Exhibit 4.46


 





EXCHANGE AGREEMENT


 


This EXCHANGE AGREEMENT
(this “Agreement”) is made and entered into as of July 26, 2015, by and between Amyris, Inc., a Delaware corporation
(the “Company”), and the individuals or entities listed on Schedule I hereto (each, an “Investor,”
and collectively, the “Investors”).


 


Background


 


AThe Company has
from time to time issued to each of the Investors one or more series of notes (“Outstanding Convertible Notes”)
that are convertible into shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”),
pursuant to one or more separate purchase agreements between the Company and the Investors;


 


B.To help facilitate
the Company’s plan to reduce its outstanding debt and recapitalize its capital structure so that the Company can raise additional
equity financing and to strengthen its balance sheet, the Company has requested that the Investors agree to cancel, convert or
exchange (“Exchange”) their respective specified Outstanding Convertible Notes for the Securities (as defined
below) pursuant to this Agreement, and that certain of the Investors further agree that with respect to their Outstanding Convertible
Notes not tendered for Exchange, that they forego their right to receive cash upon maturity and to instead convert their Outstanding
Convertible Notes, provided no event of default has by then occurred under the Outstanding Convertible Notes, all pursuant to the
terms and conditions of this Agreement and the other agreements contemplated hereby.


 


C.The Company and
each Investor are executing and delivering this Agreement in reliance upon the exemption from registration afforded by Section
4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation D (“Regulation
D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities
Act.


 


D.Each Investor,
severally and not jointly, wishes to Exchange, and the Company wishes to issue and sell, upon the terms and conditions stated in
this Agreement, (i) that aggregate number of shares of the Common Stock set forth opposite such Investor’s name on the Schedule
of Investors on Schedule I (which aggregate amount for all Investors together shall be 61,295,415 shares of Common Stock
and shall collectively be referred to herein as the “Shares”) and (ii) warrants, in substantially the forms
attached hereto as Exhibits D-1 and D-2 and Exhibits E-1, E-2 and E-3 (collectively, the “Warrants”),
to acquire up to that number of additional shares of Common Stock as determined pursuant to Article 6 of this Agreement and set
forth on the Schedule of Investors on Schedule I (with the shares of any Common Stock issuable upon exercise of or otherwise
pursuant to the Warrants, collectively, the “Warrant Shares”).


 


E.The Shares, the
Warrants and the Warrant Shares issued pursuant to this Agreement are collectively referred to herein as the “Securities.”


 


Agreement 


 


NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this


 



     


     

    




Agreement, and for other good and valuable
consideration the receipt and adequacy of which are hereby acknowledged, the Company and the Investors agree as follows:


 


ARTICLE 1


ISSUANCE OF SECURITIES 


 


Each
Investor will purchase from the Company (i) the number of Shares set forth next to such Investor’s name on Schedule I
at a price of U.S. $2.30 per Share (the “Share Price”) and (ii) the Warrants in exchange, for the
aggregate principal amount of Outstanding Convertible Notes set forth next to such Investor’s name on Schedule I.
The total purchase price payable by each Investor for the Shares and the Warrants that such Investor is hereby agreeing to purchase
is set forth next to such Investor’s name on Schedule I-A and I-B hereto (as applicable, the “Total
Purchase Price”). The sale and purchase of the Shares and the Warrants to each Investor shall constitute a separate sale
and purchase hereunder and the Exchange of Outstanding Convertible Notes by each Investor shall constitute a separate Exchange
hereunder.


 


ARTICLE 2 


CLOSING; DELIVERY


 


2.1 Initial
Closing. The initial closing (“Initial Closing”) of the transactions contemplated hereby shall be held at
the offices of Fenwick & West LLP, 801 California Street, Mountain View, California 94041 within one business day following
the date on which the last of the conditions set forth in Articles 6 and 7 (other than the conditions described in
Section 6(p)) have been satisfied or waived in accordance with this Agreement but in no event later than July 31, 2015 (such date,
the “Initial Closing Date”), or at such other time and place as the Company and the Investors mutually agree
upon.


 


2.2Initial Delivery.
At the Initial Closing, the Company shall execute and deliver to the Investors this Agreement, the Amendment No. 6 to Amended and
Restated Investors’ Rights Agreement in the form attached hereto as Exhibit A (the “Rights Agreement Amendment”),
the Warrants and the other documents referenced in Article 6. At the Initial Closing, each Investor shall pay the Company
the applicable Total Purchase Price by Exchange of the aggregate principal amount of the Outstanding Convertible Notes as set forth
next to such Investor’s name on Schedule I-A hereto. At the Initial Closing, the Company shall deliver to each Investor
(1) a single stock certificate representing the number of Shares purchased by such Investor at the Initial Closing, as set forth
next to such Investor’s name on Schedule I-A hereto, such stock certificate to be registered in the name of such Investor,
or in such nominee’s or nominees’ name(s) as designated by such Investor in writing in the form of the Investor Suitability
Questionnaire of the Investor attached hereto as Exhibit B (each the “Investor Suitability Questionnaire”),
and (2) to the extent required by Article 6, (a) a single Warrant certificate representing the Total Equity Funding Warrant
(as defined in Article 6) purchased by such Investor, (b) a single Warrant certificate representing the Total R&D Warrant
(as defined in Article 6) purchased by such Investor, (c) a single Warrant certificate representing the Temasek 2015 Warrant
(as defined in Article 6) purchased by such Investor, (d) a single Warrant certificate representing the Temasek Funding
Warrant (as defined in Article 6) purchased by such Investor and (e) a single Warrant certificate representing the Temasek
R&D Warrant (as defined in Article 6) purchased by such Investor, in each case as determined as set forth in


 



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Article 6 of this Agreement, each such
Warrant certificate to be registered in the name of such Investor or such nominee’s or nominees’ name(s) as designated
by such Investor in writing in the form of the Investor Suitability Questionnaire, against payment of the purchase price therefor
by the Exchange of the aggregate principle amount of the Outstanding Convertible Notes by such applicable Investor. Each Investor
agrees that each such Outstanding Convertible Note or Notes held by such Investor and set forth next to such Investor’s name
on Schedule I-A is cancelled as of the Initial Closing and all principal and interest outstanding thereunder shall be Exchanged
as reflected on Schedule I-A as of the Initial Closing Date; provided that to the extent only a portion of the principal
and interest outstanding thereunder shall be Exchanged as reflected on Schedule I-A as of the Initial Closing Date, then
the Company shall issue a new convertible promissory note to such Investor reflecting the remaining principal and interest outstanding
under such Outstanding Convertible Note or Notes after giving effect to the Exchange contemplated hereby.


