Document:

Master Commercial Collaboration Agreement

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Exhibit 10.17 
 Valero-Mascoma Master Collaboration Agreement 
 EXECUTION COPY 

MASTER COMMERCIAL COLLABORATION AGREEMENT 
 This Master Commercial Collaboration Agreement (this “Agreement”), dated November 16th 2011, is between Valero Renewable Fuels Company
LLC, having its principal place of business at One Valero Way, San Antonio, TX 78249-1616 (“VRF”) and Mascoma Corporation, having its principal place of business at 67 Etna Road, Suite 300, Lebanon, NH 03766
(“Mascoma”). VRF and Mascoma are sometimes herein collectively referred to as “Parties” and individually as a “Party”.  

BACKGROUND 
 Mascoma is
in the business of researching, developing and commercializing proprietary microorganisms and manufacturing know-how for the advanced biological processing of various inputs into low-carbon biofuels and other products, including ethanol (the
“Mascoma Technology”). Mascoma desires to make available to VRF certain of its Mascoma Technology for the production of fuel ethanol using corn feedstock related to (i) using yeast to produce certain enzymes intended to
hydrolyze starch polymers from corn into simple sugars and then ferment those sugars into ethanol and (ii) using metabolically engineered yeast and/or yeast engineered to produce additional enzymes for conversion of recalcitrant starch and corn
kernel fiber bound starch (collectively, the “Mascoma CBP Corn Technology”). The Mascoma CBP Corn Technology introduces new yeast strains capable of producing in situ enzymes, in addition to fermenting sugars, referred to as
Consolidated BioProcessing or CBP. In the initial application, “MGT 1.0”, the yeast will produce the enzymes needed to hydrolyze starch polymers from corn into simple sugars and then ferment those sugars into ethanol. The
Parties intend for the reduction in the requirement for exogenous enzyme addition to reduce ethanol production costs. In a later application “MGT 1.1”, the yeast will be metabolically engineered to [***] produce additional enzymes
for conversion of [***], with the intention of increasing overall ethanol yields and potentially improving co-product protein content. 

Mascoma and VRF would like to cooperate in leveraging VRF’s existing dry mill corn ethanol plants to commercialize both applications of the Mascoma
CBP Corn Technology on the terms and conditions detailed hereunder in this Agreement 
 Definitions 

 

	1.1	“Affiliate” or “Affiliates” means in relation to a Party any Entity, which directly or indirectly, through one or more intermediaries,
Controls or is Controlled by or is under common Control with such Party. 

  
 Page 1

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	1.2	“Background IP”: means all Intellectual Property Rights that are owned or licensed for use by the Party concerned as of the Effective Date (exclusive
of rights licensed from the other Party hereunder).  

  

	1.3	“Commercially Significant Reduction” means a reduction in the addition of exogenous glucoamylase of 20% or more from the amount used in the production
of ethanol using conventional yeast.  

  

	1.4	“Confidential Information” means any confidential information, technical data or know-how, including, but not limited to, that which relates to
research, product plans, products, services, customers, markets, software, developments, inventions, processes, designs, drawings, engineering, hardware configuration information, marketing or finances, disclosed by either Party hereunder. 

  

	1.5	“Control”, “Controls” or “Controlled” means ownership, directly or indirectly of, or the right to direct, more than fifty
percent (50%) of the voting rights of an Entity. 

  

	1.6	“Effective Date” means the date of this Agreement as set forth in the heading on page one.  

 

	1.7	“Entity” means a natural person, a partnership (including a limited partnership), a corporation wherever incorporated, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization, an association, or other private or governmental entity. 

  

	1.8	“Intellectual Property Rights” means patents, copyrights, trade secrets, know-how, and other intellectual property rights throughout the world, which
are owned or controlled by a Party prior to the termination of this Agreement. For the purposes of this definition, the term “controlled” means, with reference to specific Intellectual Property Rights, that a party has the right under a
license agreement or other agreement to grant the rights and licenses provided for herein under and to such Intellectual Property Rights without breaching any obligations in existence as of the Effective Date. 

 

	1.9	“Know-How” means knowledge, methods, procedures, information, data, know-how and processes that were in general use, previously used or under active
development by the Party concerned prior to execution of the Agreement.  

  

	1.10	“Product” means the MGT 1.0 yeast.  

  

	1.11	“Regulatory Approval” means GRAS certification for applications in those States whose statutes define suitable evidence of the safety and efficacy of a
product as GRAS, and adoption by the Association of Amercan Feed Control Officers (AAFCO) in those States that do not accept GRAS alone as suitable evidence of product safety and efficacy. 

Premise 
  

	2.1	The premise for the Agreement is an overall reduction in costs to produce fuel ethanol using corn feedstock which will come via savings in exogenous enzyme purchases,
higher yields of ethanol, and improved co-products, all achieved via the use of the Mascoma CBP Corn Technology. The Agreement will have two distinct phases (the “Demonstration Phase” and the “Commercialization
Phase”). Each Party acknowledges and agrees that the Collaboration will only proceed from one phase to the next phase upon the mutual agreement of the Parties. 

 

	2.2	 [***] 

  
 Page 2

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	 	
VRF is obligated to pay for VRF’s use of the Mascoma CBP Corn Technology [***]. The mechanism for license payments shall be based on paying a market price for the yeast, equivalent on a
price per gallon of 200 proof ethanol basis to that paid for the commercial yeast strains that it replaces (the “Yeast Market Price”), plus a fixed royalty fee paid on a per gallon of 200 proof ethanol produced basis (the
“Royalty Fee”). The Royalty Fee together with the Yeast Market Price, shall constitute the “License Fee”. [***] 

  

	2.3	The full terms around [***] for MGT 1.0 are set forth in this Agreement. Provided that VRF provides to Mascoma the same degree of commercial assistance with respect to
MGT 1.1 as outlined in the Demonstration Phase of this Agreement, the [***] in this Agreement shall extend to the subsequent Mascoma product, MGT 1.1, notwithstanding that the value of the License Fee for MGT 1.1 is to be negotiated after
commercialization trials for MGT 1.1 have been run in the VRF plant(s), and the value of that product has been quantified. For the purpose of this Agreement, [***]. 

 

	2.4	[***] is contingent upon (i) VRF running trials, when feasible within the plants operational schedule, at all of its dry mill corn ethanol facilities, either
during the Demonstration Phase or Commercialization Phase, to establish whether there is a Commercially Significant Reduction to convert a particular plant to the Mascoma CBP Corn Technology and (ii) where trials confirm feasibility and a
Commercially Significant Reduction, conversion of those plants to the Mascoma CBP Corn Technology and continued use of the Mascoma CBP Corn Technology for at least 90% of its dry mill corn ethanol production volume from those plants. VRF shall have
no obligation to convert plants to commercial use of the Mascoma CBP Corn Technology, [***].  

  

	2.5	 For the term of the Agreement, the Yeast Market Price for the Product shall equal [***] per gallon of 200 proof ethanol produced, and the Royalty Fee
shall equal [***] per gallon of 200 proof ethanol produced. Prior to commencing the Demonstration Phase, VRF and Mascoma will create a written, mutually agreed upon demonstration plan (the “Demonstration Plan”) for
introducing the Product in the target plant or plants. The plan will include specific objectives, success criteria, roles, responsibilities, resources to be made available, and the time schedule thereof. VRF and Mascoma will work together to
implement this Demonstration Plan with the intent of a timely demonstration of the use of the Product at full production scale. Prior to 

  
 Page 3

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	 	
commencing the Commercialization Phase, VRF and Mascoma will create a written, mutually agreed upon commercialization plan (the “Commercialization Plan”) for rolling out the
Product across VRF’s dry mill corn ethanol plants. The plan would lay-out a best commercial timeframe for conversion of the VRF plants, which both Parties would make their best reasonable effort to adhere to. 

Demonstration Phase 
  

	3.1	Release 0: In order to demonstrate the efficacy of Mascoma’s base yeast strain in the Mascoma CBP Corn Technology and to achieve a high comfort level with
regard to using yeast supplied as a Cream Yeast rather than an Active Dry Yeast (“ADY”), (such form of the Product is “Release 0”), the Demonstration Phase will commence with the trial of a conventional yeast
supplied by Mascoma as a cream product. The yeast strain supplied will be the host strain into which modifications have been incorporated to generate subsequent CBP strains. The Release 0 strain will be provided to VRF under Mascoma’s standard
material transfer provisions. The intent is that VRF will use Release 0 for a period of 3-6 months at one plant beginning in April of 2011, to validate the yeast’s performance and transition from using Active Dry Yeast (ADY) to Cream Yeast.
Sufficient quantities of Release 0 yeast will be provided to VRF for this trial at no charge. The results of this trial will be used to assess the viability of subsequent trials with MGT 1.0. Should VRF wish to test the Release 0 yeast at additional
plants, the Yeast Market Price will be assessed. 

  

	3.2	If refrigeration of the Cream Yeast during the trial periods for Release 0 and MGT 1.0 is needed, Mascoma shall provide temporary refrigeration equipment or cover the
costs to refrigerate the Cream Yeast products. Once the trial period has ended, if Mascoma continue to supply the Product as a Cream Yeast, VRF will take on the financial costs associated with storage and refrigeration of the cream yeast totes at
the ethanol plant site. Mascoma will regularly update VRF on developments regarding the likely format in which their yeast products will be supplied, to allow VRF to evaluate the most financially beneficial long-term means of storage. If at some
future date in time Mascoma wishes to provide their Cream Yeast in bulk container volumes to save transportation costs, requiring an investment in bulk container refrigeration capability, the means of payment for the capital cost of this transition
will be negotiated between the Parties so as to share in the reduced production and transportation costs accruing to Mascoma.  

  

	3.3	In the event that the Mascoma Release 0 yeast strain is unable to equal the performance of the existing commercial yeast in use at the VRF plant where the trial
takes place, in terms of yield, final ethanol titer, exogenous enzyme use and fermentation time when compared to the current VRF plant operation, VRF shall have the right to cancel the trial without further notice to avoid financial losses. 

  

	3.4	Mascoma (or qualified third party) shall provide adequate support in terms of technical specialists being available at the plant performing the trial, both
before and during the trial, to advise on transitioning to Release 0 Cream Yeast and achieving target production yields in the shortest possible time. 

