to grant any rights which UFRF does not have
or to perform any services for which it is unsuited. All payments required to
be made by such sublicensee shall, from the date of termination of this
Agreement, be paid to UFRF.

Section 10 Assignability

	 	 	 	This Agreement may not be transferred or assigned by Licensee except with the prior
written consent of UFRF.

Section 11 Dispute Resolution Procedures

	 	11.1	 	Mandatory Procedures.

	 	 	 	In the event either party intends to file a lawsuit against the other with
respect to any matter in connection with this Agreement, compliance with the
procedures set forth in this Section shall be a condition precedent to the
filing of such Lawsuit, other than for injunctive relief. Either party may
terminate this Agreement as provided in this Agreement without following the
procedures set forth in this section.

	 	11.1.1	 	When a party intends to invoke the procedures set forth in this
section, written notice shall be provided to the other party. Within
thirty (30) days of the date of such notice, the parties agree that
representatives designated by the parties shall meet at mutually

 

			
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	 	 	 	agreeable times and engage in good faith negotiations at a mutually
convenient location to resolve such dispute.
	 
	 	11.1.2	 	If the parties fail to meet within the time period set forth in
section 11.1.1 above or if either party subsequently determines that
negotiations between the representatives of the parties are at an
impasse, the party declaring that the negotiations are at an impasse
shall give notice to the other party stating with particularity the
issues that remain in dispute.
	 
	 	11.1.3	 	Not more than 15 days after the giving of such notice of issues, each
party shall deliver to the other party a list of the names and
addresses of at least three individuals, any one of whom would be
acceptable as a neutral advisor in the dispute (the “Neutral Advisor”)
to the party delivering the list. Any individual proposed as a Neutral
Advisor shall have experience in determining, mediating, evaluating, or
trying intellectual property and shall not be affiliated with the party
that is proposing such individual.
	 
	 	11.1.4	 	Within 10 days after delivery of such lists, the parties shall agree
on a Neutral Advisor. If they are unable to so agree within that time,
within 5 days, they shall each select one individual from the lists.
Within 5 days, the individuals so selected shall meet and appoint a
third individual from the lists to serve as the Neutral Advisor.
Within 30 days after the selection of a Neutral Advisor;

	 	(a)	 	The parties shall each provide a
written statement of the issues in dispute to the Neutral
Advisor.
	 
	 	(b)	 	The parties shall meet with the
Neutral Advisor in Gainesville, Florida on a date and time
established by the Neutral Advisor. The meeting must be
attended by persons authorized to make final decisions on behalf
of each party with respect to the dispute. At the meeting, each
party shall make a presentation with respect to its position
concerning the dispute. The Neutral Advisor will then discuss
the issues separately with each party and attempt to resolve all
issues in the dispute. At the meeting, the parties will enter
into a written settlement agreement with respect to all issues
that are resolved. Such settlement agreement shall be final and
binding with respect to such resolved issues and may not be the
subject of any lawsuit between the parties, other than a suit
for enforcement of the settlement agreement.

	 	11.1.5	 	The expenses of the neutral advisor shall be shared by the parties
equally. All other out-of-pocket costs and expenses for the

 

			
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	 	 	 	alternative dispute resolution procedure required under this Section
shall be paid by the party incurring the same.
	 
	 	11.1.6	 	Positions taken and statements made during this alternative dispute
resolution procedure shall be deemed settlement negotiations and shall
not be admissible for any purpose in its subsequent proceeding.

	 	11.2	 	Failure to Resolve Dispute.
	 
	 	 	 	If any issue is not resolved at the meeting with the Neutral Advisor, either
party may file appropriate administrative or judicial proceedings with
respect to the issue that remains in dispute. No new issues may be included
in the lawsuit without the mandatory procedures set forth in this section
having first been followed.
	 
	 	11.3	 	Survival.
	 
	 	 	 	The provisions of this Section shall survive termination of this Agreement.

Section 12 Product Liability; Conduct of Business

	 	12.1	 	Licensee and its Sublicensee(s) shall, at all times during the
term of this Agreement and thereafter, indemnify, defend and hold UFRF, the
Florida Board of Governors, the University of Florida Board of Trustees, the
University of Florida, and each of their directors, officers, employees, and
agents, and the inventors of the Licensed Patents, regardless of whether such
inventors are employed by the University of Florida at the time of the claim,
harmless against all claims and expenses, including legal expenses and
reasonable attorneys fees, whether arising from a third party claim or
resulting from UFRF’s enforcing this indemnification clause against Licensee,
arising out of the death of or injury to any person or persons or out of any
damage to property and against any other claim, proceeding, demand, expense and
liability of any kind whatsoever (other than patent infringement claims)
resulting from the production, manufacture, salt, use, lease, consumption,
marketing, or advertisement of Licensed Products or Licensed Process(es) or
arising from any right or obligation of Licensee hereunder. Notwithstanding
the above, UFRF at all times reserves the right to retain counsel of its own to
defend UFRF’s, the Florida Board of Governors’, the University of Florida Board
of Trustees’, the University of Florida’s, and the inventor’s interests.
	 
	 	12.2	 	Licensee warrants that it now maintains and will continue to
maintain liability insurance coverage appropriate to the risk involved in
producing, manufacturing, selling, marketing, using, leasing, consuming, or
advertising the products subject to this Agreement and that such insurance
coverage lists UFRF, the Florida Board of Governors, the University of Florida
Board of Trustees, the University of Florida, and the inventors of

 

			
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the Licensed Patents as additional insureds. Within ninety (90) days
after the execution of this Agreement and thereafter annually between
January 1 and January 31 of each year. Licensee will present evidence to
UFRF that the coverage is being maintained with UFRF, the University of
Florida, and its inventors listed as additional insureds. To addition,
Licensee shall provide UFRF with at least thirty (30) days prior written
notice of any change in or cancellation of the insurance coverage.

Section 13 Use of Names

Licensee and its Sublicensee(s) shall not use the names of UFRF, or of the
University of Florida, nor of any of either institution’s employees, agents, or
affiliates, nor the name of any inventor of Licensed Patents, nor any adaptation of
such names, in any sales promotion, advertising, or any other form of publicity
without the prior written approval of UFRF in each case, except that Licensee may
state that it has received a license from UFRF under one or more or the patents
and/or applications comprising the Licensed Patents.