 


2.3.Second Closing.
The second closing (the “Second Closing” and together with the Initial Closing, each a “Closing”)
of the transactions contemplated hereby shall be held at the offices of Fenwick & West LLP, 801 California Street, Mountain
View, California 94041 within one business day following the date on which the last of the conditions set forth in Articles
6 and 7 (including the conditions described in Section 6(p)) have been satisfied or waived in accordance with this Agreement
(such date, the “Second Closing Date” and together with the Initial Closing Date, each a “Closing Date”),
or at such other time and place as the Company and the Investors mutually agree upon. At the Second Closing, each Investor shall
pay the Company the applicable Total Purchase Price by Exchange of the aggregate principle amount of the Outstanding Convertible
Notes as set forth next to such Investor’s name on Schedule I-B hereto. At the Second Closing, the Company shall deliver
to each Investor a single stock certificate representing the number of Shares purchased by such Investor at the Second Closing,
as set forth next to such Investor’s name on Schedule I-B hereto, such stock certificate to be registered in the name
of such Investor, or in such nominee’s or nominees’ name(s) as designated by such Investor in writing in the Investor
Suitability Questionnaire, against payment of the purchase price therefor by the Exchange of the aggregate principle amount of
the Outstanding Convertible Notes being Exchanged by such applicable Investor at the Second Closing. Each Investor agrees that
each such Outstanding Convertible Note or Notes held by such Investor and set forth next to such Investor’s name on Schedule
I-B is cancelled as of the Second Closing and all principal and interest outstanding thereunder shall be Exchanged as reflected
on Schedule I-B as of the Second Closing Date; provided that to the extent only a portion of the principal and interest
outstanding thereunder shall be converted or exchanged as reflected on Schedule I-B as of the Second Closing Date, then
the Company shall issue a new convertible promissory note to such Investor reflecting the remaining principal and interest outstanding
under such Outstanding Convertible Note or Notes after giving effect to the Exchange contemplated hereby.


 






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ARTICLE 3


REPRESENTATIONS AND WARRANTIES OF THE
COMPANY 


 


The Company represents, warrants and covenants
to each Investor, except as set forth in the disclosure letter supplied by the Company to the Investors dated as of the date hereof
(the “Disclosure Letter”), which exceptions shall be deemed to be part of the representations and warranties
made hereunder as provided therein, as follows:


 


3.1Organization
and Standing. The Company and each of its subsidiaries is duly incorporated, validly existing, and in good standing under the
laws of the jurisdiction of its organization. Each of the Company and its subsidiaries has all requisite power and authority to
own and operate its respective properties and assets and to carry on its respective business as presently conducted and as proposed
to be conducted. The Company and each of its subsidiaries is qualified to do business as a foreign entity in every jurisdiction
in which the failure to be so qualified would have, or would reasonably be expected to have, a material adverse effect, individually
or in the aggregate, upon the business, properties, tangible and intangible assets, liabilities, operations, prospects, financial
condition or results of operation of the Company and its subsidiaries or the ability of the Company or any of its subsidiaries
to perform their respective obligations under the Transaction Agreements (as defined below) (a “Material Adverse Effect”).


 


3.2 Subsidiaries.
As used in this Agreement, references to any “subsidiary” of a specified Person shall refer to an Affiliate controlled
by such Person directly, or indirectly through one or more intermediaries, as such terms are used in and construed under Rule 405
under the Securities Act (which, for the avoidance of doubt, shall include the Company’s controlled joint ventures, including
shared-controlled joint ventures). The Company’s subsidiaries, as of the date hereof, are listed on Exhibit 21.01 to
the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 and, except as Previously Disclosed (as defined
in Section 3.11) are the only subsidiaries, direct or indirect, of the Company as of the date hereof. All the issued and
outstanding shares of each subsidiary’s capital stock have been duly authorized and validly issued, are fully paid and nonassessable,
have been issued in compliance with all federal and state securities laws, were not issued in violation of or subject to any preemptive
rights or other rights to subscribe for or purchase securities, and, except as Previously Disclosed, are owned by the Company or
a Company subsidiary free and clear of all liens, encumbrances and equities and claims. As used herein, “Person”
shall mean any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company,
trust, unincorporated organization or government or any agency or political subdivision thereof, and an “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person.


 


3.3Power.
The Company has all requisite power to execute and deliver this Agreement, to sell and issue the Securities hereunder, and to carry
out and perform its obligations under the terms of this Agreement, the Warrants, the Voting Agreements (as defined herein), the
Rights Agreement Amendment and any ancillary agreements and instruments to be entered into by the Company hereunder (together,
the “Transaction Agreements”).


 


3.4.Authorization.
The execution, delivery, and performance of the Transaction Agreements by the Company has been duly authorized by all requisite
action on the part of the


 



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Company and its officers, directors and
stockholders, and this Agreement constitutes, and the other Transaction Agreements will constitute, legal, valid, and binding obligations
of the Company enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited
by laws relating to the availability of specific performance, injunctive relief or other equitable remedies (together, the “Enforceability
Exceptions”).