  
 Page 4

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	3.5	MGT 1.0: After successfully trialing Mascoma’s base strain Cream Yeast, Release 0 in at least one VRF plant, the next phase of the Agreement will commence
when Mascoma receives Regulatory Approval for the first enzyme producing strain, MGT 1.0, and VRF has submitted a certification to the EPA for a Tier 1 exemption. The MGT 1.0 strain will produce sufficient glucoamylase to permit a significant
reduction in exogenous enzyme usage, without negatively impacting ethanol yields, final ethanol titer or the time required for fermentation when compared to the current VRF plant operation. This period will involve demonstration of the MGT 1.0 yeast
[***]. The intent of this phase is to validate the replacement of exogenous glucoamylase enzyme addition and existing commercial yeast with the Product . The plan is to initially trial by alternating [***] batches of MGT 1.0 followed by [***]
batches of commercial yeast. At the start of the trial, it is likely that exogenous glucoamylase enzyme (GA) will still be added, and during the course of the trial the amount used will be gradually scaled back toward zero, commensurate with
maintaining yield parity when compared to the preceding batches of commercial yeast. Once the reduction in GA addition achievable has been quantified, the plant would then transition to just running MGT 1.0. These trials with alternating yeasts will
generate comparisons against existing performance achieved with conventional technology, and quantify the benefits that the use of MGT 1.0 provides and in doing so set the plants’ Royalty Fees. 

 

	3.6	Mascoma (or a third party engaged by Mascoma) shall provide adequate support in terms of technical specialists being available at the plant both before and during the
trial to advise on transitioning to MGT 1.0 yeast and achieving target production yields in the shortest possible time. 

  

	3.7	Financial considerations during this Demonstration Phase of the Agreement shall include: 

 

	3.7.1	VRF will pay only the Yeast Market Price for quantities of the Product that is used, based on the volumes of 200 proof ethanol produced by batches run with this yeast.
[***]. 

  

	3.7.2	For each of the Demonstration Phase plants, after the [***] trial period, if the Product trial is successful and commercial use of the Product is continued at that
plant, VRF will commence paying a Royalty Fee for the Product in addition to the Yeast Market Price, as described herein. 

  

	3.7.3	VRF will continue to purchase any exogenous glucoamylase requirement both during the trials and after a transition to the Product. 

 

	3.7.4	In the event that the use of the Product is unable to equal the performance of the existing commercial yeast in use at the VRF plant or plants where the trial takes
place, while demonstrating a Commercially Significant Reduction in exogenous glucoamylase addition, in terms of yield, final ethanol titer and fermentation time when compared to the current VRF plant operation, VRF shall have the right to cancel the
trial without further notice to avoid financial losses in such plant. If VRF terminates the trial at all such VRF plants in accordance with the foregoing sentence, then this Agreement shall terminate. 

  
 Page 5

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	3.7.5	The trial comparison of alternating yeast batches will quantify whether the full Royalty Fee will be paid or a reduced value based on the percentage reduction in
exogenous glucoamylase addition actually achieved as described in Section 3.7.6 below. The full Royalty payment is based on [***]. 

  

	3.7.6	The yield comparison between batches will be based on the same typical operational parameters of: [***]. The exogenous glucoamylase use required to maintain the same
yield as achieved with commercial yeast between consecutive alternating batches will be determined and used to calculate the % reduction in glucoamylase use as per the formula below. [***]. See example below. The evaluation will only be based on
days with normal operation, days having process upsets or emergencies will not be included. 

 Formula: [***]

 [***] 
 Example Calculation  
 [***] 

Commercialization Phase 
  

	4.1	 Upon successful completion of the Demonstration Phase as determined by the mutual agreement of VRF and Mascoma, VRF will transition the remaining VRF
corn based dry mill ethanol plants to the use of the Product under the terms outlined in this Agreement, and with a timeline as set forth on Exhibit B. The Commercialization Phase of the

  
 Page 6

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	 	
Agreement will first involve trialing, then adoption, of the Product at the remaining VRF ethanol production plants. This will commence with running alternating batches of the Product and
commercial yeast, as undertaken during the Demonstration Phase. 

  

	4.2	In the event that the Product is unable to equal the performance of the existing commercial yeast in use at the VRF plant where the trial takes place, while
demonstrating a Commercially Significant Reduction in exogenous glucoamylase addition, in terms of yield, final ethanol titer, exogenous enzyme use and fermentation time when compared to the current VRF plant operation, VRF shall have the right to
cancel the trial without further notice to avoid financial losses. 

  

	4.2.1	As referenced in Section 2.4 of this Agreement, in the case of plants that trial MGT 1.0 but where it fails to provide an economic benefit as compared to the
existing commercial yeast, [***]. 

  

	4.3	In the plants that successfully transition to the Product, the same procedure as used in the Demonstration Phase will be used to determine the achievable reduction in
exogenous Glucoamylase addition, and hence to determine the level of Royalty Fee payment for the Product at that individual site. 

  

	4.4	The adoption of the Product will be followed by a phased transition to MGT 1.1 technology as soon as commercially practicable. MGT 1.1 will provide exogenous enzyme
replacement and a yield boost, estimated at 2-4%. This Agreement does not set a value for the License Fee associated with MGT 1.1. The transition to MGT 1.1 will include specific demonstration and commercialization trials, the results of which shall
be used to assess the value of the technology and hence negotiate the amount of the License Fee related to use of MGT 1.1 at that time. The Parties will enter into a new agreement setting forth the applicable terms of use of MGT 1.1 when and if such
transition occurs notwithstanding clause 2.3 and the [***]. 

  

	4.5	As a condition precedent to the effectiveness of the Commercialization Phase hereunder, Mascoma and VRF shall enter into a mutually acceptable amendment and restatement
of this Agreement to include commercial supply terms and conditions. If the Parties are not able to enter into such amendment and restatement, then either Party hereto may terminate this Agreement without further liability. 

 Term and Financial Considerations  

 

	5.1	The term of this Agreement will expire forty two (42) months from the date of the successful conversion of the first VRF dry mill ethanol plant to commercial use
of the MGT 1.0 yeast (commercial use shall succeed the trial period at that plant), and will be based upon the following: 

  

	 	•	 	 VRF will pay the Yeast Market Price, plus the Royalty Fee for the Mascoma CBP Corn Technology 

 

	5.2	 In the event the Product is able to achieve yield parity with the commercial yeast in the alternating batches trial, taking place when the Product is
introduced at the plant in question, with [***] requirement for external glucoamylase enzyme addition, the full Royalty Fee shall be assessed at the fixed price of [***] per 200 proof gallon based

  
 Page 7

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	 	
upon the ethanol produced at that production facility. This criteria will be applicable to each VRF dry mill ethanol plant adopting the use of the Product. [***]. 

 

	5.3	If VRF is able to increase ethanol yield through the use of an additional technology that is unrelated to the use of the Product, as evidenced by no increase in yeast
requirement when the new technology is instituted while ethanol yield still increases, then VRF will not pay the License Fee on the incremental volume of ethanol associated with introducing the new technology. As the new technology is introduced any
benefit in terms of increased yield will be quantified as a percentage yield increase, through running alternating batches with and without the technology in use. This percentage improvement will be used to reduce the monthly ethanol yield against
which the Mascoma License Fee is applied. 

 Example Calculation 

 

									
	 Original trial

with Release

1.0
	  	Starting GA
usage with
original
commercial
yeast	  	GA requirement
with Mascoma
Release 1.0
yeast	  	% reduction in
required GA
dose	  	Calculated
Royalty Fee /
gallon of 200
proof ethanol
produced
	 Units
	  	Gallons/ferm1	  	Gallons/ferm1	  		  	Cents
	 Value
	  	[***]	  	[***]	  	[***]	  	[***]
		  		  		  		  	
	 Subsequent

trial with new

technology
	  	Starting Yield	  	Yield with new
technology	  	Yield
Improvement	  	
	 Units
	  	Gallons/Bu	  	Gallons/Bu	  	%	  	
	 Value
	  	[***]	  	[***]	  	[***]	  	
		  		  		  		  	
	 Determination of Royalty Payment
	  		  	
			
	 Monthly Ethanol yield, Gallons
200 proof
	  	Gallons of 200 proof to be used
for Royalty calculation	  	Royalty Fee
for month, $
	 [***]
	  	[***]	  	[***]

 1 Gallon volume shall be a consistent glucoamylase product at the supplier’s standard concentration in terms of
enzyme protein content or activity. 
  

	5.4	 The Royalty Fee and Yeast Market Price will be paid by VRF on a monthly basis in arrears. VRF will submit to Mascoma the total volume of 200 proof
ethanol produced in the prior month for each site using the Mascoma CBP Corn Technology (specified on a site-by-site basis) by the 5th day of the following month. Mascoma will use this information to calculate the total fee and invoice VRF. In the case
of Royalty Fee 

  
 Page 8

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	 	
payments made prior to establishing the actual achievable percentage reduction in exogenous glucoamylase addition, the monthly fee shall initially be charged at an 80% reduction and the fee
adjusted in the subsequent months to account for the final determination of this percentage. In light of potential cash flow issues Mascoma might experience in making up-front payments to their tolling yeast producer, VRF further agrees to make the
first month’s payment for each site in advance, based on a projected production volume, provided the subsequent monthly payment will be adjusted to account for any difference between the projected volume and actual. 

 

	5.5	In the case where a plant is unable to achieve yield parity using the Product compared to the commercial strain, with a Commercially Significant Reduction, and elects
to stay with the prior commercial yeast, no Royalty Fee shall be paid for the period during which this result was evaluated. Each plant must make the election to abandon possible use of the Product within 31 days of commencing use.

  

	5.6	If Mascoma subsequently improves the performance of the Product, and introduces that to the VRF sites, at Mascoma’s request, a new trial can be run alternating
batches between the new strain and the prior strain, to determine if a change in the Royalty Fee is required based on a reduction in the required dose of exogenous glucoamylase addition afforded by the new strain. Only one new trial of MGT 1.0 will
be permitted in any 12 month period at any given plant. 

 Example Calculation 

 

									
	 Original trial

with MGT
 1.0
	  	Starting GA
usage with
original
commercial
yeast	  	GA requirement
with Mascoma
MGT 1.0 yeast	  	% reduction in
required GA
dose	  	Calculated
Royalty Fee /
gallon of 200
proof ethanol
produced
	 Units
	  	Gallons/ferm1	  	Gallons/ferm1	  		  	Cents
	 Value
	  	[***]	  	[***]	  	[***]	  	[***]
		  		  		  		  	
	 Subsequent

trial with new

strain
	  	Starting GA use	  	GA requirement
with new strain	  		  	
	 Units
	  	Gallons/ferm1	  	Gallons/ferm1	  		  	
	 Value
	  	[***]	  	[***]	  	[***]	  	
		  		  		  		  	
	 Referencing new reduction to Original trial to calculate new Royalty Fee

					
	 Units
	  	Gallons/ferm1	  	Gallons/ferm1	  		  	Cents
	 Value
	  	[***]	  	[***]	  	[***]	  	[***]

 1 Gallon volume shall be a consistent glucoamylase product at the supplier’s standard concentration in terms of
enzyme protein content or activity. 