Section 14 Miscellaneous

	 	14.1	 	This Agreement shall be construed in accordance with the
internal laws or the State of Florida.
	 
	 	14.2	 	The parties hereto are independent contractors and not joint
venturers or partners.
	 
	 	14.3	 	Licensee shall insure that it applies patent markings that meet
all requirements of U.S. law, 35 U.S.C. §287, with respect to all Licensed
Products subject to this Agreement.
	 
	 	14.4	 	This Agreement constitutes the full understanding between the
parties with reference to the subject matter hereof, and no statements or
agreements by or between the parties, whether orally or in writing, shall vary
or modify the written terms of this Agreement. Neither party shall claim any
amendment, modification, or release from any provisions of this Agreement by
mutual agreement, acknowledgment, or otherwise, unless such mutual agreement is
in writing, signed by the other party, and specifically states that it is an
amendment to this Agreement.
	 
	 	14.5	 	Licensee shall not encumber or otherwise grant a security
interest in any of the rights granted hereunder to any third party.
	 
	 	14.6	 	Licensee acknowledges that it is subject to and agrees to abide
by the United States laws and regulations (including the Export Administration
Act of 1979 and Arms Export Contract Act) controlling the export of
technical data, computer software, laboratory prototypes, biological
material, and other commodities. The transfer of such items may require a
license from the cognizant agency of the U.S. Government or written

 

			
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assurances by Licensee that it shall not export such items to certain
foreign countries without prior approval of such agency. UFRF neither represents
that a license is or is not required or that, if required, it shall be issued.

	 	14.7	 	Licensee is responsible for any and all wire/bank fees
associated with all payments due to UFRF pursuant to this agreement.

Section 15 Notices

Any notice required to be given pursuant to the provisions of this Agreement shall
be in writing and shall be deemed to have been given

	 	•	 	when delivered personally,
	 
	 	•	 	if sent by facsimile transmission, when receipt thereof is
acknowledged at the facsimile number of the recipient as set forth
below.
	 
	 	•	 	the second day following the day on which the notice has been
delivered prepaid to a national air courier service, or
	 
	 	•	 	five (5) business days following deposit in the U.S. mail if sent
certified mail, return receipt requested:

	 	15.1	 	If to the University of Florida Research Foundation, Inc.:

	 	 	 	President

University of Florida Research Foundation, Inc.

223 Grinter Hall

University of Florida

Post Office Box 115500

Gainesville, FL 32611-5500

Facsimile Number: 352-846-0491
	 
	 	 	 	with a copy to:

Office of Technology Licensing

Attn: Director

308 Walker Hall

University of Florida

Post Office Box 115500

Gainesville, Florida 32611-5500

Facsimile Number: 352-392-6600

	 	15.2	 	If to Licensee:

	 	 	 	Stephen J. Gatto

Chief Executive Officer

BioEnergy International, LLC

99 Longwater Circle

Norwell, MA 02061

Facsimile Number:     781-681-5055

 

			
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Section 16 Contract Formation and Authority

	 	16.1	 	No agreement between the parties shall exist unless the duly
authorized representative of Licensee and the Director of the Office of
Technology Transfer of UFRF have signed this document within thirty (30) days
of the Effective Date written on the first page of this Agreement.
	 
	 	16.2	 	UFRF and Licensee hereby warrant and represent that the persons
signing this Agreement have authority to execute this Agreement on behalf of
the party for whom they have signed.
	 
	 	16.3	 	Force Majeure
	 
	 	 	 	No default, delay, or failure to perform on the part of Licensee or UFRF
shall be considered a default, delay or failure to perform otherwise
chargeable hereunder, if such default, delay or failure to perform is due to
causes beyond either party’s reasonable control including, but not limited
to: strikes, lockouts, or inactions of governmental authorities, epidemics,
war, embargoes, fire, earthquake, acts of God, or default of common carrier.
In the even of such default, delay or failure to perform, any date or times
by which either party is otherwise scheduled to perform shall be extended
automatically for a period of time equal in duration to the time lost by
reason of the excused default, delay or failure to perform.

Section 17 United States Government Interests

	 	17.1	 	It is understood that the United States Government (through any
of its agencies or otherwise) has funded research, Grant Nos DE-FG02-96ER20222
and DE-FG36-04G014019 during the course of or under which any of the inventions
of the Licensed Patents were conceived or made. The United States Government
is entitled, as a right, under the provisions of 35 U.S.C. §202-212 and
applicable regulations of Title 37 of the Code of Federal Regulations, to a
non-exclusive, nontransferable, irrevocable, paid-up license to practice or
have practiced the inventions of such Licensed Patents for governmental
purposes. Any license granted to Licensee in this Agreement shall be subject
to such right.
	 
	 	17.2	 	Licensee agrees that for Licensed Products covered by the
Licensed Patents that are subject to the non-exclusive royalty-free license to
the United States Government, said Licensed Products will be manufactured
substantially in the United States. Licensee further agrees that it shall
abide by all requirement and limitations of U.S. Code, Title 35, Chapter 18,
and implementing regulations thereof, for all patent applications and patents
invented in whole or in part with federal money.

Section 18 Confidentiality

 

			
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	 	18.1	 	Each Party shall maintain all information of the other Party which is
treated by such other Party as proprietary or confidential (referred to herein
as “Confidential Information”) in confidence, and shall not disclose, divulge
or otherwise communicate such confidential information to others, or use it for
any purpose, except pursuant to, and in order to carry out, the terms and
objectives of this Agreement, and each party hereby agrees to exercise every
reasonable precaution to prevent and restrain the unauthorized disclosure of
such confidential information by any of its Affiliates, directors, officers,
employees, consultants, subcontractors, sublicensees or agents. Licensee’s
Confidential Information includes but is not limited to the Development Plan,
Development Reports and all other financial and business reports, strategies,
and agreements (including Sublicenses) of Licensee. The parties agree to keep
the terms of this Agreement confidential, provided that each party may disclose
this Agreement to their authorized agents and investors who are bound by
similar confidentiality provisions. Notwithstanding the foregoing,
Confidential Information of a party shall not include information which: (a)
was lawfully known by the receiving party prior to disclosure of such
information by the disclosing party to the receiving party; (b) was or becomes
generally available in the public domain, without the fault of the receiving
party; (c) is subsequently disclosed to the receiving party by a third party
having a lawful right to make such disclosure; (d) is required by law, rule,
regulation or legal process to be disclosed, provided that the receiving party
making such disclosure shall take all reasonable steps to restrict and maintain
to the extent possible confidentiality of such disclosure and shall provided
reasonable notice to the other party to allow such party the opportunity to
oppose the required disclosure; or (e) has been independently developed by
employees or others on behalf of the receiving party without access to or use
of disclosing party’s information as demonstrated by written record. Each
party’s obligations under this Section 18 shall extend for a period of five (5)
years from termination or expiration of this Agreement.