 


3.5.Consents
and Approvals. Except for any Current Report on Form 8-K or Notice of Exempt Offering of Securities on Form D to be filed by
the Company in connection with the transactions contemplated hereby, the Company is not required to give any notice to, make any
filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order to consummate
the transactions contemplated by the Transaction Agreements. Assuming the accuracy of the representations of each Investor in the
Investor Suitability Questionnaire of such Investor, as applicable, no consent, approval, authorization or other order of, or registration,
qualification or filing with, any court, regulatory body, administrative agency, self-regulatory organization, stock exchange or
market (including The NASDAQ Stock Market (“The NASDAQ Stock Market”)), or other governmental body is required
for the execution and delivery of these Transaction Agreements, the valid issuance, sale and delivery of the Securities to be sold
pursuant to this Agreement other than such as have been made or obtained, or for any securities filings required to be made under
federal or state securities laws applicable to the offering of the Securities.


 


3.6. Non-Contravention.
The execution and delivery of the Transaction Agreements, the issuance, sale and delivery of the Securities to be sold by the Company
under this Agreement, the performance by the Company of its obligations under the Transaction Agreements and/or the consummation
of the transactions contemplated thereby will not (a) conflict with, result in the breach or violation of, or constitute (with
or without the giving of notice or the passage of time or both) a violation of, or default under, (i) any bond, debenture, note
or other evidence of indebtedness, or under any lease, license, franchise, permit, indenture, mortgage, deed of trust, loan agreement,
joint venture or other agreement or instrument to which the Company or any subsidiary is a party or by which it or its properties
may be bound or affected, (ii) the Company’s Restated Certificate of Incorporation, as amended and as in effect on the date
hereof (the “Certificate of Incorporation”), the Company’s Bylaws, as amended and as in effect on the
date hereof (the “Bylaws”), or the equivalent document with respect to any subsidiary, as amended and as in
effect on the date hereof, or (iii) any statute or law, judgment, decree, rule, regulation, ordinance or order of any court or
governmental or regulatory body (including The NASDAQ Stock Market), governmental agency, arbitration panel or authority applicable
to the Company, any of its subsidiaries or their respective properties, except in the case of clauses (i) and (iii) for such conflicts,
breaches, violations or defaults that would not be likely to have, individually or in the aggregate, a Material Adverse Effect,
or (b) result in the creation or imposition of any lien, encumbrance, claim, security interest or restriction whatsoever upon any
of the material properties or assets of the Company or any of its subsidiaries or an acceleration of indebtedness pursuant to any
obligation, agreement or condition contained in any material bond, debenture, note or any other evidence of indebtedness or any
material indenture, mortgage, deed of trust or any other agreement or instrument to which the Company or any if its subsidiaries
is a party or by which the Company or any of its subsidiaries is bound or to which


 



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any of the property or assets of the Company
is subject. For purposes of this Section 3.6, the term “material” shall apply to agreements, understandings,
instruments, contracts or proposed transactions to which the Company is a party or by which it is bound involving obligations (contingent
or otherwise) of, or payments to, the Company in excess of $100,000 in a consecutive 12-month period.


 


3.7.Shares.
The Shares are duly authorized and when issued pursuant to the terms of this Agreement will be validly issued, fully paid, and
nonassessable, and will be free of any liens or encumbrances with respect to the issuance thereof; provided, however,
that the Shares shall be subject to restrictions on transfer under state or federal securities laws as set forth in this Agreement,
or as otherwise may be required under state or federal securities laws as set forth in this Agreement at the time a transfer is
proposed. Except as set forth on Section 3.7 of the Disclosure Letter, the issuance and delivery of the Shares is not subject
to preemptive, co-sale, right of first refusal or any other similar rights of the stockholders of the Company or any other Person,
or any liens or encumbrances or result in the triggering of any anti-dilution or other similar rights under any outstanding securities
of the Company.


 


3.8.Authorization
of the Warrants. The Warrants have been duly authorized by the Company and, when duly executed and delivered by the Company,
will constitute a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject
to the Enforceability Exceptions.


 


3.9.Authorization
of the Warrant Shares. The Warrant Shares issuable upon exercise of the Warrants have been duly authorized and reserved for
issuance upon exercise by all necessary corporate action and such shares, when issued upon such exercise in accordance of the terms
of the Warrants, will be validly issued and will be fully paid and non-assessable, and will be free of any liens or encumbrances
with respect to the issuance thereof; provided, however, that the Warrant Shares shall be subject to restrictions
on transfer under state or federal securities laws as set forth in this Agreement, or as otherwise may be required under state
or federal securities laws as set forth in this Agreement at the time a transfer is proposed. Except as set forth on Section
3.7 of the Disclosure Letter, the issuance and delivery of the Warrant Shares is not subject to preemptive, co-sale, right
of first refusal or any other similar rights of the stockholders of the Company or any other Person, or any liens or encumbrances
or result in the triggering of any anti-dilution or other similar rights under any outstanding securities of the Company.


 


3.10.No Registration.
Assuming the accuracy of each of the representations and warranties of each Investor herein and in the Investor Suitability Questionnaire,
the issuance by the Company of the Securities is exempt from registration under the Securities Act.


 


3.11.Reporting
Status. The Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and, except as set forth in Section 3.11 of the Disclosure Letter, has, in a timely manner, filed all documents
and reports that the Company was required to file pursuant to Section I.A.3.b of the General Instructions to Form S-3 promulgated
under the Securities Act in order for the Company to be eligible to use Form S-3 for the two years preceding the Initial Closing
Date or such shorter time period as the Company has been subject to such reporting requirements (the foregoing materials, together
with


 



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any materials filed by the Company under
the Exchange Act, whether or not required, collectively, the “SEC Documents”). The SEC Documents complied as
to form in all material respects with requirements of the Securities Act and Exchange Act and the rules and regulations of the
SEC promulgated thereunder (collectively, the “SEC Rules”), and none of the SEC Documents and the information
contained therein, as of their respective filing dates, contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. As used in this Agreement, “Previously Disclosed” means information
set forth in or incorporated by reference into the SEC Documents filed with the SEC on or after March 31, 2015 but prior to the
date hereof (except for risks and forward-looking information set forth in the “Risk Factors” section of the applicable
SEC Documents or in any forward-looking statement disclaimers or similar statements that are similarly non-specific and are predictive
or forward-looking in nature).


