Document:

EX-10.51

 Exhibit 10.51 

 

			
	 BIOAMBER SARNIA INC.
	  	 APPLICANT #: 5000002171
 PROJECT #:509040

 PROSPERITY INITIATIVE 
 AMENDING AGREEMENT #1 
 This Amending Agreement made on March 26, 2012

  

			
	BETWEEN:	  	HER MAJESTY THE QUEEN IN RIGHT OF CANADA, (“Her Majesty”) hereby represented by the Minister responsible for the Federal Economic Development Agency for Southern
Ontario (“Minister”)
		
	AND:	  	BIOAMBER SARNIA INC. (previously known as “BlueWater Biochemicals Inc.”) (“Recipient”), a corporation incorporated established under the laws of
Canada
		
		  	(collectively referred to as the “Parties”)

 WHEREAS the Minister and the Recipient entered into a contribution agreement dated the September 16, 2011
under the Prosperity Initiative the (“Contribution Agreement”) whereby the Minister agreed to make a repayable contribution to the Recipient in the maximum amount of $12,000,000; 
 WHEREAS the Recipient has changed its name to “Bioamber Sarnia Inc.”; 

WHEREAS the Parties wish to amend the Contribution Agreement in order to amend the project Completion Date (as defined in the Contribution
Agreement); 
 WHEREAS the Minister wishes to disburse the Contribution (as defined in the Contribution Agreement) in earlier Fiscal
Years (as defined in the Contribution Agreement) and the Recipient has agreed to the new fiscal allocation; and 
 WHEREAS the Parties
wish to make other amendments to the Contribution Agreement, 
 NOW THEREFORE in consideration of their respective obligations contained
herein, the Parties agree to the following: 
  

	1.	Interpretation 

 All capitalized
terms used and not otherwise defined herein will have the meanings given to them in the Contribution Agreement. 

			
	BIOAMBER SARNIA INC.	  	 APPLICANT #: 5000002171
 PROJECT #:509040

  

	2.	Execution 

 This Amending Agreement
must be executed by the Recipient and received by the Minister within thirty (30) days of its signature on behalf of the Minister, failing which the Minister may declare it will be null and void. 

 

	3.	Amendment 

  

	3.1	In the Contribution Agreement, the name of “BlueWater Biochemicals Inc.” is hereby replaced by “Bioamber Sarnia Inc.” 

 

	3.2	In Subsection 2.1 of the Contribution Agreement, the definition of “Completion Date” is hereby deleted and replaced by the following new definition:

 “Completion Date means the Project completion date, March 31, 2014.”

  

	3.3	In the Contribution Agreement, Subsection 4.2 is hereby deleted and replaced by the following new Subsection 4.2: 

“The Contribution will be allocated in the following manner: 

 

	 	(i)	up to seventy-five percent (75%) of Eligible and Supported Costs for the Project for the Fiscal Year ending March 31, 2012; 

 

	 	(ii)	up to seventeen percent (17%) of Eligible and Supported Costs for the Project for the Fiscal Year ending March 31, 2013; 

 

	 	(iii)	up to seventeen percent (17%) of Eligible and Supported Costs for the Project for the Fiscal Year ending March 31, 2014; 

The payment of the Contribution is estimated at amounts specified below in each of the following Fiscal Years: 

 

					
	 2011/2012
	  	$	3,580,000	  
	 2012/2013
	  	$	5,000,000	  
	 2013/2014
	  	$	3,420,000	  

 The Minister will have no obligation to pay any amounts in any other years than those specified
herein.” 
  

	 	3.3	In the Contribution Agreement, Subsection 18.7 in its entirety. 

  

	 	3.4	In the Contribution Agreement, Annex 4 is hereby deleted and replaced by the following new Annex 4 attached hereto. 

 

	4.	General 

  

	 	4.1	The Contribution Agreement and this Amending Agreement will henceforth be read together and will have the effect as if all the provision of such agreements were
contained in one instrument. 

			
	BIOAMBER SARNIA INC.	  	 APPLICANT #: 5000002171
 PROJECT #:509040

  

	 	4.2	Except for the amendments expressly set forth in this Amending Agreement, the other terms and provisions of the Contribution Agreement remains unchanged.

