Document:

EX-10.34

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

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

This Development Agreement (“Development Agreement”) is entered into on April 15th, 2010 (“EffectiveDate”) by and between Cargill,
Incorporated through its Bio Technology Development Center, having its principal place of business at 15407 McGinty Road West, Wayzata, Minnesota 55391 USA (“Cargill”) and Bioamber S.A.S., having a place of business at Route de Bazancourt,
F-51110, Pomacle France (“Bioamber”). Bioamber and Cargill shall be referred to individually as “Party” and collectively as “Parties”, as required by text. 

Background 
  

	 	A.	Cargill has developed a yeast strain designated CB1 (“CB1”) for fermenting dextrose and/or mixed sugar streams and related research tools for modifying
CB1,which are protected by Licensed Patents (as defined in Section 2.5 below). 

  

	 	B.	Bioamber desires to engage Cargill to further develop or modify CB1 with the goal of fermenting dextrose and/or mixed sugar streams to produce succinic acid and salts
thereof. 

  

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

 Cargill and Bioamber mutually agree as follows:

  

	1.	Scope of Work Plan 

  

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

 

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

 

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

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

  

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

  

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

  

	 	1.2.5	No other party has rights to its services as described in the Work Plan, and that a work assignment from any third party shall not be accepted, or work by Cargill
aloneshall not be conducted, to develop CB1 or other microorganisms that will be used to (a) directly produce succinic acid and salts thereof, or (b) indirectly produce succinic acid and salts thereof (for example, Cargill may develop microorganisms
to produce precursors of succinic acid, such as fumaric acid and malic acid, so long as such precursors are not converted to succinic acid, such as by chemical modification), for the Term (as defined in Section 10.1) of this Development
Agreement. For purposes of clarity, and as examples, Cargill may sell dextrose as fermentation feedstock to third parties, who may use such dextrose to produce succinic acid; also, Cargill may modify starches to make succinic acid starch
derivatives. 

  

	2.	Fees and Milestones  

  

	2.1	Bioamber shall pay Cargill Two Hundred Fifty Thousand U.S. Dollars ($250,000.00) within thirty (30) days of the execution of this Development Agreement.

  

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

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

 

					
	 Milestone
	  	 Target Date
	  	 Payment

	 Milestone 1: Proof of Concept
	  	12 months after Effective Date	  	US $250,000.00
	 Milestone 2: CB1 Strain Development
	  	30 months after Effective Date	  	US $300,000.00
	 Milestone 3: CB1 Strain Optimization
	  	42 months after Effective Date	  	US $500,000.00

  

	2.4	Missed Milestones. 

  

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

  

	 	2.4.2	In the event Cargill does not achieve a given Milestone provided in Section 2.3 by the Target Date listed in Section 2.3 or modified Milestone and modified
Target Date as agreed to by the Parties, and Bioamber decides to commercialize Modified CB1, any outstanding milestone payments shall immediately become due such that the total payment due Cargill under this Development Agreement equals One Million
Fifty Thousand U.S. Dollars (US $1,050,000.00). 

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

  

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

  

	2.6	Technology Transfer. In the event Milestone 3 is achieved, Cargill will provide up to [***] to assist in a successful transfer of the Modified CB1 technology to
Bioamber in order to allow subsequent scale-up at the same FTE rate set forth in Section 2.2. For clarity, [***] per FTE per year equals US$[***] for this technology transfer). 

  
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	2.7	Scale-Up. Following the successful technology transfer, upon request by Bioamber and subject to Cargill’s availability of appropriate resources, Cargill
will enter at its sole discretion into a services agreement with Bioamber to assist in the fermentation scale-up of using Modified CB1 obtained under Milestones 2 and 3 for producing succinic acid and salts thereof at a single Bioamber facility or a
facility designated by Bioamber. Cargill shall invoice Bioamber [***] U.S. Dollars (US$[***]) per man-day provided, not inclusive of taxes or other governmental fees, and further adjusted for inflation at the time it goes into effect. Cargill shall
have no obligation to perform scale-up work at Cargill facilities. 

  

	3.	Alternative Feedstock. Bioamber also desires the right to further develop CB1 to utilize cellulosic biomass as the fermentation feedstock. Cargill hereby grants
Bioamber the option to modify or convert the Work Plan to include the development or modification of CB1 capable of fermenting such cellulosic feedstock (“Modified Work Plan”). If such option is exercised, (a) the terms and conditions
of this Development Agreement shall apply to the Modified Work Plan except (i) new, additional up-front and milestone payments shall apply as provided below, and (ii) any development work performed under the Modified Work Plan will be at a
FTE rate which will be equivalent to the FTE rate provided in Section 2.2 above and further adjusted for inflation at the time it goes into effect; and (b) the commercial license attached as Exhibit D shall be expanded to include the resulting
strain developed out of the Modified Work Plan with no additional change in the financial terms. Additionally, the additional up-front fee [***]. 

  

					
	 Milestone using Alternative Feedstock
	  	Target Date	  	 Payment

	 Up-front Payment
	  	TBD	  	US $[***]
	 Milestone 1: Proof of Concept
	  	TBD	  	US $[***]
	 Milestone 2: CB1 Strain Development
	  	TBD	  	US $[***]
	 Milestone 3: CB1 Strain Optimization
	  	TBD	  	US $[***]

  

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

 

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

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

  

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

  

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

 

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

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

  

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

  

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

  

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

  

	5.	Intellectual Property 

  

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

 

	5.2	Improvements. Any invention or discovery relating to the Work Plan, in whole or in part, that is conceived during the term of this Development Agreement shall be
an “Improvement”. The scope for Improvements will be limited to the CB1 strain itself and the [***] (the “Field”), but shall exclude [***]. Bioamber will own any Improvement in the field of succinic acid and salts thereof and
such Improvement shall be designated “Bioamber Improvements”. Cargill will own any Improvement in all fields other than the field of succinic acid and salts thereof, subject to the rights provided in Section 5.2.1 below, and such
Improvement shall be designated “Cargill Improvements”. In the event it is not clear as to ownership of any Improvement as described in this Section 5.2, in other words, if it is not clear whether an invention or discovery is either a
Bioamber Improvement or a Cargill Improvement, such Improvement shall be [***] and such Improvement shall be designated “Joint Improvements”. For purposes of clarity, as examples, Cargill Improvements are those inventions relating to
fumaric acid and malic acid. Additionally, where an Improvement has applications both in the Field and outside the Field, then such Improvement, as it applies to the Field, shall be a Bioamber Improvement and, as it applies outside the Field, such
Improvement shall be a Cargill Improvement. 

  

	 	5.2.1	Cargill hereby grants Bioamber, and Bioamber hereby accepts, an exclusive, royalty-free license to Cargill Improvements and Joint Improvements for use in the Field
during the term of this Development Agreement with a reservation of right for Cargill to practice such Cargill Improvements and Joint Improvements for use in the field of succinic acid and salts thereof during the term of this Development Agreement.
Such use shall be for research purposes only with no rights to sublicense and with no “have made” rights. Cargill shall also grant a commercial license to Bioamber for Cargill Improvements and Joint Improvements under the terms and
conditions of Exhibit D. 

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

  

	 	5.2.3	Cargill shall have the first option to prepare, file, prosecute, and maintain patent applications and issued/granted patents on Bioamber Improvements and Joint
Improvements, which option may be waived in whole or in part. Cargill shall bear all costs incurred in connection with such preparation, filing, prosecution, and maintenance of U.S. and foreign application(s) and issued/granted patents directed to
Bioamber Improvements and Joint Improvements. Cargill shall provide Bioamber a copy of any proposed patent application covering Bioamber Improvements and Joint Improvements in advance of the submission of the proposed patent application to any
patent office. However, Cargill shall be entitled to file provisional patent applications without seeking Bioamber’s approval. If Cargill waives its option, Bioamber shall have the option to prepare, file, prosecute, and maintain patent
applications and issued patents on Bioamber Improvements and Joint Improvements. Cargill shall provide, when requested by Bioamber, all information in its possession, or true copies thereof, pertaining to Bioamber Improvements and Joint Improvements
which may be necessary or useful in the preparation, filing, and prosecution of patent applications covering the Bioamber Improvements and Joint Improvements. Such information shall be treated as Confidential Information. 