  
 Page 9

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	5.7	The Royalty Fee amount shall be renegotiated at the end of the term hereof based on an updated value assessment of the Mascoma CBP Corn Technology within the VRF
dry mill ethanol plants. 

  

	5.8	The continuation of the [***] is contingent on VRF renewing its use of the Mascoma CBP Corn Technology at the expiration of the term hereof. 

 License 
  

	6.1	Mascoma hereby grants limited, site-specific, licenses to VRF for each dry mill ethanol plant to perform the activities described herein, including the use of
the Product in the Demonstration Phase and the Commercialization Phase during the term of this Agreement and subject to the conditions set forth herein.  

 Intellectual Property 
  

	7.1	Intellectual Property: Background IP and Know How will, as between the Parties, continue to be owned by the Party that was in possession of this Background IP
and Know How prior to the signing of the Collaboration. No rights to Background IP or Know How are conveyed by this Agreement. 

  

	7.1.1	All intellectual property related to the Mascoma CBP Corn Technology as well as any intellectual property used, improved or created in connection with the
Demonstration Phase shall be owned by Mascoma. All intellectual property created or improved during the Commercialization Phase, including any patentable or non-patentable discoveries or improvements to the ethanol manufacturing process shall be
owned by the appropriate Party in accordance with the following division of process areas; 

  

	 	•	 	 Mascoma shall own any results covering systems and processes within: the engineering, propagation and application of the genetically engineered yeasts,
including without limitation, expression of enzymes, DNA encoding enzymes, process fitness and robustness of yeast and the fermentation of hydrolyzed materials using the Mascoma Background IP or improvements thereto (hereinafter called the
Mascoma Project Technology).  

  

	 	•	 	 VRF shall own any results covering systems and processes outside of the process areas covered by the Mascoma Technology (hereinafter called the VRF
Project Technology).  

  

	7.1.2	Each Party hereby grants to the other Party a royalty-free, non-exclusive license to use the discoveries and improvements that are owned by them pursuant to
Section 7.1.1, for itself solely in the application of the Mascoma CBP Corn Technology, in the case of Valero, during the term of this Agreement and any extension and in the case of Mascoma, perpetually. Neither party will have the right to
grant sublicenses of such discoveries and improvements to third parties without the other party’s consent, and such sublicenses shall be subject to a separate written sublicense agreement and the payment of mutually agreed royalties to such
other party. Parties will inform each other at regular intervals of all research results originating from the works undertaken during the period of the Agreement, especially inventions and trade secrets. 

  
 Page 10

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	7.2	Valero agrees that it shall not (i) reverse-engineer, test or analyze any materials provided by Mascoma for any purpose, except as expressly permitted in the
Development Plan (ii) transfer any materials provided by Mascoma to any third party without the express prior written consent of Mascoma or (iii) reproduce, replicate or propagate the materials except as and to the extent Valero currently
propagates yeast as part of its standard process for manufacturing ethanol. For avoidance of doubt, Valero will propagate each new ethanol batch starting from a new feedstock volume of Product supplied by Mascoma. For purposes of this section 7.2,
the term “materials provided by Mascoma” shall mean and include: (a) any materials provided by Mascoma in connection with this Agreement, (b) any progeny or materials derived from any such proprietary materials, (c) any
products of any of the foregoing materials, (d) any materials otherwise resulting from any use or modification of any of the foregoing materials and (e) any component or subunit of any of the foregoing materials, and shall include without
limitation Release 0 and the Product. 

 Demonstration Data 

 

	8.1	VRF agrees to provide to Mascoma a comprehensive data download containing all relevant operational parameters and analysis results associated with the Demonstration
Phase of the Collaboration, including fermentation titers, residuals, and plant yields. 

  

	8.2	Mascoma shall have the ability to generate comparative data and reports from the VRF data for the purposes of promoting further sales of Mascoma products and
technologies, however prior to sharing this data with prospective third parties, VRF reserves the right to review the information Mascoma intend to publish or pass on, and where appropriate require that Mascoma modify such information in order to
preserve Confidential Information. Once a particular data-set and format has been approved by VRF for one prospective third party, it may be published or passed on to additional parties without the need for additional VRF consent. 

 Taxes 
  

	9.1	Except as may be otherwise provided in this Agreement, the price stated herein includes all applicable international taxes, duties, import fees, and value added taxes
in effect on the date of this Agreement. VRF shall be responsible for all sales taxes which may be applicable. Wherever applicable, any such tax or taxes will be added to the invoice as a separate charge to be paid by VRF. Mascoma shall not collect
any sales or use taxes to the extent that VRF provides Mascoma with a direct payment certificate indicating that VRF has the right to pay such taxes itself, directly to the taxing authority, or to the extent that VRF provides Mascoma with a valid
exemption certificate or other proof that VRF is exempt from payment of the taxes at issue. Mascoma shall reasonably assist VRF in obtaining any applicable rebates, refunds and exemptions to which VRF may be entitled. 

  
 Page 11

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

 Delivery and Title Transfer 

 

	10.1	All Product is furnished on a “delivered” basis, with risk of loss and title to Product passing at the receiving valve or other applicable offloading
point at the receiving plant. Mascoma specifically retains ownership of and is responsible for the Product throughout the off-loading process, including the delivery vehicle’s pumps, hoses and/or other equipment. 

 Insurance 
  

	11.1	In the event Mascoma is required to enter or physically access VRF’s property, Mascoma, and any of Mascoma’s agents, will carry and maintain with reputable
insurers on commercially reasonable terms, the following insurance coverage: 

  

	 	a)	Worker’s Compensation and Employers’ Liability Insurance covering all employees as required by state and federal laws, with a limit of $500,000 per occurrence

  

	 	b)	Commercial General Liability Insurance including Premises-Operations, Contractual Liability, Products & Completed Operations Coverage with policy limits of no
less than $1,000,000 per occurrence; 

  

	 	c)	Automobile Liability Insurance covering all Mascoma’s owned, hired and non-owned vehicles for limits of $1,000,000, each incident – Single Limit B.I. and P.D.
combined and 

  

	 	d)	Excess Liability Umbrella Insurance with a limit of $4,000,000 per occurrence covering excess Employers’ Liability, Commercial General Liability and Automobile
Liability. 

 With respect to all of the insurance provided for above, Mascoma will waive, or will cause the
insurer(s) to waive, any right of subrogation that such insurer(s) may have or may gain in connection with or related to support service or deliveries made by Mascoma under this Agreement. Mascoma will also name Valero Energy Corporation, its
subsidiaries and affiliates, and their officers, directors, and employees as additional insureds on all policies required herein (except Worker’s Compensation). The coverages provided by the above policies are primary to any insurance VRF may
carry on its own behalf. Mascoma will furnish to VRF, before performing any work or delivering any Product hereunder, certificates of insurance evidencing such insurance and such waiver and containing the unequivocal agreement on the part of the
insurer to notify VRF of the cancellation or any material change in said coverage at least thirty (30) days before the effective date of such cancellation or change.  
 Liens 
  

	12.1	Mascoma will furnish all Products free of liens and claims of any kind, and warrants it has good title to same.  

Patents 
  

	13.1	 Mascoma will defend, indemnify and hold harmless VRF and its Affiliates free from and against all losses, costs, damages, claims, demands, actions,
proceedings and litigation 

  
 Page 12

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	 	
arising from claimed or actual infringement or contributory infringement of any patent, or infringement of any trademark or copyright, or violation of any trade secret in connection with the
purchase, use or possession of the Products purchased hereunder.  

 Compliance with Law 

 

	14.1	Mascoma warrants that the Products sold or services furnished under this Agreement have been produced or furnished in full and complete compliance with all applicable
laws, ordinances, rules, regulations, orders and decrees of all federal, state, local and other constituted authorities having jurisdiction, including but not limited to Federal Statutes and Regulations (including specifically, but without
limitation, the Federal Acquisition Regulations (FAR) and Department of Defense FAR Supplement (DFARS), if applicable) and OSHA Regulations set out in 29 CFR 1910, as all of the foregoing may be amended from time to time. 

 

	    	Specifically, Mascoma warrants that the Product complies with requirements listed in 21 C.F.R. § 170.30 “Generally Recognized as Safe” through scientific
procedures. 

  

	    	Additionally, Mascoma warrants that the Product is eligible for a Tier 1 Exemption under the Toxic Substances Control Act (TSCA) 40 CFR Part 725. Mascoma will furnish
to Valero a certification that the yeast strain contained in the Product complies with these requirements. In addition, the Tier 1 Exemption requires the plant operator to certify compliance with certain containment and recordkeeping requirements,
as well as notify EPA 10 days prior to commencing manufacture. Valero agrees to extend all reasonable efforts to ensure compliance with these regulations. 

 Hazardous Materials 
  

	15.1	Mascoma must furnish VRF a current Material Safety Data Sheet or other applicable form(s) that meet the requirements of all applicable local, state and federal
community and worker right to know labeling laws including the federal Superfund Amendment and Reauthorization Act of 1986 (SARA) and the OSHA Hazard Communication Standards for each chemical product/substance covered by such laws prior to the
Product being delivered to any Facility. As to each Product or component thereof provided to VRF by or through Mascoma hereunder, Mascoma must complete and furnish, or cause to be completed and furnished, to VRF, all forms required by applicable
local, state, and federal laws, as the same may be amended from time to time, including, without limitation, worker right to know and labeling laws, SARA and the OSHA Hazard Communications Standards. The same must be provided to VRF before such
Products or components are delivered to VRF’s premises.  

 Confidentiality 

 

	16.1	The Parties agree that the Confidentiality Agreement, by and between Valero Services, Inc. and Mascoma, dated January 12, 2010, a copy of which is attached hereto
as Exhibit A, shall govern the Parties’ and their respective Representatives’ (as defined therein) activities and receipt of information pursuant to this Agreement. 

  
 Page 13

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

	    	As Mascoma will be working with contract service providers for the launch and production of the Product, at times it may be necessary to disclose certain information
contained in the Agreement to such providers. Mascoma will only share information contained within this agreement after having disclosed the nature of the information needed to share with Valero in writing and having received written confirmation
that allows the sharing of the information to a contract service provider.  

 Expenses. 

 

	17.1	Except as otherwise set forth herein, each of the Parties will bear all of its own expenses incurred in connection with the activities contemplated under this Agreement
without contribution or offset from any other Party. Management of personnel, including their compensation and evaluation, will be the responsibility of the Party that employs or engages such personnel.  

Press Release. 
  

	18.1	Except as may otherwise be required by law, the timing and content of all press releases, media interviews, and any other public announcements relating to this
Agreement will be determined jointly by the Parties.  

 Termination. 

