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SZYM > SEC Filings for SZYM > Form 8-K on 16-Nov-2012All Recent SEC Filings

Show all filings for SOLAZYME INC



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

On November 13, 2012, Solazyme, Inc. ("Solazyme") entered into a Strategic Collaboration Agreement (the "Collaboration Agreement") with Archer-Daniels-Midland Company ("ADM"), establishing a collaboration for the production of tailored triglyceride oil products at the ADM fermentation facility in Clinton, Iowa (the "Clinton Facility"). The Clinton Facility will produce tailored triglyceride oil products using Solazyme's proprietary microbe-based catalysis technology. Feedstock for the facility will be provided from ADM's adjacent wet mill. Under the terms of the Collaboration Agreement, Solazyme will pay ADM annual fees for use and operation of the Clinton Facility, a portion of which may be paid in Solazyme common stock. In addition, Solazyme will grant to ADM a warrant covering 500,000 shares of Solazyme common stock, which will vest in equal monthly installments over five years, commencing from the start of commercial production. Solazyme currently anticipates that commercial production at the Clinton Facility will begin in early 2014. The initial target nameplate capacity of the facility is expected to be 20,000 metric tons/year of tailored triglyceride oil products. Solazyme has an option to expand the capacity to 40,000 metric tons/year with the goal to further expand production to 100,000 metric tons/year. The parties will also work together to develop markets for the products produced at the Clinton Facility.

The above description of the terms of the Collaboration Agreement is qualified in its entirety by reference to the text of the agreement, which Solazyme intends to file as an exhibit to its Annual Report on Form 10-K.

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