  

	 	4.3	This Amending Agreement is governed by the laws of the Province of Ontario. 

 

	 	4.4	This Amending Agreement may be executed and delivered in any number of counterparts, each of which when executed and delivered is an original but all of which taken
together constitutes one and the same instrument. 

  

	 	4.5	Each of the Parties shall, at the request of the other Party to this Amending Agreement, execute such documents and do such acts as may be reasonably required to carry
out the terms of this Amending Agreement. 

  

	 	4.6	This agreement shall enure to the benefit of, and be binding upon, the Parties and their respective successors and permitted assigns. 

			
	BIOAMBER SARNIA INC.	  	 APPLICANT #: 5000002171
 PROJECT #:509040

  

 IN WITNESS WHEREOF the Parties hereto have executed this Amending Agreement through duly
authorized representatives. 
  

							
	HER MAJESTY THE QUEEN IN RIGHT OF CANADA,
				
	 Per:
	 	 /s/ David Elgie
	 		 	 March 28/12

		 	David Elgie	 		 	Date
		 	Director, Business Development	 		 	
		 	Federal Economic Development Agency for	 		 	
		 	Southern Ontario	 		 	
	
	BIOAMBER SARNIA INC.,
				
	 Per:
	 	 /s/ Jean-Francois Huc
	 		 	 April 2, 2012

		 	Jean-Francois Huc	 		 	Date
		 	President	 		 	
		 	Bioamber Sarnia Inc.	 		 	

 I have authority to bind the corporation 

 

							
	 Per:
	 	 /s/ Mike Hartmann
	 		 	 April/2/12

		 	Mike Hartmann	 		 	Date
		 	 Executive Vice-President
	 		 	
		 	 Bioamber Sarnia Inc.
	 		 	
		 		 		 	

 I have authority to bind the corporation 

 

 
 BIOAMBER SARNIA INC. 

APPLICANT #: 5000002171 
 PROJECT #: 509040 
 Annex 4 

PROSPERITY INITIATIVE 
 CERTIFIED COPY OF AUTHORIZING DOCUMENTS 
 Industry
Industrie 
 Canada Canada 
 2010-05-07 
 ILLEGIBLE 

9th floor ILLEGIBLE 
 365 ILLEGIBLE Avenue West 
 Ottawa, Ontario KIA 0C8

 ILLEGIBLE 
 365 ILLEGIBLE 
 Ottawa ILLEGIBLE KIA 0C8

 Corporation Information Sheet 
 Canada Business Corporations Act (CBCA) 
 Fiche de
renseignements 
 Concernant la societe 
 Loi ILLEGIBLE cur les societes par actions (LCSA) 

7546360 CANADA INC. 
 Corporation Number 
 754636-0 

Numero de societe 
 Corporation Key 
 Cle de societe 

Requested for changes of address or directors ILLEGIBLE 

84343573 
 ILLEGIBLE 
 Anniversary Date 

05-07 
 ILLEGIBLE 
 Requested to ILLEGIBLE 

Date ILLEGIBLE 
 ILLEGIBLE 
 Annual Returns Filing Period ILLEGIBLE
2011 
 05-07 to/au 07-06 
 ILLEGIBLE 
 Periode poor deposer le rapport annuel
ILLEGIBLE 2011 
 Reporting Obligations 
 A ILLEGIBLE can be ILLEGIBLE if it ILLEGIBLE in filing a document required by the CBCA To understand the ILLEGIBLE reporting ILLEGIBLE Keeping Your ILLEGIBLE in Good Standing ILLEGIBLE or
ILLEGIBLE) 
 Obligations de declaration 
 ILLEGIBLE societe ILLEGIBLE 
 Corporate Name

 Where a ILLEGIBLE has been approved be ILLEGIBLE that the ILLEGIBLE in the NUANS ILLEGIBLE report). The
corporation may be required to change its name in the event that ILLEGIBLE are made to ILLEGIBLE established that ILLEGIBLE to occur ILLEGIBLE that may ILLEGIBLE granted ILLEGIBLE to the ILLEGIBLE For addressed ILLEGIBLE Presenting Year Corporate
Name (enclosed or available ILLEGIBLE) 
 Denomenation societe 

ILLEGIBLE Canada ILLEGIBLE la ILLEGIBLE societe ILLEGIBLE NUANS ILLEGIBLE Web 

Canada 
 Telephone/ Telephone 
 1-866-ILLEGIBLE 

Email / ILLEGIBLE 
 ILLEGIBLE.ca 
 Website / ILLEGIBLE Web 

www ILLEGIBLE ca 

 

 
 BIOAMBER SARNIA INC. 