 

	19.1	If either Party shall materially default in any obligation hereunder, the other Party may, at its option, notify the defaulting Party, specifying the nature of the
default. If the default is not remedied within 30 days after the notice, or if significant progress has not been made towards a remedy if such default cannot reasonably be remedied within 30 days, the aggrieved Party may, at its option, either
terminate this Agreement by written notice to the defaulting Party, or proceed to enforce the defaulted obligation by any available lawful means. Any indulgence on the part of one Party to the default of the other Party shall not be construed as a
waiver of such Party’s rights to proceed under this Article 19.1 either with respect to the default in question or to subsequent defaults.  

  

	20.1	The provisions of Articles 7 and 8 shall survive any expiration or termination of this Agreement. 

 

	20.2	Termination of this Agreement shall not relieve either Party of any liability which shall have accrued prior to termination.  

 

	20.3	In the event any governmental agency proposes or promulgates any rule, regulation, law or decree that would have a negative effect on VRF’s operations if
VRF continued using Mascoma’s Product(s), then VRF may terminate this Agreement immediately. 

  
 Page 14

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

 Assignment  

 

	21.1	This Agreement shall not be assignable by either Party without the prior written consent of the other Party; however it may be assigned without such consent by
either Party to an Affiliate or to a successor in interest of substantially all of a Party’s business or assets to which this Agreement relates. No assignment shall be valid until the assignee has assumed all of the rights and obligations of
the assignor under this Agreement. 

  

	30.1	Assignment of this Agreement shall not relieve either Party of its obligations regarding the use of Confidential Information, as provided by Article 16.1. 

 Force Majeure  
  

	22.1	Neither Party shall be liable for failures or delay in performance of its responsibilities hereunder when such failure or delay is caused by fire, flood, riots
of civil disorders, acts of God or the elements, war (declared or undeclared), insurrection, or other cause beyond the reasonable control of the affected party (“Force Majeure”). Performance will be excused hereunder only if the affected
party delivers written notice of the occurrence constituting Force Majeure, including a full description thereof, to the other party and endeavors to remedy such non-performance with all reasonable dispatch.  

Addresses and Notices  
  

	23.1	Notices required under this Agreement shall be deemed effective when sent by mail, courier, telex, or fax to the following addresses: 

 

			
	 Valero Renewable Fuels Company, LLC
	  	Mascoma Corporation
	 Attn. John Walter/Robert Buchek
	  	Attn: Chris Veit/Kevin Wenger
	 One Valero Way
	  	67 Etna Road, Suite 300
	 San Antonio, TX 78249
	  	Lebanon, NH 03766

 Miscellaneous  
  

	24.1	This Agreement shall be governed by and construed in accordance with the laws of the State of New York, excluding only its conflicts of law rules.

  

	24.2	This Agreement may not be amended or supplemented except by a writing signed by both Parties. 

 

	24.3	This Agreement may be signed in one or more counterparts, any one of which need not contain the signature of more than one Party, but all of such counterparts
taken together will constitute one and the same Agreement. 

  
 Page 15

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

			
	 AGREED:
  

	 Valero Renewable Fuels Company, LLC

		
	 By:
	 	 /s/    Jim Gillingham    11/16/11

	 Name:
	 	 Jim Gillingham

	 Title:
	 	 Senior Vice President

	
	 AGREED:
  

	 Mascoma Corporation

		
	 By:
	 	 /s/    Bill Brady

	 Name:
	 	 Bill Brady

	 Title:
	 	 Chief Executive Officer

		
	 Date:
	 	 Nov. 18, 2011

  
 Page 16

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

 Exhibit A  

Confidentiality Agreement 
 [Attached] 

  
 Exhibit A
– Page 1 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Valero-Mascoma Master Collaboration Agreement 
  

 Exhibit B 
 Proposed Schedule For Mascoma CBP Commercialization 
  

	
	 

  
 Page 2

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 RECIPROCAL CONFIDENTIALITY AGREEMENT 

 This Confidentiality Agreement (the “Agreement”) is made and entered into as of the
12th day of January, 2010, by and between Valero
Services, Inc. having offices at One Valero Way, San Antonio, Texas, 78249-1112 (“Valero”), and Mascoma Corporation, having an address of 67 Etna Road, Suite 300, Lebanon, New Hampshire 03766 (“Mascoma”).

 Valero and Mascoma have entered into discussions with each other in connection with a prospective business arrangement
involving cellulosic ethanol production and offtake, investment in cellulosic ethanol production facilities and investment opportunities in Mascoma (“Potential Transaction”) and in their discussions and in the potential
business conducted as a result of their discussions, the parties will provide information containing proprietary and non-public information to each other. As appropriate, the party disclosing information shall be referred to as the “Disclosing
Party”, and the party receiving the information shall be referred to as the “Receiving Party”. For the purposes of information that is jointly developed, both parties shall be considered a “Receiving Party”. In consideration
of the receipt of information, the parties hereby agree as follows: 
 1. “Confidential Information” means all
technical and business information of the Disclosing Party in written, electronically transmitted, or other tangible form which relates the Potential Transaction, is received after the date hereof, and is conspicuously designated as
“Confidential” or “Proprietary” or bears a similar marking, or if provided orally or visually, is identified as confidential at the time of disclosure and confirmed in writing within 30 days of disclosure. However, the following
will not be considered Confidential Information: 
  

	 	(a).	information that was already known to the Receiving Party or to any of its Representatives (as defined below) without obligation of confidentiality prior to disclosure
of it to the Receiving Party by the Disclosing Party; 

  

	 	(b).	information that is disclosed to the Receiving Party or to any of its Representatives without obligation of confidentiality by a third party who has the right to make
such disclosure; 

  

	 	(c).	information that is in the public domain or hereafter enters the public domain through no fault of the Receiving Party or any of its Representatives; and

  

	 	(d).	information that is independently developed by the Receiving Party without the use of the Disclosing Party’s Confidential Information. 

2. The Receiving Party shall (1) keep the Disclosing Party’s Confidential Information in strict confidence; (2) not, without
the prior written consent of the Disclosing Party, disclose or permit it to be disclosed to anyone other than the Receiving Party’s controlling shareholders, directors, officers, employees, affiliates or consultants, including their respective
officers, directors, and employees, (“Representatives”) who have a legitimate need to know the Confidential Information for the Receiving Party to evaluate and negotiate with respect to the

  

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
Potential Transaction, and (3) not use and not permit its Representatives to use the Disclosing Party’s Confidential Information for any reason other than in connection with its
evaluation of the Potential Transaction 
 3. In the event the Receiving Party is required by any court or legislative or
administrative body (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigation demand or similar process) to disclose any Confidential Information, the Receiving Party, if possible, shall provide the
Disclosing Party with prompt notice of such requirement in order to afford the Disclosing Party an opportunity to seek an appropriate protective order. If the Disclosing Party is unable to obtain or does not seek such protective order and the
Receiving Party is, in the opinion of its counsel, compelled to disclose such Confidential Information, disclosure of such information shall not be deemed to be a violation of this Agreement. 

4. Upon demand by the Disclosing Party, the Receiving Party shall return all Confidential Information of the Disclosing Party, except for
that portion of the Confidential Information which is jointly developed or consists of analyses, compilations, forecasts, studies or other documents prepared by the Receiving Party or its Representatives, provided that such jointly developed
information and analyses, compilations, forecasts, studies or other documents remain confidential and are not used in a manner inconsistent with this Agreement. Notwithstanding the foregoing, the Receiving Party may retain one copy of the
Confidential Information it receives from the Disclosing Party in the Receiving Party’s confidential files for the purpose of defending any claims or enforcing any rights with respect to this Agreement, for regulatory compliance or for
corporate record keeping purposes (provided that such retained files are kept subject to the terms of this Agreement) and (ii) electronic files of the Confidential Information created by the Receiving Party’s automatic computer generated
backup systems, provided that such files shall be deleted in the ordinary course of the Receiving Party’s file maintenance systems, shall not be generally accessed by the Receiving Party and shall nevertheless remain subject to the terms of
this Agreement.  
 5. Nothing contained in this Agreement shall require either of the parties to continue any
discussions or enter into an agreement in connection with the Potential Transaction or otherwise, or preclude any of the parties from entering into any agreement with another party, or obligate any of the parties to the other, except as expressly
provided herein. Nothing contained in this Agreement shall compel a party to furnish information to the other party. This Agreement is not intended to constitute a firm proposal, offer or enforceable agreement to enter into the Potential
Transaction. Both parties agree that, unless and until an agreement between the parties with respect to any Potential Transaction has been executed and delivered, neither party will be under any legal obligation of any kind whatsoever with respect
to the Potential Transaction by virtue of this or any other written or oral expression by it or by any of its Representatives except, in the case of this Agreement, for the obligations specifically agreed to herein. 

6. This Agreement may not be assigned by any of the parties without the prior written consent of the other party, and may not be amended
or modified except by a written agreement signed by each party. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of any permitted successors and assigns. The terms of this Agreement shall be independent of, and
this Agreement shall survive, unless otherwise expressly agreed, the execution of any further documents or agreements between the parties hereto. 

  

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 7. Each party acknowledges and agrees that the Disclosing Party makes no representation
whatsoever as to the accuracy and/or completeness of any information or material provided in connection with this Potential Transaction or this Agreement, that neither the Disclosing Party or its Representatives shall have any liability to the
Receiving Party or its Representatives resulting from the use of any information provided, and that the Disclosing Party and its Representatives expressly disclaim any warranties, representations, or liability regarding the accuracy or completeness
of the information and material provided hereunder. Each party agrees that it shall not be entitled to rely on any representations or warranties made by the Disclosing Party or its Representatives hereunder.  

8. If any provision of this Agreement is deemed void, invalid, or unenforceable by any court or tribunal of competent jurisdiction, such
provisions shall be stricken from this Agreement without effect on the remaining provisions of the Agreement as a whole. 
 9.
No failure or delay by either party in exercising any right, power, or privilege hereunder shall operate as a waiver thereof or preclude the exercise of any other or further right, power, or privilege hereunder. 

10. Absent specific written consent of the Disclosing Party or as specifically set forth above neither the Receiving Party nor any of its
Representatives shall disclose to any person that Confidential Information has been made available, that discussions or negotiations are taking place concerning the Potential Transaction or that any terms, conditions or other facts with respect to
the Potential Transaction have or have not been agreed upon, including the status thereof.  
 11. The obligations of
this Agreement regarding the Confidential Information shall terminate three years after the date hereof; provided, however, that upon the date that any Confidential Information disclosed hereunder is no longer considered “Confidential
Information” under Section 1, then the obligations of this Agreement regarding such Confidential Information shall terminate upon such date. 
 12. Notices to either party may be sent to the addresses stated above. 
 13. This
Agreement and any claims arising out of or relating to it shall be governed by the laws of the State of Delaware, without regard to its conflicts of laws principles. 
 14. Except for the limited purposes of evaluation expressly set forth herein, no license, title to or other rights are hereby granted to the Receiving Party with respect to the Confidential Information
and both parties expressly reserve all right, title, and interest in and to any Confidential Information disclosed hereunder and any other intellectual property rights.  