Section 19 University Rules and Regulations

	 	19.1	 	Licensee understands and agrees that University of Florida
personnel who are engaged by Licensee, whether as consultants, employees or
otherwise, or who possess a material financial interest in Licensee, are
subject to the University of Florida’s rule regarding outside activities and
financial interests set forth in Florida Administrative Code Rule 6C1-1.011,
the University of Florida’s Intellectual Property Policy, and a monitoring plan
which addresses conflicts of interest associated therewith. Any term of
condition of an agreement between Licensee and such University of Florida
personnel which seeks to vary or override such personnel’s obligations to the
University of Florida may not be enforced against such personnel, the
University of Florida or UFRF, without the express written consent of an
individual authorized to vary or waive such obligations on

 

			
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	 	 	 	behalf of the University of Florida and UFRF. Furthermore, should an
interest of Licensee conflict with the interest of the University of Florida,
University of Florida personnel are obligated to resolve such conflicts according to
the guidelines and policies set forth by the University of Florida.

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the dates
indicated below.

UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

	 	 	 	 	 
	 	 
	By:  	             /s/ David L. Day 	 	 Date: November 30, 2007 
	 	David L. Day 	 
	 	Director, Office of Technology Licensing 	 
	 

BIOENERGY INTERNATIONAL, LLC

	 	 	 	 	 
	By:  	             /s/ Stephen J. Gatto 	 	 Date: November 30, 2007 
	 	Stephen J. Gatto 	 
	 	Chief Executive Officer 	 
	 

 

			
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Appendix A — Development Plan

APPENDIX A: SUCCINIC ACID DEVELOPMENT

     BioEnergy (BE) will focus on the development of the licensed biocatalyst for commercial
production and sale of succinic acid and its derivatives. BE will pursue the adaption of the
organism to a commercial fermentation environment, and will develop process technology for the
recovery and purification of the product to meet polymer grade purity specifications. BE forecasts
a four year development program from laboratory research through pilot plant process development to
establish commercial facilities.

DEVELOPMENT PROGRAM:

YEAR 1. (2007-2008)

	 	A.	 	BE will focus on the adaption of the organism to commercial sugar sources, and
on the adaption of the organism to operating conditions of pH, temperature and titer
for optimum cost performance. BE will also work on process technology for the recovery
and purification of the product.

YEAR 2. (2008-2009)

	 	A.	 	Work will continue as needed to complete Year 1 objectives.
	 
	 	B.	 	BE will focus on pilot plant development and design for the production of one
thousand (1,000) Kilograms of succinic acid for market development. It is expected
that several Process options for recovery and purification will have to be evaluated to
specify a commercially viable process.

Year 3. (2009-2010)

	 	A.	 	BE will undertake the final design and construction and operation of a pilot
plant for production of the market development quantities of succinic acid.
	 
	 	B.	 	BE will start product evaluation programs with key customers.

Year 4. (2010-2011)

	 	 	 	BE will undertake the design, and construction of commercial facilities for
production of succinic acid.

 

			
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Appendix B — Development Report

When appropriate, indicate estimated start date and finish date for activities.

	I.	 	Date Development Plan Initiated and Time Period Covered by this Report
	 
	II.	 	Development Report (4-8 paragraphs).

	 	A.	 	Activities completed since last report including the object and parameters of
the development, when initiated, when completed and the results.
	 
	 	B.	 	Activities current under investigations, i.e., ongoing activities including
object and parameters of such activities, when initiated, and projected date of
completion.

	III.	 	Future Development Activities (4-8 paragraphs).

	 	A.	 	Activities to be undertaken before next report including, but not limited to,
the type and object of any studies conducted and their projected starting and
completion dates.
	 
	 	B.	 	Estimated total development time remaining before a project will be
commercialized.

	IV.	 	Changes to Initial Development Plan (2-4 paragraphs).

	 	A.	 	Reasons for change.
	 
	 	B.	 	Variables that may cause additional changes.

	V.	 	Items to be Provided if Applicable:

	 	A.	 	Information relating to Licensed Products that has become publicly available,
e.g., published articles, competing products, patents, etc.
	 
	 	B.	 	Development work being performed by third parties, other than Licensee, to
include name of third party, reasons for use of third party, planned future uses of
third parties including reasons why and type of work.
	 
	 	C.	 	Update of competitive information trends in industry, government compliance (if
applicable) and market plan.
	 
	 	D.	 	Information and copies of relevant materials evidencing the status of any
patent applications or other protection relating to Licensed Products or the Licensed
Patents.

PLEASE SEND DEVELOPMENT REPORTS TO:

University of Florida Research Foundation, Inc.

Attn: Director

 

			
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308 Walker Hall

P.O. Box 115500

Gainesville, FL 32611-5500

Facsimile: 352-392-6600

 

			
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Appendix C — UFRF Royalty Report

	 	 	 	 	 	 	 	 	 

	Licensee:

	 	 	 	 	 	Agreement No:	 	 
	 

	 	 

	 	 	 	 	 	 
  
	Inventor:

	 	 	 	 	 	P#:	 	 
	 

	 	 

	 	 	 	 	 	 
  
	Period Covered:       From:

	 	
	 	Through:	 	 
	 

	 	
	 	 	 	 	 	 
	Prepared By

	 	 	 	 	 	Date:	 	 
	 

	 	 

	 	 	 	 	 	 
  
	Approved By:

	 	 	 	 	 	Date:	 	 
	 

	 	 

	 	 	 	 	 	 
  

If license covers several major product lines, please prepare a separate report

for each line. Then combine all product lines into a summary report.