 


3.12.Contracts.
Each indenture, contract, lease, mortgage, deed of trust, note agreement, loan or other agreement or instrument of a character
that is required to be described or summarized in the SEC Documents or to be filed as an exhibit to the SEC Documents under the
SEC Rules (collectively, the “Material Contracts”) is so described, summarized or filed. The Material Contracts
to which the Company or its subsidiaries are a party have been duly and validly authorized, executed and delivered by the Company
and constitute the legal, valid and binding agreements of the Company or its subsidiaries, as applicable, enforceable by and against
the Company or its subsidiaries, as applicable, in accordance with their respective terms, subject to the Enforceability Exceptions.


 


3.13.Capitalization.
As of the date hereof, the authorized capital stock of the Company consists of (a) 300,000,000 shares of Common Stock, $0.0001
par value per share, 80,191,143 shares of which are issued and outstanding as of July 22, 2015, and (b) 5,000,000 shares of Preferred
Stock, $0.0001 par value per share, of which no shares are issued and outstanding as of the date hereof. All subscriptions, warrants,
options, convertible securities, and other rights (contingent or other) to purchase or otherwise acquire equity securities of the
Company issued and outstanding as of the date hereof, or material contracts, commitments, understandings, or arrangements by which
the Company or any of its subsidiaries is or may be obligated to issue shares of capital stock, or securities or rights convertible
or exchangeable for shares of capital stock, are as set forth in the SEC Documents. The issued and outstanding shares of the Company’s
capital stock have been duly authorized and validly issued, are fully paid and nonassessable, have been issued in compliance with
all applicable federal and state securities laws, and were not issued in violation of or subject to any preemptive rights or other
rights to subscribe for or purchase securities. Except as Previously Disclosed, no holder of the Company’s capital stock
is entitled to preemptive or similar rights. There are no bonds, debentures, notes or other indebtedness having general voting
rights (or convertible into securities having such rights) of the Company issued and outstanding. Except as Previously Disclosed,
there are no agreements or arrangements under which the Company or any of its subsidiaries is obligated to register the sale of
any of their securities under the Securities Act. The Company has made available to the Investors, a true, correct and complete
copy of the Company’s Certificate of Incorporation and Bylaws.


 



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3.14.Legal Proceedings.
Except as Previously Disclosed, there is no action, suit or proceeding before any court, governmental agency or body, domestic
or foreign, now pending or, to the knowledge of the Company, threatened against the Company or its subsidiaries wherein an unfavorable
decision, ruling or finding would reasonably be expected to, individually or in the aggregate, (i) materially adversely affect
the validity or enforceability of, or the authority or ability of the Company to perform its obligations under, this Agreement
or (ii) have a Material Adverse Effect. The Company is not a party to or subject to the provisions of any injunction, judgment,
decree or order of any court, regulatory body, administrative agency or other governmental agency or body that might have, individually
or in the aggregate, a Material Adverse Effect.


 


3.15.No Violations.
Neither the Company nor any of its subsidiaries is in violation of its respective certificate of incorporation, bylaws or other
organizational documents, or to its knowledge, is in violation of any statute or law, judgment, decree, rule, regulation, ordinance
or order of any court or governmental or regulatory body (including The NASDAQ Stock Market), governmental agency, arbitration
panel or authority applicable to the Company or any of its subsidiaries, which violation, individually or in the aggregate, would
be reasonably likely to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries is in default (and there
exists no condition which, with or without the passage of time or giving of notice or both, would constitute a default) in the
performance of any bond, debenture, note or any other evidence of indebtedness in any indenture, mortgage, deed of trust or any
other material agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any
of its subsidiaries is bound or by which the properties of the Company are bound, which would be reasonably likely to have a Material
Adverse Effect. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation
by the SEC involving the Company or any current or former director or officer of the Company and the Company is not an “ineligible
issuer” pursuant to Rules 164, 405 and 433 under the Securities Act. The Company has not received any comment letter from
the SEC relating to any SEC Documents which has not been finally resolved. The SEC has not issued any stop order or other order
suspending the effectiveness of any registration statement filed by the Company under the Exchange Act or the Securities Act.


 


3.16. Governmental
Permits; FDA Matters. 


 


(a)               
Permits. The Company and its subsidiaries possess all necessary franchises, licenses, certificates and other authorizations
from any foreign, federal, state or local government or governmental agency, department or body that are currently necessary for
the operation of their respective businesses as currently conducted, except where such failure to possess would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect. Neither the Company nor any of its subsidiaries
has received any notice of proceedings relating to the revocation or modification of any such permit which, if the subject of an
unfavorable decision, ruling or finding, could reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.


 


(b)              
EPA and FDA Matters. As to each of the manufacturing processes, intermediate products and research or commercial
products of the Company and each of its subsidiaries, including, without limitation, products or compounds currently under research


 


 



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and/or development by the Company, subject
to the jurisdiction of the United States Environmental Protection Agency (“EPA”) under the Toxic Substances
Control Act and regulations thereunder (“TSCA”) or the Food and Drug Administration (“FDA”)
under the Federal Food, Drug and Cosmetic Act and the regulations thereunder (“FDCA”) (each such product, a
“Life Science Product”), such Life Science Product is being researched, developed, manufactured, tested, distributed
and/or marketed in compliance in all material respects with all applicable requirements under the FDCA and TSCA and similar laws
and regulations applicable to such Life Science Product, including those relating to investigational use, premarket approval, good
manufacturing practices, labeling, advertising, record keeping, filing of reports and security. The Company has not received any
notice or other communication from the FDA, EPA or any other federal, state or foreign governmental entity (i) contesting the premarket
approval of, the uses of or the labeling and promotion of any Life Science Product or (ii) otherwise alleging any violation by
the Company of any law, regulation or other legal provision applicable to a Life Science Product. Neither the Company, nor any
officer, employee or agent of the Company has made an untrue statement of a material fact or fraudulent statement to the FDA or
other federal, state or foreign governmental entity performing similar or equivalent functions or failed to disclose a material
fact required to be disclosed to the FDA or such other federal, state or foreign governmental entity.