15. Each Receiving Party acknowledges and agrees that, in the event of any breach of this Agreement by the Receiving Party, the
Disclosing Party would be irreparably and 

  

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
immediately harmed, would not have an adequate remedy at law, and could not be made whole by monetary damages. Accordingly, it is agreed that, in addition to any other remedy to which it may be
entitled at law or in equity, the Disclosing Party will be entitled to an injunction to prevent breaches or threatened breaches of this Agreement and/or to compel specific performance of this Agreement. Moreover, should litigation be necessary to
enforce any provision hereof, the prevailing party will be entitled to recover all costs, including reasonable attorneys fees. IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY LOST OR PROSPECTIVE PROFITS OR ANY OTHER SPECIAL, PUNITIVE, EXEMPLARY,
CONSEQUENTIAL, INCIDENTAL OR INDIRECT LOSSES OR DAMAGES (IN TORT, CONTRACT OR OTHERWISE) UNDER OR IN RESPECT TO THIS LETTER AGREEMENT OR FOR ANY FAILURE OR PERFORMANCE RELATED HERETO HOWSOEVER CAUSED. 

16. The parties may execute this Agreement in multiple counterparts, each of which constitutes an original, and all of which,
collectively, constitute only one agreement. The signatures of all of the parties need not appear on the same counterpart, and delivery of an executed counterpart signature page by facsimile or pdf is as effective as executing and delivering this
Agreement in the presence of the other parties to this Agreement. This Agreement is effective upon delivery of one executed counterpart from each party to the other parties. In proving this Agreement, a party must produce or account only for the
executed counterpart of the party to be charged. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized representatives. 
  

			
	 MASCOMA CORPORATION

		
	 By:
	 	 /s/    James H. Flatt

	 Name:
	 	 James H. Flatt

	 Title:
	 	 EVP, R&D and operations

	
	 VALERO SERVICES, INC.

		
	 By:
	 	 /s/    George Stutzmann

	 Name:
	 	 George Stutzmann

	 Title:
	 	 Vice PresidentDevelopment and License Agreement

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION
PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
 Exhibit
10.18 
 EXECUTION COPY 
 DEVELOPMENT AND LICENSE AGREEMENT 
 THIS DEVELOPMENT AND LICENSE AGREEMENT (this
“Agreement”) entered into on December 8, 2011 (the “Effective Date”), is by and between MASCOMA CORPORATION 67 Etna Road, Suite 300, Lebanon, NH 03766 (“Mascoma”), and LALLEMAND SPECIALTIES, INC.,
6120 West Douglas Avenue, Milwaukee, WI 53218, doing business as Lallemand Ethanol Technology (“Lallemand”). 
 Collectively
referred to as “the Parties”. 
 BACKGROUND : 
 A. Lallemand has valuable expertise in the field of developing, manufacturing, marketing, selling and distribution of yeast for use in fermenting various feed stocks into ethanol and holds relevant
intellectual property rights within that field; 
 B. Mascoma has valuable expertise in the research and development of yeast strains to ferment
various feed stocks into ethanol and holds relevant intellectual property rights within that field; 
 C. Mascoma and
Lallemand have signed a Letter of Intention on October 20th, 2011 on the development, manufacture, distribution and commercialization of Mascoma Grain Technology (MGTTM) Release 1.0 ; and 
 D. Lallemand and Mascoma will collaborate with respect to the development, marketing, sale and licensing of the Product (as defined below), and wish to set forth in this Agreement the terms and conditions
pursuant to which such collaborations will take place 
 The parties agree as follows: 

ARTICLE 1 

DEFINITIONS 
 Capitalized terms
used in this Agreement have the following meanings: 
 1.1 “Affiliate” means any other Person that directly or
indirectly controls, is controlled by, or is under common control with, such Person, where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person,
through the ownership of voting securities, by contract or otherwise. 
 1.2 “Change of Control with a
Competitor” means any event or circumstance upon which a Competitor of Mascoma or Lallemand, directly or indirectly and in one transaction or a series of transactions (whether pursuant to share acquisition or exchange, merger,
reorganization, recapitalization, or similar transaction), acquires 51% of the shares of Lallemand or Mascoma, voting or nonvoting. 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 1.3 “Commercial Sale “means any transfer by Lallemand of a Product in
exchange for the payment of a sales price, but excluding any transfer of the Products for use in trials or third party testing provided that such sales are made at a sales price that is not materially greater than the then-current market price for
similar quantities of conventional yeast. 
 1.4 “Commercialization Plan” means the development and business
plan established from time to time by the Joint Steering Committee pursuant to Section 5.2 and agreed by the Parties which will include budgeting, advertising, marketing, branding, sales force allocation, distribution and pricing activities
related to the Product and will provide specific milestones on a quarterly basis, including (i) active customers and customer contacts (ii) Product market share and sales. 

1.5 “Competitor” means any Person engaged in the business of developing, manufacturing or marketing of yeast or enzyme
based fermentation products for production of grain-based ethanol (including corn, wheat, milo, barley and derived starches). 

1.6 “Confidential Information” means confidential, non-public or proprietary information that is disclosed or made
available by a party to the other party in connection with this Agreement including, without limitation, any inventions, discoveries, improvements, developments, ideas, know-how, trade secrets, technical and non-technical data, specifications,
formulae, compounds, formulations, assays, methods, processes, techniques, practices, procedures, manufacturing techniques, designs, works of authorship, trade names, logos and other intellectual property, whether or not patentable or protectable by
copyright, business and product plans, research and development plans, activities and results, market intelligence information, and sales, marketing, financial and pricing information, in each case whether disclosed or made available in visual,
oral, written, electronic, graphic or any other form, including in the form of samples. Confidential Information includes all copies, reproductions, notes and repositories thereof, whether in written, electronic, graphic or any other form, including
in the form of samples. 
 1.7 “Lallemand Project IP” means any Project IP that is not included in Mascoma
Project IP. 
 1.8 “Field” means all uses of the Product in the production of grain-based ethanol (including
corn, wheat, milo, barley and derived starches). 
 1.9 “First Commercial Sale” means the date on which
Lallemand completes the first Commercial Sale. 
 1.10 “Fiscal Year” means Lallemand’s fiscal year.

  
 2 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 1.11 “Intellectual Property” means any legally protectable product or
process of the human intellect whether registered or not as patents, brand name, trademarks, copyrights, licenses, designs or otherwise including a strain, know-how in the selection and characterization of strains, strain Reference, invention,
unique name, trade secret, business method, database, industrial process and other Confidential Information. 
 1.12
“Joint Steering Committee” or “JSC” is defined in Section 5.1. 
 1.13 “New
Product” means indifferently MGT 1.1 or MGT 2.0 and includes any improvement, development or new application to the Product or to MGT 1.1 and MGT 2.0. 
 1.14 “Net Sales” means, for any period, the gross amount invoiced by Lallemand for Commercial Sale of the Product. For the sake of clarity, Lallemand shall be entitled to reduce the gross
invoices sales price by the following amounts to the extent actually incurred by Lallemand in connection with sales of the Product: 
  

	 	(a)	allowances, returns, credits, rebates and discounts paid or allowed; 

  

	 	(b)	Product returned by customers for credits subsequently used or refunds actually provided; 

 

	 	(c)	excise taxes, tariffs, import/export duties and other government charges and taxes paid or allowed; 

 

	 	(d)	transportation, shipping and insurance costs not paid or reimbursed by customer; and 

 

	 	(e)	 any increased ex factory production costs directly resulting from compliance with regulatory approval requirements for Mascoma Grain Technology
(MGTTM) Release 1.0, or Product specific production
inefficiencies compared to Lallemand’s conventional strain as reviewed and subject to Section 5, approved by the JSC. 

 1.15 “MGT Price Component” means, at any given time, the difference between Net Sales and Yeast Price Component. 
 1.16 “Mascoma Project IP” means any Project IP related to the genetically modified yeast and improvements thereto, including expression of enzymes, DNA encoding enzymes, and application
of genetically modified yeast expressing enzymes for the production of ethanol. 
 1.17 “Out-of-Pocket Costs”
means any amounts paid by a Party to third parties in connection with activities or services conducted by such third parties. 

1.18 “Person” means any individual, corporation, limited liability company, partnership, company, sole proprietorship,
joint venture, trust, estate, association, organization or other entity. 

  
 3 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 1.19 “Product” means Mascoma Grain Technology
(MGTTM) Release 1.0, genetically modified yeast that
expresses glucoamylase enzymes formulated as a cream, stabilized cream, or fresh yeast product, but not including any active dry yeast formulations (ADY) 
 1.20 “Project IP” means Intellectual Property developed, conceived or first reduced to practice, during the Term, whether developed, conceived or first reduced to practice by one or more
employees or agents of Mascoma, one or more employees or agents of Lallemand, or jointly by one or more employees or agents of Mascoma and Lallemand. 
 1.21 “Term” is defined in section 9.1 
 1.22
“Territory” means the United States, Canada and Mexico and their territories. 
 1.23 “Yeast Price
Component” means a portion of the Net Sales for Product determined on a customer-by-customer basis each year during the Term as set forth herein. For the first year of any customer supply relationship (“Year 1”), the Yeast Price
Component shall be equal to the [***]. For each customer supply agreement that is entered into by Lallemand, the parties, through the Joint Steering Committee subject to Section 5, shall agree to the initial selling price, the Yeast Price
Component (which shall be comprised of a fixed cost component and a raw material component) and the MGT Price Component. 
  

	 	(a)	subject to sub paragraphs (b) and (c), for each year following Year 1 during each customer supply relationship, the Yeast Price Component shall be adjusted based
on [***] that occurred during the preceding Year . [***] 

 For avoidance of doubt, the Yeast Price Component shall
be calculated on an annual basis for each twelve month period ending on an anniversary of the Effective Date. 

  
 4 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 Notwithstanding the foregoing, the Yeast Price Component for all Product sold to [***]
for the term of the supply agreement in force on Effective Date shall be equal to [***] US cents per gallon of undenaturated ethanol as reported by [***] to Mascoma up to a maximum quantity of [***] of Product (in liquid form) per million gallons of
undenaturated ethanol produced, per ethanol plant, per annum. [***] 
  

	 	(b)	[***] 

  

	 	(c)	Sub paragraph (a) of this section 1.23 shall not apply to yeast sold to any customer under a supply agreement (exclusive or otherwise) of duration of [***] (except
for the provisions relating to the supply relationship with [***]). In such a case, the agreed prices shall apply until the termination of such supply agreement. 

