Document:

exv10w8

Exhibit 10.8

*** Text Omitted and Filed Separately

Confidential Treatment Requested

Under 17 C.F.R. §§ 200.80(b)(4)

and 203.406

AMENDMENT AND RESTATEMENT OF THE LICENSE AGREEMENT

REGARDING MODIFIED E. COLI TECHNOLOGY

Between

BioEnergy International LLC

And

PURAC Biochem BV

This Amendment and Restatement of the License Agreement Regarding Modified E. Coli Technology
(the “Agreement”) is entered into by and between BioEnergy International LLC of Two
Batterymarch Park, Suite 301, Quincy, Massachusetts, 02169, USA (hereinafter “BE”) and
PURAC Biochem BV of Arkelsedijk 46, 4200 AA Gorinchem, The Netherlands (hereinafter
“PURAC”) on the 19th day of May 2008 (the “Effective Date”).

          WHEREAS, BE and the University of Florida Research Foundation, Inc. (UFRFI), are parties to
certain Standard Exclusive License Agreements with Sublicensing Terms as listed in Annex 1 (the
“UFRFI Licenses”);

          WHEREAS, pursuant to the UFRFI Licenses, BE is the exclusive licensee of UFRFI, pertaining to
modified strains of E. coli useful in the manufacture of D(-) lactic acid;

          WHEREAS, PURAC has an interest in developing a process for the manufacture of D(-) lactic acid
incorporating the technology owned by BE for the purpose of producing, marketing and selling D(-)
lactide; and

          WHEREAS, this Amendment and Restatement of the Agreement is intended by the Parties to
contain the entire agreement between the “Parties” (as used herein, “Party” shall mean either of BE
or PURAC and “Parties” shall mean both BE and PURAC) as to the subject matter hereof and supersedes
all prior oral and written agreements between the Parties, including without limitation the January
26, 2006 Modified E-Coli Technology Agreement between the Parties.

NOW, THEREFORE, BE and PURAC agree as follows:

Section 1 Definitions

	 	1.1	 	“Affiliate” shall mean, with respect to any Person, any Person which directly
or indirectly, or indirectly through one or more intermediaries,

 

			
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	 	 	 	controls or is controlled by, or is under common control with, such Person
specified.
	 
	 	1.2	 	“BE Intellectual Property” shall have the meaning set forth in Section 7.2.
	 
	 	1.3	 	“Change of Control” shall mean the occurrence of any of the following:

	 	a)	 	the consummation of a merger, sale, purchase, distribution,
reorganization, consolidation or other transaction, event or circumstance
through which PURAC is no longer a wholly-owned subsidiary of CSM nv, a
Netherlands based-company listed on Euronext Amsterdam N.V., (“CSM”);
	 
	 	b)	 	PURAC is not the surviving Person in any merger,
consolidation or other reorganization;
	 
	 	c)	 	PURAC sells, leases, transfers, disposes or exchanges all or
substantially all of its assets or its assets to which this Agreement relates
to any other Person (including any Affiliate of CSM or PURAC); or
	 
	 	d)	 	any Person, including a group as contemplated by Section
13(d)(3) of the US Securities Exchange Act of 1934, as amended, acquires or
gains ownership or control (including the power to vote) of more than 50% of
the outstanding shares of the CSM voting stock (based upon voting power).

	 	1.4	 	“Field” shall have the meaning set forth in Section 2.1.
	 
	 	1.5	 	“Indemnified Party” shall have the meaning set for in Section 12.2.1.
	 
	 	1.6	 	“Indemnification Notice” shall have the meaning set forth in Section 12.2.1.
	 
	 	1.7	 	“Inventions” shall have the meaning set forth in Section 7.1.
	 
	 	1.8	 	“Licensed Patents” shall refer to and mean all of the following:

	 	1.8.1	 	The PCT application entitled “Materials and Methods for
Improved Microbial Production of Organic Compounds”, filed on November 7, 2006
and assigned application number PCT/US2006/043380, and all patents based on
this patent application.
	 
	 	1.8.2	 	The Japanese patent application entitled “Materials and
Methods for Efficient Lactic Acid Production”, filed on August 9, 2006, and

 

			
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	 	 	 	assigned publication number JP2007049993, and all patents based on this
patent application.
	 
	 	1.8.3	 	The Chinese patent application entitled “Materials and
Methods for Efficient Lactic Acid Production”, filed on August 10, 2006, and
assigned publication number CN1912107, and all patents based on this patent
application.
	 
	 	1.8.4	 	The United States patent application entitled “Materials and
Methods for Efficient Lactic Acid Production”, filed on August 10, 2006 and
assigned publication number 2007/0037265, and all patents based on this patent
application.
	 
	 	1.8.5	 	The European Patent Application entitled “Materials and
Methods for Efficient Lactic Acid Production”, filed on August 2, 2006 and
assigned publication number EP1760156, and all patents based on this patent
application.
	 
	 	1.8.6	 	The Brazilian Patent Application entitled “Materials and
Methods for Efficient Lactic Acid Production”, filed on August 9, 2006 and
assigned publication number PI0603072, and all patents based on this patent
application.
	 
	 	1.8.7	 	The Thai patent application entitled “Escherichia coli B
Engineered for Lactic Acid Production”, filed on August 8, 2006 and assigned
application number 0601003764, and all patents based on this patent
application.

	 	1.9	 	“Licensed Technology” means any know-how, trade secrets, techniques,
methodologies, modifications, specifications, designs, and improvements or data
concerning [...***...].
	 
	 	1.10	 	“Licensed Products” means D(-) lactic acid and derivatives and by-products
thereof where the development, manufacture, use, import or sale of such D(-) lactic
acid and/or such derivatives and by-products are covered by the Licensed Patents or
the Licensed Technology.
	 
	 	1.11	 	“Market” means the total worldwide market for D(-) lactic acid and
derivatives and by-products.
	 
	 	1.12	 	“Person” means any individual, partnership, corporation, limited liability
company, trust, incorporated or unincorporated organization or association or other
legal entity of any kind.
	 
	 	1.13	 	“Program Intellectual Property” shall have the meaning set forth in Section
7.3.

 

			
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	 	1.14	 	“PURAC Intellectual Property” shall have the meaning set forth in Section
7.1.
	 
	 	1.14	 	“Ton” shall mean a metric ton of 2,200 pounds, or a tonne.

Section 2 Scope of the License

	 	2.1	 	Subject to the terms and conditions hereof, BE grants PURAC an exclusive,
worldwide, royalty-bearing license, without the right to grant sublicenses, to use the
Licensed Patents and the Licensed Technology inside the field, which is to produce the
Licensed Products for subsequent conversion by PURAC to D(-) lactide and derivatives
and by-products thereof for use and sale (the “Field”).
	 
	 	2.2	 	PURAC acknowledges that UFRFI reserves the right to use the Licensed Patents
and Licensed Technology for its educational and internal research purposes. BE
reserves the right to use and/or license or sublicense the Licensed Technology and
Licensed Patents for any purpose outside the Field or in the event the Field becomes
non-exclusive under Section 2.3 for any purpose whatsoever.
	 
	 	2.3	 	PURAC shall use its best efforts to develop and commercialize the Market for
the Licensed Products. Notwithstanding the foregoing, the Field shall become
non-exclusive in the event PURAC does not comply with each of the following
conditions:

	 	2.3.1	 	(a) PURAC fails to:

(i) by not later than June 30, 2012, sell and maintain sales
levels of the Licensed Products utilizing its then currently
available lactide production capacity (which PURAC projects to be
between [...***...] to [...***...] tons); and

(ii) maintain a minimum of [...***...] share of the total sales of
the Market. During the term hereof, PURAC shall provide to
BioEnergy on an the anniversary date of the Effective Date a
report with its good faith estimate of the Market size which shall
be based in part on third party industry reports, product and
customer surveys to substantiate its estimate of Market size. In
the event that BioEnergy disagrees with PURAC’s estimate of the
Market size, BioEnergy shall provide notice to PURAC of its
disagreement within thirty days (30) days of the receipt of the
report and the Parties shall confer with each other to attempt to
reach agreement on the Market size. If, however, the Parties have
not reached agreement on Market size within thirty (30) days of
the BioEnergy notice, the

 

			
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Parties shall jointly engage a third party to provide a report on
the size of the Market that shall be binding on the Parties. If
the Parties cannot agree on such an expert, then each party shall
choose its own expert and the experts chosen shall in turn choose
a third party expert who shall provide both Parties with its
estimate of the Market size. The Parties shall equally bear the
costs of any experts hired hereunder; and

(iii) pay BE an aggregate of [...***...] in royalties and
milestone payments December 31, 2012 (including, without
limitation, the minimum royalties provided for in Section 4.2
hereof);

	 	2.3.2	 	(b) The occurrence of a second separate default or breach of
this Agreement within any consecutive three-year period, including, without
limitation, for failure to pay royalties, patent or any other expenses when
due; or

	 	2.4	 	BE reserves the right to continue to fund research regarding the Licensed
Products by the University of Florida
	 
	 	2.5	 	Upon the request of BE, PURAC may grant BE a license to use the Program
Intellectual Property described in Section 7.5 under commercially reasonable terms to
be negotiated between the Parties for any purpose, except for use in lactic acid or
lactic acid derivatives. Purac will not unreasonably withhold the grant to BE of such
a license.

Section 3 Milestone Payment

	 	3.1	 	PURAC shall pay BE [...***...] within ten (10) days following the date on
which PURAC finalizes industrial scale production of Licensed Product. Industrial
scale production shall be deemed finalized on the date PURAC’s aggregate production of
Licensed Product reaches or exceeds [...***...].