 

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

  

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

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

  

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

  

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

  

	6.	WRF Patents. Washington Research Foundation (WRF) is the owner of several patents relating to the expression of polypeptides in yeast (“WRF
Patents”). Prior to transferring CB1 or any other yeast strain to Bioamber, Bioamber shall provide to Cargill a letter from WRF stating that Bioamber has a license to the WRF Patents (“Bioamber-WRF License”). Upon receipt of
such letter, Cargill will transfer CB1 to Bioamber for Bioamber’s use of the strain commensurate with and in accordance with the Bioamber-WRF License. Cargill shall have no liability to Bioamber for Bioamber’s acts or failure to act
with respect to the WRF Patents. 

  

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

  

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

  

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

  
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	If to Cargill:	  	If to Bioamber:
		
	Cargill, Incorporated	  	Bioamber S.A.S.
	Bio Technology Development Center	  	1250 Rene-Levesque West
	15285 Minnetonka Blvd.	  	Suite 4110
	 Minnetonka, Minnesota 55345

USA
	  	 Montreal, Quebec
 Canada H3B
4W8

	Fax: 952-742-0540	  	Fax: 514-844-1414
	Attention: Pirkko Suominen	  	Attention: Laurent Bernier
		
	 With copy to:
 Cargill,
Incorporated
 Law Department / Mailstop 24
 15407 McGinty Road West
 Wayzata, Minnesota 55391 USA

Fax: 952-742-6349
 Attention: Bio TDC IP
Lawyer
	  	 With copy to:
 Boivin Desbiens
Senécal, g.p.
 2000-2000 McGill College
 Suite 2000
 Montreal, QC, Canada
 H3A 3H3
 Fax: 514-844-5836
 Attention: Thomas Desbiens

  

	10.	Term and Termination. 

  

	10.1	This Development Agreement will begin on the Effective Date and continue for four (4) years unless earlier terminated pursuant to Section 10.2, or unless the
parties extend the term by mutual written Development Agreement (“Term”). 

  

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

  

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

 

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

  
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	13.	Miscellaneous. 

  

	13.1	Third Party Patents. In addition to the WRF Patents as described more fully in Section 6, the CB1 Team of the Bio Technology Development Center of Cargill
represents that, to the best of its knowledge as of the Effective Date, the patents and patent applications of third parties that could impact the Work Plan and the commercialization thereof are provided in Exhibit E (“Third Party
Patents”). Cargill shall have no liability to Bioamber for Bioamber’s acts or failure to act with respect to such Third Party Patents. The Parties shall meet regularly throughout the Term of this Development Agreement to determine whether
or not licenses to Third Party Patents are needed to perform or continue to perform the Work Plan and the next steps if such licenses are needed. 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

 

	13.9	Bioamber Non-Compete Commitment. Bioamber will not itself or with or through third parties engage in the development of biocatalysts other than E. coli
for the production of succinic acid or salts thereof, except for the development activities under the terms and conditions of this Development Agreement. This obligation endures for the Term of this Development Agreement. Notwithstanding the above,
Bioamber shall be permitted to evaluate other biocatalysts, but shall not undertake development of such biocatalysts. The purpose of such evaluations shall be to identify and eventually secure alternative technologies, in the event that the CB1
development program is not successful. As such, Bioamber shall cease within 30 days any further funding and development of a biocatalyst, including but not limited to the genetic modification or the optimization of fermentation conditions, when such
biocatalyst has demonstrated the ability to produce succinic acid at a concentration above [***] grams per liter. This restriction shall apply to any succinic acid biocatalyst other than E. coli, be it a biocatalyst developed in-house,
licensed-in, or under development at a third party lab that is funded by Bioamber or to which Bioamber has secured a future right or right of first refusal through direct payment, in kind contribution, grant, gift, differed payment or commitment to
a future payment. 

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

					
	 CARGILL, INCORPORATED
 Bio
Technology Development Center
	 		 	BIOAMBER S.A.S.
			
	/s/ Jack Staboch	 		 	/s/ Jean-François Huc
	Signature	 		 	Signature
			
	 VP BioTDC
	 		 	Director General
	Title	 		 	Title
			
	4/16/10	 		 	April 15, 2010
	Date	 		 	Date

  
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 Exhibit A 
 Work Plan 
 Milestones 

[***] 
 MILESTONE 1 

[***] 
 Time to
achieve: Month 12 
 MILESTONE 2 
 [***] 
 Time to achieve: Month 30 

MILESTONE 3 
 [***] 

Time to achieve: Month 42 

  
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 Exhibit B 
 Cargill Patents and Patent Applications 
  

							
	Publication #	 	Title	 	Filing Date	 	Expiration
Date
	[***]

  

							
	Publication #	 	Title	 	Filing Date	 	Expiration
Date
	[***]

  

							
	Publication #	 	Title	 	Filing Date	 	Expiration
Date
	[***]

  

							
	Publication #	 	Title	 	Filing Date	 	Expiration
Date
	[***]

  

							
	Publication #	 	Title	 	Filing Date	 	Expiration
Date
	[***]

  

							
	Publication #	 	Title	 	Filing Date	 	Expiration
Date
	[***]

  
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 Exhibit C 
 Licensed Tool Kit 
 Basic Package 

Content: 
  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 The price will be negotiated, but as of the Effective Date of this Agreement, the fair market value is base package price of US $[***]

 Additional Fee Option 
 Content: 
  

	 	•	 	 Genome sequence of CB1, including assembly and annotations as is Cargill’s state of the art at the time of the request.

  

	 	•	 	 The price will be negotiated, but as of the Effective Date of this Development Agreement, the fair market value is price of US $[***]

  
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 EXHIBIT D 
 COMMERCIAL LICENSE AGREEMENT 

  
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 EXHIBIT E 
 Third Party Patents relating to the Work Plan 
  

			
	Publication number and title	  	Assignee
	 [***]
	  	

 Third Party Patents relating to Modified Work Plan 

 

			
	Publication number and title	  	Assignee
	 [***]
	  	

  
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 EXHIBIT F 
 Cargill’s Guiding Principles 
  

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

 

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

  

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

 

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

 

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

 

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

 

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

  

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

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

  
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 AMENDMENT 1 TO DEVELOPMENT AGREEMENT 

This is the First Amendment (“First Amendment”) to the Development Agreement (“Development Agreement”) entered into on April 15,
2010, by and between Cargill, Incorporated through its Bio Technology Development Center, having its principal place of business at 15407 McGinty Road West, Wayzata, Minnesota 55391 USA (“Cargill”) and BioAmber S.A.S., having a place of
business at Route de Bazancourt, F-51110, Pomacle France (“BioAmber”). This First Amendment will be effective as of July 5, 2011, upon the signature of both Cargill and BioAmber. 

Cargill and Bioamber mutually agree as follows: 
  

	1.	Section 2.2 of the Development Agreement is hereby amended to allow Cargill at its sole discretion to apply [***] during the period of July 5, 2011, through
September 30, 2011, to perform the Work Plan in addition to the [***] specified in the unamended Section 2.2. The terms for compensation and expenses for these additional FTEs will be as provided for the original FTEs in Section 2.2.

  

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

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

 

					
	 CARGILL, INCORPORATED
 Bio
Technology Development Center
	 		 	BIOAMBER S.A.S.
			