APPLICANT#: 5000002171 
 PROJECT #:509040 
 Industry 

Canada 
 Industrie 
 Canada 

Certificate of Incorporation 
 Certificat de constitution 
 Canada Business
Corporations Act 
 Loi canadienne sur les societes par actions 

7546360 CANADA INC. 
 Corporate name / Denomination societe 
 754636-0

 Corporation number/Numero de societe 
 I HEREBY CERTIFY that the above-named corporation, the articles of incorporation of which are attached, is incorporated under the Canada Business Corporations Act. 

JE CERTIFIE que la societe susmentionnee, dont les statuts constitutifs sont joint, est constituee en vertu de la Loi
canadienne sur les societes par actions. 
 Aissa Aomari 

Deputy Director / Derecteur ILLEGIBLE 
 2010-05-07 
 Date of Incorporation (YYYY-MM-DD)

 Date de constitution (AAAA-MM-JJ) 
 Canada 

 

 
 BIOAMBER SARNIA INC. 

APPLICANT#: 5000002171 
 PROJECT #:509040 
 Schedule / Annexe Other
Provisions / Autres dispositions 
 7 OTHER PROVISIONS BORROWING POWERS 

7.1 The Board of Directors may by resolution and without the approval of the shareholders. 

7.1.1. Borrow money, taking into account the credit of the Corporation, 

7.1.2 Issue, reissue, sell or pledge the Corporation’s debt instruments. 

7.1.3 Guarantee in the name of the Corporation the execution of an obligation of which another person is responsible

 71.4 Delegate one or many of the aforementioned powers to a director, a committee of directors or to an
officer of the Corporation. 

 

 
 BIOAMBER SARNIA INC. 

APPLICANT #: 5000002171 
 PROJECT #:509040 
 Industry 

Industrie 
 Canada 
 Canada 

Certificate of Amendment 
 Certificat de modification 
 Canada Business
Corporations Act 
 Loi canadienne sur les societes par actions 

BLUEWATER BIOCHEMICALS INC. 
 Corporate name / Denomination sociale 
 754363-0

 Corporation number/Numero de societe 
 I HEREBY CERTIFY that the articles of the above-named corporation are amended under section 179 of the Canada Business Corporations Act as set out in the attached articles of amendment.

 JE CERTIFIE que les status de la societe susmentionnee sont modifies aux termes de l’article 179 de la
Loi canadienne sur les societes par actions, tel quil est indique dans les clauses modificatrices ci-jointes. 

Aissa Aomarl 
 Deputy Director / Director adjount 
 2010-05-11

 Date of Amendment (YYYY-MM-DD) 
 Date de modification (AAAA-MM-JJ) 
 Canada

 

 
 BIOAMBER SARNIA INC. 

APPLICANT #: 5000002171 
 PROJECT #:509040 
 Industry 

Canada 
 Industrie 
 Canada 

Form 4 
 Articles of Amendment 
 Canada Business
Corporations Act 
 (CBCA) (s. 27 or 177) 

Formulaire 4 
 Clauses modificatrices 
 Loi canadienne sur les
societes par 
 actions (LCSA) (art 27 ou 177) 

1 
 Corporate name 
 Denomination societe 

7546360 CANADA INC. 
 2 
 Corporation number 

Numero de la sociele 
 754636-0 
 3 

The articles are amended as follows 
 Les statuts sont modifies de la facon survante 

The corporation changes its name to 
 La denomination societe est modifies pour 

BLUEWATER BIOCHEMICALS INC. 
 4 
 Declaration I certify that I am a director or
an officer of the corporation 
 Declaration J’atteste que je surs un adminstrateus ou un dengeant de la
societe 
 Original signed by / Original signe par 

Jean-Francois Huc 
 Jean-Francois Huc 514-844-8000 
 Note
Misrepresentation ILLEGIBLE a person is liable to a fine not exceeding $5000 or to ILLEGIBLE for a term not ILLEGIBLE months or both (ILLEGIBLE 250(1) of the CBCA) 
 ILLEGIBLE 
 Canada 

IC 3069 (2008/04) 

 

 
 BIOAMBER SARNIA INC. 