Section 4 Royalties

	 	4.1	 	Subject to the minimum royalties provided in Section 4.2, PURAC shall pay BE
royalties set forth below in this Section 4.1. For the purpose of the calculation of
the royalties hereunder, the weight of Licensed Products produced shall be determined
on One Hundred Percent (100%) lactic acid basis. The royalties under this Section 4.1
shall be considered incurred on the date PURAC produces the corresponding quantities
of Licensed Product.

	 	4.1.1	 	Royalty rate for applications with concentrations up to [...   ...]% or less of polymer blends of PDLA with PLLA:

 

			
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[...***...] for D(-) lactic acid volumes between [...***...] and
[...***...] tons per year; and

[...***...] for D(-) lactic acid volumes above [...***...] tons
per year.

	 	4.1.2	 	Royalty rate for applications with concentrations over
[...***...]% of polymer blends of PDLA with PLLA:

[...***...] for D(-) lactic acid volumes between [...***...] and
[...***...] tons per year; and

[...***...] for D(-) lactic acid volumes above [...***...] tons
per year.

	 	4.1.3	 	Royalty rate for D(-) lactic acid derivatives other than lactides which
are sold in the pharmaceutical market: [...***...] for all volumes.
	 
	 	4.1.4	 	Royalty rate for D(-) lactic acid derivatives for the food,
feed, cosmetics and all other markets currently served by PURAC’s L(+)
derivatives other than the foregoing: [...***...] for all volumes.
	 
	 	4.1.5	 	Royalty rate for any D(-) lactic acid derivatives for any
markets not currently served by PURAC’s L(+) derivatives: [...***...] for all
volumes.

	 	4.2	 	PURAC shall pay BE minimum annual royalties in accordance with the following
schedule:

[...***...] (for 2007), upon signing of the Agreement;

[...***...] for 2008;

[...***...] for 2009; and

[...***...] for 2010.

	 	4.3	 	Royalties payable quarterly in arrears, within fifteen (15) days
following the end of the calendar quarter ending on March 31, June 30, September 30 or
December 31 in which such amounts were earned. If, at the end of the 4th
quarter of a calendar year, the royalties based on the formula of Section 4.1 are less
than the minimum annual royalty for that year as provided by Section 4.2, PURAC shall
pay BE the balance of that minimum royalty, taking into account payments as may have
been made for Licensed Product produced during the preceding quarters of that calendar
year.
	 
	 	4.4	 	All amounts owing to BE pursuant to this Agreement which remain unpaid more than
thirty (30) days after they are due to BE shall accrue interest until paid at the rate
of the lesser of (a) [...***...] per month or (b)

 

			
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	 	 	 	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.
PURAC shall also be responsible for repayment to BE of any attorney, collection
agency, or other out-of-pocket BE expenses required to collect overdue payments due
from this Agreement.
	 
	 	4.5	 	Except for income taxes that may be assessed against BE (other than with
respect to the “gross up” referred to below), all taxes and charges that may be
imposed by any government taxing authority on the amounts paid by PURAC to BE shall be
paid by PURAC for BE’s account. If PURAC is required to pay taxes or charges for the
account of BE, and withholds such taxes or charges from the amounts paid BE, PURAC
shall “gross up” its payments to BE in respect of such taxes.
	 
	 	4.6	 	PURAC shall take all steps necessary so that BE, within thirty (30) days of
its written request, audit, review and/or copy all books and records at a single U.S.
location to verify the accuracy of PURAC’s accounting. Such review may be performed by
any authorized employees of BE as well as by any attorneys and/or accountants
designated by BE, upon reasonable notice and during regular business hours. If a
deficiency with regard to any payment hereunder is determined, PURAC shall pay the
deficiency within thirty (30) days of receiving notice thereof along with applicable
interest as described in Section 4.4. If a royalty payment deficiency for a calendar
year exceeds three percent (3%) of the royalties paid for that year, then PURAC shall
be responsible for paying BE out-of-pocket expenses incurred with respect to such
review. If there is no shortfall, or if there is a shortfall of less than three
percent (3%), BE shall bear the fees of the certified public accountant.
	 
	 	4.7	 	PURAC shall keep books and records sufficient to verify the accuracy and
completeness of its accounting referred to in this Section 4, 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 Technology. 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.

Section 5 Research Cooperation

	 	5.1	 	PURAC shall report to BF semi-annually, with the next report due three (3)
months following the Effective Date, on the status of its development efforts,
including the progress made in the development effort since the last report and any
problems or challenges encountered in developing Licensed Products.

 

			
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	 	5.2	 	BE shall, upon request and subject to negotiation of a separate consulting
agreement containing mutually acceptable terms, provide PURAC with a limited number of
days of consulting services from its consultant. Lonnie Ingram, Ph.D., which services
shall be directed towards providing PURAC with advice and assistance as PURAC may
request regarding the research and development activities pursuant to this Agreement.

Section 6 Confidentiality

	 	6.1	 	Communications made by one Party to this Agreement to the other Party shall
be deemed confidential.
	 
	 	6.2	 	The Parties agree not to disclose confidential information to a third party,
or otherwise publish such information. For purposes of this Agreement, UFRFI shall be
considered a third party, excepting for such information that may be required to
satisfy the reporting requirements under BE’s license from UFRFI pertaining to royalty
payments and commercialization status. In addition, the Parties agree to use such
confidential information solely in furtherance of the objectives of this Agreement.
	 
	 	6.3	 	Notwithstanding the provisions of Section 6.1, a communication by a Party to
the other Party is not confidential if:

     a) the receiving Party is able to prove that it had the information in its
possession prior to the date of disclosure by the disclosing party;

     b) the receiving Party is able to prove that the information was in the public
domain prior to the date of disclosure by the disclosing Party; or

     c) the receiving party is able to prove that, after the date of disclosure by
the disclosing Party, the information entered the public domain through no fault of
the receiving Party.

Section 7 IP Rights

	 	7.1	 	“PURAC Intellectual Property” means (a) all discoveries, inventions,
know-how, trade secrets, techniques, methodologies, modifications, improvements, works
of authorship, designs and data (whether or not protectable under patent, copyright,
trade secrecy or similar laws) (collectively, the “Inventions”) that are
conceived, discovered, developed, generated, created, made or reduced to practice or
tangible medium of expression solely by employees or consultants of PURAC at any time
if such Inventions are not based upon or related to the performance of the
research and development activities pursuant to this Agreement; or (b) any tangible
materials provided by PURAC to BE for use in the conduct of the research and
development activities pursuant to this Agreement. Title to and any interest in the
PURAC Intellectual Property shall be the property of PURAC.

 

			
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	 	7.2	 	“BE Intellectual Property” means (a) all Inventions that are
conceived, discovered, developed, generated, created, made or reduced to practice or
tangible medium of expression solely by employees or consultants of BE at any time
prior to the effective date of the Agreement, or after the effective date of the
Agreement if such Inventions are not based upon or related to the performance
of the research and development activities pursuant to this Agreement; or (b) any
tangible materials provided by BE to PURAC for use in the conduct of the research and
development activities pursuant to this Agreement. Title to and any interest in the
BE Intellectual Property shall be the property of BE.
	 
	 	7.3	 	“Program Intellectual Property” means all Inventions that are
conceived, discovered, developed, generated, created, made or reduced to practice or
tangible medium of expression in the context of the research and development
activities pursuant to this Agreement.
	 
	 	7.4	 	Program Intellectual Property, regardless of inventorship, shall be the
property of BE in the event and to the extent such Program Intellectual Property is
related to BE’s modified E.coli for production of D(-) lactic acid or improvements to
such modified E.coli for production of D(-) lactic acid. For the sake of clarity,
[...***...].
	 
	 	7.5	 	Program Intellectual Property, regardless of inventorship, shall be the
property of PURAC in the event and to the extent such Program Intellectual Property is
related to the fermentation process using BE’s modified E.coli for production of D(-)
lactic acid or improvements to such fermentation process for production of D(-) lactic
acid and the purification process of the D(-) lactic acid so produced. For the sake
of clarity, [...***...].
	 
	 	 	 	An exception is the result of work carried out by BE or its consultants on
[...***...].
	 
	 	7.6	 	Neither party shall use Program Intellectual Property owned by the other
party, or the confidential information of the other party, outside of the performance
of the research and development activities pursuant to this Agreement.
	 
	 	7.7	 	PURAC shall not convey to BE any rights in any PURAC Intellectual Property
except as expressly set forth in the Agreement. Title to the PURAC Intellectual
Property shall at all times remain vested in PURAC. BE shall not convey to PURAC any
ownership rights in any BE Intellectual Property except for the rights expressly
granted and assigned as set forth in the Agreement. Title to the BE Intellectual
Property shall at all times remain vested in BE.

 

			
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	 	7.8	 	The Parties shall sign such documents, and cause their respective employees,
agents, consultants and other third parties participating in the research and
development activities pursuant to this Agreement to sign such documents, as necessary
to carry out the content of the provisions of this Agreement. Such documents may
include assignments of inventorship, assignments of proprietary information and
intellectual property rights or any such document necessary to fulfill the obligations
as set forth in this Agreement.

Section 8 Termination

	 	8.1	 	The duration of the Agreement, in consideration of the license grant with
respect to both Licensed Patents and Licensed Technology, unless earlier terminated,
shall continue until December 31, 2025 (the “Term”).
	 
	 	8.2	 	Either Party may terminate the Agreement with cause at any time upon 30 days’
notice to the other party if the other party commits a material breach, unless the
breach is cured within the 30-day notice period.
	 