	/s/ Jack Staboch	 		 	/s/ Jim Millis
	Signature	 		 	Signature
	VP BioTDC	 		 	CTO
	Title	 		 	Title
	7/14/11	 		 	7/18/11

  
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 AMENDMENTS TO COMMERCIAL LICENSE AGREEMENT AND DEVELOPMENT 

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

WHEREAS, Cargill and Bioamber entered into a Commercial License Agreement having an Effective Date of April 15, 2010 (the
“Commercial License”); 
 WHEREAS, Bioamber now desires to amend the Development Agreement to allow Bioamber to fund a
research project being conducted by the Biotechnology Research Institute (“BRI”), which involves the molecular re-engineering of a Methylotroph owned by BRI and the development of a lab scale fermentation design for using the re-engineered
Methylotroph to make succinic acid or salts thereof from a methanol feedstock (the “BRI Project”). The BRI Project will be co-funded by funds available from the Canadian National Research Council; 

WHEREAS, Bioamber further desires to scale-up the production of succinic acid using a Corynebacteria biocatalyst (MCC-17) available from
Mitsubishi Chemical Corporation (“MCC”) and to possibly produce succinic acid or salts using MCC-17 as an alternative to the E. coli BioAmber has licensed from the DOE at: (1) Bioamber’s existing demonstration-scale succinic acid
production facility located at Pomacle, France; and (2) a succinic acid production facility located at Sarnia, Ontario Canada having a maximum production capacity of 35,000 metric tons of succinic acid per year (the “Sarnia Plant”).
Together these scale-up projects will be referred to as the “Scale-up and Production Project”; 
 WHEREAS, Cargill is
willing to allow Bioamber to fund the BRI Project and to conduct the Scale-up and Production Project, subject to the following terms and conditions. Now therefore the Parties agree: 

Amendment To the Development Agreement 
 A. Section 13.9 of the Development Agreement is amended to add the following at the end of the Section: 
 “Notwithstanding the above, Bioamber may fund the BRI Project up until the Methylotroph (or re-engineered Methylotroph) demonstrates the ability to produce succinic acid (or salts thereof) from any
feedstock at a concentration of [***] grams/liter succinic acid (or salts thereof). Within thirty (30) days of the Methylotroph (or re-engineered Methylotroph) demonstrating such production levels of succinic acid, Bioamber will cease any
further funding and/or other support for the BRI Project. Further Bioamber will require that any unexpended funds received from Bioamber be utilized for a project other than the BRI Project. 
 B. New Section 13.10 is added to the Development Agreement as set forth below: 
 “13.10
Notwithstanding the provisions of section 13.9, Bioamber may conduct the Scale-up and Production Project, subject to Bioamber hereby agreeing to convert the demonstration-scale Pomacle France succinic acid production facility and the Sarnia Plant to
solely utilize CB1 as the biocatalyst for the production of succinic acid (and/or salts thereof). This conversion will be carried out according to the provisions of Section 5.9 of the Commercial License, it being understood that all economic
obligations of item (iv) above will be relative to the E. coli strain technology, not the Mitsubishi strain technology. In order to enable such conversion, Bioamber will put in place agreements with the owners/operators of the Sarnia Plant that will
enable Bioamber to require such conversion of the Sarnia Plant to solely use CB1 for the manufacture of succinic acid as described above.” 
 Amendment To the Commercial License 
 A. Section 5.9 of the Commercial License is
amended to add the following at the end of the Section: 
 “Bioamber shall use best efforts to obtain regulatory approvals for the use of
the CB1 Strain in all countries where Bioamber and/or a Bioamber licensee are using any strain other than the CB1 strain for the production of succinic acid and/or salts thereof. Additionally, Bioamber shall use best efforts to scale up the CB1
Strain and fermentation protocols utilizing the CB1 Strain.” 
 Nothing in these amendments will reduce Bioamber’s obligations to
replace MCC-17 and Bioamber’s current E. coli strain with CB1 in all the existing and future succinic acid production facilities of Bioamber and Bioamber licensees, according to the provisions of Section 5.9 of the Commercial License.

  
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	CARGILL, INCORPORATED
		
	By:	 	/s/ Pirkko Suominen
		 	 Name: Pirkko Suominen
 Title: Director, Bio Technology Development Center, Minneapolis

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

	Date:	 	October 15, 2011

  
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 Exhibit 10.37 
 *** Text Omitted and Filed Separately 
 Confidential Treatment Requested

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

This Agreement (the “Agreement”), made and effective as of the Effective Date, by and between Celexion, LLC, a Delaware limited
liability company having its principal place of business at One Memorial Drive, Suite 7, Cambridge, MA 02142 (hereinafter referred to as “Celexion” or “Licensor”) and DNP Green Technology, Inc., a Delaware corporation having its
principal place of business at 1250 Rene-Levesque West, Suite 4110, Montreal, QC, Canada, H3B 4W8 (hereinafter referred to as “DNP Green” or “Licensee”). 
 Celexion and DNP Green shall also hereinafter be referred to individually as “Party” and collectively as “Parties”. 

RECITALS 
 WHEREAS, Celexion has filed two (2) patent applications listed in Schedule A attached hereto that describe novel metabolic pathways to producing a platform of 6-carbon chemicals (the “Celexion Patent
Applications”); 
 WHEREAS, DNP Green desires to obtain an exclusive license to use the Celexion Patent Applications and
other related rights according to the terms hereof, and Celexion is willing to grant such license and rights to DNP Green. 

NOW, THEREFORE, in consideration of these premises and the rights and obligations specified herein, Celexion and DNP Green agree as
follows: 
 ARTICLE I DEFINITIONS 
  

	1.1	“Affiliate” means any corporation, firm, limited liability company, partnership or other entity that directly or indirectly controls or is controlled
by or is under common control with a Party to this Agreement. For the purpose of this definition, control means ownership, directly or through one or more Affiliates, of fifty percent (50%) (or such lesser percentage which is the maximum
allowed to be owned by a foreign entity in a particular jurisdiction) or more of the shares of stock entitled to vote for the election of directors in the case of a corporation, or fifty percent (50%) (or such lesser percentage which is the
maximum allowed to be owned by a foreign entity in a particular jurisdiction) or more of the equity interests in the case of any other type of legal entity, or status as a general partner in any partnership, or any other arrangement whereby a Party
controls or has the right to control the board of directors or equivalent governing body of a corporation or other entity. 

  

	1.2	“Celexion Patent Rights” means (a) the Celexion Patent Applications and patent applications later filed on Work Plan Intellectual Property owned by
Celexion, (b) any substitutions, divisions, continuations, continuations-in-part thereof,(c) any patents issuing therefrom, (d) any reissues, renewals, re-examinations, extensions, supplementary protection certificates and the like of any
such patents or patent applications, and (e) counterparts of any of the foregoing in any other jurisdiction. 

  

					
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	1.3	“Confidential Information” means technical and business information owned or controlled by either Party (the “Disclosing Party”) that is
designated in writing to be Confidential (or a similar legend) and disclosed to the other Party (the “Receiving Party”); or, if disclosed orally or visually, such technical and business information that (i) is identified as
constituting Confidential Information at the time of disclosure, and (ii) a summary thereof is confirmed in writing by the Disclosing Party to be Confidential Information within thirty (30) days of the initial disclosure; provided that the
term and obligations of this Agreement shall not apply to information that: 

  

	 	(a)	is or becomes known to the public through no fault of the Receiving Party; or 

 

	 	(b)	is already known to the Receiving Party prior to its receipt from the Disclosing Party, as shown by the prior written records of the Receiving Party; or

  

	 	(c)	becomes known to the Receiving Party by disclosure from a third party who has a lawful right to disclose the information and who did not receive the information
directly or indirectly from the Disclosing Party; or 

  

	 	(d)	is subsequently developed by or for the Receiving Party, provided that such subsequently developed information is not derived from or based on Confidential Information
of the Disclosing Party and is developed by employees or contractors who did not have access to Confidential Information. 

 Information disclosed under this Agreement shall not be deemed to be within the foregoing exceptions merely because such information is embraced by more general knowledge in the public domain or in the
Receiving Party’s possession. In addition, no combination of features shall be deemed to be within the foregoing exceptions merely because individual features are in the public domain or in the Receiving Party’s possession, but only if the
combination itself and its principles of operation are in the public domain or in the Receiving Party’s possession. 
  

	1.4	“Control,” “Controlled by” and other correlatives meancontrol by Celexion in the Field of Use by ownership or license, provided that DNP Green shall
be responsible for all compensation to any future licensors (for licenses entered into after the Effective Date) in consideration for sublicensing rights for Celexionto grant the licenses to DNP Green granted in this Agreementthat DNP Green has
approved prior to its being agreed by Celexion and such Licensors. 

  

	1.5	“Effective Date” means September 25, 2010. 

  

	1.6	“Field of Use” means the production of the Products, either (i) as the end product of the pathways disclosed and enabled in the Licensed Intellectual
Property, or (ii) through the chemical modification of an intermediate produced in the pathways disclosed and enabled in the Licensed Intellectual Property. 