APPLICANT #: 5000002171 
 PROJECT #:509040 
 Industry 

Canada 
 Industrie 
 Canada 

Form 4 
 Articles of Amendment 
 Canada Business
Corporations Act 
 (CBCA) (s. 27 or 177) 

Formulaire 4 
 Clauses modificatrices 
 Loi canadienne sur les
societes par 
 actions (LCSA) (art 27 ou 177) 

1 
 Corporate name 
 Denomination sociale 

BLUEWATER BIOCHEMICALS INC. 
 2 
 Corporation number 

Numero de la societe 
 754636-0 
 3 

The articles are amended as follows 
 Les statuts sont modifies de la facon survante 

The corporation changes the province or territory in Canada where the registered office is situated to. 

La province ou le territorie au Canada ou est situe le uege social est modifie pour 

QC 
 4 
 Declaration I certify that I am a director or
an officer of the corporation 
 Declaration J’atteste que je surs un administratues ou un dingeant de la
societe 
 Jean-Francois Huc 514-844-8000 

Note Misrepresentation ILLEGIBLE a person is liable to a fine not exceeding $5000 or to ILLEGIBLE for a term not ILLEGIBLE
months or both (ILLEGIBLE 250(1) of the CBCA) 
 ILLEGIBLE 

Canada 
 IC 3069 (2008/04) 

 

 
 BIOAMBER SARNIA INC. 

APPLICANT #: 5000002171 
 PROJECT #:509040 
 Industry 

Canada 
 Industrie 
 Canada 

Form 3 
 Change of Registered Office Address 
 Canada
Business Corporations Act 
 (CBCA) (s. 19) 

Formulaire 3 
 Changement d’adresse du slege social 
 Loi
canadienne sur les societes par actions (LCSA) (art. 19) 
 1 

Corporate name 
 Denomination sociale 
 BLUEWATER BIOCHEMICALS INC.

 2 
 Corporation number 
 Numero de la societe

 754636-0 
 3 
 New registered office address 

Nouvelle adresse du siege social 
 1250, BOULEVARD RENE-LEVESQUE OUEST 
 SUITE 4110

 MONTREAL QC H3B 4W8 
 4 
 Additional address 

Autre adresse 
 5 
 Declaration I certify that I have relevant
knowledge of the corporation and that I am authorized to sign this form. 
 Declaration J’atteste que je
possede une connaissance suffisante de la societe et que je suis autorise(e) a signer le present formulaire 

Jean-Francois Huc 514-844-8000 
 Note Misrepresentation ILLEGIBLE a person is liable to a fine not exceeding $ 5000 or to ILLEGIBLE for a term not ILLEGIBLE months or both (ILLEGIBLE 250(1) of the CBCA) 

ILLEGIBLE 
 Canada 
 IC 3420 (2008/04) 

 

 
 BIOAMBER SARNIA INC. 

APPLICANT #: 5000002171 
 PROJECT #:509040 
 Industry 

Canada 
 Industrie 
 Canada 

Certificate of Amendment 
 Canada Business Corporations Act 
 Certificat de
modification 
 Loi canadienne sur les societes par actions 

BIOAMBER SARNIA INC. 
 Corporate name / Denomination societe 
 754636-0

 Corporation number / Numero de societe 

I HEREBY CERTIFY that the articles of the above-named corporation are amended under section 178 of the Canada Business
Corporations Act as set out in the attached articles of amendment. 
 JE CERTIFIE que les statuts de la societe
susmentionnee sont modifeis aux termes de l’article 178 de la Loi canadienne sur les societes par actions. tel quil est indique dens les clauses modificationnes ca-jointes. 

Marcie Girouard 
 Director/Directour 
 2011-12-01 

Date of Amendment (YYYY-MM-DD) 
 Date de modification (AAAA-MM-JJ) 
 Canada

 

 
 BIOAMBER SARNIA INC. 