	 	8.3	 	In addition to termination for breach, this Agreement may be terminated by
either Party upon sixty (60) days’ prior written notice to the other Party in the
event that (a) the other Party files in any court pursuant to any statute of any
government in any country a petition in bankruptcy or insolvency or for reorganization
or for the appointment of a receiver or trustee of such Party or its assets; or (b) if
any Person proposes a written agreement for extension of such other Party’s debts; or
(c) if the other Party shall be served with an involuntary petition against it, filed
in any insolvency or bankruptcy proceeding, and such petition shall not be dismissed
within sixty (60) days after filing thereof; (d) or if the other Party shall be a
party to any dissolution or liquidation; or (e) if the other Party shall make a
general assignment for the benefit of its creditors; or (f) if the other Party is
subject to any final order regarding insolvency or bankruptcy.
	 
	 	8.4	 	In addition to Sections 8.2 and 8.3 above, PURAC may elect to convert to a
non-exclusive license or terminate, upon One Hundred and Eighty (180) days’ prior
notice, in the event that:

	 	(i)	 	failure of PURAC to achieve industrial scale production
within the meaning of Section 3.1 is due solely to the characteristics of
modified E. Coli produced pursuant to the license granted to PURAC
hereunder.
	 
	 	(ii)	 	sales of D(-) lactide are materially and adversely
affected by competition arising out of the use by one or more competitors of
the technology covered by the Licensed Patents. Such adverse affect must
result in a ten percent (10%) decrease in sales to trigger this

 

			
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	 	 	 	Section 8.4, and such termination shall only be effective in the country for
which the minimum ten percent (10%) drop in sales has occurred. PURAC shall
provide BE documentation certify in writing by a duly authorized officer of
PURAC of such sales decrease.

	 	8.5	 	In addition to Sections 8.2 and 8.3 above, BE may terminate immediately in
the event of a violation of the provisions prohibiting assignment contained in Section
14.12 hereof.
	 
	 	8.6	 	Effect of Termination.

	 	8.6.1	 	Upon any termination of this Agreement, all rights granted
pursuant to this Agreement shall immediately terminate.
	 
	 	8.6.2	 	After termination, any accrued fees, milestone payments and
royalties due will remain payable. PURAC shall have the right to sell any
Licensed Products that were manufactured before the termination date of this
Agreement, subject to PURAC’s payment of any royalties that are due.
	 
	 	8.6.3	 	Exercise of any right of termination afforded to either
Party under this Agreement (i) shall not prejudice any other legal rights or
remedies either Party may have against the other in respect of any breach of
the terms of this Agreement, and (ii) shall not relieve any obligation or
liability, including any obligation to pay any amounts, accruing prior to such
expiration or termination.
	 
	 	8.6.4	 	Within thirty (30) days after termination by either Party
pursuant to this Section 8, PURAC shall at its expense: (a) deliver, without
retaining any embodiments, copies, summaries, analyses, compilations, studies
or extracts thereof, to BE or its designee all physical embodiments (including
all works-in-progress) of the Licensed Patents, BE Confidential Information,
all files and related materials for the prosecution, maintenance and defense
of the Licensed Patents; and (b) certify in writing by a duly authorized
officer of PURAC that the terms of this Section 8.6.4 have been complied with.
	 
	 	8.6.5	 	Notwithstanding the expiration or termination of this
Agreement for any reason, Sections 6, 7, 8, 9, 10, 11, 12, 13 and 14 shall
remain in full force and effect.

 

			
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Section 9 Patents

	 	9.1	 	Subject to Section 9.2 hereof, PURAC shall, at its sole cost, prepare, file,
prosecute and maintain the Licensed Patents. BE shall use its reasonable commercial
efforts to assist PURAC in such prosecution and maintenance, including without
limitation providing PURAC with access to BE employees, data and other information
reasonably necessary for PURAC to prepare, file and prosecute such Licensed Patent
applications. PURAC will keep BE reasonably informed as to matters relating to the
foregoing.
	 
	 	9.2	 	BE may elect at any time, at its sole discretion and cost, to prepare, file,
prosecute and maintain the Licensed Patents. If BE chooses to take any such actions,
PURAC shall use its reasonable commercial efforts to assist BE in such prosecution and
maintenance, including without limitation transferring to BE all pending Licensed
Patent applications and providing BE with access to PURAC employees, data and other
information reasonably necessary for BE to prepare, file and prosecute such Licensed
applications. PURAC further agrees to execute such documents as are reasonably
necessary to establish, transfer and/or perfect title in BE and/or UFRFI of the
Licensed Patents. BE will keep PURAC reasonably informed as to matters relating to
the foregoing.
	 
	 	9.3	 	BE and PURAC will each inform the other of suspected infringement by a third
party, and will cooperate in pursuing infringers and defending the Licensed Patents.
BE may in its sole discretion, prosecute such matter at its own expense and retain the
proceeds of any settlement. PURAC shall have no right to bring any such action.
	 
	 	9.4	 	In any infringement suit that BE may institute to enforce the Licensed
Patents pursuant to this Agreement, PURAC shall, at the request and expense of BE,
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.
	 
	 	9.5	 	In the event a declaratory judgment action alleging invalidity or
noninfringement of any of the Licensed Patents shall be brought against PURAC, BE, 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.

Section 10 Representations and Warranties

	 	10.1	 	Each Party represents and warrants to the other Party that (a) it has the
full corporate right, power and authority to enter into this Agreement and to perform
its obligations hereunder, (b) the execution of this Agreement and the performance of
its obligations hereunder does not and shall not result in a material breach of any
other agreement to which it is a party, and (c)

 

			
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	 	 	 	this Agreement has been duly executed and delivered by such Party and constitutes
the valid and binding agreement of such Party, enforceable against such Party in
accordance with its terms, except to the extent that enforceability is limited by
public policy or creditors’ rights generally.
	 
	 	10.2	 	BE warrants that it has the rights to grant PURAC the license described
herein; that the Licensed Patents have been timely filed in order to secure the
priority dates identified in Sections 1.8.1 through 1.8.5; that all necessary actions
have been taken to permit global protection of the inventions claimed in the Licensed
Patents; and that the inventions have not been communicated to the public in a form
and at a time that such communication might jeopardize the validity of the Licensed
Patents; that to the best of BE’s knowledge the patent applications meet the formal
requirements for patentability, in particular sufficiency of disclosure, the best mode
requirement, and the requirement to identify all true inventors
	 
	 	10.3	 	EACH PARTY AGREES AND ACKNOWLEDGES THAT, EXCEPT AS EXPRESSLY SET FORTH IN
SECTION 10.1 AND 10.2, NEITHER PARTY MAKES ANY REPRESENTATIONS OR EXTENDS ANY
WARRANTIES OF ANY KIND WHATSOEVER WITH RESPECT TO THIS AGREEMENT, EXPRESS, IMPLIED OR
STATUTORY, AND EACH PARTY HEREBY EXPRESSLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND
WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY AND ALL IMPLIED WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. In particular,
with no limitation implied, nothing in this Agreement will be construed as: (i) a
warranty or representation as to the issuance, validity, enforceability or scope of
any Licensed Patents or other intellectual property or proprietary rights; (ii) a
warranty or representation that anything made, used, sold, or otherwise disposed of
pursuant to the rights granted under this Agreement is or will be free from
infringement of intellectual property or proprietary rights of third parties; or (iii)
subject to the terms of Section 9, an obligation to bring or prosecute actions or
suits against third parties for infringement.

Section 11 Limitation On Liability

	 	11.1	 	TO THE MAXIMUM EXTENT PERMITTED BY LAW, EXCEPT WITH RESPECT TO THE
MISAPPROPRIATION OR OTHER VIOLATION OF A PARTY’S INTELLECTUAL PROPERTY, NEITHER PARTY
NOR ANY RELATED PERSON THEREOF SHALL BE LIABLE TO THE OTHER PARTY, ANY RELATED PERSON
THEREOF OR ANY OTHER THIRD PARTY, UNDER THIS AGREEMENT OR ANY LICENSE OR ANY
SUBLICENSES GRANTED HEREUNDER FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL,
RELIANCE OR PUNITIVE

 

			
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	 	 	 	DAMAGES OR LOST OR IMPUTED PROFITS OR ROYALTIES, LOST DATA OR COST OF PROCUREMENT
OF SUBSTITUTE GOODS OR SERVICES, WHETHER LIABILITY IS ASSERTED IN CONTRACT, TORT
(INCLUDING NEGLIGENCE AND STRICT PRODUCT LIABILITY) INDEMNITY OR CONTRIBUTION,
IRRESPECTIVE OF WHETHER THAT PARTY OR ANY RELATED PERSON OF THAT PARTY HAS BEEN
ADVISED OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE.
	 
	 	11.2	 	BE has no control over the manner in which PURAC intends to practice the
Licensed Patents or to make, have made, use, have used, sell, have sold, offer for
sale, have offered for sale, import or export, have imported or exported or otherwise
exploit the Licensed Products. Notwithstanding any other provision of this Agreement,
BE shall not be liable to PURAC for any damages of any nature incurred or suffered by
PURAC or by a third party arising out of any dispute or other claims or proceedings
made by or brought against PURAC, nor shall BE be responsible in any way for any such
disputes, claims or proceedings, except as provided for herein.

Section 12 Indemnification And Insurance

	 	12.1	 	Scope of Indemnification.

	 	12.1.1	 	PURAC hereby agrees to indemnify, defend and hold harmless BE, UFRFI, 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,
from and against any and all damages resulting from, arising out of or
otherwise in connection with any third-party claim, suit, action or proceeding
to the extent that such damages arise directly or indirectly out of (a) the
practice by PURAC and its Affiliates of any rights granted hereunder,
including claims of infringement or other violation of third-party
intellectual property rights, or arising from any negligent or willful act of
PURAC, or PURAC-related Persons, or (b) PURAC’s or its Affiliate’s
development, manufacture, practice or other disposition of any Licensed
Product.
	 