 


3.17.Listing
Compliance. The Company is in compliance with the requirements of The NASDAQ Stock Market LLC for continued listing of the
Common Stock thereon and has no knowledge of any facts or circumstances that could reasonably lead to delisting of its Common Stock
from The NASDAQ Stock Market. The Company has taken no action designed to, or likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act or the listing of the Common Stock on The NASDAQ Stock Market, nor has the Company received
any notification that the SEC or The NASDAQ Stock Market is contemplating terminating such registration or listing. The transactions
contemplated by the Transaction Agreements will not contravene the rules and regulations of The NASDAQ Stock Market. The Company
will comply with all requirements of The NASDAQ Stock Market with respect to the issuance of the Securities, including the filing
of any listing notice with respect to the issuance of the Securities, other than obtaining stockholder approval for the exercise
of the Warrants as contemplated by Section 7.7.


 


3.18Intellectual
Property.


 


(a)               
 Except as set forth in Section 3.18 of the Disclosure Letter, Company and/or its subsidiaries owns or possesses,
free and clear of all encumbrances, all legal rights to all intellectual property and industrial property rights and rights in
confidential information, including all (i) patents, patent applications, invention disclosures, and all related continuations,
continuations-in-part, divisional, reissues, re-examinations, substitutions and extensions thereof, (ii) trademarks, trademark
rights, service marks, service mark rights, corporate names, trade names, trade name rights, domain names, logos, slogans, trade
dress, design rights, and other similar designations of source or origin, together with the goodwill symbolized by and of the foregoing,
(iii) trade secrets and all other confidential information, ideas, know-how, inventions, proprietary processes, formulae, models,
and other methodologies, (iv) copyrights, (v) computer programs (whether in object code, subject code or other form), algorithms,
databases, compilations and data, technology supporting the foregoing, and all related documentation,


 


 



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(vi) licenses to any of the foregoing,
and (vii) all applications and registrations of the foregoing, and (viii) all other similar proprietary rights (collectively, “Intellectual
Property”) used or held for use in, or necessary for the conduct of their businesses as now conducted and as proposed
to be conducted, and neither the Company nor any of its subsidiaries (A) has received any communications alleging that either the
Company or any of its subsidiaries has violated, infringed or misappropriated or, by conducting their businesses as now conducted
and as proposed to be conducted, would violate, infringe or misappropriate any of the Intellectual Property of any other Person,
(B) knows of any basis for any claim that the Company or any of its subsidiaries has violated, infringed or misappropriated, or,
by conducting their businesses as now conducted and as proposed to be conducted, would violate, infringe or misappropriate any
of the Intellectual Property of any other Person, and (C) knows of any third-party infringement, misappropriation or violation
of any Company or any Company subsidiary’s Intellectual Property. The Company has taken and takes reasonable security measures
to protect the secrecy, confidentiality and value of its Intellectual Property, including requiring all Persons with access thereto
to enter into appropriate non-disclosure agreements. To the knowledge of the Company, there has not been any disclosure of any
material trade secret of the Company or a Company subsidiary (including any such information of any other Person disclosed in confidence
to the Company) to any other Person in a manner that has resulted or is likely to result in the loss of trade secret in and to
such information. Except as Previously Disclosed, and except as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, there are no outstanding options, licenses or agreements, claims, encumbrances or shared
ownership interests of any kind relating to the Company’s or its subsidiaries’ Intellectual Property, nor is the Company
or its subsidiaries bound by or a party to any options, licenses or agreements of any kind with respect to the Intellectual Property
of any other Person.


 


(b)              
To the Company’s knowledge, none of the employees of the Company or its subsidiaries are obligated under any contract
(including, without limitation, licenses, covenants or commitments of any nature or contracts entered into with prior employers),
or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of his or
her best efforts to promote the interests of the Company or its subsidiaries or would conflict with their businesses as now conducted
and as proposed to be conducted. Neither the execution nor delivery of the Transaction Agreements will conflict with or result
in a breach of the terms, conditions or provisions of, or constitute a default under any contract, covenant or instrument under
which the Company or its subsidiaries or any of the employees of the Company or its subsidiaries is now obligated, and neither
the Company nor its subsidiaries will need to use any inventions that any of its employees, or Persons it currently intends to
employ, have made prior to their employment with the Company or its subsidiaries, except for inventions that have been assigned
or licensed to the Company or its subsidiaries as of the date hereof. Each current and former employee or contractor of the Company
or its subsidiaries that has developed any Intellectual Property owned or purported to be owned by the Company or its subsidiaries
has executed and delivered to the Company a valid and enforceable Invention Assignment and Confidentiality Agreement that (i) assigns
to the Company or such subsidiaries all right, title and interest in and to any Intellectual Property rights arising from or developed
or delivered to the Company or such subsidiaries in connection with such Person’s work for or on behalf of the Company or
such subsidiaries, and (ii) provides reasonable protection for the trade secrets, know-how and other confidential information (1)
of the Company or such subsidiaries and (2) of any third party that has disclosed same to the Company


 



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or such subsidiaries. To the knowledge
of the Company, no current or former employee, officer, consultant or contractor is in default or breach of any term of any employment,
consulting or contractor agreement, non-disclosure agreement, assignment agreement, or similar agreement. Except as Previously
Disclosed, to the knowledge of the Company, no present or former employee, officer, consultant or contractor of the Company has
any ownership, license or other right, title or interest, directly or indirectly, in whole or in part, in any Intellectual Property
that is owned or purported to be owned, in whole or part, by the Company or its subsidiaries.