 

	1.7	 “Licensed Intellectual Property” means, subject to the terms and conditions of this Agreement, (a) the Celexion Patent
Applications, (b)the otherCelexion Patent Rights, (c) the Work Plan Intellectual Property owned by Celexion, and (d) all know-how, trade secrets, systems, copyrighted materials, software, database rights, technology, Confidential

  

					
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Information of Celexion not included in the foregoing and any other present or future intellectual property right, other than trademarks, wherever in the world enjoyable, in each case (a), (b),
(c) and (d) Controlled by Celexion,and necessary for the development, piloting, scale-up and otherexercise of the license rights granted in Section 2.1, according to the terms hereof, but excluding any rights that have no application
in the Field of Use. 

  

	1.8	“Product(s)” means all or any ofthe products listed in Schedule B, which practice, use or constitute, or which but for the license in this Agreement would
infringe, Licensed Intellectual Property or DNP Green Improvements. 

  

	1.9	“Successful Completion” and its correlatives mean the criteria for successful completion of each Work Plan Phase as set forth in the Work Plan.

  

	1.10 	“Transfer Date” means the date on which each Phase of the Work Plan has been Successfully Completed. 

 

	1.11 	“Work Plan Intellectual Property” means to the extent developed or invented solely by Celexion or DNP Green, or jointly by Celexion and DNP Green, in the
performance of the Work Plan: (a) all inventions and discoveries whether or not patented or patentable, and any Celexion Patent Rights claiming such inventions and discoveries, and (b) all know-how, trade secrets, systems, copyrighted
materials, software, database rights, technology, Confidential Information of Celexion not included in the foregoing and any other present or future intellectual property right, other than trademarks, wherever in the world enjoyable in each case
(a) and (b) owned or controlled by, or licensed to Celexion, in which Celexion has sufficient rights to grant the rights and licenses granted in this Agreement to DNP Green, and necessary for the development, piloting, scale-up and
commercially viable exercise of the license rights granted in Section 2.1, according to the terms hereof. 

 ARTICLE II
LICENSE GRANT; COLLABORATION R&D 
 License 

 

	2.1	Subject to the terms and conditions of this Agreement, Celexion hereby grants to DNP Green an exclusive, worldwide, royalty bearing license in the Field of Use, with
the right to sublicense, under and to the Licensed Intellectual Property, to develop, have developed, make, have made, use, sell or otherwise transfer, offer for sale, and/or import any Product, provided that any sublicensee has agreed in writing to
be bound by terms no less strict than the terms of this Agreement and must be in compliance with Sections 2.13 and 2.14. 

  

	2.2	There are no rights or licenses implied for either Party to practice the Confidential Information or intellectual property of the other Party, except as expressly
provided and granted in this Agreement. 

  

					
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 Experimental Work to be made by Celexion 

 

	2.3	During the first six (6) months following the Effective Date, with an option to extend such period by mutual agreement between Celexion and DNP Green, Celexion will
carry out [***] work relating to enzyme activity and selectivity in connection with the Licensed Intellectual Property, as more fully described in the work plan attached hereto as Schedule C (the “Work Plan”) and in accordance with the
level of FTE effort described in such Schedule C and Section 2.6. 

  

	2.4	Celexion will provide informed personnel trained in accordance with accepted industry practices, and Celexion will be solely responsible for the negligent acts, errors
and omissions of its employees, subcontractors, and agents and for any other person performing services in connection with the Work Plan. 

  

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

  

	2.6	DNP Green shall pay Celexion [***] per full-time equivalent (FTE) person (calculated on a annual basis) to perform the Work Plan, and Celexion will make available up to
[***] FTE persons to perform the work as outlined in the Work Plan. 

  

	2.7	Celexion shall cover ordinary and customary lab supplies out of the FTE rate. Any lab expenses that are not ordinary and/or customary but are incurred as part of the
Work Plan will be paid by DNP Green. 

  

	2.8	Celexion shall submit to DNP Green a monthly invoice for costs owed by DNP Green, accompanied by a report summarizing Celexion’s activities in relation to actual
hours worked and expenses incurred. 

  

	2.9	DNP Green will pay Celexion’s costs within thirty (30) days of receipt of invoice and supporting documentation. 

 

	2.10 	DNP Green shall have the right to audit Celexion time sheets from time to time upon fifteen (15) days notice. Such audit shall occur during reasonable business
hours by an independent third party agreed to by both parties, who shall be under written obligations of confidentiality to Celexion at least as stringent as those herein. 

Sublicensing 
  

	2.11 	DNP Green shall promptly notify Celexion of the identity of any entity to which it has sublicensed the Licensed Intellectual Property under the rights granted in
Section 2.1 and subject to this Article II and provide a copy of the sublicense to Celexion, with financial and confidential information redacted that does not relate to this Agreement. DNP Green shall incorporate terms and conditions into its
sublicense agreements sufficient to enable DNP Green to comply with this Agreement, including without limitation Article VI and Section 8.6. Celexion shall be a third party beneficiary of each sublicense, with the right to enforce the terms
thereof in the event DNP Green does not enforce its rights. 

  

					
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	2.12 	Effective on the date this Agreement is terminated for any reason prior to the end of its term (the “Termination Date”), and provided that any DNP Green
sublicensee is not then in default under the terms of the sublicense to which it is a party, then DNP Green hereby assigns and agrees to assign to Celexion those of its rights, title and interest under any such sublicense that are in effect on the
Termination Date that relate to the license granted herein, including the right for Celexion to receive the portion of the income from the sublicense that relates to the license provided herein that would have been due DNP Green had this Agreement
not been terminated, and Celexion undertakes to respect the terms of any such sublicense as though Celexion itself had contracted directly with such sublicensee solely with respect to the Licensed Intellectual Property, in accordance with the terms
of any such sublicense so long as any such sublicensee is in full compliance with the terms of its sublicense; provided further that: 

 (i) such sublicensee must agree in a writing delivered to Celexion within thirty (30) days after the Termination Date to be bound to Celexion (a) for all obligations which relate to the Licensed
Intellectual Property, including the payment of royalties, specified in the sublicense agreement, and (b) IV, VI and X, and Sections 2.14 (pro rata with other sublicensees), 3.6, 8.1, 8.4, 8.5, 8.6, 8.8, 8.9, and 9.4 of this Agreement; and

 (ii) Celexion shall not assume any obligation of DNP Green to such sublicensee different from or beyond its obligations to DNP
Green sublicensees in this Agreement. 
 Prosecution and maintenance of patent rights 

 

	2.13 	Celexion shall use reasonable efforts to prosecute any and all patent application(s) included in the Celexion Patent Applications, for so long as DNP Green is in
compliance with Section 2.14, and thereafter in its sole discretion. 

  

	2.14 	DNP Green will reimburse Celexion for reasonable patent costs (including without limitation attorneys’ fees and filing and maintenance costs) associated with the
preparation, filing, prosecution, translation and maintenance of the Celexion Patent Rights in the United States and in other designated jurisdictions as mutually agreed per Section 2.15. Celexion will provide an invoice in reasonable detail,
and DNP Green shall reimburse such costs within thirty (30) days thereafter. Notwithstanding the preceding, the Parties agree that significant expenses related to the prosecution of claims outside of the Field of Use shall be borne by Celexion.

  

	2.15 	Celexion shall use reasonable efforts to obtain patents for all patent applications incorporated in the Celexion Patent Applications and to maintain said Celexion
Patent Applications, for so long as DNP Green is in compliance with Section 2.14, and thereafter in its sole discretion. The Parties agree to mutually establish a list of countries in which to file national entries for the Celexion Patent
Applications. 