	 	12.1.2	 	BE shall defend, indemnify and hold harmless PURAC and its Affiliates and
their respective directors, officers, employees and agents, at the BE’s cost
and expense, from and against any liabilities, losses, costs, damages, fees or
expenses (including reasonable fees and expenses of legal counsel) arising out
of (a) any third party claim relating to any breach by the BE of any of
representation or warranty set forth in Section 10.1 or 10.2 hereof, or (b)
any negligent or willful act of BE or BE-related persons.

 

			
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	 	12.2	 	Indemnification Procedure.

	 	12.2.1	 	With regard to any third-party claim for which indemnification may be sought
under this Section 12, the Person seeking indemnification under Section 12
(the “Indemnified Party”) shall promptly notify the indemnifying party
(the “Indemnifying Party”) in writing (“Indemnification
Notice”) of the commencement of any action, suit or proceeding relating to
such third-party claim or, if earlier, upon the assertion of any such claim by
a third party; provided that the failure by the Indemnified
Party to give an Indemnification Notice of a third-party claim as provided in
this Section 12.2.1 shall not relieve the Indemnifying Party of its
indemnification obligation under this Agreement except to the extent that the
Indemnifying Party is actually prejudiced by such failure.
	 
	 	12.2.2	 	Within thirty (30) days after delivery of the Indemnification Notice, the
Indemnifying Party may, upon written notice thereof to the Indemnified Party,
assume control of the defense of such action, suit, proceeding or claim. If
the Indemnifying Party provides written notice to the Indemnified Party that
it does not wish to assume control or maintain control of such defense, the
Indemnified Party shall control such defense. The party not controlling such
defense may participate therein at its own expense, and the party controlling
such defense shall keep the other party advised of the status of such action,
suit, proceeding or claim and the defense thereof and shall consider
recommendations made by the other party with respect thereto. Neither the
Indemnifying Party nor the Indemnified Party will agree to any settlement of
any action, suit, proceeding or claim subject to Section 10 or consent to any
judgment in respect thereof that does not include a complete and unconditional
release of the other from all liability with respect thereto or that imposes
any liability or obligation on the other without the other’s prior written
consent.

	 	12.3	 	PURAC agrees that during the Term hereof and for three (3) years thereafter it
shall keep and maintain the following insurance with reputable carriers reasonably
satisfactory to BE:

	 	12.3.1	 	Comprehensive public liability including products liability coverage
with limits of not less than three million United States Dollars
(US$3,000,000) per incident, naming BE as an additional insured. Such
insurance may be a combination of primary and excess coverage, shall waive
subrogation against BE shall be primary and any insurance or self insurance of
BE shall be excess and non-contributory.

 

			
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	 	12.3.2	 	PURAC agrees to provide to BE certificates evidencing such coverage within
ten (10) days after the Effective Date and at least annually thereafter. Such
insurance certificates shall state that such insurance shall not be canceled
or materially altered except that upon written notice to BE. Any failure of
PURAC to comply with this Section 12.3 shall be a material breach of this
Agreement for which BE may terminate this Agreement.

Section 13 Governing Law and Resolution of Disputes

	 	13.1	 	The interpretation of this Agreement is governed by the substantive laws of
the Commonwealth of Massachusetts. Determination of the validity and scope of any of
the Licensed Patents will be made according to the laws of the country for which a
particular Licensed Patent is granted.
	 
	 	13.2	 	The Parties agree to seek amicable resolution of any disputes as may arise
pertaining to this Agreement. If the Parties are unable to amicably resolve a
dispute, an aggrieved Party may initiate mediation. If mediation is initiated by
PURAC the mediation shall take place in the USA under the auspices of a CPR accredited
mediator, unless the Parties agree to mediation in a different location and/or by a
different mediator. If mediation is initiated by BE the mediation shall take place in
The Netherlands under the auspices of a CEDR accredited mediator, unless the Parties
agree to mediation in a different location and/or by a different mediator.
	 
	 	13.3	 	If mediation is not successful the aggrieved Party may initiate arbitration
proceedings. Such arbitration proceedings shall be before a single arbitrator, whose
award will be binding on both Parties. If arbitration is initiated by PURAC, the
arbitration shall take place in the USA under the auspices of a CPR accredited
arbitrator, unless the Parties agree to arbitration in a different location and/or by
a different arbitrator. If arbitration is initiated by BE, the arbitration shall take
place in The Netherlands under the auspices of a CEDR accredited arbitrator, unless
the Parties agree to mediation in a different location and/or by a different
arbitrator

Section 14 Additional Provisions

	 	14.1	 	PURAC shall assure that the import, export, marketing, manufacturing, sale,
distribution and use of Licensed Products by PURAC, and its Affiliates, are conducted
in compliance with all applicable laws, regulations and court and governmental orders.
	 
	 	14.2	 	Each Party shall take, and shall cause its related Persons to take, such
action as the other Party may reasonably request to effect, perfect or confirm such
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	 	 	 	in this Agreement, including by promptly (a) executing instruments of assignment,
declarations, affirmations or other documents in connection with the applicable
provisions of this Agreement, and (b) confirming in writing all waivers and
consents under this Agreement that are reasonably requested by the other Party from
time to time.
	 
	 	14.3	 	Upon termination of this Agreement for any reason, if PURAC is not then in
default, as determined by UFRFI, PURAC shall receive from UFRFI, a grant similar in
scope as the grant set forth in this Agreement with the BE and all other rights in
this Agreement reasonably necessary to continue the business of this License except
that UFRFI shall be under no obligation to grant any rights which UFRFI does not have
or to perform any services for which it is unsuited. All payments required to be made
by PURAC shall, from the date of termination of this Agreement, be paid to UFRFI.
	 
	 	14.4	 	Use of Names

	 	14.4.1	 	PURAC shall not use the names of BE, UFRFI, 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 BE in each case, except that PURAC may state that it
has received a license from BE under one or more or the Licensed Patents.
	 
	 	14.4.2	 	BE shall not use the name of PURAC, nor of any of its employees, agents, or
affiliates, nor any adaptation of such names, in any sales promotion,
advertising, or any other form of publicity without the prior written approval
of PURAC in each case, except that BE may state that it has granted a license
or sublicense to PURAC under one or more of the Licensed Patents.

	 	14.5	 	United States Government Interests

	 	14.5.1	 	The Parties acknowledge and understand that the United States Government
(through any of its agencies or otherwise) has funded research during the
course of or under which 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 PURAC in this Agreement shall
be subject to such right.

 

			
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	 	14.5.2	 	PURAC 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. PURAC further agrees that it shall abide by all the
requirements and limitations of US. Code, Title 35, Chapter 18, and
implementing regulations thereof, for all patent applications and patents
invented in whole or in part with federal money.

	 	14.6	 	This Amendment and Restatement of the Agreement constitutes the entire
agreement between the Parties in relation to the subject matters hereof and supersedes
all prior oral and written agreements between the Parties in relation to its subject
matter, including without limitation the January 26, 2006 Modified E-Coli Technology
Agreement between the Parties.
	 
	 	14.7	 	No amendment or variation to this Agreement shall be effective unless in
writing and signed by both Parties. A waiver by either Party of any breach or default
of any of the provisions contained herein shall not be construed as a waiver of any
succeeding or subsequent breach of this Agreement. No delay or lack of response nor
apparent forgiveness by a Party concerning the failure of the other Party to perform
any of its obligations hereunder shall be construed as a waiver.
	 
	 	14.8	 	The invalidity or unenforceability of any provision of this Agreement shall
not affect the validity or enforceability of any other provision of this Agreement and
any such invalid or unenforceable provision shall be deemed to be severable.
	 
	 	14.9	 	The Section headings of this Agreement are for organizational purposes only
and shall not be used in interpreting this Agreement. References to a Section
includes reference to all subsections of that section.
	 
	 	14.10	 	Any notices or other communications required or permitted under this
Agreement or otherwise in connection herewith shall be in writing and shall be deemed
to have been duly given (a) when delivered in person, (b) upon confirmation of receipt
when transmitted by facsimile transmission, or (c) on receipt after dispatch by
registered or certified mail, postage prepaid, addressed as follows:

	 	 	 
	PURAC:	 	PURAC biochem
	 

	 	Arkelsedijk 46, P.O. Box 21
	 

	 	4200 AA Gorinchem
	 

	 	The Netherland
	 

	 	Attn: Managing Director

 

			
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	BE:

	 	Bioenergy International, LLC
	 

	 	Two Batterymarch Park
	 

	 	Suite 301
	 

	 	Quincy, MA 02169
	 

	 	Attn: Chairman and Chief Executive Officer
	 
	 	 
	With a copy to:

	 	Dewey & LeBoeuf LLP
	 

	 	260 Franklin Street
	 

	 	Boston, MA 02110
	 
	 	 
	 

	 	Attention:
	 

	 	Byron S. Kalogerou
	 

	 	Stanton J .Lovenworth

	 	14.11	 	Nothing in this Agreement shall be deemed to create any joint venture,
partnership, agency, or fiduciary relationship between the Parties. Neither Party
shall have the power or authority to bind or obligate the other except as expressly
set forth herein.
	 
	 	14.12	 	Through a Change in Control or otherwise, PURAC shall not, directly or
indirectly assign, mortgage, sublicense, or otherwise transfer this Agreement or any
interest therein, or of any of the rights, duties or obligations granted hereunder
(any of the foregoing being an “Assignment”), without the express written
consent of BE, such consent that will not to be unreasonably withheld, and any attempt
to effect such Assignment shall cause such Assignment to be void. Any purported
Assignment without the express prior written consent of BE shall be null and void and
shall be cause for termination of this Agreement by BE under Section 8.5 hereof.
	 