 ARTICLE 2 
 GRANT OF LICENCE AND DISTRIBUTION RIGHTS 

2.1 Appointment and License Grant. Subject to the terms and conditions of this Agreement, Mascoma grants to Lallemand an exclusive
non royalty bearing license in the Field to make, use, sell, have made and have sold the Product in the Territory. Mascoma also appoints Lallemand, and Lallemand accepts such appointment, as its exclusive distributor of the Product in the Territory
during the Term. 
 2.2 Reservation of Rights. Except as otherwise expressly set forth in this Agreement and namely under
Section 4.2, the Parties shall not be limited in any manner with respect to the manufacturing, marketing, and selling or distribution activities of any active dry yeast formulations (ADY). 

2.3 Branding. The Parties will agree on the brand name under which the Product will be commercialized by Lallemand in the
Territory provided its labeling and advertising indicate that Mascoma is the owner of the Product and of the Mascoma Grain Technology and that Lallemand is the manufacturer and distributor of the Product. The Parties will jointly own the brand name
of the Product and will jointly agree on the future use of such brand name. 

  
 5 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
However, if Mascoma exercises its right to terminate the Agreement under Section 9.2 d), Lallemand shall transfer ownership of the brand name to Mascoma or to any third party supplier upon
payment of a fair compensation taking into account the investment made by Lallemand in the development of the brand name. Except as specifically set forth herein, Lallemand shall have no right to use Mascoma’s name or any trademark owned
by Mascoma and Mascoma shall have no right to use Lallemand’s name or any trademark owned by Lallemand. 
 ARTICLE 3

 CONSIDERATION 
 3.1 License fees. Subject to the commercialization of the Product in the Territory, Lallemand shall pay to Mascoma a total amount of [***] as “Technology License Fee” as follows:

 a) [***] 
 b) [***] 
  

	 	(i)	[***] 

  

	 	(ii)	[***] 

 3.2 Net Sales.
Lallemand and Mascoma will share the proceeds of the Net Sales made during each calendar quarter as set forth herein. From the Net Sales received during each calendar quarter, Lallemand shall retain the Yeast Price Component and shall remit the MGT
Price Component to Mascoma. In addition, until the last installment of the Technology License Fee is fully paid, Lallemand shall also remit to Mascoma the amount of one dollar per kilogram of Product sold by Lallemand during each such calendar
quarter. Lallemand shall make such payments to Mascoma within sixty (60) days after the close of each calendar quarter during the term. Each such payment shall be accompanied by a statement certified by a responsible executive officer of
Lallemand setting forth the total sales made by Lallemand, by customer, the gross invoice amount charged for each such sale, the amount deducted therefrom in the calculation of Net Sales, and the amount of and basis for calculating the Yeast Price
Component and the MGT Price Component for each such customer as applied to the relevant calendar quarter. Payment shall be made by wire transfer into an account in Mascoma’s name, as determined by Mascoma. In addition to the
foregoing, Lallemand shall also provide to 

  
 6 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
Mascoma a sales report within fifteen (15) days after the end of each month during the term setting forth the gross invoice amount of Product sold to each customer during such period with an
estimated calculation of Net Sales, the Yeast Price Component and the MGT Price Component. 
 3.3 Incentive Payment. Upon
the First Commercial Sale of the Product in the Territory by Lallemand, Mascoma will pay within sixty (60) days after the end of each calendar quarter, on all Commercial Sales an incentive payment (the “Incentive Payment”) to
Lallemand, equal to the following percentage of the MTG Price Component paid by Lallemand to Mascoma: 
  

					
	 Total Annual Production of Grain-Based Ethanol Produced Using the Product
	  	Percentage Share	 
		
	 [***]
	  	 	[***]	  
		
	 [***]
	  	 	[***]	  

  

	 	(a)	For avoidance of doubt, the Percentage Share of [***] is applicable only to that portion of total annual ethanol produced using the Product that equal or exceed [***]
gallons of ethanol and will not be applied retrospectively to amounts below that threshold even when that threshold is exceeded. 

  

	 	(b)	The ethanol production figures of each customer will be recorded per plant and reviewed by the Joint Steering Committee at each meeting. The calculation of the ethanol
production figure per plant will be based on data supplied by the plant where possible. If not available, the calculation will be based on a typical multiple of the nameplate capacity of the plant and on the quantity of yeast supplied.

  

	 	(c)	The agreed ethanol production figures will determine when the [***] gallon mark is reached each year. The Incentive Payment is to be calculated on a pro-rata basis for
the quarter when this mark is reached (when applicable). 

  

	 	(d)	Until the entire Technology License Fee is paid in full as provided for hereunder, the Incentive Payment will be retained by Mascoma and applied in full to reduce the
last installment of the Technology License Fee. Once the Technology License Fee is fully paid, the Incentive Payment will be paid to Lallemand by Mascoma sixty (60) days after the close of each calendar quarter. Payment shall be made by wire
transfer into an account in Lallemand’s name, as determined by Lallemand. 

 3.4 New Products. If
Lallemand and Mascoma decide to develop or license a New Product any amount that remains outstanding under Section 3.1 hereunder on the First Commercial Sale of such New Product shall be applied in full to reduce the license fees that will be
owed under such new development and license agreement concluded for any such New Product. 

  
 7 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 3.5 Payments; Records; Audit Rights. All payments under this Agreement shall be made by wire
transfer in accordance with the instructions set forth in Exhibit A. All payments due under this Agreement shall be payable in United States dollars. Any payments by either party that are not paid on or before the date such payments are due under
this Agreement shall bear interest, to the extent permitted by law, at two percentage points above the Prime Rate of interest as reported in the Wall Street Journal on the date payment is due. Lallemand shall maintain complete and accurate records
relating to amounts payable to Mascoma in relation to this Agreement. Lallemand shall retain such records for at least three (3) years following the end of the calendar year to which they pertain, during which time a certified, independent
public accountant selected by Mascoma and reasonably acceptable to Lallemand shall have the right, at Mascoma’s expense, to inspect such records during normal business hours to verify any reports and payments made or compliance in other
respects under this Agreement. In the event that any audit performed under this Section 3.5 reveals an underpayment in excess of ten percent (10%), Lallemand shall bear the full out-of-pocket cost of such audit and shall remit any amounts due
to Mascoma (including any interest due thereon) within thirty (30) days of receiving notice thereof from Mascoma. 
 ARTICLE
4 
 OBLIGATIONS 
 4.1 Regulatory. Mascoma will be solely responsible for the development and regulatory approval process of the Product within the Territory. Mascoma shall conduct at its expense, if needed,
additional studies and filings related to the modified yeast to support regulatory approval for production and use in the Field and Territory. Mascoma will also be responsible for the manufacturing regulatory approvals related to the Product itself
required for any of Lallemand’s facilities where the Product will be manufactured. With assistance from Mascoma, Lallemand will prepare and file any regulatory documents related to production of the Product at their facilities, where
such filings must be filed by the facility owner/operator, eg. Tier 1 Exemption in the US. Lallemand shall also be responsible for operational compliance with these filings in their own facilities. Lallemand shall conduct at its expense, if needed,
additional studies or plant modifications relative to containment or confinement in Lallemand’s own facilities to support regulatory approval for manufacture in the Territory. 

4.2 Active Dry Yeast. If the Parties are successful in obtaining regulatory approval for production of MGT 1.0 formulated as
active dry yeast (ADY), the Product definition of this agreement will automatically be modified to include MGT 1.0 formulated as active dry yeast (ADY). 

  
 8 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 4.3 Technical support. Mascoma is responsible for providing the primary
technical support to customers that are testing or running initial trials of the Product and will introduce the Product to new customers. Lallemand is responsible for providing the primary ongoing technical support to customers once they have
adopted and are using the Product. After an expenditure of an initial technical support investment as described in the Commercialization Plan, Lallemand’s direct labor costs (including benefits, but excluding stock compensation expense) and
Out-of-Pocket Costs for this activity will be limited to a maximum of [***]. Under certain circumstances, Lallemand, at its sole discretion may choose to exceed this limitation. 

4.4 Manufacturing and Distribution. Lallemand is responsible for manufacturing the Product in finished form, including any
packaging and for supplying, in a timely manner, customers’ requirements of the Product. Subject to section 1.14 e), Lallemand will incur all costs related to the manufacture and supply of the Product. Lallemand is responsible for handling all
returns, order processing, invoicing and collection, distribution and inventory, and receivables for the Product. 
 4.5
Marketing Obligations. Within reason and cost effectiveness, Lallemand shall use commercially reasonable efforts to market and promote the sale of Products in the Field in the Territory. Mascoma shall also conduct marketing activities,
both separate from and in conjunction with Lallemand, as coordinated and approved by the JSC. The Parties’ Out-of-Pocket Costs for marketing activities to primarily benefit the Product will be shared equally between the Parties and shall be
expended as set forth in the marketing budget included in the Commercialization Plan. The marketing budget will be agreed to by the JSC and will be based in part on historical marketing expenditure data provided by Lallemand. After an expenditure of
an initial marketing investment as described in the Commercialization Plan, the budget for the Parties’ Out-of-Pocket Costs for Marketing activities to primarily benefit the Product shall be [***]. Under certain circumstances, Lallemand, at its
sole discretion may choose to exceed this limitation. 
 4.6 Sales and Marketing Reports. Lallemand shall provide
to the JSC sales and marketing information relating to the Products which shall include, at a minimum, within sixty (60) days after the end of each fiscal quarter of Lallemand, the name and address of each customer which purchased the Product
and the volume of Product purchased by each customer. Mascoma shall also conduct sales activities, both separate from and in conjunction with Lallemand, as coordinated and approved by the JSC provided that Mascoma shall have no authority to
accept purchase orders for the Product in the Territory. 
 4.7 Mascoma Support. Mascoma and Lallemand shall
develop and use promotional materials relating to the Product as determined by JSC. Each Party agrees to use such promotional materials solely in connection with its marketing efforts for the Products. The Parties shall provide reasonable customer
support for the Products in the Territory as agreed by the JSC. 