  

					
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 ARTICLE III PAYMENTS AND DILIGENCE 

Up-Front and Annual Payments 
  

	3.1	DNP Green shall make the following nonrefundable payments to Celexion: 

  

	 	3.1.1	a payment of [***], at the Effective Date; 

  

	 	3.1.2	a payment of [***], on the first anniversary of the Effective Date; 

  

	 	3.1.3	prior to the earlier of the date of the groundbreaking (including without limitation new construction or remodeling of existing plant structure)
(“Groundbreaking”) of the first plant that will commercially manufacture Products or the date of first commercial sale of a Product by Licensee, its Affiliate or sublicensee (the “First Groundbreaking Date”), an annual payment of
[***], the first of such payment being due on the second anniversary of the Effective Date, and annually thereafter; 

  

	 	3.1.4	a payment of [***], on the First Groundbreaking Date; and 

  

	 	3.1.5	an annual payment of [***] on each anniversary of the Effective Date following the First Groundbreaking Date. 

Milestone Payments 
  

	3.2	DNP Green shall make the following milestone payments to Celexion within thirty (30) days of achieving each of the milestones summarized below, which payments
shall not be refundable in any event: 

  

	 	3.2.1	a payment of [***], when Phase I and Phase II of the Work Plan have been Successfully Completed; and a payment of [***] when Phase III of the Work Plan has been
Successfully Completed. 

  

	 	3.2.2	a payment of [***], when a Product developed under this Agreement achieves a laboratory demonstration of [***] of Product in [***] (DNP Green shall pay this Milestone
Payment for each Product developed under this Agreement); 

  

	 	3.2.3	a payment of [***], when the Celexion Patent Application [***] or a continuation or divisional thereof is approved and a first patent is officially issued in connection
therewith in the [***], according to the following schedule: $[***] upon the first such issuance, and $[***] upon the second such issuance. 

  

					
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	 	3.2.4	a payment of [***], on the date when the first kilogram of Product developed under this Agreement is first produced (DNP Green shall pay this Milestone Payment for each
Product developed under this Agreement); 

  

	 	3.2.5	a payment of [***], at the First Groundbreaking Date (DNP Green shall pay this Milestone for each plant built or remodeled to manufacture Products under this Agreement
during the term of this Agreement, with the limitation that the payment will be made only once for the first plant to produce each unique Product (each of the six (6) Products currently listed on Schedule B (and additional Products if Schedule B is
ever amended) is a unique Product). 

 Royalty Payments 

 

	3.3	In further consideration of the license granted in Article II, DNP Green shall pay Celexion the following amounts: 

 

	 	3.3.1	for any plant manufacturing Products in which DNP Green or its Affiliates have no ownership or less than a [***] (which shall require a sublicense to the Licensed
Intellectual Property), a royalty rate of [***] on the portion of all royalty and other payments and on the cash equivalent of the fair market value of non-cash compensation received by DNP Green from any sublicensee that relate to the Products,
Licensed Intellectual Property and/or the DNP Green Improvements; and 

  

	 	3.3.2	for any plant manufacturing Products in which DNP Green or its Affiliates owns a [***], DNP Green will pay Celexion a royalty rate of [***] of net sales of such
Products produced and sold (being the gross sales of such Products less allowed product returns and reasonable product allowances consistent with usual industry practices, all as determined according to standard accounting practices) and on the cash
equivalent of the fair market value of non-cash compensation. If a Product shall otherwise be distributed or invoiced for a discounted price substantially lower than customary in the trade or distributed at no cost, to Affiliates of Licensee or
otherwise, net sales shall be based on the average amount billed for such Products during the applicable reporting period. 

 Third Party Claims and Reduction of Payments 
  

	3.4	If the practice of the Celexion Patent Rightsgranted pursuant to this Agreement in the Field of Use results in a third party bringing a claim, suit or proceeding
alleging patent infringement against DNP Green, DNP Green shall promptly notify Celexion in writing setting forth the facts of such claim in reasonable detail. 

 

	3.5	If it is impossible for DNP Green to practice the Celexion Patent Rightsgranted pursuant to this Agreement in the Field of Use without obtaining a license from a third
party asserting an infringement claim pursuant to Section 3.4, and DNP Green takes a license directly from the third party alleging infringement, Celexion shall reduce the payment obligations set forth in Section 3.3 by an amount equal to
[***] of the amounts payable to such third party in exchange for a license to the asserted patent that allows DNP Green to practice the Celexion Patent Rights granted pursuant to this Agreement, provided that in no event shall the payment reductions
set forth immediately above be greater than [***] of the payments otherwise due to Celexion in any calendar quarter. 

  

					
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	3.6	All payments due hereunder shall be paid in full, without deduction of withholding taxes or other fees that may be imposed by any government, except as otherwise
provided in the definition of net sales in Section 3.3.2. 

 Diligence 

 

	3.7	(a) DNP Greenshall use commercially reasonable efforts to develop Products and shall continue commercially reasonable development and marketing efforts of Products in
the Field of Use throughout the term of this Agreement. 

 (b) In addition: 

(i) DNP Green shall provide a commercialization plan to Celexion upon the first anniversary of the Transfer Date, and provide an updated
plan annually thereafter on each anniversary of the Transfer Date. 
 (ii) DNP Green shall develop a first Product that achieves
a laboratory demonstration of [***] of Product in [***] by the [***] anniversary of the Transfer Date; and 
 (iii) The scale-up
to a pilot or demonstration plant for a Product shall begin on or before the [***] anniversary of the Transfer Date; and 
 (iv)
DNP Green shall first produce the first kilogram of the first Product developed under this Agreement by the [***] anniversary of the Transfer Date. 
 (v) The First Groundbreaking Date shall occur by the [***] anniversary of the Transfer Date; and 
 (vi) The first commercial production and sale of Products from a commercial plant shall be achieved by the [***] anniversary of the Transfer Date. 
 provided, however, Licensee will not be in breach of Section 3.7(b) for failure to meet any milestone as a result of technical or manufacturing difficulties beyond Licensee’s reasonable
control. In the event of technical or manufacturing difficulties beyond Licensee’s reasonable control, Licensee will notify Celexion if it anticipates missing a milestone date(s), and the parties will negotiate a milestone(s) extension in
good faith. If the parties are unable to agree on a milestone extension or other settlement within ninety (90) days, either party may send notice of a dispute pursuant to Section 10.2. If neither party sends such a notice within the
allotted time period in Section 10.2, either party may elect to terminate this Agreement effective on notice. 

  

					
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 ARTICLE IV PAYMENT REPORTS 

 

	4.1	Subsequent to the initial payment of Section 3.1.1, DNP Green shall report in writing to Celexion, within thirty (30) days after the end of each calendar
quarterafter the Effective Date, the royalty payments and net sales of Products subject to royalty payments pursuant to Article III during that calendar quarter. If there were no such royalties or sales, a report nevertheless shall be submitted so
stating. Payment shall be submitted to Celexion concurrent with submission of the report. Unless Celexion notifies DNP Green otherwise, the report shall be submitted to: 

Celexion, LLC 

One Memorial Drive, Suite 7 
 Cambridge, MA, 02142 
 Attention: Brian M. Baynes, CEO 

A copy of the report shall be submitted concurrently to the office receiving notices for Celexion in accordance with Article V.

  

	4.2	Unless Celexion notifies DNP Green otherwise, all payments due to Celexion hereunder shall be in U.S. Dollars and shall be submitted by wire transfer to:

 [***] 
 In the event that royalties accrue in a currency other than U.S. Dollars, the royalties shall be converted into U.S. Dollars at the closing buying rate of the bank abovementioned in effect on the last
business day of the accounting period for which payment is due; provided, however, Celexion may notify Licensee, for future payments, of (i) another published currency conversion standard that shall apply, or (ii) wire transfer
instructions for payment of royalties in the currency in which the royalties accrued. 
  

	4.3	If any payment due hereunder is not paid when due, the unpaid amount shall bear interest at an annual rate of the greater of two points above the prime rate then in
effect at the above bank or five per cent (5 %), until paid. The payment of such interest shall not foreclose Celexion from exercising any other rights it may have under this Agreement or in law or equity as a consequence of the lateness of any
payment. 