	 	14.13	 	The Parties agree that in the event of a breach or threatened breach of the
confidentiality provisions of this Agreement, the harm suffered by the non-breaching
Party may not be fully compensated in money damages alone, and accordingly, the
breaching Party shall, in addition to all other available legal or equitable remedies,
be entitled to an injunction against such breaches without any requirement for posting
any bond or undertaking in connection therewith to prevent any further breach or
threatened breach hereunder. This remedy is separate and apart from, and without
prejudice to, any other remedies a Party may have.
	 
	 	14.14	 	This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original, and all of which shall together constitute one and the
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	 	 	 	binding when one or more counterparts hereof, individually, or taken together,
shall bear the signatures of all of the Parties reflected hereon as the
signatories. Facsimile copies of this Agreement may be executed and original
executed copies of this Agreement shall be provided as soon as possible.

 

			
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SIGNATURE PAGE TO LICENSE AGREEMENT regarding MODIFIED E.COLI TECHNOLOGY BETWEEN BIOENERGY
INTERNATIONAL, LLC AND PURAC BIOCHEM BV

	 	 	 	 	 	 	 	 
	PURAC BIOCHEM B.V.	 	 	BIOENERGY INTERNATIONAL, LLC
	 
	By: 	 /s/ Arno Nande Ven	 	By: 	 /s/ Stephen J. Gatto
	 	Title:	 Vice President, Chemicals & Pharma	 	 	Title:	 Chief Executive Officer
	 
	 	Date: May 19, 2008	 	 	Date: May 19, 2008
	 
	PURAC BIOCHEM B.V.	 	 	 	 
	 
	By: 	 /s/ F.R. Rampinelli	 	 	 	 
	 	Title: President & CEO  

Date: June 5, 2008	 	 	 

 

			
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Exhibit 10.9

SOUTH EAST ASIA JOINT VENTURE TERM SHEET

Joint Venture Agreement in relation to the South East Asia Joint Venture Company (“JV
Agreement”) (Defined terms used herein shall have the same meaning as provided in the Class A
Common Stock Purchase Agreement (the “Agreement”) unless otherwise noted).

Pursuant to Section 6.2 of this Agreement, Myriant Technologies, Inc. (being the Company upon the
completion of LLC Conversion) whether by itself or through a direct or indirect, wholly-owned
subsidiary designated by it (“Myriant”) and PTT Chemical Public Company Limited, the parent company
of the Purchaser, whether by itself or through a direct or indirect, wholly-owned subsidiary
designated by it (“PTT Chemical”), will enter into the definitive agreements, including, but not
limited to, the JV Agreement and the Licensing Agreement (together, the “Definitive Agreements”),
and will work towards the tentative timeframe set forth in Schedule 1 of this Exhibit (the
“Tentative Timeframe”) with a view to entering into the Definitive Agreements and forming the South
East Asia Joint Venture Company (“JV Co”). The Definitive Agreements to be entered into between
Myriant and PTT Chemical shall contain the following terms:

	 	 	 

	I. The JV Agreement
	 	 
	Parties to JV Agreement and Shareholders

	 	PTT Chemical Public Company
Limited, whether by itself or
through a direct or indirect,
wholly-owned subsidiary
designated by it (“PTT
Chemical”).
Myriant Technologies, Inc.,
whether by itself or through
a direct or indirect,
wholly-owned subsidiary
designated by it (“Myriant”).
	 
	Type of entity and jurisdiction of the JV Co

	 	To be mutually agreed
following tax and legal
advice after Closing.
	 
	Purpose of the JV Co

	 	The primary purposes of the
JV Co shall be (i) to hold,
market and commercialise all
existing and future Company
Intellectual Property (as
defined in the Class A Common
Stock Purchase Agreement) to
be granted by Myriant from
time to time by way of a
license (or sublicense) to JV
Co in accordance with the
terms and subject to the
conditions set forth herein,
with the aim of generating
profits for the JV Co through
licensing (including
sublicensing) of the Company
Intellectual Property and any
“Co-developed IP”.
	 
	Business Plan

	 	Myriant and PTT Chemical
shall cooperate and assist
each other to produce a
conceptual business plan for
purposes of including such
plan with the formal
submission to be made to UFRF
in accordance with the
Tentative Timeframe. Myriant
and PTT Chemical shall
thereafter cooperate and
assist in the preparation of
a definitive business plan
for the first fiscal year (or
remainder thereof) of the JV
Co in accordance with the
Tentative Timeframe. The
business plan shall be
subject to further amendment,
if any, by the JV Board.
	 

	 	At least 45 days prior to the
end of each subsequent fiscal
year, the business plan will
be updated and submitted to
the JV Board for
consideration,

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	 	amendment (if
necessary) and approval by
the JV Board. Any amendments
to the definitive business
plan shall be approved by the
JV Board.
	 
	Annual Budget

	 	Myriant and PTT Chemical shall
cooperate and assist each other to
produce a budget for the first
fiscal year (or remainder thereof)
of the JV Co in accordance with the
Tentative Timeframe. The first
annual budget of the JV Co shall be
approved by the JV Board.
	 
	 

	 	At least 60 days prior to the end
of each subsequent fiscal year of
the JV Co, an annual budget for the
forthcoming financial year shall be
submitted to the JV Board for
consideration, amendment (if
necessary) and approval. The final
first annual budget for each
financial year shall be approved by
the JV Board.
	 
	South East Asia

	 	For purposes hereof, the territory
of “South East Asia” means the
countries of Brunei, Burma
(Myanmar), Cambodia, Indonesia,
Laos, Malaysia, the Philippines,
Singapore, Thailand and Vietnam.
	 
	Rights of shares / interests in the JV Co
	 	 
	 
	Shares / Interests in the JV Co

	 	54% of the total shares of JV Co to
be held by PTT Chemical.
	 
	 

	 	46% of the total shares of JV Co to
be held by Myriant.
	 
	Voting rights of shares

	 	Other than as provided under
‘Protective Provisions’ below, the
shares held by each of PTT Chemical
and Myriant shall vote as a single
class and the one-share, one-vote
rule shall apply.
	 
	Income rights of the shares

	 	The shares held by each of PTT
Chemical and Myriant shall rank
pari passu with respect to
dividends.
	 
	Capital Interests

	 	The shares held by each of PTT
Chemical and Myriant shall rank
pari passu with respect to any
return of capital whether on a
liquidation, dissolution,
winding-up, reduction of capital or
otherwise.
	 
	Restrictions on transfers of shares

	 	Other than transfers to a
wholly-owned subsidiary of Myriant
or PTT Chemical Public Company
Limited (as applicable), no shares
in the JV Co may be transferred
without the prior written consent
of the other shareholder.
	 
	Pre-emption on new issues of securities

	 	Any new issues of any type of
security by the JV Co shall be
first offered to the existing
shareholders pro-rata to their
shareholdings.
	 
	Drag-along rights

	 	There shall be no drag-along rights.
	 
	Tag-along rights

	 	There shall be no tag-along rights.
	 
	Board of Directors
	 	 
	 
	Number of directors

	 	There will be seven directors of
the board of the JV Co (the “JV
Board”).
	 
	Appointment of directors

	 	PTT Chemical will designate three
persons to the JV Board.
	 

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	 	One independent director will be
mutually nominated by PTT Chemical
and Myriant and shall have
appropriate expertise and
experience in the relevant industry
that can enhance the business of
the JV Co.
	 
	 

	 	Myriant will designate three persons
to the JV Board. Myriant will
designate such persons and the
parties shall mutually nominate the
independent director at the direction
of the disinterested members of the
Board of Directors not designated by
the Purchaser (the “Disinterested
Company Directors”).
	 
	Quorum

	 	The quorum for meetings of the JV
Board shall be a majority of the
members of the JV Board, including at
least one director designated by PTT
Chemical and at least one director
designated by Myriant.
	 
	Conduct of business

	 	Other than as described under
‘Protective Provisions’ below, the JV
Board shall be responsible for all
business operations of the JV Co
which shall, unless a resolution of
shareholders or equity holders (as
applicable) is required under the
applicable law of the jurisdiction in
which the JV Co is incorporated, be
decided at the meetings of the JV
Board by the affirmative vote of a
majority of the members of the JV
Board.
	 
	Director’s indemnity

	 	The JV Co will enter into standard
indemnification agreements with each
of its directors, and will procure
and maintain directors’ and officers’
(“D&O”) liability insurance with a
carrier and in an amount satisfactory
to a majority of the JV Board.
	 
	Protective Provisions
	 	 
	 
	Protective Provisions

	 	The following protective provisions
which shall require either (a) the
consent of Myriant by way of
resolution of the Board (at the
direction of the Disinterested
Company Directors) or (b) the
affirmative vote of a majority of the
directors of the JV Board (or a
majority of the members of any
equivalent governing body) including
at least one such person nominated by
Myriant (who shall not be affiliated
with PTT Chemical) to either,
directly or indirectly, by amendment,
merger, consolidation or otherwise,
take any of the following actions:
	 
	 

	 	(i) amend the certificate or articles
of incorporation, memorandum and
articles of association, charter,
bylaws or other organizational
documents of the JV Co, or change the
rights, preferences or privileges of
any class or series of capital stock
of the JV Co.
	 