  
 9 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 4.8 Compliance with Laws and Regulations. Each of Mascoma and Lallemand shall
ascertain and comply with all applicable laws and regulations and standards of industry or professional conduct in connection with the use, importation, exportation, distribution, sale, marketing and/or promotion of the Products, including without
limitation, those applicable to exportation, importation, product claims, labeling, approvals, registrations and notifications. Each party shall notify the other party from time to time if it becomes aware of any modifications to the Product needed
to comply with any of the foregoing. Mascoma will use its commercially reasonable efforts to obtain the permits and registrations necessary for the sale and distribution of the Products in the Territory for use in the Field in accordance with this
Agreement, and Lallemand will cooperate with and support Mascoma in connection with such efforts. 
 ARTICLE 5 

JOINT STEERING COMMITTEE 

5.1 Formation of Joint Steering Committee. Within 30 days after the signature of this Agreement, the parties will establish an equal
representation Joint Steering Committee (the “Joint Steering Committee” or “JSC”). The JSC shall consist of at least two but no more than three representatives from each party, and will include both commercial and
technical personnel from each party. Each party may replace any or all of its representatives on the Joint Steering Committee at any time upon written notice to the other party in accordance with Section 12.10 of this Agreement. Any member of
the JSC may designate a substitute to temporarily attend and perform the functions of that member at any meeting of the JSC. Each party may, in its discretion, invite non-member representatives of such party to attend meetings of the JSC as
observer. The Joint Steering Committee shall be co-chaired by a representative of each of Mascoma and Lallemand. Mascoma shall be permitted to definitely opt-out of its participation in the JSC at any time during
the Term, in which case, the JSC shall be comprised solely of Lallemand representatives and Mascoma may attend meeting of the JSC as observer as it shall determine in its sole discretion but it shall not have any voting rights in connection
therewith. 
 5.2 Responsibilities. The JSC shall perform the following functions: 

 

	 	(a)	Supervise and facilitate the exchange of information between the Parties with respect to the subject matter of this Agreement. 

 

	 	(b)	Review and approve the Commercialization Plan, the initial version of such plan to be developed as soon as practical after the execution of this Agreement, and any
amendments thereto. 

  

	 	(c)	Undertake an analysis of the total market and Lallemand’s customer base, including historical purchases of conventional yeast in order to develop fixed and
alternative pricing structures. 

  

	 	(d)	Determine the sale’s price for the Product subject to each Party‘s deciding vote. 

  
 10 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

	 	(e)	Continually monitor each Parties’ performance against the milestones contained in the Commercialization Plan and respond accordingly. 

 

	 	(f)	Create and oversee any required subcommittees if needed. 

  

	 	(g)	Such other responsibilities as may be assigned to the JSC pursuant to this Agreement or as may be mutually agreed upon in writing by the parties from time to time.

 5.3 Meetings of Joint Steering Committee. The JSC shall meet in person at least biannually, and more frequently as the
parties deem appropriate or as reasonably requested by either party, on such dates, and at such places and times, as the parties shall agree. Meetings of the JSC that are held in person shall alternate between the offices of the parties, or such
other place as the parties may agree. The members of the JSC also may convene or be polled or consulted from time to time by means of telecommunications, video conferences, electronic mail or correspondence, as deemed necessary or appropriate. The
chairperson(s) of the Joint Steering Committee shall prepare an agenda for each meeting of the Joint Steering Committee and provide the agenda to each member at or prior to the meeting. 
 5.4 Decisions by Joint Steering Committee. The Joint Steering Committee may make decisions with respect to any subject matter that is subject to the Joint Steering Committee’s decision-making
authority and functions as set forth in this Article 5. All decisions of the Joint Steering Committee shall be made by unanimous vote or unanimous written consent, with each member of the Joint Steering Committee having one vote in all decisions.
The Joint Steering Committee shall establish the list price for the Product, the Yeast Price Component and the MGT Price Component and shall approve any variations from such pricing, if applicable, for any ongoing customer supply agreements.
However, Mascoma will have the deciding vote on any disputed matters relating to (i) regulatory matters, (ii) product development and (iii) MGT price component of the Product, and Lallemand will have the deciding vote on any disputed
matters relating to (i) the manufacture of the Product; and (ii) to the Yeast Price Component of the Product. If at any time the JSC cannot reach consensus within 30 days after it has met and attempted to reach such consensus, the matter
shall be resolved in accordance with Section 12.7 of this Agreement. 
 5.5 Secretary of Joint Steering Committee. The
chairperson(s) of the Joint Steering Committee shall appoint a secretary to the JSC and such secretary shall serve for such term as designated by the chairperson(s). The secretary shall prepare written minutes of all Joint Steering Committee
meetings in reasonable detail and distribute the minutes to all members of the Joint Steering Committee within 30 days after each meeting. 

5.6 Duration of Joint Steering Committee. The JSC shall exist during the Term, unless the parties mutually agree in writing to terminate it
earlier. 

  
 11 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 ARTICLE 6 
 EXCLUSIVITY; NEW PRODUCTS 
 6.1 Exclusivity. During the Term, each party
agrees that it shall not, directly or indirectly, work together with, on behalf of, or through any other Person in the research or development of genetically modified yeast that expresses glucoamylase enzymes formulated as a cream, stabilized cream,
or fresh yeast product, or if section 4.2 is applicable of MGT 1.0 formulated as an active dry yeast (ADY) for commercial use in the Field, other than pursuant to this Agreement. Mascoma acknowledges that Lallemand currently owns or has the rights
to sell, license, or otherwise distribute other products that do not incorporate genetically modified yeast that expresses glucoamylase enzymes but that may include yeast for use in fermenting various feed stocks into ethanol (“Other
Products”) and that, notwithstanding anything to the contrary herein, Lallemand can continue selling, licensing, distributing, manufacturing and developing the Other Products without violating the foregoing provision. 

6.2 New Products. The Parties will negotiate in good faith to reach an agreement for the development and commercialization of any
New Product pursuant to which Lallemand would become Mascoma’s commercial partner for these New Products in the Field. If the Parties are unable to reach such agreement during the Term, Mascoma shall be prohibited from offering better
conditions for such an agreement to a third party for a period of six months starting from the date at which the Parties cease negotiating. 
 ARTICLE 7 
 INTELLECTUAL PROPERTY RIGHTS 

7.1 Ownership of Existing Intellectual Property. Each party shall retain sole and exclusive ownership of all Intellectual Property
owned or controlled by such party prior to this Agreement or developed by or for such party outside of the course of performance of this Agreement. Except as specifically set forth in this Agreement, this Agreement shall not be construed as granting
the other party, by implication or otherwise, any rights or license with respect to such Intellectual Property. 
 7.2
Ownership of Project IP. Mascoma shall own all intellectual property rights related to Mascoma Project IP. Lallemand hereby assigns to Mascoma all of Lallemand’s right, title and interest in and to any and all Mascoma Project IP that
Lallemand, its employees or agents develop, conceive or first reduce to practice under this Agreement. Lallemand shall own all intellectual property rights related to Lallemand Project IP. Mascoma hereby assigns to Lallemand all of Mascoma’s
right, title and interest in and to any and all Lallemand Project IP that Mascoma, its employees or agents develop, conceive or first reduce to practice under this Agreement. Each party hereby agrees to execute and deliver such documents, and take
such other actions, as the other party may reasonably request from time to time to evidence or give effect to the allocation of ownership rights set forth in this Section 7.2. Each party shall have the sole right to prepare, file, prosecute and
maintain patent applications and patents claiming the inventions it owns under this Section 7.2 in the manner such party determines in its sole discretion. 

  
 12 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 7.3 Third Party Infringement of Intellectual Property Rights. 

 

	 	(a)	In the event a party to this Agreement acquires information that a third party is infringing, or potentially infringing, one or more patents or other Intellectual
Property Rights relating to any Project IP, the party acquiring such information shall promptly notify the other party to this Agreement in writing of such infringement or potential infringement. 

 

	 	(b)	Mascoma shall have the sole right, at its own expense, to enforce the patents and other Intellectual Property rights relating to the Product and to retain all
recoveries resulting from such enforcement. Except as provided below, Lallemand shall have the sole right, at its own expense, to enforce the patents and other Intellectual Property rights relating to the manufacturing and production of the Product
and to retain all recoveries resulting from such enforcement. 

  

	 	(c)	Both parties agree to cooperate fully with one another at the request of the other, including by giving testimony and producing documents lawfully requested in the
course of an infringement suit, provided that the party bringing such infringement suit shall pay all reasonable expenses (including attorneys fees) incurred by the other party in connection with such cooperation. 

ARTICLE 8 

CONFIDENTIALITY 

8.1 Restrictions on Use and Disclosure of Confidential Information. Any Confidential Information of a party hereunder shall be
maintained by the receiving party in strict confidence, and shall not be disclosed, directly or indirectly, to any third party. Each of Lallemand and Mascoma further agrees that it shall not, directly or indirectly, use any Confidential Information
of the other for any purpose other than those purposes set forth in this Agreement ; provided, however, that (a) the parties agree that each may disclose Confidential Information to its employees and agents requiring access to such information
for the purposes of this Agreement if, (b) prior to making any disclosure of Confidential Information, each such person is advised of his or her obligations under this Section. Each party agrees to be responsible for any breach of the terms of
this Section by its employees or agents. The parties agree that; (i) any samples or materials disclosed to one another as a result of this Agreement, and (ii) the terms and conditions of this Agreement are deemed to be Confidential
Information. 
 8.2 Exceptions. Except as otherwise provided below, Lallemand and Mascoma agree that the restrictions in Section 8.1
will not apply to the following: (a) information that is or becomes available to the general public through no breach of this Agreement; (b) information that is possessed by the receiving party at the time of disclosure (and acquired with
no breach of any 

  
 13 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
confidentiality limitation known to the receiving party); (c) information that is subsequently acquired from a third party who has a bona fide right to make such information available
without restriction known to the receiving party; (d) information that is independently developed by the receiving party without use of Confidential Information of the other party; or (e) information that is required to be disclosed by
court order or applicable law or regulation (except that the party required to make disclosure shall promptly notify the other party of such court order, law or regulation and cooperate with the other party to limit the scope of disclosure
required). 
 8.3 Limitations. The obligations of each party to keep the other party’s information confidential
shall terminate three (3) years after the termination or expiration of this Agreement. Notwithstanding the foregoing, the provisions of this Article 8 shall be subject to the rights of the parties set forth in Article 7 and shall not restrict
the ability of either party to exercise its rights granted under Article 7 or restrict the ability of either party to use, or require either party to return, any information or materials which are owned solely or jointly by or licensed to such party
pursuant to Article 7. 
 ARTICLE 9 
 TERM; TERMINATION; EFFECT OF TERMINATION; SURVIVAL 
 9.1 Term. The term of
this Agreement shall commence on the date of its signature by both Parties and shall remain in force for a period of 5 years, unless otherwise terminated in accordance with Section 9.2 below. The Term shall automatically be extended for
successive three (3) year periods unless either party gives notice of its intention to terminate this Agreement at least one hundred eighty (180) days prior to the end of the then current Term. 