	 	 	 	 	 
	Report Type:

	 	o
	 	Single Product Line
Report: 

	 
	 	 	 	 
	 

	 	o
	 	Multiproduct Summary Report. Page 1 of ________ Pages
	 
	 	 	 	 
	 

	 	o
	 	Product Line Detail. Line:______ Tradename:______ Page:_____
	 
	 	 	 	 
	Report Currency:

	 	o
	 	U.S. Dollars o Other
 
 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Period Royalty Amount	 
	 	 	Unit	 	 	Gross	 	 	* Less:	 	 	Net	 	 	Royalty	 	 	 	 	 	 	 
	Country	 	Sales	 	 	$$ Sales	 	 	Allowances	 	 	$$ Sales	 	 	Rate	 	 	This Year	 	 	Last Year	 
	U.S.A.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Canada
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Europe
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Japan
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Total Royalty:__________ Conversion Rate:__________ Royalty in U.S. Dollars: $                                         

The following royalty forecast in non-binding and for UFRF’s internal planning purposes only:

Royalty Forecast Under This Agreement: Next Quarter:_____ Q2:_____ Q3:_____ Q4:_____

* On a separate page, please indicate the reasons for returns or other adjustments if significant.

Also note any unusual occurrences that affected royalty amounts during this period.

To assist UFRF’s forecasting, please comment on any significant expected trends in sales volume.

 

			
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Appendix D — Milestones

Succinic Acid:

In addition to the research milestones described in Appendix A, the following milestones shall be
completed by the Licensee.

	1.	 	Licensee has already provided UFRF a preliminary business plan, dated April, 2005. By August
1, 2008, Licensee will provide UFRF a detailed document covering Licensee’s plans as to
projected product development, markets and sales forecasts, manufacturing and operations, and
financial forecasts for succinic acid and/or related derivatives until at least $[...***...]
in revenues are achieved (“Business Plan”). UFRF will treat this Business Plan as
confidential information and to protect it as UFRF would its own confidential information.
	 
	2.	 	By December 31st, 2008 Licensee shall complete the demonstration of polymer grade succinic
acid produced in laboratory fermentation and recovery units.
	 
	3.	 	By December 31st, 2009, Licensee shall complete the selection of recovery and purification
process unit operations for pilot plant demonstration.
	 
	4.	 	By August 1, 2011, Licensee will achieve a first sale of succinic acid and/or related
derivatives.
	 
	5.	 	Licensee or a sublicense will achieve sales of 10 kilograms quantity of succinic acid and/or
derivatives during each six month period after the initial sales date.

Malic Acid:

	1.	 	By August 2, 2010, Licensee will provide UFRF a document covering Licensee’s plans for
projected product development, markets and sales forecasts, manufacturing and operations, and
financial forecasts for malic acid and/or related derivatives until at least $[...***...] in
revenues are achieved (“Business Plan”). UFRF will treat this Business Plan as confidential
information and to protect it as UFRF would its own confidential information. For greater
clarity this Business Plan shall be a different document than the market assessment document
described in section 4.3.2 above.
	 
	2.	 	By August 1, 2012, Licensee will achieve a first sale of malic acid and/or related
derivatives.
	 
	3.	 	Licensee or a sublicense will achieve sales of 10 kilograms quantity of malic acid and/or
derivatives during each six month period after the initial sales date.

 

			
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FIRST AMENDMENT TO LICENSE AGREEMENT No. A6126

     This Agreement, effective April 26, 2010, is between the University of Florida Research
Foundation, Inc., a not-for-profit corporation duly organized and existing under the laws of the
State of Florida and having its principal office at 223 Grinter Hall, Gainesville, Florida 32611
U.S.A. (hereinafter referred to as “UFRF’), and Myriant Technologies LLC, a company duly recognized
under the laws of the State of Delaware, and having its principle office at 2 Batterymarch Park,
Suite 301, Quincy, MA 02169 (hereinafter referred to as “Assignee”).

     WHEREAS, UFRF and BioEnergy International LLC, a company duly organized under the laws of the
State of Delaware, and having its principle office at 2 Batterymarch Park, Suite 301, Quincy, MA
02169 (hereinafter referred to as “Licensee”) entered into a license agreement No. A6126 effective
November 30, 2007, (hereinafter “License Agreement”);

     WHEREAS, UFRF and Licensee consented to the assignment of the License Agreement from Licensee
to Assignee on July 10, 2009;

     WHEREAS, UFRF and Assignee (collectively, the “Parties”) now wish to amend certain terms of the
License Agreement;

     NOW THEREFORE, in consideration of the mutual covenants and agreement set forth below, the
Parties hereby amend the License Agreement as follows:

	 	1.	 	The provisions of Section 1.1 (“Licensed Patents”) of the License Agreement is
replaced in its entirety with the following:

	 	1.1	 	“Licensed Patents” shall refer to and mean all of the following
UFRF intellectual property.

	 	1.1.1	 	The International Patent Application Number
PCT/US2008/057439 entitled “Materials and methods for efficient
succinate and malate production” filed on March 19, 2008, published
under Patent Cooperation Treaty by World Intellectual Property
Organization on September 25, 2008 and assigned an International
Publication Number WO 2008/115958 claiming priority to the United
States Provisional Patent Application filed on March 20, 2007 with the
Serial Number 60/895,806 and all United States and foreign patents and
patent applications based on this International Patent Application
including but not limited to the US Utility patent application with the
Serial Number US 12/529,826, Australian Patent Application with Serial
Number 2008228948, Brazilian Patent Application with Serial Number
P10809400-4, Canadian Patent Application with Serial Number 2688938,
Chinese Patent Application with Serial Number 200880008975.10, EPO
Patent Application with Serial Number 8799619.5, Indian Patent
Application with Serial Number 5482/DELNP/2009, Japanese Patent
Application with Serial Number 2009-554701, Korean Patent Application
with Serial

 

			
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	 	 	 	Number 10-2009-7021920, Mexican Patent Application with Serial Number
MX/A/2009/010154, Malaysian Patent Application with Serial Number PI
20093756, and Thailand Patent Application with Serial Number
801001350.

	 	1.1.2	 	The United States Provisional Patent
application entitled “Engineering the pathway for succinate production”
filed in the United States Patent Office on April 2, 2009 and assigned
Registration Number/Serial Number 61/166,093 and all United States and
foreign patents and patent applications based on this United States
Provisional Patent Application including but not limited to PCT
application with Serial Number PCT/US2010/29728 filed on April 2, 2010.
	 