 


3.19.Financial
Statements. The consolidated financial statements of the Company and its subsidiaries and the related notes thereto included
in the SEC Documents (the “Financial Statements”) comply in all material respects with applicable accounting
requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing and present fairly,
in all material respects, the financial position of the Company and its subsidiaries as of the dates indicated and the results
of its operations and cash flows for the periods therein specified subject, in the case of unaudited statements, to normal year-end
audit adjustments. Except as set forth in such Financial Statements (or the notes thereto), such Financial Statements (including
the related notes) have been prepared in accordance with U.S. generally accepted accounting principles applied on a consistent
basis throughout the periods therein specified (“GAAP”). Except as set forth in the Financial Statements, neither
the Company nor its subsidiaries has any material liabilities other than liabilities and obligations that have arisen in the ordinary
course of business and which would not be required to be reflected in financial statements prepared in accordance with GAAP.


 


3.20.Accountants.
PricewaterhouseCoopers LLP, which has expressed its opinion with respect to the consolidated financial statements contained in
the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, are registered independent public accountants
as required by the Exchange Act and the rules and regulations promulgated thereunder (and by the rules of the Public Company Accounting
Oversight Board).


 


3.21.Internal
Accounting Controls. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurances
that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and
(iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is
taken with respect to any differences. The Company has disclosure controls and procedures (as defined in Rules 13a-14 and 15d-14
under the Exchange Act) that are effective and designed to ensure that (i) information required to be disclosed in the reports
that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
by the SEC Rules, and (ii) such information is accumulated and communicated to the Company’s management, including its principal
executive officer and principal financial officer, to allow timely decisions regarding required disclosure. The Company is otherwise
in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002, as amended and the rules
and regulations promulgated thereunder.



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3.22. Off-Balance
Sheet Arrangements. There is no transaction, arrangement or other relationship between the Company or its subsidiaries and
an unconsolidated or other off-balance sheet entity that is required to be disclosed by the Company in its Exchange Act filings
and is not so disclosed or that otherwise would be reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect. There are no such transactions, arrangements or other relationships with the Company that may create contingencies or liabilities
that are not otherwise disclosed by the Company in its Exchange Act filings.


 


3.23. No Material
Adverse Change; Solvency. (a) Except as set forth in the SEC Documents in each case, filed or made through and including the
date hereof, since March 31, 2015:


 


(i) there has not been any event, occurrence or development that, individually or in the aggregate, has had or that could reasonably
be expected to result in a Material Adverse Effect,


 


(ii) the Company has not incurred any liabilities (contingent or otherwise) other than (1) trade payables and accrued expenses
incurred in the ordinary course of business consistent with past practice and (2) liabilities not required to be reflected in the
Company's financial statements pursuant to GAAP or not required to be disclosed in filings made with the SEC,


 


(iii) the Company
has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made
any agreements to purchase or redeem any shares of its capital stock other than routine withholding in accordance with the Company’s
existing stock-based plan,


 


(iv) the Company has not altered its method
of accounting or the identity of its auditors, except as Previously Disclosed,


 


(v) the Company has not issued any equity
securities except pursuant to the Company’s existing stock based plans or as otherwise Previously Disclosed; and


 


(vi) there has not been any loss or damage
(whether or not insured) to the physical property of the Company or any of its subsidiaries.


 


(b)The
Company is not as of the date hereof, and after giving effect to the transactions contemplated hereby to occur at the Initial Closing,
will not be Insolvent (as defined below). For purposes of this Section, “Insolvent” means, with respect to any
Person, (i) the present fair saleable value of such Person’s assets is less than the amount required to pay such Person’s
total indebtedness, (ii) such Person is unable to pay its debts and liabilities, subordinated, contingent or otherwise, as such
debts and liabilities become absolute and matured, (iii) such Person intends to incur or believes that it will incur debts
that would be beyond its ability to pay as such debts mature or (iv) such Person has unreasonably small capital with which to conduct
the business in which it is engaged as such business is now conducted and is currently proposed to be conducted. As of the Initial
Closing, the Company’s existing cash and cash equivalents, cash from operations, cash from borrowing facilities and cash
available from capital


 



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market transactions will be sufficient to meet the Company’s
planned working capital and capital expenditure requirements for at least 6 months from the Initial Closing Date.


 


(c)The Company has
not incurred any obligation or liability (contingent or otherwise) under this Agreement, or any of the documents or instruments
contemplated hereby, with actual intent to hinder, delay or defraud either present or future creditors of the Company or any of
its subsidiaries.


 


3.24.No Manipulation
of Stock. Neither the Company nor any of its subsidiaries, nor to the Company’s knowledge, any of their respective officers,
directors, employees, Affiliates or controlling Persons has taken and will not, in violation of applicable law, take, any action
designed to or that might reasonably be expected to, directly or indirectly, cause or result in stabilization or manipulation of
the price of the Common Stock.


 


3.25.Insurance.
The Company and its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which the Company and its subsidiaries are engaged. The Company
and its subsidiaries will continue to maintain such insurance or substantially similar insurance, which covers the same risks at
the same levels as the existing insurance with insurers which guarantee the same financial responsibility as the current insurers,
and neither the Company nor any subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage
as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business
without a significant increase in cost.


 


3.26.Properties.
Except as Previously Disclosed, the Company and its subsidiaries have good and marketable title to all the properties and assets
(both tangible and intangible) described as owned by them in the consolidated financial statements included in the SEC Documents,
free and clear of all liens, mortgages, pledges, or encumbrances of any kind except (i) those, if any, reflected in such consolidated
financial statements (including the notes thereto), or (ii) those that are not material in amount and do not adversely affect the
use made and proposed to be made of such property by the Company or its subsidiaries. The Company and each of its subsidiaries
hold their leased properties under valid and binding leases. The Company and each of its subsidiaries own or lease all such properties
as are necessary to its operations as now conducted.