9.2 Termination. This Agreement shall terminate as follows: 

(a) this Agreement may be terminated by either party upon written notice to the other party in the event that the other
party breaches or fails to perform any of its obligations under this Agreement and such breach or failure continues for a period of ninety (90) days after receipt of written notice thereof from the non-breaching party, namely if either Party
fails to achieve 50% of the milestones set forth in the Commercialization Plan in any calendar quarter or 75% of the milestones in consecutive calendar quarters starting with the first full calendar quarter six months after the first commercial
sale; 
 (b) this Agreement may be terminated by either party upon written notice to the other party if the other
party experiences a Change of Control with a Competitor; 
 (c) this Agreement may be terminated by either party
by written notice to the other party if the other party (i) is or becomes insolvent, (ii) is or becomes a party to any bankruptcy or receivership proceeding or any similar action affecting its financial condition or property, if such
proceeding (if not filed or initiated by such other party) has not been dismissed within thirty (30) days, or (iii) makes a general assignment for the benefit of creditors; 

  
 14 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 (d) this Agreement may be terminated by Mascoma upon a written notice to
the Lallemand if Lallemand is unable to supply the Products and such failure continues for a period of ninety (90) days after receipt of the written notice thereof provided however that Lallemand was first put on notice by Mascoma and has
failed to supply for an initial period of 30 days. Mascoma shall also have the right to have the Product manufactured by a second-source supplier. In that case Lallemand shall: (i) assist in the transfer of manufacturing know-how and technology
to the designated third party supplier; and (ii) during the transfer process allocate existing supply of the Product, if any, to Mascoma; and 
 (e) this Agreement may be terminated by either Party upon a six (6) months prior notice to the other Party if the Party giving notice determines that the performance of this Agreement is no longer
commercially viable. 
 9.3 Effect of Termination. Upon the expiration or termination of this Agreement for any reason,
all of the rights and obligations of the parties hereunder shall automatically terminate and the rights and obligations of the parties Articles 7, 8, 9, 10 and 11 of this Agreement, shall survive any such expiration or termination. 

ARTICLE 10 

INDEMNIFICATION 

10.1 Indemnification by Mascoma. Mascoma will defend, hold harmless and indemnify Lallemand and its Affiliates and its and their
directors, officers and employees, at Mascoma’s expense, for any and all damages, losses and liabilities, including reasonable attorneys’ fees, resulting from any claim, action, suit or other proceeding against Lallemand with respect to or
arising out of (a) any breach of this Agreement by Mascoma or (b) any gross negligence or misconduct by Mascoma or its employees or agents. Mascoma will have control of the defense of any such claim, action, suit or other proceeding and
the settlement thereof; provided, however, that Mascoma will not settle any such claim unless such settlement is for money damages only and includes an unconditional release of Lallemand. Mascoma control of the defense of any claim shall be up to
and including summary judgment motions, after which time the Lallemand shall control the defense of any claim. Subject to this section 10.1, Mascoma will pay any final judgment or settlement amount in respect of any such claim, action, suit or other
proceeding. 
 10.2 Indemnification by Lallemand. Lallemand will defend, hold harmless and indemnify Mascoma and its
Affiliates and its and their directors, officers and employees, at Lallemand’s expense, for any and all damages, losses and liabilities, including reasonable attorneys’ fees, resulting from any claim, action, suit or other proceeding
against Mascoma with respect to or arising out of (a) any breach of this Agreement by Lallemand; or (b) any gross negligence or 

  
 15 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
misconduct by Lallemand or its employees or agents. Lallemand will have control of the defense of any such claim, action, suit or other proceeding and the settlement thereof; provided, however,
that Lallemand will not settle any such claim unless such settlement is for money damages only and includes an unconditional release of Mascoma. Subject to this section 10.2, Lallemand will pay any final judgment or settlement amount in respect of
any such claim, action, suit or other proceeding. 
 ARTICLE 11 

LIMITATION OF LIABILITY 
 NEITHER PARTY WILL BE LIABLE TO THE OTHER FOR ANY INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES IN CONNECTION WITH THIS AGREEMENT, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOST PROFITS,
REGARDLESS OF THE THEORY OF LIABILITY, EVEN IF SUCH PARTY HAS BEEN PREVIOUSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGE OCCURRING. 
 ARTICLE 12 
 MISCELLANEOUS 

12.1 Publicity. Mascoma and Lallemand agree not to publicize this Agreement or any Commercialization Plan hereunder, nor to use
the name of the other party, in connection with any news release or any advertising, promotional or sales literature, without the prior written consent of the other party, unless required by law or court order. 

12.2 Further Assurances. Each party hereto agrees to execute, acknowledge and deliver such further instruments, and to do all such
other acts as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 
 12.3
Independent Contractor. For the purposes of this Agreement and the Commercialization Plan, each of Mascoma and Lallemand shall be deemed to be an independent contractor, and not a partner, agent or employee of the other party. Neither Mascoma
nor Lallemand shall have authority to make any statements, representations or commitments of any kind, or to take any action which is binding on the other party, except as may be authorized by the other party in writing. 

12.4 Use of Party’s Name. Except as otherwise specifically set forth herein, no right, express or implied, is granted by this
Agreement to either party to use in any manner the name of the other or any other trade name or trademark of the other in connection with the performance of this Agreement. 
 12.5 Expenses. Each party shall bear its own personnel, travel and other costs and expenses associated with its performance of this Agreement, including without limitation participation on the
Joint Steering Committee. 

  
 16 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 12.6 Governing Law. The validity and interpretation of this Agreement, and the
legal relationship of the parties to it, shall be governed by the laws of the State of Delaware, U.S.A., without regard to its conflicts of laws principles. 
 12.7 Dispute Resolution. 
 (a) The parties recognize that disputes may from
time to time arise during the Term which relate to a party’s rights or obligations hereunder. It is the objective of the parties to establish procedures to facilitate the resolution of disputes arising out of or relating to this Agreement or
any Commercialization Project Plan in an expedient manner by mutual cooperation and without resort to litigation. To accomplish this objective, the parties agree to follow the procedures set forth in this Section 12.7(a) if and when a dispute
arises out of or relates to this Agreement or any Commercialization Plan, including, without limitation, any disputes among the members of the JSC which such committee is unable to resolve . In the event of disputes between the parties arising out
of or relating to this Agreement or any Commercialization Plan, a party seeking to resolve such dispute will, by written notice to the other party, have such dispute referred to their respective executive officers designated below or their
successors, for attempted resolution by good faith negotiations within fifteen (15) days after such notice is received. Such designated officers are as follows: 
 For Mascoma: Chief Financial Officer 
 For Lallemand: The President, Lallemand
Specialties, Inc. 
 In the event the designated executive officers are not able to resolve such dispute, either party may at any
time after the fifteen (15) day period invoke the provisions of Section 12.7(b). 
 (b) Following settlement efforts
pursuant to Section 12.7(a), except as otherwise expressly provided in this Agreement, any dispute arising out of or relating to this Agreement, including, without limitation, any disputes among the members of the Joint Steering Committee which
such committee is unable to resolve , shall be finally settled by arbitration under the then current commercial arbitration rules of the American Arbitration Association in accordance with the terms set forth in this Section 12.7(b). The place
of arbitration of any dispute shall be Boston, MA. Such arbitration shall be conducted by three arbitrators, one appointed by each of Mascoma and Lallemand and a third appointed by the other two arbitrators. The parties shall instruct such
arbitrators to render a determination of any such dispute within four months after the appointment of the arbitrators. Any award rendered by the arbitrators shall be final and binding upon the parties. Judgment upon any award rendered may be entered
in any court having jurisdiction, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. Each party shall pay its own 

  
 17 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
expenses of arbitration, and the expenses of the arbitrators shall be equally shared between the parties unless the arbitrators assess as part of their award all or any part of the arbitration
expenses of a party (including reasonable attorneys’ fees) against the other party. This Section 12.7 shall not prohibit a party from seeking injunctive or other equitable relief from a court of competent jurisdiction pursuant to
Section 12.8. 
 12.8 Specific Performance. Each party shall be entitled to temporary or permanent injunctive or
other equitable relief from a court of competent jurisdiction preventing any breach or threatened breach thereof by the other party, which remedy shall be cumulative and in addition to all other available remedies hereunder, at law or in equity.

 12.9 Force Majeure. No party to this Agreement shall be deemed to be in breach or default of any provisions hereof
(other than of obligations regarding payment of money or confidentiality) or of any Commercialization Plan by reason of delay or failure in the discharge or performance of any duty or obligation hereunder due to strikes, lock-outs, natural calamity,
war, terrorist activity, government laws or regulations, civil disorder, government embargoes, force majeure or any other cause beyond the reasonable control of the party so affected; provided, however, that the party so affected gives prompt
written notice to the other party of the facts and circumstances relating to any such delay or failure and takes all commercially reasonable actions within its power to promptly remove the basis for any such delay or failure, so as to resume such
discharge or performance as soon as possible. 
 12.10 Notices. Any notice to be given under this Agreement must be in
writing, may be delivered to the other Party by any of the methods set out below, and will be deemed to be received on the corresponding day: 
  

			
		
	Method of service	  	Deemed day of receipt
		
	By hand or courier	  	the day of delivery
		
	By pre-paid first class post	  	the second Business Day after posting
		
	By recorded delivery post	  	the next Business Day after posting
		
	By fax (provided the sender’s fax machine confirms complete and error-free transmission of that notice to the correct fax number)	  	 the next Business Day after sending or, if sent before 16.00 (sender’s local time) on the Business Day it was sent

 12.11 Successors and Assigns; Assignment. The terms of this Agreement shall apply to, be binding upon and inure to
the benefit of the parties hereto and their respective successors and 

  
 18 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 
permitted assigns. Neither party may assign this Agreement or its rights or obligations hereunder to a Competitor of the other party without the prior written consent of the other party. Any
assignment or attempted assignment by a party in violation of this Section shall be null and void. 
 12.12 Amendments; Waivers. No
modification or amendment of this Agreement or the Commercialization Plan shall be valid unless made in writing and signed as such by duly authorized representatives of both parties. No waiver of any provision of this Agreement or the
Commercialization Plan shall be valid unless the waiver is in writing and signed by the waiving party. No waiver by either party of any breach of this Agreement or the Commercialization Plan shall be deemed to extend to any other breach hereunder or
affect in any way any rights arising by virtue of any other such occurrence. 
 12.13 Severability. The invalidity or unenforceability of
any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 

12.14 Counterparts; Facsimile Execution. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile. 
 12.15 Entire
Agreement. This Agreement, together with the Commercialization Plan attached hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof and thereof and supersedes all prior oral or written agreements
between the parties with respect to such subject matter. 
 [The remainder of this page is intentionally blank.] 

  
 19 

 PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE
COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 
  

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	LALLEMAND Specialties INC.
		
	By:	 	 /s/ Bill Nankervis

	Name:	 	 Bill Nankervis

	Title:	 	 President

	
	MASCOMA CORPORATION
		
	By:	 	 /s/ David Arkowitz

	Name:	 	 /s/ David Arkowitz

	Title:	 	 CFO

  
 20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]