	 	1.1.3	 	United States and foreign patents issued from
the applications listed in 1.1.1 and 1.1.2 above and from divisional
and continuation applications, to the extend the claims are directed to
subject matter specifically described in the applications listed in
1.1.1 and 1.1.2 above and are dominated by the claims of those patent
applications and patents issuing thereon or reissued thereof, and any
and all foreign patents and patent applications corresponding thereto,
all to the extend owned or controlled by UFRF with the proviso that the
scope of these applications are consistent with the spirit of the
License Agreement.

	 	2.	 	The provisions of Section 1.8 (“Licensed Field”) of the License Agreement is
replaced in its entirety with the following:

	 	1.8	 	“Licensed Field” shall be limited to the field of succinic and
malic acids and all of their derivatives.

	 	3.	 	The provisions of Section 2.1.1 (“License Under Licensed Patents”) of the
License Agreement is replaced in its entirety with the following:

	 	2.1.1	 	License under Licensed Patents
	 
	 	 	 	UFRF hereby grants to Licensee an exclusive license, limited to the
Licensed Field and the Licensed Territory, under the Licensed Patents
to make, have made, use and sell Licensed Products and/or Licensed
Processes. This grant of exclusive license shall allow the making,
using and selling of Licensed Products and/or Licensed processes by
tolling facilities owned and operated by third parties under a
written agreement with the Licensee or Sub licensee. UFRF reserves
to itself and the University of Florida the right to make and use
Licensed product and/or Licensed Processes solely for their internal
research, clinical and educational purposes. In addition, UFRF
reserves itself, as well as to the University of

 

			
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	 	 	 	Florida and to all non-profit research institutions, the right to use
materials that might be covered under Licensed Patents solely for
their internal research, educational, and clinical purposes and to
meet all applicable governmental requirements governing the ability
to transfer materials.

	 	4.	 	The following Section 4.2.2 shall be added to the License Agreement as follows:

	 	4.2.2	 	Royalty Stacking. If licensee
requires the in-licensing of additional technology from a third party
to make and sell Licensed Products or Licensed Processes in any year of
this Agreement, UFRF agrees to a reduction in royalty payments by the
amount of royalties actually paid by Licensee to third parties in that
year subject to the following conditions.

	 	(a)	 	UFRF shall be notified in writing
30 days in advance of any required in-licensing Agreement and
Licensee shall provide a copy of such in-license agreement.
	 
	 	(b)	 	Licensee actually pays royalties
to a third party licensor before the actual reduction in
royalties paid to UFRF is applied.
	 
	 	(c)	 	The royalty reduction will only
apply to third party technology that is in-licensed and
integrated into a Licensed product or Licensed Process that is
sold to a customer. The Royalties on Licensed Products or
Licensed Processes that do not require the third party
technology shall not be reduced.
	 
	 	(d)	 	Notwithstanding the royalty
reductions allowed by this Subsection 4.2.2, the royalty paid to
UFRF on Licensed Products or Licensed processes will never be
less [...***...] of Net Sales, even if the actual amount of
royalties paid to the third party would mathematically reduce
the royalty below [...***...].
	 
	 	(e)	 	Royalty reductions apply on a
year-to-year basis and do not carry over from one year to the
next.

	 	5.	 	The provisions of Section 4.3.2 of the License Agreement is amended as follows:
	 
	 	 	 	In the Third Column — Fourth Row of the Table entitled “For Succinic Acid
Applications:” on Page 6 of the License Agreement, the date “December 31, 2009” is
replaced with the sentence “To be paid upon the issuance of a patent by the United
States Patent and Trademark Office.”

 

			
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	 	6.	 	The provisions of Section 8.3 (“Licensed Patents”) of the License Agreement is
replaced in its entirety with the following:

	 	8.3	 	UFRF shall diligently strive to make a decision on whether UFRF
will bring an infringement action against the alleged infringer within thirty
(30) days of being notified of any alleged infringement. If within seventy
five (75) after having been notified of any alleged infringement, UFRF shall
have been unsuccessful in persuading the alleged infringer to desist and shall
not have brought an infringement action against the alleged infringer, or if
UFRF shall notify Licensee at any time prior thereto of its intention not to
bring suit against the alleged infringer, then, and in those events only,
Licensee shall have the right, but shall not be obligated, to prosecute at its
own expense any infringement of the Licensed Patents, and Licensee may, for
such purposes, use the name of UFRF as party plaintiff. No settlement, consent
judgment or other voluntary final disposition of the suit may be entered into
without the consent of UFRF, which consent shall not be unreasonably withheld.
Licensee shall indemnify UFRF against any order for costs that may be made
against UFRF in such proceedings.

	 	7.	 	The provisions of Section 8.4 of the License Agreement is replaced in its
entirety with the following:

	 	8.4	 	In the event that Licensee shall undertake the enforcement by
litigation and/or defense of the Licensed Patents by litigation, any recovery
of damages by Licensee for any such suit shall be applied first in satisfaction
of any reimbursed expenses and legal fees of Licensee relating to the suit, and
next toward reimbursement of UFRF for any legal fees, and unreimbursed
expenses. The balance remaining from any such recovery shall be divided in the
ratio of [...***...]% to Licensee and [...***...]% to UFRF. In the event that
UFRF shall undertake the enforcement by litigation and/or defense of the
Licensed Patents by litigation, any recovery of damages by UFRF for any such
suit shall be applied first in satisfaction of any reimbursed expenses and
legal fees of UFRF relating to the suit, and next toward reimbursement of
Licensee for any legal fees, and unreimbursed expenses. The balance remaining
from any such recovery shall be divided in the ratio of [...***...]% to UFRF
and [...***...]% to Licensee.

	 	8.	 	The provisions of Section 10 of the License Agreement is replaced in its
entirety with the following:

	 	10.	 	Assignability
	 
	 	 	 	This Agreement may not be transferred or assigned by Licensee except with
the prior written consent of UFRF and UFRF will not withhold such a written
consent unreasonably.

 

			
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	 	9.	 	All other provisions of the License Agreement shall remain in full force and
effect and unmodified by this amendment.
	 
	 	10.	 	The amendment shall be executed in duplicate and shall be referred to as the
First Amendment to License Agreement No. A6126.
	 
	 	11.	 	Governing Law: The First Amendment to License Agreement No. A6126 shall be
governed by and construed in accordance with the laws of the State of Florida.

     IN WITNESS WHEREOF, the PARTIES hereto have duly executed this First Amendment to the License
Agreement on the dates indicated below.