  

					
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	4.4	DNP Green, its Affiliates and the sublicensees shall keep adequate records in sufficient detail to enable the royalties payable to Celexion hereunder, and other
compliance with this Agreement, to be determined for at least five (5) years following the date on which a royalty report is due. Upon fifteen (15) days notice, the records may be inspected, and employees involved in the sale of Products
developed under this Agreement may be interviewed during normal business hours by an independent auditor appointed by Celexion for that purpose. The independent auditor shall be bound by terms of confidentiality and non-use at least as stringent as
those contained herein. The independent auditor shall report to Celexion only the amount of royalties payable hereunder except in the event that the auditor deems there has been underpayment or other noncompliance, in which event the auditor may
report to Celexion and DNP Green details concerning such underpayment or other noncompliance. DNP Green shall immediately pay the underpayment and reimburse Celexion for the audit expense if the audit reports a discrepancy of five percent
(5%) or more in underreported royalties. 

 ARTICLE V NOTICES 

 

	5.1	All notices pursuant to the Agreement shall be in writing and sent by facsimile or overnight or two-day courier, and deemed received on the date of confirmation of
transmission of facsimile or courier receipt, directed as follows, unless the Party receiving notice notifies the other Party of a different recipient for the notice: 

If to Celexion: 

Celexion, LLC 

One Memorial Drive, Suite 7 
 Cambridge, MA, 02142 
 Attn: Brian M. Baynes, CEO 

E-Mail : [***] 
 Facsimile : (617) 868-1115 
 If to DNP Green: 

DNP Green Technology, Inc. 
 1250 Rene-Levesque West, Suite 4110 
 Montreal, Quebec, Canada

 H3B 4W8 
 Attn: Mr. Jean-François Huc, President 
 E-Mail :
[***] 
 Facsimile : (514) 844-5836 

With a copy to : 
 Boivin Desbiens Senecal, g.p. 
 2000 McGill College, Suite 2000

 Montreal, Quebec, Canada 

H3A 3H3 
 Attn: Mr. Thomas Desbiens, Esq. 
 E-Mail : [***] 

Facsimile : (514) 844-5836 

  

					
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 ARTICLE VI CONFIDENTIAL INFORMATION 

 

	6.1	Confidential Information disclosed by a Disclosing Party to a Receiving Party shall be maintained in strict confidence by the Receiving Party, and not used for any
purpose other than those authorized by this Agreementfor the term of this Agreement and for ten (10) years after termination, if terminated early, or the term of this Agreement and for five (5) years after expiration; provided that a
Receiving Party may, in connection with the exercise of its rights hereunder, disclose the Confidential Information to third parties who have need to know in connection with the purpose pertained hereto and that agree in writing to be bound by terms
of confidentiality and non-use at least as stringent as those contained herein. Each Receiving Party shall take precautions as it normally takes with its own confidential and proprietary information of similar nature to prevent disclosure to third
parties, but no less than reasonable precautions. Each Receiving Party shall be responsible for the breach of this Article VI by the Receiving Party, its Affiliates, subcontractors and agents. 

 

	6.2	A Receiving Party agrees not to disclose Confidential Information received from a Disclosing Party to any of its employees other than those who have need to know in
connection with the purpose pertained hereto, and any employee to whom disclosure is made shall be made aware of the restrictions herein provided. 

  

	6.3	All Confidential Information disclosed by either Party to the other hereunder shall be maintained in strict confidence, and not used or disclosed to any third party by
the Receiving Party except as expressly authorized by provisions of this Agreement, for a period corresponding to the term of this Agreement and for ten (10) years after termination, if terminated early, or the term of this Agreement and for five
(5) years after expiration. 

  

	6.4	A Receiving Party may disclose Confidential Information to the extent required to be disclosed pursuant to law or regulation, judicial or administrative process;
provided that prior to any disclosure, the Receiving Party shall (a) assert the confidential nature of the Confidential Information to the authority; (b) immediately notify the Disclosing Party in writing; and (c) cooperate fully with
the Disclosing Party in protecting against disclosure or obtaining a protective order narrowing the scope of the compelled disclosure and protecting its confidentiality. 

 

	6.5	The Parties acknowledge and agree that because the breach or threatened breach of this Article VI would result in immediate and irreparable injury, each Disclosing
Party shall be entitled, without posting of bond or other security, to temporary and permanent injunctive and other equitable relief restraining the Receiving Party from activities constituting a breach or threatened breach of this Article VI to the
fullest extent allowed by law. Such relief shall not limit a Disclosing Party’s right to seek all other remedies available at law or in equity, including without limitation, the recovery of damages. 

  

					
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	6.6	As of the Effective Date, the Confidential Disclosure and Non-Use Agreement between the Parties dated November 6, 2009 (the “Confidentiality Agreement”)
is hereby superseded by this Agreement, except as to confidential information and materials provided thereunder prior to the Effective Date of this Agreement or otherwise not subject to this Agreement. 

ARTICLE VII IMPROVEMENTS 
  

	7.1	During the term of this Agreement, DNP Green shall have the exclusive right, at its cost, to create “DNP Green Improvements.” “DNP Green
Improvements” mean any derivative works from the Licensed Intellectual Property and developments, improvements and enhancements of the Licensed Intellectual Property, directly or through sub-contractors, in the Field of Use and outside of the
performance of the Work Plan. 

  

	7.2	The Parties acknowledge and agree that DNP Green shall own all rights, title, and interest in and to all such DNP Green Improvements throughout the world.

  

	7.3	The Parties also acknowledge and agree that Celexion shall own all rights, title, and interest in and to all Work Plan Intellectual Property. 

 

	7.4	DNP Green shall have the right at its own discretion to secure intellectual property protection in any of the DNP Green Improvements at its own expense.

  

	7.5	Licensee shall promptly disclose to Celexion any DNP Green Improvements. Subject to the terms and conditions of this Agreement, Licensee hereby grants to Celexion and
its Affiliates a nonexclusive, royalty-free, worldwide, irrevocable right and license outside the Field of Use to DNP Green Improvements, with the right to grant and authorize the grant of sublicenses at any tier, under Licensee’s intellectual
property rights to make, have made, use, offer for sale, sell, import and otherwise dispose of products and practice processes, and to practice processes and use, copy, modify and, if permitted under Article VI (Confidential Information), distribute
information outside the Field of Use. 

  

	7.6	Each Party shall promptly disclose to the other Party any Work Plan Intellectual Property. The Parties shall evaluate jointly whether trade secret or patent protection
is appropriate to protect any Work Plan Intellectual Property jointly invented by one or more employees of Celexion and by one or more employees of DNP Green. DNP Green agrees that it shall not use research data in support of a patent application or
apply for any intellectual property protection of any Work Plan Intellectual Property, without Celexion’s express prior written consent and subject to the terms of this Agreement. In the event that one or both of the Parties believe that patent
protection is appropriate, the Parties shall cooperate in the preparation, filing and prosecution of any such patent application claiming jointly invented Work Plan Intellectual Property. 

  

					
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 ARTICLE VIII REPRESENTATIONS AND LIMITATIONS 

 

	8.1	WHILE IT IS EXPECTED THAT THE RIGHTS PROVIDED BY CELEXION UNDER THIS AGREEMENT WILL BE USEFUL TO DNP GREEN TO MAKE PRODUCTS ON A COMMERCIAL SCALE, CELEXION DOES NOT
WARRANT OR GUARANTEE THAT SUCH RESULTS WILL BE OBTAINED. CELEXION SHALL NOT BE LIABLE TO DNP GREEN, ITS AFFILIATES OR ANY SUBLICENSEES BECAUSE OF ANY FAILURE IN ITS OPERATIONS OR OF THE LICENSED INTELLECTUAL PROPERTY TO ACHIEVE THE DESIRED RESULTS.
THERE ARE NO OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE, OTHER THAN THOSE EXPRESSLY EXTENDED IN THIS ARTICLE VIII. 

 

	8.2	To Celexion’s knowledge and belief, but without obligation of inquiry, DNP Green may exercise its rights to practice the Celexion Patent Rights in the Field of Use
under the license granted in Section 2.1 of this Agreement without infringing patent(s) owned by any third partybecauseCelexion has received no third party notice of infringement. In the event that any claims or legal proceedings are brought by
any third party alleging that the use of the Licensed Intellectual Property by DNP Green, any of its Affiliates or any of its sublicensees would infringe patent rights or other third party intellectual property rights, Celexion shall provide
technical advice and assistance (as requested) to effectively aid DNP Green in defending such allegation of infringement. 