 


3.27.Tax Matters.
The Company and its subsidiaries have filed all Tax Returns, and these Tax Returns are true, correct, and complete in all material
respects. The Company and each subsidiary (i) have paid all Taxes that are due from the Company or such subsidiary for the periods
covered by the Tax Returns or (ii) have duly and fully provided reserves adequate to pay all Taxes in accordance with GAAP. No
agreement as to indemnification for, contribution to, or payment of Taxes exists between the Company or any subsidiary, on the
one hand, and any other Person, on the other, including pursuant to any Tax sharing agreement, lease agreement, purchase or sale
agreement, partnership agreement or any other agreement not entered into in the ordinary course of business. Neither the Company
nor any of its subsidiaries has any liability for Taxes of any Person (other than the Company or any of its subsidiaries) under
Treasury Regulation Section 1.1502-6 (or any similar provision of any state, local or foreign law), or as a transferee or successor,
by contract or otherwise. Since the date of the Company's most recent


 



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Financial Statements, the Company has not
incurred any liability for Taxes other than in the ordinary course of business consistent with past practice. Neither the Company
nor its subsidiaries has been advised (a) that any of its Tax Returns have been or are being audited as of the date hereof, or
(b) of any deficiency in assessment or proposed judgment to its Taxes. Neither the Company nor any of its subsidiaries has knowledge
of any Tax liability to be imposed upon its properties or assets as of the date of this Agreement that is not adequately provided
for. The Company has not distributed stock of another corporation, or has had its stock distributed by another corporation, in
a transaction that was governed, or purported or intended to be governed, in whole or in part, by Section 355 of the Internal Revenue
Code (i) in the two years prior to the date of this Agreement or (ii) in a distribution that could otherwise constitute part of
a “plan” or “series of related transactions” (within the meaning of Section 355(e) of the Internal Revenue
Code) in conjunction with the purchase of the Shares. “Tax” or “Taxes” means any foreign,
federal, state or local income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, property,
windfall, profits, environmental, customs, capital stock, franchise, employees’ income withholding, foreign or domestic withholding,
social security, unemployment, disability, real property, personal property, sales, use, transfer, value added, alternative or
add-on minimum or other similar tax, governmental fee, governmental assessment or governmental charge, including any interest,
penalties or additions to Taxes or additional amounts with respect to the foregoing. “Tax Returns” means all
returns, reports, or statements required to be filed with respect to any Tax (including any elections, notifications, declarations,
schedules or attachments thereto, and any amendment thereof) including any information return, claim for refund, amended return
or declaration of estimated Tax.


 


3.28.Investment
Company Status. The Company is not, and immediately after receipt of payment for the Shares will not be, an “investment
company,” an “affiliated person” of, “promoter” for or “principal underwriter” for, or
an entity “controlled” by an “investment company,” within the meaning of the Investment Company Act of
1940, as amended, or the rules and regulations promulgated thereunder.


 


3.29.Transactions
With Affiliates and Employees. Except as Previously Disclosed, none of the officers or directors of the Company or its subsidiaries
and, to the knowledge of the Company, none of the employees of the Company or its subsidiaries is presently a party to any transaction
with the Company or any subsidiary (other than for services as employees, officers and directors required to be disclosed under
Item 404 of Regulation S-K under the Exchange Act).


 


3.30.Foreign
Corrupt Practices. Neither the Company nor its subsidiaries or Affiliates, any director or officer, nor to the knowledge of
the Company, any agent, employee or other Person acting on behalf of the Company or its subsidiaries has, in the course of its
actions for, or on behalf of, the Company or any of its subsidiaries (a) used any corporate
funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity, (b) made or
promised to make any direct or indirect unlawful payment to any foreign or domestic government official or employee (including
any officer or employee of a government or government-owned or controlled entity or of a public international organization, or
any Person acting in an official capacity for or on behalf of any of the foregoing, or of any political party or part official
or candidate for political office (each such Person, a “Government Official”)) from corporate funds, (c) violated
or is in violation of any provision of the U.S. Foreign Corrupt 


 



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Practices Act of 1977,
as amended or (d) made or promised to make any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment
to any foreign or domestic Government Official.


 


3.31.Money
Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act
of 1970, as amended, and the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56 (signed into law on October 26, 2001)),
applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering
Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the Company’s
knowledge, threatened. 


 


3.32.OFAC.
Neither the Company, any director or officer, nor, to the Company’s knowledge, any agent, employee, subsidiary or Affiliate
of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use
the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other Person, for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered
by OFAC. 


 


3.33.Environmental
Laws. The Company and its subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local
laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or
wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits, licenses or other
approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance
with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental Laws,
failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits,
licenses or approvals would not, singly or in the aggregate, have a Material Adverse Effect on the Company and its subsidiaries,
taken as a whole. There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital
or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license
or approval, any related constraints on operating activities and any potential liabilities to third parties) which would, singly
or in the aggregate, have a Material Adverse Effect on the Company and its subsidiaries, taken as a whole.


 


3.34.Employee
Relations. Except as set forth in Section 3.34 of the Disclosure Letter, neither the Company nor any of its subsidiaries
is a party to any collective bargaining agreement or employs any member of a union. Neither the Company nor any of its subsidiaries
is engaged in any unfair labor practice. There is (i) (x) no unfair labor practice complaint pending or, to the Company’s
knowledge, threatened against the Company or any of its subsidiaries before the National Labor Relations Board, and no grievance
or arbitration proceeding arising out of or under collective bargaining agreements is pending or threatened, (y) no strike, labor
dispute, slowdown or stoppage pending or, to the Company’s knowledge, threatened against the


 



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Company or any of its subsidiaries and
(z) no union representation dispute currently existing concerning the employees of the Company or any of its subsidiaries, and
(ii) to the Company’s knowledge, (x) no union organizing activities are currently taking place concerning the employees of
the Company or any of its subsidiaries and (y) there has been no violation of any federal, state, local or foreign law relating
to discrimination in the hiring, promotion or pay of employees or any applicable wage or hour laws. No executive officer of the
Company (as defined in Rule 501(f) promulgated under the Securities Act) has notified the Company that such officer intends to
leave the Company or otherwise terminate such officer’s employment with the Company. No executive officer of the Company,
to the knowledge of the Company, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality,
disclosure or proprietary information agreement, non-competition agreement, or any other agreement or any restrictive covenant,
and the continued employment of each such executive officer does not subject the Company or any of its subsidiaries to any liability
with respect to any of the foregoing matters.