	 

	 	(ii) declare or pay any dividends or
distributions on the capital stock or
other equity interests of the JV Co;
	 

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	 	(iii) redeem or repurchase shares of
capital stock or other equity
interests of the JV Co except for
purchases at cost upon termination of
service or pursuant to right of first
refusal provisions or the pre-emptive
rights of the shareholders of the JV
Co (if any);
	 
	 

	 	(iv) increase or decrease the number
of authorized shares of any class or
series or other equity interests of
the JV Co;
	 
	 

	 	(v) issue any shares of any class or
series of capital stock or other equity interests of the JV Co, or any
securities convertible into the
capital stock or other equity
interests of the JV Co;
	 
	 

	 	(vi) consummate any event at the JV
Co equivalent to a Deemed Liquidation
Event at Myriant, or a sale or
transfer of the right, title and
interest in and to, or encumbrance of
title to, any of the Company
Intellectual Property, other than
through the licensing transactions
(including, a sublicense) in the
ordinary course of business such as
corporate partnering and commercial
licensing transactions;
	 
	 

	 	(vii) loan funds to or guarantee the
contractual obligations of any
person, except in the ordinary course
of business of the JV Co;
	 
	 

	 	(viii) change any material terms in
the employment contract between the
JV Co and any of its key employees;
	 
	 

	 	(ix) change the number of members of
the JV Board or the number of
directors designated by Myriant on
the JV Board;
	 
	 

	 	(x) change the principal business
lines of the JV Co;
	 
	 

	 	(xi) incur or guarantee any
indebtedness for borrowed money of
the JV Co in excess of US $250,000
individually or US $1,000,000 in the
aggregate, except for a working
capital credit facility in an amount
up to US $5,000,000;
	 
	 

	 	(xii) make capital, operating and
other expenditures by the JV Co, in
any calendar quarter, in an amount
more than 10% above the aggregate
expenditures provided for such
calendar quarter in the annual budget
and operating plan of the JV Co
approved therefore by the JV Board;
	 
	 

	 	(xiii) enter into any contract with a
supplier, customer, or partner
outside the ordinary course of
business that imposes material
restrictions or limitations on the
conduct of the JV Co of its business
such as, but not limited to,
exclusivity provisions and
non-compete provisions, unless any
such contract is approved by the JV
Board;
	 
	 

	 	(xiv) enter into transactions with
any affiliate of a shareholder of the JV Co for an amount exceeding US
$100,000, other than licensing
transactions in its ordinary course
of business.

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	R&D Committee

	 	As soon as possible after the
incorporation of the JV Co pursuant
to the Tentative Timeframe, the JV
Board will establish an R&D Committee
with equal representation from
Myriant and PTT Chemical.
The R&D Committee shall determine the
R&D Program of the JV Co with an aim
of helping coordinate R&D efforts
with respect to the Company
Intellectual Property and, if so
required based on a
project-by-project basis, the “PTT
Chemical Intellectual Property” (as
defined herein), including, but not
limited to, any other intellectual
property rights created or developed
through the R&D Program. As part of
its charter, the R&D Committee shall
be charged, where a question arises,
to determine what constitutes an
“Improvement” and what constitutes
“Co-developed IP”.

	 
	 
	 	Details with regard to the R&D
Program are set forth in the Section
heading “R&D and Joint Collaboration
Program” of this Exhibit.
	 
	Operations of the JV Co
	 	 
	 
	Day to day management

	 	PTT Chemical shall be solely
responsible for the day-to-day
management of the commercial
activities and other business affairs
of the JV Co, and the R&D Committee
shall be responsible for R&D
activities of the JV Co. PTT
Chemical’s designated representatives
shall confer with the R&D Committee
of the JV Co on a periodic basis as
determined by the JV Board.
	 
	 

	 	The parties hereto shall cooperate
and assist with each other with a
view to facilitating and enhancing
the business operations and business
opportunities of the JV Co.
	 
	Consideration of business opportunities

	 	The parties will ensure that all
business opportunities and projects
in South East Asia that would utilize
the Company Intellectual Property
(each, a “Project”) will be brought
to the JV Board for review.
PTT Chemical, acting in the best
interests of the JV Co and in its
reasonable judgment, but not in
derogation of its general fiduciary
duties, will be solely responsible
for developing, structuring and
scoping all relevant parameters of
such Projects on commercially
reasonable terms based on the
parties’ contributions to such
Projects and shall consider such
factors, including, without
limitation, the potential amount of
equity participation by Myriant,
including other investors (as
appropriate), in such Projects,
licensing fees and structure,
conflict of interests, local content
and non-competition requirements
applicable to any particular Project
on a case-by-case basis, provided,
however, that in no event shall

5

 

	 	 	 

	 

	 	Myriant be entitled to make an equity
investment in any Project in an
amount of more than Myriant’s
shareholding in the JV Co.
	 
	 

	 	Upon determination of all parameters
concerned and other Project
requirements, PTT Chemical will
ensure that such a Project be
presented to the JV Co and Myriant
will be given ninety (90) days to
elect to participate in any Project
as an equity investor or sponsor,
based on the parameters and
requirements presented. If Myriant
declines to participate, then PTT
Chemical may develop the Project
independently for its own account or
with any other co-investors, pursuant
to a sublicense from the JV Co upon
commercially reasonable terms
approved and on an arms’ length basis
by the JV Board.
	 
	 

	 	If Myriant elects to participate in
such Project, PTT Chemical and
Myriant will then form a new project
company with the agreed shareholding
percentage and in accordance with the
agreed upon parameters and
requirements.
	 
	 

	 	In either case, the JV Co shall
negotiate a license or sublicense of
the Company Intellectual Property to
be deployed on commercially
reasonable terms and conditions and
on an arms’ length basis with such
project company, subject in each case
to the approval of the JV Board,
provided, however, where PTT Chemical
has elected to develop a Project
independently, the terms and
conditions of the license shall be
subject to the approval of a majority
of the directors of the JV Board not
designated by PTT Chemical.
	 
	 

	 	However, in any case, the license fee
structure (including, royalties,
maintenance fees and related third
party costs) so determined in respect
of any Project shall be made on
economically viable and competitive
terms so as to enable the Project to
be commercially competitive.
	 
	Financing of the JV Co
	 	 
	 
	Initial capital

	 	To be further discussed after Closing.
	 
	Costs

	 	Except as otherwise provided herein
each party shall bear its own
expenses in connection with the
formation of the JV Co and the
negotiation and execution of the
Definitive Agreements; provided,
however, that Myriant and PTT
Chemical may mutually agree in
advance that the JV Co to be formed
hereunder may bear certain
out-of-pocket expenses that may be
incurred by either party in
connection with the formation of the
JV Co and the negotiation and
execution of the Definitive
Agreements.
	 
	Governing law/ Dispute Resolution

	 	Governing law shall be the law of the
jurisdiction where JV Co is
incorporated.
PTTCH Chemical and Myriant will
mutually determine the dispute
resolution method, tribunal, rules,
forum and location.

6

 

	 	 	 

	 

	 	However, if before the execution date
of the Definitive Agreements pursuant
to the Tentative Timeframe, the
parties cannot agree on the dispute
resolution method as referred to in
the preceding paragraph, all dispute,
controversy or claim arising out of
or relating to the JV Co, including
any question regarding its existence,
validity or termination, shall be
referred to and finally resolved by
arbitration in accordance with the
Arbitration Rules of the Singapore
International Arbitration Centre (the
“SIAC Rules”) for the time being in
force, which rules are deemed to be
incorporated by reference in this
clause, and it is further agreed
that:
	 
	 

	 	(a) The seat, or legal place, of
arbitration shall be Singapore.
	 
	 

	 	(b) The Tribunal shall consist of
three arbitrators.
	 
	 

	 	(c) The language of the arbitration
shall be English.

II. Intellectual Property

A. Grant of licenses (including, sublicenses) in relation to Company Intellectual Property from
Myriant to the JV Co (the “Licensing Agreement”)

Myriant will, from time to time, license (or sub-license) to the JV Co on an exclusive, perpetual
basis, all of its existing and future Company Intellectual Property, subject to the terms and
conditions set forth below. The main terms of the Licensing Agreement of the Company Intellectual
Property are set out below.

	 	 	 

	Subject of licence

	 	All existing and future Company Intellectual Property,
including any improvements in connection with any such
Company Intellectual Property, subject to any third
party rights or restrictions.
	 
	Term of licence

	 	Perpetual
	 
	Exclusivity

	 	JV Co shall, at all times, be the exclusive licensee in
South East Asia of the Company Intellectual Property
licensed by Myriant to JV Co, from time to time, for
commercial activities.
	 
	 

	 	The exclusive grant of the license (or sublicense)
shall only be subject to (i) existing or future third
party rights, restrictions and actual royalties, and
(ii) to the “Consents of third parties for Company
Intellectual Property” as provided herein.
	 
	 

	 	The JV Co. shall have non-exclusive world-wide rights
to Company Intellectual Property for non-commercial
research and development purposes

7

 

	 	 	 

	 

	 	only, subject to (i)
existing or future third party rights, restrictions and
actual royalties, and (ii) to the “Consents of third
parties for Company Intellectual Property” as provided
herein.

	 	 	 

	License fees

	 	License fees in
connection with the
Company Intellectual
Property shall be
payable by the JV Co
to Myriant in
accordance with the
provisions set forth
in this Section.
	 
	 

	 	The license fee
structures in relation
to the Company
Intellectual Property
are divided into three
categories: (i)
royalties, (ii)
maintenance fees, and
(iii) third party
costs.
	 
	 

	 	The grant of a license
or sub-license in
relation to any
Company Intellectual
Property shall be
subject to all
three-categories of
license fee structures
described in this
Section, provided,
however, that no
royalties or third
party costs will be
due until
commercialization
(i.e., JV Co
sublicensing such
intellectual property
right to a Project
company).
The royalty fees,
maintenance fees and
third party costs
shall be determined by
mutual agreement
between Myriant and
the JV Co, on
commercially
reasonable,
economically viable
and competitive terms
and conditions and on
an arms’ length basis.
	 