APPLICANT #: 5000002171 
 PROJECT #:509040 
 Industry 

Canada 
 Industrie 
 Canada 

Form 4 
 Articles of Amendment 
 Canada Business
Corporations Act 
 (CBCA) (s. 27 or 177) 

Formulaire 4 
 Clauses modificatrices 
 Loi canadienne sur les
societes par 
 actions (LCSA)(art. 27 ou 177) 

1 
 Corporate name 
 ILLEGIBLE 

BLUEWATER BIOCHEMICALS INC. 
 2 
 Corporation number 

ILLEGIBLE 
 754636-0 
 3 

The articles are amended as follows 
 ILLEGIBLE 
 The corporation changes its name to:

 ILLEGIBLE 
 BIOAMBER SARNIA INC. 
 4 

Declaration I certify that I am a director or an officer of the corporation 

Declaration J’ILLEGIBLE que je suis un adminstrateus on un ILLEGIBLE 

Original signed by / Original signe par 
 JEAN-FRANCOIS HUC 
 JEAN-FRANCOIS HUC 

514-844-8000 
 Note Misrepresentation ILLEGIBLE a person is liable to a fine not exceeding $ 5000 or to ILLEGIBLE for a term not ILLEGIBLE months or both (ILLEGIBLE 250(1) of the CBCA) 

ILLEGIBLE 
 Canada 
 IC 3069 (2008/04) 

 

 
 BIOAMBER SARNIA INC. 

APPLICANT #: 5000002171 
 PROJECT #:509040 
 RESOLUTIONS OF THE BOARD OF
DIRECTORS OF BLUEWATER BIOCHEMICALS INC. 
 EFFECTIVE DATE: AUGUST 25, 2011 

REPAYABLE CONTRIBUTION FROM HER MAJESTY THE QUEEN IN RIGHT CANADA REPRESENTED BY THE MINISTER RESPONSIBLE FOR FEDERAL
ECONOMIC DEVELOPMENT AGENCY FOR SOUTHERN ONTARIO 
 WHEREAS the corporation wishes to be granted a repayable
contribution of up to a maximum amount of twelve million dollars ($12,000,000) from her Majesty the Queen in Right of Canada represented by the Minister Responsible for Federal Economic Development Agency for Southern Ontario (the
“Agency”) and that the Agency wishes to make a repayable contribution of such amount to the corporation as part of its Prosperity initiative, the whole in accordance with the Prosperity Initiative Regional Diversification Contribution
Agreement to be entered into between her Majesty the Queen in Right of Canada represented by the Minister Responsible for the Agency and the corporation (the “Contribution Agreement”); 

IT IS RESOLVED: 
 1 To approve that the corporation be granted a repayable contribution of up to a maximum amount of twelve million dollars ($12,000,000) from her Majesty the Queen in Right of Canada
represented by the Minister Responsible for the Agency, the whole in accordance with the Contribution Agreement. 

2 To authorize Mr. Jean-Francois Huc and Mr. Mike Hartmann to sign, for and on behalf of the corporation, the
Contribution Agreement, substantially in the form and terms in which it has been submitted to the Board of directors of the corporation, with any modification that may be required to be done at the sole discretion of Mr. Jean-Francois Huc and
Mr. Mike Hartmann, and to sign any document and to take any action, required or useful, at their sole discretion, in order to give full effect to these resolutions. 
 INSERTION 
 IT IS RESOLVED to keep a copy of the
above-mentioned resolutions in the corporate book of the corporation in accordance with section 117(2) of the Canada Business Corporations Act. 
 VALIDITY 
 We, the undersigned, being all the
directors of the corporation entitled to vote, hereby sign these resolutions so that they shall have the same value as if they had been adopted at a meeting of the Board of directors, in accordance with section 117( 1) of the Canada Business
Corporations Act. 
 JEAN-FRANCOIS HUC 
 MIKE HARTMANNEX-10.54

 Exhibit 10.54 
 EMPLOYMENT AGREEMENT 
 ENTERED INTO as of October 24, 2011. 

 

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

(hereinafter referred to as the “Corporation”)

		
	 AND:
	  	 MR. KENNETH W. WALL, residing and domiciled at ***;

 
 (hereinafter referred to as the “Employee”)

 WHEREAS the Corporation wishes to employ the Employee as its Vice-President, Manufacturing for the first
3 months and then after, upon mutual agreement of the parties, as Chief Operations Officer; 
 WHEREAS the Employee wishes to
act as the Corporation’s Vice-President, Manufacturing and then after, as the Corporation’s Chief Operations Officer; 

THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: 
  

	1.	EMPLOYMENT 

  

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

  

	 	1.2.	The Employee will be based in Pennsylvania and will travel as needed. 

  

	2.	REMUNERATION 

  

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

 