  

	8.3	In the event that either Party becomes aware that a third party is infringing any Licensed Intellectual Property in the Field of Use, it shall immediately inform the
other Party and provide such information in its possession concerning the alleged infringement. Celexion may, but shall not be obligated to, take steps to abate the infringement at its own expense. If Celexion does not elect to so proceed, DNP Green
may elect to bring suit, in its own name and at its own expense, against the alleged infringer solely in the Field of Use. The Party bringing suit shall receive any recoveriesafter reimbursement of the legal fees and expenses of each Party. Any
recoveries by DNP Green shall be deemed to be subject to royalty payments under Section 3.3.1 as if received by a sublicensee. 

  

	8.4	TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW AND EXCEPT FOR BREACH BY EITHER PARTY, ITS AFFILIATES OR SUBLICENSEES OF ANY LICENSE GRANTED TO SUCH PARTY IN THIS
AGREEMENT, BREACH BY EITHER PARTY, ITS AFFILIATES OR SUBLICENSEES OF ARTICLE VI (CONFIDENTIAL INFORMATION), OR DAMAGES SUBJECT TO INDEMNIFICATION UNDER THIS ARTICLE 8, NEITHER PARTY SHALL BE RESPONSIBLE TO THE OTHER FOR SPECIAL, INCIDENTAL,
EXEMPLARY, OR CONSEQUENTIAL DAMAGES THAT MAY BE INCURRED PURSUANT TO THIS AGREEMENT OR PERFORMANCE HEREUNDER. 

  

	8.5	WHILE IT IS BELIEVED THAT THE ORDINARY AND ANTICIPATED USE OF THE LICENSED INTELLECTUAL PROPERTY, AND PRODUCTS MADE THEREBY, WILL NOT RESULT IN SAFETY OR HEALTH HAZARDS
TO WORKERS OR TO PURCHASERS OF SUCH PRODUCTS, CELEXION DOES NOT WARRANT OR GUARANTEE AGAINST SUCH HEALTH OR SAFETY HAZARDS. 

  

					
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	8.6	DNP GREEN HAS SOLE DISCRETION AND RESPONSIBILITY FOR ITS DESIGN, MANUFACTURE, AND SALE OF PRODUCTS PURSUANT TO THIS AGREEMENT. ACCORDINGLY, DNP GREEN SHALL INDEMNIFY,
DEFEND, AND HOLD CELEXION AND ITS AFFILIATES, AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS AND CONSULTANTS, (COLLECTIVELY, “INDEMNITIES”) HARMLESS FROM AND AGAINST ANY AND ALL CLAIMS, SUITS, OBLIGATIONS, CAUSES OF ACTION,
LIABILITY, COSTS AND DAMAGES (INCLUDING, WITHOUT LIMITATION, ATTORNEY FEES AND COURT COSTS), BASED UPON, ARISING OUT OF, OR RELATED TO: INJURIES TO PERSONS (INCLUDING DEATH) OR PROPERTY (INCLUDING, WITHOUT LIMITATION, LOSS OF USE), PRODUCT LIABILITY
CLAIMS, CLAIMS FOR DAMAGE TO THE ENVIRONMENT, AND THIRD PARTY CLAIMS DUE TO THE BREACH OF ANY OF ITS REPRESENTATIONS, COVENANTS AND AGREEMENTS CONTAINED IN THIS AGREEMENT (COLLECTIVELY, “LIABILITIES”), WHATEVER THE CAUSE MAY BE, BASED
UPON, ARISING OUT OF, OR RELATED TO THE ACTS OR OMISSIONS OF DNP GREEN AND ITS AFFILIATES AND/OR ANY OF THEIR EMPLOYEES, OFFICERS, EMPLOYEES, SUBCONTRACTORS AND CONSULTANTS OR OTHER PERSONS ACTING ON THEIR BEHALF OR UNDER THEIR CONTROL, IN
CONNECTION WITH DNP GREEN’S EXECUTION, DELIVERY AND PERFORMANCE OF, OR BREACH OR FAILURE TO PERFORM, THIS AGREEMENT, EXCEPT TO THE EXTENT THAT SUCH LIABILITIES ARE ESTABLISHED IN A COURT OF LAW TO HAVE BEEN CAUSED BY THE GROSS NEGLIGENCE OR
WILLFUL MISCONDUCT ON THE PART OF ANY OF THE INDEMNITIES. 

  

	8.7	CELEXION AGREES TO DEFEND, INDEMNIFY, AND HOLD DNP GREEN, ITS AFFILIATES AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS, HARMLESS FROM AND AGAINST ANY
AND ALL OUT-OF-POCKET COSTS, DAMAGES AND LOSSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES AND COSTS) ARISING OUT OF OR RESULTING FROM THIRD PARTY CLAIMS DUE TO THE BREACH BY CELEXION OF ANY OF ITS REPRESENTATIONS, COVENANTS AND
AGREEMENTS CONTAINED IN THIS AGREEMENT, EXCEPT TO THE EXTENT THAT SUCH LIABILITIES ARE ESTABLISHED IN A COURT OF LAW TO HAVE BEEN CAUSED BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT ON THE PART OF ANY OF SUCH INDEMNITIES. 

 

	8.8	The respective indemnitee shall notify the indemnifying Party within a reasonable period of time in writing of any claim, cooperate in the defense or settlement of such
claim as reasonably requested by the indemnifying Party, at the indemnifying Party’s expense, and tender the indemnifying Party with the sole control of the defense and all related settlement negotiations, although the indemnitee may be
represented by separate counsel at its expense. 

  

					
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	8.9	Nothing in this Agreement will be construed to limit either Party’s remedies for use of intellectual property rights outside the uses expressly permitted in this
Agreement. 

 ARTICLE IX TERM 
  

	9.1	The term of this Agreement shall commence on the Effective Date and continue in effect until expiry of the last to expire of the patents resulting from the Celexion
Patent Applications, or until the fifteenth (15th) anniversary of the Effective Date, whichever shall later occur, unless earlier terminated in accordance with this Article. 

 

	9.2	DNP Green may terminate this Agreement at any time, and for any reason whatsoever, by providing Celexion with ninety (90) days advance written notice of
termination, along with payment of any amounts then outstanding. 

  

	9.3	Celexion may elect to provide DNP Green with thirty (30) days advance written notice of termination in the event that DNP Green material breaches this Agreement.
If DNP Green shall not have cured any such material breach within such thirty-day notice period, this Agreement shall terminate on the last day of such notice period. 

 

	9.4	Termination shall not affect the rights and obligations of either Party incurred prior to termination. The following Articles and Sections shall survive termination: I,
2.12, 4.3, 4.4, 5.1, VI, 7.2, 7.3, 7.4, 7.5, 7.6, 8.1, 8.4, 8.5, 8.6, 8.7, 8.8, 8.9, 9.4, 9.5, and X. Upon termination, each Party shall return Confidential Information of the other Party, or destroy it, as the Disclosing Party shall instruct, and
cease any use of Confidential Information of the other Party, except as otherwise provided in Section 9.5. 

  

	9.5	In the event this Agreement is terminated before its expiry for any reason except in the event of a breach by Celexion or a breach by DNP Green of any of its
obligations listed at subsection 3.7 (b), DNP Green shall grant and hereby grants Celexion a royalty-free non-exclusive license to all DNP Green Improvements in the Field of Use, with the right to sub-license the DNP Green Improvements to third
parties. In the event that this Agreement is terminated due to a breach by DNP Green of any of its obligations listed at subsection 3.7 (b), within thirty (30) days after the effective date of termination, Celexion and DNP Green shall convene
to negotiate in good faith the commercially reasonable terms for a license to the DNP Green Improvements, solely to the extent it is required for Celexion, its Affiliates and sublicensees and their respective customers to practice the Licensed
Intellectual Property without infringing on patents or patent applications that result from the DNP Green Improvements. 

  

					
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 ARTICLE X MISCELLANEOUS 

 

	10.1 	The validity, interpretation and performance of this Agreement shall be governed and construed in accordance with the laws of the State of Delaware, without regard to
the conflict of law principles thereof. 

  

	10.2 	Any dispute hereunder shall be referred to senior management of the Parties for amicable settlement. If the Parties still are unable to agree within thirty
(30) days after referral of the dispute to senior management, they shall either: if mutually agreed, endeavor to resolve the dispute through a dispute resolution process reasonably selected for the dispute in question,or either Party may seek
remedy of a dispute in a court of law. 