	(a) Royalties on commercialised Company
Intellectual Property

	 	The royalty fees in
relation to any
commercialised Company
Intellectual Property
shall be calculated
based on a reasonable
development cost
recovery factor as
well as a reasonable
and customary profit
consistent with
currently accepted
market practices and
such terms so as to
enable commercial
competitiveness of the
JV Co.
	 
	 

	 	Notwithstanding the
foregoing, the parties
agree to negotiate to
determine an
acceptable royalty
rate for each product
or process used by the
JV Co, subject in all
cases to the payment
of third party
royalties.
	 
	(b) Maintenance fees

	 	The maintenance fee in
relation to any and
all Company
Intellectual Property
licensed to JV Co
shall represent an
amount in respect of
actual and direct
program costs and
other reasonable and
ordinary program
expenses in connection
with such Company
Intellectual Property.
	 
	(c) Third Party Costs

	 	Any actual third party
costs in respect of
the Company
Intellectual Property
shall be those
incurred by Myriant
directly as a result
of the use or license
or sublicense of such
Company Intellectual
Property which shall
be passed-through, and
paid by the JV Co only
upon JV Co
sublicensing such
Company Intellectual
Property to the
Project company.

8

 

	 	 	 

	Consents of third parties for Company Intellectual
Property

	 	Myriant shall, at its
cost, use commercially
reasonable efforts to
obtain any consent of
third parties required
to effect the license
(or sublicense) of the
Company Intellectual
Property to the JV Co.
	 
	 

	 	It is acknowledged and
agreed by the parties
that at present, the
only Company
Intellectual Property
that may require a
consent from a third
party for an exclusive
grant to JV Co are the
licenses granted by
UFRF to Myriant.
Myriant will formally
advise UFRF of this
joint venture and
determine whether any
consent from UFRF is
necessary to
sublicense the
“Licensed Patents”
under the various UFRF
licenses in accordance
with the Tentative
Timeframe.
	 
	Myriant warranties under the licensing agreement

	 	Myriant shall give the
customary
representations and
warranties with
respect to the Company
Intellectual Property
at each time a license
or sublicense is
granted to JV Co,
including, without
limitation:
	 
	 

	 	(i) Subject to
existing third party
licenses and
restrictions contained
therein, Myriant has
the authority to
license (or
sublicense) to JV Co
all the rights granted
pertaining to the
Company Intellectual
Property;
	 
	 

	 	(ii) Subject to
existing third party
licenses and
restrictions contained
therein, Myriant is a
licensee or the sole
owner of the Company
Intellectual Property
and has the right to
grant the licence (or
sublicense) to JV Co
pertaining to the
Company Intellectual
Property to JV Co;
	 
	 

	 	(iii) Myriant will (i)
take commercially
reasonable steps
necessary for the
maintenance of the
Company Intellectual
Property, including
taking the necessary
steps to apply,
proceed and maintain
the registration of
any Company
Intellectual Property,
including the recordal
of any licenses in
relation thereto,
which are eligible for
registration with the
competent authority in
connection with such
Company Intellectual
Property, (ii) use
commercially
reasonable efforts to
procure third parties
to take the foregoing
steps, and (iii)
consider PTT
Chemical’s reasonable
suggestions on such
applications,
procedures and
maintenance with
acceptance and
performance not to be
unreasonably withheld;
	 
	 

	 	(iv) Myriant has
maintained and shall
maintain the
confidentiality of the
Company Intellectual
Property, to preserve
the proprietary nature
of the Company
Intellectual Property.
Myriant makes no
representation or
warranty that certain
Company Intellectual
Property has not or
will not be disclosed
to third parties. Any
such disclosure by
Myriant has been or
will be made under a
confidentiality
agreement or after an
application for
intellectual

9

 

	 	 	 

	 

	 	property
rights has been filed,
in order to protect
the proprietary nature
of the Company
Intellectual Property;
	 
	 

	 	(v) Myriant has not
received any notice
that use of the
Company Intellectual
Property is infringing
or is likely to
infringe any
intellectual property
right of a third
party.
	 
	 

	 	(vi) Myriant shall use
commercially
reasonable efforts to
(a) support the
marketability and
commercialization of
products being
developed by Myriant
using the Company
Intellectual Property
licensed to the JV Co
(including, the
Co-developed IP,
through the R&D
Program), including,
but not limited to,
accommodating, in its
role as a technology
provider, any
reasonable request of
the JV Co to assist
the JV Co. in seeking
a qualified third
party to provide
performance and
process guarantees to
support and secure the
efficiency and
performance of the
Company Intellectual
Property and the
Co-developed IP
licensed by the JV Co
to Project companies”;
and (b) provide
technical assistance
in the commissioning
and start-up of
Project company
commercial plants at
commercially
reasonable rates.
	 
	Myriant disclaimer of warranties under the
licensing agreement

	 	Myriant shall include
the customary
disclaimers of
representations and
warranties with
respect to the Company
Intellectual Property
at each time a license
or sublicense is
granted to JV Co,
including, without
limitation: (i)
merchantability, (ii)
fitness for a
particular purpose,
(iii) non-infringement
(iv) as to issuance,
validity or
enforceability of
Company Intellectual
Property.
	 
	Myriant Indemnity on the Company Intellectual
Property

	 	Myriant shall
indemnify JV Co. from
and against all
claims, actions,
damages and costs
(including reasonable
legal costs and fees)
caused to JV Co as a
result of, or in
connection with, any
third-party claims
relating to breach of
any Myriant
representation or
warranties made in the
license or sub-license
agreement.
	 
	 

	 	Myriant shall
indemnify JV Co. from
and against all
claims, actions,
damages and costs
(including reasonable
legal costs and fees)
to JV Co. that arise
from known
infringement of
third-party
intellectual property
rights by the practice
of Company
Intellectual Property.
This indemnity is
limited to third-party
intellectual property
infringement that is
known to Myriant,
following reasonable
inquiry, at the time
the Company
Intellectual Property
is licensed or
sublicensed to JV Co.
Myriant will notify JV
Co. if it becomes
aware of any
infringement of third
party intellectual
property rights.

10

 

B. Grant of licenses (including, sublicenses) in relation to PTT Chemical Intellectual Property
from PTT Chemical to the JV Co

PTT Chemical is not obligated in any way to contribute PTT Chemical Intellectual Property to the JV
Co. To the extent, however, that PTT Chemical, in its sole discretion, elects to license (or
sublicense) any PTT Chemical Intellectual Property to the JV Co, it shall be done pursuant to a
customary license (or sublicense) and in a similar manner in which the Company Intellectual
Property is licensed (or sublicensed) to the JV Co, as described herein.

III. R&D and Joint Collaboration Program

Myriant and PTT Chemical undertake to each other to perform the actions described below:

	 	 	 

	R&D Program

	 	The R&D Committee will establish and
determine the principles, milestones,
estimate costs and expenses to be incurred
and other necessary elements regarding the
collaboration and contributions required
from PTT Chemical and Myriant in
connection with R&D efforts and activities
relating to the Company Intellectual
Property (the “R&D Program”), based on
each initiative project-by-project, and
subject to tax optimisations by both
parties.
	 
	 

	 	The R&D Program (and any amendments or
updates thereto) shall be presented to JV
Board for approval.
	 
	Purpose of the R&D Program

	 	The R&D Committee will ensure that the R&D
Program covers the following purposes:
	 
	 

	 	• research and development of the
non-commercialised Company Intellectual
Property with the aim of commercialising
such Company Intellectual Property;
	 
	 

	 	• research and development of certain of
Company Intellectual Property through the
R&D Program, whether patentable or not,
which improve or otherwise offer
advantages in respect of development and
performance of the background intellectual
property rights licensed to the JV Co as
the Company Intellectual Property under
the provisions of this Exhibit (regardless
of whether such Company Intellectual
Property has been granted for
commercialising activities or R&D
activities) and any and all PTT Chemical
Intellectual Property as may be required
for a specific Project (“Improvements”).
Such “Improvements” are (i) any
modification of a product (including
compositions of matter, devices, and
organisms)

11

 

	 	 	 

	 

	 	described in the Company
Intellectual Property licensed to the JV
Co that perform the same function in a
better or more economical way, or that
costs less to manufacture; and (ii) any
modifications of a process described in
the Company Intellectual Property licensed
to the JV Co that perform the same
function in a better or more economical
way; and
	 
	 

	 	• research and development of the Company
Intellectual Property (and, if so
determined by PTT Chemical pursuant to the
provisions of this Exhibit, the PTT
Chemical Intellectual Property)
(including, know-how, unpatented
technical and other information such as,
inventions, discoveries, data, formulae,
specifications, procedures, tests and
results, reports and other trade secrets)
and other contributions from Myriant and
PTT Chemical for any particular project
with the aim of creating or developing new
and novel intellectual property rights,
inventions or initiatives through the R&D
Program (any such new and novel
intellectual property rights, inventions
or initiatives referred to herein as the
“Co-developed IP”), provided that any
proposed commercialising activities in
respect of such Co-developed IP shall be
first presented to the JV Board for
approval.
	 
	 

	 	The R&D Committee shall have sole
responsibility and authority to determine
whether new intellectual property
(including, know-how, unpatented technical
and other information such as, inventions,
discoveries, data, formulae,
specifications, procedures, tests and
results, reports and other trade secrets)
produced in the R&D program is an
Improvement or Co-developed IP.
	 