	 	2.1.1.	 pay to the Employee, US$9,230.76 bi-weekly which annualizes to 

  
 -1-

	 	
US$240,000 as Vice-President, Manufacturing and US$10,769.23 bi-weekly which annualizes to US$280,000 as Chief Operations Officer, payable in accordance with the Corporation’s remuneration
policy; 

  

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

  

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

 

	3.	STOCK OPTIONS  

  

	 	3.1.	As additional consideration for the Employee’s services pursuant to this Agreement, the Corporation shall grant the Employee, in the first quarter of each fiscal
year (the first grant should be expected to be following the fiscal year end of the Corporation which will terminate on December 31, 2012), stock options to purchase shares in the Corporation based on the Employee’s and the
Corporation’s performance during the previous fiscal year, such grant of stock options and their related terms and conditions being at the discretion of the Board of Directors of the Corporation. All grants of stock options shall be in
accordance with the Corporation’s stock option plan. 

  

	 	3.2.	Subject to the prior approval of its Board of Directors, the Corporation undertakes to grant to the Employee 1,500 options pursuant to the Corporation’s stock
option plan, giving the Employee the right to acquire 1,500 shares of Common Stock of the Corporation at a price per share to be determined by the Board of Directors, exercisable for a period of time and according to vesting provisions that shall be
determined by the Board of Directors, the whole according to the terms and conditions of the Corporation’s stock option plan. 

  

	4.	FRINGE BENEFITS 

  

	 	4.1	The Employee shall be entitled, as an employee of the Corporation, to the insurance and benefits (including any 401k retirement plan and any health, dental, disability
and life insurance) approved from time to time by the Board of Directors of the Corporation, if eligibility requirements are met. 

  

	 	4.2	If you elect to opt-out of the medical and dental insurance coverage, the Corporation will reimburse 50% of the cost of your DuPont medical insurance premium.

  
 -2-

	 	4.3	In the event that you are required to subscribe to the Corporation medical insurance coverage, the cost of your medical insurance premium of the Corporation to be paid
by you will never exceed US$99.00 per month. 

  

	5.	EXPENSES 

  

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

  

	6.	UNDERTAKINGS OF THE EMPLOYEE 

  

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

  

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

 

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

 

	7.	INTELLECTUAL PROPERTY 

  

	 	7.1.	The Employee hereby: 

  

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

  

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

  

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

  
 -3-

	8.	VACATION 

  

	 	8.1.	The Employee shall be entitled to four (4) weeks of vacation per year (for the current fiscal year of the Corporation ending on December 31, 2011, the
Employee shall be entitled to five (5) days of vacation), the duration of which and the dates of which shall be established reasonably and professionally managed by the Employee taking into account his functions and duties. If the Employee has
not used the vacation to which he is entitled during a year, the non-used vacation days may be transferred to the next year according to the Company policy in place at the time, but will not give rise to any compensation whatsoever.

  

	9.	TERM 

  

	 	9.1.	This Agreement shall take effect on October 31, 2011 and continue in force for an undetermined period thereafter. 

 

	 	9.2.	After an initial 3-month period: 

  

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

  

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

 

	 	9.3.	This Agreement shall terminate: 

  

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

  

	 	9.3.2.	upon the death of the Employee, or 

  

	 	9.3.3.	following a period of six (6) consecutive months or an aggregate of six (6) months during any twelve (12) consecutive month period during which the
Employee will have been unable to perform his duties provided hereunder due to sickness or disability, 

 in any
case without any severance payment in lieu of notice being due. 

  
 -4-

	10.	CONFIDENTIALITY AND NON-COMPETITION 

  

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

  

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

  

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

  

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

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

  

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

 

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

  

	11.	ASSIGNMENT 

  

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

 

	12.	PREAMBLE 

  

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

  

	13.	NOTICES 

  

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

  

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

  
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	14.	ARBITRATION PROVISION 

  

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

  

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

 

	15.	GENERAL PROVISIONS 

  

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

 

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

  

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

 

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

  

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

  

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

  

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

  

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

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

  

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

  

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

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

  

			
		 	BIOAMBER INC.
		
	Per:	 	 /s/ Jean-François Huc

		 	JEAN-FRANÇOIS HUC
		 	President & Chief Executive Officer
		
		 	 /s/ Kenneth W. Wall

		 	KENNETH W. WALL

  
 -8-

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