	 	 	 	 	 
	UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

 	 
	By:  	/s/ David L. Day                                	     Date: April 29, 2010 
	 	 	David L. Day 	 
	 	 	Director, Office of Technology Licensing 	 
	 

	 	 	 	 	 
	MYRIANT TECHNOLOGIES LLC

 	 
	By:  	/s/ Stephen J. Gatto                            	     Date: April 29, 2010 
	 	 	Stephen J. Gatto 	 
	 	 	Chief Executive Officer 	 
	 

 

			
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SECOND AMENDMENT TO LICENSE AGREEMENT

No. A6126

     This Agreement, effective September 15, 2010, is between the University of Florida Research
Foundation, Inc., a not-for-profit corporation duly organized and existing under the laws of the
State of Florida and having its principal office at 223 Grinter Hall, Gainesville, Florida 32611
U.S.A. (hereinafter referred to as “UFRF”), and Myriant Technologies LLC, a company duly recognized
under the laws of the State of Delaware, and having its principle office at 2 Batterymarch Park,
Suite 301, Quincy, MA 02169 (hereinafter referred to as “Assignee”).

     WHEREAS, UFRF and BioEnergy International LLC, a company duly organized under the laws of the
State of Delaware, and having its principle office at 2 Batterymarch Park, Suite 301, Quincy, MA
02169 (hereinafter referred to as “Licensee”) entered into a license agreement No. A6126 effective
November 30, 2007, (hereinafter “License Agreement”);

     WHEREAS, UFRF and Licensee amended the License Agreement by a First Amendment on April 26,
2010;

     WHEREAS, UFRF and Licensee consented to the assignment of the License Agreement from Licensee
to Assignee on July 10, 2009;

     WHEREAS, UFRF and Assignee (collectively, the “Parties”) now wish to amend certain terms of the
License Agreement;

     NOW THEREFORE, in consideration of the mutual covenants and agreement set forth below, the
Parties hereby amend the License Agreement as follows:

	 	1.	 	The provisions of Section 1.1 (“Licensed Patents”) of the License Agreement is
replaced in its entirety with the following:

	 	1.1	 	“Licensed Patents” shall refer to and mean all of the following
UFRF intellectual property.

	 	1.1.1	 	The International Patent Application Number
PCT/US2008/057439 entitled “Materials and methods for efficient
succinate and malate production” filed on March 19, 2008, published
under Patent Cooperation Treaty by World Intellectual Property
Organization on September 25, 2008 and assigned an International
Publication Number WO 2008/115958 claiming priority to the United
States Provisional Patent Application filed on March 20, 2007 with the
Serial Number 60/895,806 and all United States and foreign patents and
patent applications based on this International Patent Application
including but not limited to the US Utility patent application with the
Serial Number US 12/529,826, Australian Patent Application with Serial
Number 2008228948, Brazilian Patent Application with Serial Number
P10809400-4, Canadian Patent Application with Serial Number 2688938,
Chinese Patent Application with Serial Number

 

			
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	 	 	 	200880008975.10, EPO Patent Application with Serial Number 8799619.5,
Indian Patent Application with Serial Number 5482/DELNP/2009,
Japanese Patent Application with Serial Number 2009-554701, Korean
Patent Application with Serial Number 10-2009- 7021920, Mexican
Patent Application with Serial Number MX/A/2009/010154, Malaysian
Patent Application with Serial Number PI 20093756, and Thailand
Patent Application with Serial Number 801001350.
	 
	 	1.1.2	 	The United States Provisional Patent
application entitled “Engineering the pathway for succinate production”
filed in the United States Patent Office on April 2, 2009 and assigned
Registration Number/Serial Number 61/166,093 and all United States and
foreign patents and patent applications based on this United States
Provisional Patent Application including but not limited to PCT
application with Serial Number PCT/US2010/29728 filed on April 2, 2010.
	 
	 	 	 	The United States Provisional Patent application entitled “L-Malate
production by metabolically engineered Escherichia coif’ filed in the
United States Patent Office on September 1, 2010, and assigned
Registration Number/Serial Number 61/379,077 and all United States
and foreign patents and patent applications based on this United
States Provisional Patent Application.
	 
	 	1.1.3	 	United States and foreign patents issued from
the applications listed in 1.1.1 and 1.1.2 above and from divisional
and continuation applications, to the extend the claims are directed to
subject matter specifically described in the applications listed in
1.1.1 and 1.1.2 above and are dominated by the claims of those patent
applications and patents issuing thereon or reissued thereof, and any
and all foreign patents and patent applications corresponding thereto,
all to the extend owned or controlled by UFRF with the proviso that the
scope of these applications are consistent with the spirit of the
License Agreement.

	 	2.	 	All other provisions of the License Agreement shall remain in full force and
effect and unmodified by this amendment.
	 
	 	3.	 	The amendment shall be executed in duplicate and shall be referred to as the
Second Amendment to License Agreement No. A6126.
	 
	 	4.	 	Governing Law: The Second Amendment to License Agreement No. A6126 shall be
governed by and construed in accordance with the laws of the State of Florida.

 

			
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     IN WITNESS WHEREOF, the PARTIES hereto have duly executed this Second Amendment to the License
Agreement on the dates indicated below.

					
	 	

UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

 	 
	 	By:  	/s/ David L. Day
 	          Date: October 4, 2010 
	 	 	David L. Day 	 
	 	 	Director, Office of Technology Licensing 	 
	 
	 	MYRIANT TECHNOLOGIES LLC

 	 
	 	By:  	/s/ Stephen J. Gatto
 	          Date: September 15, 2010 
	 	 	Stephen J. Gatto 	 
	 	 	Chief Executive Officer 	 

 

			
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THIRD AMENDMENT TO LICENSE AGREEMENT

No. A6126

This Agreement, effective May 20, 2011 (the “Effective Date”), is between the University of Florida
Research Foundation, Inc., a not-for-profit corporation duly organized and existing under the laws
of the State of Florida and having its principal office at 223 Grinter Hall, Gainesville, Florida
32611 U.S.A. (hereinafter referred to as “UFRF”) and Myriant Technologies Inc, a company duly
recognized under the laws of the State of Delaware, and having its principle office at 2
Batterymarch Park, Suite 301, Quincy, MA 02169 (hereinafter referred to as “Assignee”). UFRF and
Assignee are individually referred as Party and collectively as Parties.