	Costs and expenses incurred by
Myriant and PTT Chemical in
connection with the R&D
Program

	 	The R&D Committee shall determine all
costs and expenses in connection with the
R&D Program which shall be estimated on an
upfront basis on the terms and conditions
to be agreed upon by PTT Chemical and
Myriant.
	 
	Contribution of resources

	 	To be further discussed after Closing.
	 
	Ownership of intellectual
property rights derived from
the R&D Program

	 	Where PTT Chemical and Myriant have
brought their respective intellectual
property rights into the R&D Program for
the purposes described in this Section,
PTT Chemical and Myriant agree as follows:
	 
	 

	 	(i) Myriant shall continue to own all of
its Company Intellectual Property licensed
or sublicensed to JV Co.
	 
	 

	 	(ii) PTT Chemical shall continue to own
all of its PTT Chemical Intellectual
Property licensed or sublicensed to JV Co.
	 
	 

	 	(iii) Subject to the obligation to license
back to

12

 

	 	 	 

	 

	 	Myriant provided herein, JV Co
shall own any Improvement on the Company
Intellectual Property derived through the
activities conducted in the R&D Program.
	 
	 

	 	(iv) JV Co shall own any Co-developed IP
(including, any work-in-process thereof)
derived through the activities conducted
in the R&D Program.
	 
	License back of Improvements
and the Co-developed IP to
Myriant

	 	JV Co will license back to Myriant any
Improvement on the Company Intellectual
Property on an exclusive, royalty-free,
and perpetual basis with the right to
sublicense for use outside of South East
Asia subject to (a) existing or future
third party rights and restrictions and
any actual royalties payable to third
parties and (b) any additional costs and
expenses that may be mutually agreed to by
Myriant and PTT Chemical to cover actual
and direct costs and other reasonable and
ordinary program expenses related thereto.

JV Co. will license back to Myriant any
Co-developed IP on a nonexclusive and
perpetual basis with the right to
sublicense for use outside of South East
Asia at a royalty rate agreed between
Myriant and JV Co, subject to existing or
future third party rights and restrictions
and any actual royalties payable to third
parties and subject to any additional
costs and expenses that may be mutually
agreed to by Myriant and PTT Chemical to
cover actual and direct costs and other
reasonable and ordinary program expenses
related thereto.
	 
	 

	 	The license back to Myriant shall be done
in a manner consistent with the way in
which the Company Intellectual Property is
licensed (or sublicensed) to the JV Co, as
described herein. Provided, however, under
no circumstances will Myriant or its
sublicensees be required to pay royalties
under the license from JV Co. if
practicing the intellectual property
licensed back to Myriant requires payment
of royalties to a third party.
	 
	 

	 	Myriant shall maintain the confidentiality
of, and shall require its sublicensees to
maintain the confidentiality of,
Co-developed IP that is licensed back to
Myriant by the JV Co, as necessary to
preserve the proprietary nature of the
Co-developed IP.
	 
	JV Co authority to license
Co-developed IP to third
parties

	 	JV Co is authorized to grant non-exclusive
licenses to Co-developed IP to third
parties on terms that are negotiated on an
arms’ length basis, subject to the
approval of the JV Co Board.

13

 

	 	 	 

	JV Co Indemnity of Myriant

	 	JV Co shall indemnify Myriant and its
affiliates from and against all claims,
actions, damages and costs (including
reasonable legal costs and fees) caused to
Myriant and its affiliates as a result of,
or in connection with, any third-party
infringement with respect to any
Improvement to the Company Intellectual
Property and the Co-developed IP licensed
to Myriant or the use or the activities of
Myriant or its affiliates in relation to
the Co-developed IP and any Improvements
to the Company Intellectual Property in
all respects as set forth under this
Exhibit.

IV. Cooperation and Validation of Technology

Myriant and PTT Chemical undertake to each other to perform the actions described below:

	 	 	 

	Validation of the Company Intellectual
Property in Thailand

	 	Myriant and PTT Chemical
will cooperate through R&D
Committee to manage the
validation and optimisation
of Myriant’s organisms and
Thailand feedstocks in
connection with the Company
Intellectual Property for
use in South East Asia,
provided that (i) PTT
Chemical will allow Myriant
to utilise its existing
facilities at its lab for
the purposes of testing the
validity of the Company
Intellectual Property, and
(ii) Myriant will bear all
cost and expenses incurred
in connection with the
validation purposes (for
avoidance of doubt, it is
anticipated that all such
cost and expenses to be
borne by Myriant shall be
any cost related to the
travel costs of any
personnel and certain
equipment (the cost of such
equipment which in no event
shall exceed in the
aggregate $250,000)
required for the purpose of
validation).
	 
	Personnel

	 	Myriant undertakes to
accept PTT Chemical’s
personnel (as a secondee)
to be designated by PTT
Chemical for training
primarily effected through
observation and on-the-job
training at any sites of
Myriant’s operations in any
locations (which shall not
be limited to the operation
sites of JV Co).
If the exchange program is
for know-how learning or
training purposes, PTT
Chemical agrees to bear all
cost and expenses to be
incurred.
	 
	 

	 	PTT Chemical is subject to
the right applied, vice
versa, for Myriant’s
personnel which may be
seconded to PTT Chemical
for training purposes.
Myriant undertakes further
that if it has a job
opening need for a
professional position at
the

14

 

	 	 	 

	 

	 	Company and PTT
Chemical has personnel who
are qualified for that
position in accordance with
Myriant’s requirements, PTT
Chemical may send such
personnel to participate in
a job interview by Myriant.
If Myriant wishes to
employ such personnel
(temporary or otherwise)
(subject in all cases to
local visa requirements),
Myriant will bear all costs
and expenses in connection
with the employment of such
personnel on a “local”
rather than on an
“expatriate” package basis.
Any such seconded employee
shall be under the control
and supervision of Myriant
and shall be subject to any
and all rules, regulations
and policies governing the
employees of Myriant. For
the avoidance of doubt, any
intellectual property
developed by any such
seconded employee shall not
be considered Co-developed
IP (as defined herein).
	 
	 

	 	Subject to the foregoing,
each seconded employee of
PTT Chemical shall enter
into appropriate
non-disclosure agreements
with Myriant.
	 
	Maintenance and capitalisation of IP

	 	Myriant shall undertake to
PTT Chemical that for so
long as PTT Chemical is a
holder of shares in Myriant
(including, the Class A
Common or, following its
conversion, any Common
Stock, as the case may be),
it shall, and shall procure
that any of its management
and employees of Myriant
who may have been granted
access to any and all
Company Intellectual
Property, shall,
	 
	 

	 	(a) take all necessary
steps to arrange for a
proper record keeping and
maintenance of any
documentation, data,
notification, evidence or
other information in
relation to any Company
Intellectual Property in
accordance with the
manners, standards,
procedures and formalities
as required by law or as
normally adopted by the
other operators for the
record keeping and
maintenance of the similar
property or as otherwise
may be directed by PTT
Chemical from time to time;
	 
	 

	 	(b) provide PTT Chemical,
including, any of its
representatives, employees,
consultants or agents with
access to inspect such
documentation and records
upon reasonable prior
written notice during the
normal business hours of
Myriant;
	 
	 

	 	(c) (i) take commercially
reasonable steps necessary
for the maintenance of the
Company Intellectual
Property, including taking
the necessary steps to
apply, proceed and maintain
the registration of any
Company Intellectual
Property, including the
recordal of any licenses in
relation thereto, which are
eligible for registration
with the competent
authority in connection
with such Company
Intellectual

15

 

	 	 	 

	 

	 	Property, (ii)
use commercially reasonable
efforts to procure third
parties to take the
foregoing steps, and (iii)
consider PTT Chemical’s
reasonable suggestions on
such applications,
procedures and maintenance
with acceptance and
performance not to be
unreasonably withheld; and
	 
	 

	 	(d) use commercially
reasonable efforts to
commercialize the trade
secrets, know-how or any
other intellectual property
generated as a result of a
joint strategic initiative
program between Myriant and
PTT Chemical.
	 
	Opportunities outside South East Asia

	 	Myriant will invite PTT
Chemical to participate in
all business opportunities
and projects outside of
South East Asia that
involve or utilize Company
Intellectual Property,
whether as an investor or
equity sponsor, to the
extent that such investment
or equity participation is
commercially feasible and
consistent with the
structure, terms and
parties involved in such
project, and on
commercially reasonable
terms based on the parties’
contributions to such
project, subject to
Myriant’s reasonable
judgment with regard to
such factors, including,
without limitation, the
conflict of interests and
non-competing requirements
applicable to any
particular project on a
case-by-case basis.

V. Miscellaneous

	 	 	 

	Indemnity of JV Co Against Third-Party Claims

	 	JV Co shall indemnify each
of Myriant and PTT Chemical
and their affiliates from
and against all third-party
claims, actions, damages and
costs (including reasonable
legal costs and fees)
arising out of, or in
connection with, the
operations of the JV Co.
	 
	Good Faith

	 	Each party hereto agrees
that it shall act in good
faith in its respective
dealings with the other
party under or in connection
with the performance of the
Definitive Agreements
contemplated hereby.

16

 

SCHEDULE 1

Tentative Timeframe

	 	 	 	 	 
	 	 	Time Frame From
	DELIVERABLES	 	Closing
	1. Drafting of Definitive Agreements
	 	30 days
	2. Finalization of Conceptual Business Plan
	 	45 days
	3. Formal communication to UFRF of JV Co to determine
whether UFRF consents are necessary
	 	45 days
	4. Establishment of JV Co/Signing of Definitive
Documents
	 	120 days
	5. JV Co Board approval of definitive Business Plan
	 	180 days

17

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