  

	10.3 	This Agreement may be assigned or transferred by a Party to such entity that is the successor to substantially all of its equity or those business assets of the Party
to which this Agreement applies (“Successor”), provided that the Party gives written notice thereof to the other Party within a reasonable time and such successor agrees in writing to abide by the terms and conditions hereof within ten
(10) days after such assignment or transfer. Either Party may delegate performance hereunder, in whole or in part, to an Affiliate(s), but shall remain responsible for performance of its obligations hereunder and for the performance,
nonperformance, negligence, omission and acts of its Affiliates. Neither Party may otherwise assign, transfer or delegate this Agreement in whole or in part, without the prior written consent of the other Party. Notwithstanding anything to the
contrary in this Agreement, neither Party shall have any right or license whatsoever to any intellectual property rights, information or technology owned or controlled by an entity which becomes a Successor of the other Party hereunder (or any
subsequent Successor) and which was owned or controlled by such Successor prior to its becoming a Successor. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding upon the Parties and their Successors.

  

	10.4 	The Parties shall abide by the laws and regulations of the United States, including, without limitation, Export Control and related regulations that pertain to the
export of technology. 

  

	10.5 	Each Party shall remain an independent contractor. Nothing herein shall be construed as creating an agency or joint venture relationship between the Parties.

  

	10.6 	This Agreement constitutes the entire agreement between the Parties concerning the subject matter contained herein. No representation or other affirmation of fact,
whether made by a Party’s employees, consultants, subcontractors or agents or otherwise, which is not contained in this Agreement will be deemed to be a warranty by such Party for any purposeor give rise to any liability of such Party
whatsoever. Any modifications or waivers shall be in writing, duly signed by both Parties. 

  

	10.7 	Neither party shall be responsible to the other for delay or failure in performance of any of the obligations imposed by this Agreement, provided such delay or failure
shall be occasioned by a cause beyond the control of and without the fault or negligence of such party, including fire, flood, explosion, lightning, windstorm, earthquake, subsidence of soil, discontinuity in the supply of power, court order or
governmental interference, civil commotion, riot, war, strikes, labor disturbances, transportation difficulties or labor shortage. Notwithstanding the aforesaid, if as a result either party fails to a substantial extent for at least three
(3) months to fulfill any of its obligations under this Agreement, the other party may terminate the Agreement upon thirty (30) days advance written notice of termination. 

  

					
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	10.7 	The waiver of performance of any of the provisions of this Agreement shall not be construed as a waiver of subsequent obligations to perform the same or different
provisions. Should any provision of this Agreement be held invalid, unenforceable or void for any reason, the remaining provisions shall remain in full force and effect. The headings are for convenience only and shall not be used in
construing this Agreement. 

  

	10.8 	Each Party shall execute and deliver such further assignments and other instruments and do such further reasonable acts and things as reasonably may be required to
carry out the intent and purpose of this Agreement. 

  

	10.9 	Licensee agrees to mark the Products sold in the United States with all applicable United States patent numbers in accordance with applicable United States patent Law.
All Products shipped to or sold in other countries shall be marked in such a manner as to conform with the patent laws and practice of the country of manufacture or sale. 

 

	10.10 	During the term of this Agreement and for a period of twelve (12) months thereafter, each Party agrees that neither it nor any of its Affiliates shall recruit,
solicit or induce any employee of the other Party to terminate his or her employment with the other party. In the event that either Party violates the above restriction and thereafter hires or engages the employee, such Party shall be liable for the
greater of (i) actual damages incurred as a result of the violation or (ii) liquidated damages in the amount of three months base salary of the employee as of the date of separation of employment. Such damages shall be in addition to and
not in lieu of any and all other equitable or legal remedies available including injunctive relief. 

  

	10.11 	If either Party would like to issue a press release at any time, it shall contact the other Party, and the Parties shall mutually agree on the content of the press
release. 

  

	10.12 	This Agreement may be executed in counterparts, each of which shall be deemed an original with all such counterparts together constituting one document. A signature
transmitted via facsimile or electronic pdf shall be deemed to be and shall be as effective as an original signature upon confirmation of transmission. 

  

					
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 IN WITNESS WHEREOF, the Parties have executed this Agreement. 

 

									
	CELEXION, LLC	 		 	DNP GREEN TECHNOLOGY, INC.
					
	Name:	 	/s/ [illegible]	 		 	Name:	 	/s/ Jim Millis
	Title:	 	CEO	 		 	Title:	 	CTO
					
	Date:	 	11/10/2010	 		 	Date:	 	7 November 2010

  

  

					
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 SCHEDULE A 
 List of the Celexion Patent Applications: 
  

	1.	[***] filed [***] 

  

	2.	Attorney docket [***] 

  

					
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 SCHEDULE B 
 List of Products included in the Field of Use: 
  

	1.	Adipic acid or equivalent – includes the free acid, salts, esters or other derivatives; 

 

	2.	6-hydroxycaproic acid or equivalent; 

  

	3.	6-aminocaproic acid or equivalent; 

  

	4.	Hexamethylene diamine; 

  

	5.	Hexane-1,6-diol; and 

  

	6.	6-Aminohexanol. 

  

					
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 SCHEDULE C 
 Work Plan 
 1. Introduction 
 1.1 Problem Summary 
 DNP would like to demonstrate the use of [***] 

To achieve this goal, Celexion will demonstrate the [***] 
 1.2 Project Summary 
 Celexion will undertake the characterization project in three phases.
The first phase will consist of [***] 
 The second phase will consist of [***]. In particular, Celexion will evaluate the performance
characteristics of the [***] 
 The third phase will consist of [***] Celexion will provide to DNP an assessment of the experimental data and
recommendations for further development. Separately, an assessment of the effect of [***] will be analyzed. 
 The experimental work for the
entire project (Phase I through Phase III) is expected to take between [***]. 
 2. Research Project 

2.1 Phase I Project Description 
 Celexion
will initiate the project by determining [***] 
 In tandem, methods will be developed for [***]. The two tracks of development are the
following: 
 [***] 
 Upon Successful Completion of this phase, Celexion will have the [***] necessary to carry out an evaluation of [***]. 
 2.2 Phase II Project Description 
 In the second phase, Celexion will evaluate the ability
of the enzymes to [***] Performance of the following reactions will be validated: 
  

	 	(1)	[***] 

  

	 	(2)	[***] 

 In addition, the following reactions
which have previously been observed will be analyzed since they will be used for comparison in Phase III. 
  

	 	(1)	[***] 

  

	 	(2)	[***] 

 Celexion proposes two paths to these
endpoints: [***] 
 The above criteria will establish that the [***]. The project will then move to Phase III to [***]. 

2.3 Phase III Project Description 
 In
Phase III, Celexion will [***]. 
 [***] 
 Upon Successful Completion of this phase, the [***] For example, if the desired reaction is slower than the undesired reaction, [***] may be used to improve selectivity. Alternatively, different relative
levels of expression of [***]. 
 An additional task to undertake via this phase is determination of [***] 

2.4 Project Timelines 
 The proposed
Phase I timeline encompasses [***]. 
 
 Table I: Targeted schedule
and timeline for Phase I 
 * - indicates steps that can be performed in parallel 

 

							
	 Step
	  	 Estimated

Duration, cost
	  	 From start of phase
	  	 Milestones

	 [***]
	  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  	[***]

 The proposed Phase II timeline encompasses use of the [***]. 
 Table II: Targeted schedule and timeline for Phase II 
  

									
	 Step
	  	 Estimated

Duration, cost
	  	 From start of phase
	  	 From start of project
	  	 Milestones

	[***]	  	[***]	  	[***]	  	[***]	  	[***]

 The proposed Phase III timeline encompasses measuring the [***]. 

Table III: Targeted schedule and timeline for Phase III 
 * - indicates steps that can be performed in parallel 
  

									
	 Step
	  	 Estimated

Duration, cost
	  	 From start of phase
	  	 From start of project
	  	 Milestones

	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]

  

					
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 * Confidential
treatment requested

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]