     WHEREAS, UFRF and BioEnergy International LLC, a company duly organized under the laws of the
State of Delaware, and having its principle office at 2 Batterymarch Park, Suite 301, Quincy, MA
02169 (hereinafter referred to as “Licensee”) entered into a license agreement No. A6126 effective
November 30, 2007, (hereinafter “License Agreement”);

     WHEREAS, UFRF consented to the assignment of the License Agreement from Licensee to Assignee
on July 10, 2009;

     WHEREAS, UFRF and Assignee amended the License Agreement by a First Amendment on April 26,
2010;

     WHEREAS, UFRF and Assignee amended the License Agreement by a Second Amendment on September
15, 2010;

     WHEREAS, UFRF and Assignee (collectively, the “Parties”) now wish to amend certain terms of the
License Agreement such that certain items in the First Amendment and the entire Second Amendments
are replaced by this Third Amendment;

     NOW THEREFORE, in consideration of the mutual covenants and agreement set forth below, the
Parties hereby amend the License Agreement as follows:

	1.	 	Section 1.1 (“Licensed Patents”) of the License Agreement is replaced in its entirety with
the following:

	 	1.1	 	“Licensed Patents” shall refer to and mean all of the following UFRF
intellectual property.

	 	1.1.1	 	The International Patent Application Number PCT/US2008/057439
entitled “Materials and methods for efficient succinate and malate production”
filed on March 19, 2008, published under Patent Cooperation Treaty by World
Intellectual Property Organization on September 25, 2008 and assigned an
International Publication Number WO 2008/115958

 

			
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	 	 	 	claiming priority to the United States Provisional Patent Application filed
on March 20, 2007 with the Serial Number 60/895,806 and all United States
and foreign patents and patent applications based on this International
Patent Application including but not limited to the US Utility patent
application with the Serial Number US 12/529,826, Australian Patent
Application with Serial Number 2008228948, Brazilian Patent Application with
Serial Number P10809400-4, Canadian Patent Application with Serial Number
2688938, Chinese Patent Application with Serial Number 200880008975.10, EPO
Patent Application with Serial Number 8799619.5, Indian Patent Application
with Serial Number 5482/DELNP/2009, Japanese Patent Application with Serial
Number 2009-554701, Korean Patent Application with Serial Number
10-2009-7021920, Mexican Patent Application with Serial Number
MX/A/2009/010154, Malaysian Patent Application with Serial Number PI
20093756, and Thailand Patent Application with Serial Number 801001350.
	 
	 	1.1.2	 	The United States Provisional Patent application entitled
“Engineering the pathway for succinate production” filed in the United States
Patent Office on April 2, 2009 and assigned Registration Number/Serial Number
61/166,093 and all United States and foreign patents and patent applications
based on this United States Provisional Patent Application including but not
limited to PCT application with Serial Number PCT/US2010/29728 filed on April
2, 2010.
	 
	 	1.1.3	 	United States and foreign patents issued from the applications
listed in 1.1.1 and 1.1.2 above and from divisional and continuation
applications, to the extend the claims are directed to subject matter
specifically described in the applications listed in 1.1.1 and 1.1.2 above and
are dominated by the claims of those patent applications and patents issuing
thereon or reissued thereof, and any and all foreign patents and patent
applications corresponding thereto, all to the extent owned or controlled by
UFRF.

	 	2.	 	Section 1.3 (“Net Sales”) of the License Agreement is replaced in its entirety with the
following:

	 	1.3	 	“Net Sales” shall mean the amount invoiced on sales of Licensed
Product and/or Licensed Processes by Licensee or Sublicensee after deducting,
if not already deducted in the amount invoiced;

	 	•	 	Trade and/or quantity discounts
	 
	 	•	 	Credits on returns and allowances

 

			
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	 	•	 	Outbound transportation costs paid

	 	 	 	“Net Sales” shall not include the transfer of reasonable quantities of a
Licensed Product to an Affiliate or Third Party for promotional purposes
without charge. For the purpose of calculations of royalty payment, the Net
Sales is not determined on the basis of output from the individual plants
but it is based on the aggregated annual production of Licensed Product from
all the manufacturing plants owned and, or operated either by Licensee or
Sublicensee(s) throughout the world during that year.

	 	3.	 	Section 1.5 (“Sublicensee”) of the License Agreement is replaced in its entirety with the
following:

	 	1.5.	 	The term “Sublicensee” shall mean any Affiliate or Third Party
to whom Licensee confers the right to make, use or sell Licensed Product and/or
Licensed Processes.

	 	4.	 	Section 1.8 (“Licensed Field”) of the License Agreement is replaced in its entirety with the
following:

	 	1.8	 	“Licensed Field” shall mean the practice of the Licensed
Processes for the production of succinic acid and all of its derivatives
thereof and the use of succinic acid and its derivatives for all purposes.

	 	5.	 	A new Section 1.10 with the following text is added to the License Agreement:

	 	1.10	 	“Third Party” shall mean any person or entity other than a
Party to this Agreement or an Affiliate of a Party to this Agreement.

	 	6.	 	Section 2.1.1 (“Licensed Under Licensed Patents’”) of the License Agreement is replaced in
its entirety with the following:

	 	2.1.1	 	License Under Licensed Patents. UFRF hereby grants to
Licensee an exclusive license, limited to the Licensed Field and the Licensed
Territory, under the Licensed Patents, to make, have made, use and sell
Licensed Products and/or to practice Licensed Processes. This grant of
exclusive license shall allow the making, using and selling of Licensed
Products and/or the practice of Licensed Processes by tolling facilities owned
and operated by third parties under a written agreement with the Licensee or
Sublicensee. UFRF reserves to itself and the University of Florida the

 

			
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	 	 	 	right to make and use Licensed Products and/or Licensed Processes solely for
their internal research, clinical, and educational purposes. In addition,
UFRF reserves to itself, as well as to the University of Florida and to all
non-profit research institutions (which other non-profit research
institutions shall have no right to grant further sublicenses), the right to
use materials that might be covered under Licensed Patents solely for their
internal research, educational, and clinical purposes and to meet all
applicable governmental requirements governing the ability to transfer
materials.

	 	7.	 	Section 2.2.1 of the License Agreement is replaced in its entirety with the following:

	 	2.2.1.	 	Licensee may grant written Sublicenses to Affiliates on prior notice to UFRF.
Licensee may grant written Sublicenses to Third Parties subject to UFRF prior
review and consent which review and consent shall not be unreasonably withheld
or delayed. Any agreement granting a Sublicense shall state that the
Sublicense is subject to the termination provisions as defined in Section 9.8
of this Agreement. Licensee shall have the same responsibility for the
activities of any Sublicensee as if the activities were directly those of
Licensee.

	 	8.	 	Section 2.2.2 of the License Agreement is replaced in its entirety with the following:

	 	2.2.2	 	In respect to Sublicenses granted by Licensee under Section
2.2.1, Licensee shall pay a royalty on Net Sales according to Section 4.2.1 In
addition, Licensee shall pay UFRF (subject to Permitted Deductions provided
that fair and commercially reasonable sublicense fees are paid to UFRF in
conjunction with such transaction) [...***...] of any fees received by Licensee
from any Sublicensee up to $[...***...]; [...***...] of any fees between
$[...***...] and $[...***...]; and [...***...] of fees above $[...***...].
Licensee shall not receive from Sublicensee anything of value in lieu of cash
payments in consideration for any Sublicense under this Agreement without the
express prior written permission of UFRF.

	 	9.	 	Section 2.2.3 of the License Agreement is replaced in its entirety with the following:

	 	2.2.3	 	“Permitted Deductions” means: (i) funds received as
consideration for equity purchases of Licensee’s securities by a Sublicensee at
the fair market value of such equities, (ii) payments received by Licensee’s
from any Sublicensee for purposes of paying Licensee for any future research
requested by the Sublicensee, for development, testing, or engineering

 

			
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	 	 	 	services actually undertaken by or for Licensee related to any Licensed
Product or Licensed Process. For greater clarity, payment by a Sublicensee
for future research expenses incurred by or for Licensee after the Effective
Date for research which has not been requested by Sublicensee and has been
conducted by Licensee as Licensee diligent pursuit of the Licensed Patents
shall not be considered a Permitted Deduction.

	 	10.	 	Section 3.1.3 of the License Agreement is replaced in its entirety with the following:

	 	3.1.3	 	Licensee agrees that the first commercial sale of one or more
Licensed Product shall occur on or before June 2014 or UFRF shall have the
right to terminate the Agreement pursuant to Section 9.4 hereto. In addition,
Licensee will meet the milestones shown in Appendix D or UFRF shall have the
right to terminate the Agreement pursuant to Section 9.4. Licensee will notify
UFRF in writing as each milestone is met.

	 	11.	 	Section 4.2.1 (“Royalty on Licensed Patents”) of the License Agreement is replaced in its
entirety with the following:

	 	4.2.1	 	Royalty on Licensed Patents. In addition to other
payments required by this Agreement, Licensee agrees to pay to UFRF as earned
royalties a royalty calculated as a percentage of Net Sales of Licensed
Products which, if not for this Agreement, would infringe Licensed Patents, in
accordance with the terms and conditions of this Agreement. The royalty is
deemed earned as of the earlier of the date the Licensed Product and or
Licensed Process is actually sold and paid (or the date an invoice is sent by
Licensee or its Sublicensee(s), or the date a Licensed Product and/or Licensed
Process is transferred to a Third Party for any promotional reasons. For each
calendar year or partial calendar year during the term of this Agreement,
Licensee shall pay royalties at the following rates: [...***...] of aggregate
Net Sales for the first [...***...] of Licensed Product; [...***...] of
aggregate Net Sales between [...***...] and [...***...] of Licensed Product,
and [...***...] of aggregate Net Sales over [...***...] of Licensed Product.

	 	12.	 	Section 4.2.2 (Royalty Stacking) that was added in the First Amendment is hereby eliminated
in this Third Amendment.
	 
	 	13.	 	Section 4.3.2 of the License Agreement, as subsequently amended in the First Amendment, is
replaced in its entirety with the following:

 

			
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	 	4.3.2	 	In addition to all other payments required under this
Agreement, Licensee agrees to pay UFRF Milestone payments, as follows:

	 	 	 	 	 
	Event	 	Payment	 	Date
	Pilot scale production of the Licensed
Product (production of an aggregate)
[...***...] of polymer grade Succinic
Acid)

	 	$[...***...]
	 	June 30, 2010
	 
	 	 	 	 
	Upon the issuance of the primary US
licensed patent (US Application #
12/529,826)

	 	$[...***...]	 	 
	 
	 	 	 	 
	Customers commit to purchase an
aggregate [...***...] of polymer grade
succinic acid

	 	$[...***...]
	 	December 31, 2013

	 	14.	 	Section 10 (“Assignability”) of the License Agreement and as revised in the First Amendment
is replaced in its entirety with the following:

	 	10.	 	Assignability
	 
	 	 	 	This Agreement may be transferred or assigned by Licensee to an Affiliate of
Licensee on prior notice to UFRF; provided, however, that Licensee shall remain
liable to UFRF for the performance by such Affiliates of its obligations hereunder.
Licensee will provide to UFRF a copy of any documents that assign its rights and
obligations to an Affiliate or another entity. The agreement may not be transferred
or assigned to a Third Party by Licensee except with the prior written consent of
UFRF and UFRF will not withhold such a written consent unreasonably.

	 	15.	 	Section 15.2 of the License Agreement is replaced in its entirety with the following:

	 	15.2	 	If to Licensee:

Stephen J. Gatto

Chief Executive Officer

Myriant Technologies Inc

2 Batterymarch Park Suite 301

Quincy MA 02169-4801

Facsimile Number: 617-657-5210

 

			
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	16.	 	All other provisions of the License Agreement shall remain in full force and effect and
unmodified by this amendment.
	 
	17.	 	The amendment shall be executed in duplicate and shall be referred to as the Third Amendment
to License Agreement No. A6126.
	 
	18.	 	Governing Law: The Third Amendment to License Agreement No. A6126 shall be governed by and
construed in accordance with the laws of the State of Florida.

IN WITNESS WHEREOF, the PARTIES hereto have duly executed this Third Amendment to the License
Agreement on the dates indicated below.

					
	

UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.

 	 
	By 	/s/ David L. Day
 	          DATE: May 18, 2011 
	 	David L. Day 	 
	 	Director, Office of Technology Licensing 	 
	 
	MYRIANT TECHNOLOGIES INC. 

 	 
	By 	/s/ Stephen J. Gatto
 	          DATE: May 20, 2011 
	 	Stephen J. Gatto 	 
	 	Chief Executive Officer 	 
	 

 

			
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