 


3.35.ERISA.The
Company and its subsidiaries are in compliance in all material respects with all presently applicable provisions of the Employee
Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (herein
called “ERISA”); no “reportable event” (as defined in ERISA) has occurred with respect to any “pension
plan” (as defined in ERISA) for which the Company or any of its subsidiaries would have any liability; the Company has not
incurred and does not expect to incur liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from,
any “pension plan”; or (ii) Sections 412 or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations
and published interpretations thereunder (the “Code”); and each “Pension Plan” for which the Company
would have liability that is intended to be qualified under Section 401(a) of the Code is so qualified in all material respects
and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification.


 


3.36.Obligations
of Management. To the Company’s knowledge, each officer and key employee of the Company or its subsidiaries is currently
devoting substantially all of his or her business time to the conduct of the business of the Company or its subsidiaries, respectively.
The Company is not aware that any officer or key employee of the Company or its subsidiaries is planning to work less than full
time at the Company or its subsidiaries, respectively, in the future. To the Company’s knowledge, no officer or key employee
is currently working or plans to work for a competitive enterprise, whether or not such officer or key employee is or will be compensated
by such enterprise. To the Company’s knowledge, no officer or Person currently nominated to become an officer of the Company
or its subsidiaries is or has been subject to any judgment or order of, the subject of any pending civil or administrative action
by the SEC or any self-regulatory organization. 


 


3.37.Integration;
Other Issuances of Securities. Neither the Company nor its subsidiaries or any Affiliates, nor any Person acting on its or
their behalf, has issued any shares of Common Stock or shares of any series of preferred stock or other securities or instruments
convertible into, exchangeable for or otherwise entitling the holder thereof to acquire shares of Common Stock which would be integrated
with the sale or exchange of the Securities to the Investors for purposes of the Securities Act or of any applicable stockholder
approval provisions, including, without limitation, under the rules and regulations of The NASDAQ Stock Market,


 



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nor will the Company or its subsidiaries
or Affiliates take any action or steps that would require registration of any of the Securities under the Securities Act or cause
the offering of the Securities to be integrated with other offerings if any such integration would cause the issuance of the Securities
hereunder to fail to be exempt from registration under the Securities Act as provided in Section 3.10 above or cause the
transactions contemplated hereby to contravene the rules and regulations of The NASDAQ Stock Market. The Company is eligible to
register the Shares and the Warrant Shares for resale by the Investors using Form S-3 promulgated under the Securities Act.


 


3.38.No General
Solicitation. Neither the Company nor its subsidiaries or any Affiliates, nor any Person acting on its or their behalf, has
offered or sold any of the Securities by any form of general solicitation or general advertising.


 


3.39.No Brokers’
Fees. The Company has not incurred any liability for any finder’s or broker’s fee or agent’s commission in
connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby.


 


3.40.Registration
Rights. Except as set forth in (i) the Amended and Restated Investors’ Rights Agreement dated June 21, 2010, by and among
the Company and the parties listed on Exhibits A through H thereof, as amended by Amendment No. 1 thereto dated February 23, 2012,
Amendment No. 2 thereto dated December 24, 2012, Amendment No. 3 thereto dated March 27, 2013, Amendment No. 4 thereto dated October
16, 2013 and Amendment No. 5 thereto dated December 24, 2013 (as amended, the “Rights Agreement”); (ii) the
Registration Rights Agreement, dated February 27, 2012, by and among the Company and the several purchasers signatory thereto;
(iii) the Registration Rights Agreement, dated July 30, 2012, by and between the Company and Total Energies Nouvelles Activités
USA (“Total”), (iv) the Amended and Restated Letter Agreement dated May 8, 2014, by and among the Company and
note holders party thereto; (v) the Registration Rights Agreement, dated February 24, 2015, by and between the Company and Nomis
Bay Ltd.; and (vi) the registration rights letter dated as of the date hereof by and among the Company and the investors party
to the Purchase Agreement (as defined in Article 6 hereof), the Company has not granted or agreed to grant to any Person any rights
(including “piggy-back” registration rights) to have any securities of the Company registered with the SEC or any other
governmental authority that have not been satisfied or waived.


 


3.41.Application
of Takeover Protections. There is no control share acquisition, business combination, poison pill (including any distribution
under a rights agreement) or other similar anti-takeover provision under the Company’s charter documents or the laws of its
state of incorporation that is or could become applicable to any of the Investors as a result of the Investor and the Company fulfilling
their obligations or exercising their rights under the Transaction Agreements, including, without limitation, as a result of the
Company’s issuance of the Securities and the Investors’ ownership of the Securities.


 


3.42.No Disqualification.
No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person, except for a Disqualification
Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable. As used herein, “Company


 



    17 


     

    




Covered Person” means, with
respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed
in the first paragraph of Rule 506(d)(1).


 


3.43.Disclosure.
The Company understands and confirms that the Investors will rely on the foregoing representations in effecting transactions in
the Securities. All disclosure furnished by or on behalf of the Company to the Investors in connection with this Agreement regarding
the Company, its business and the transactions contemplated hereby is true and correct in all material respects and does not contain
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein,
in light of the circumstances under which they were made, not misleading. The Company acknowledges and agrees that the Investors
have not made and do not make any representations or warranties with respect to the transactions contemplated hereby other than
those set forth in Article 4 hereto. Other than (a) the Voting Agreements (as defined herein), (b) the Maturity Treatment
Agreement (as defined herein), and (c) letter agreements regarding waivers of rights by any of the Investors, the Company has not
entered into any letter agreement with an Investor hereunder in connection with the transactions contemplated hereby.


 


3.44.Section
16 Matters. The Company’s Board of Directors has adopted resolutions providing that the Board intends for the Exchange
and the issuance of the Securities to each Investor to be exempt from Section 16(b) of the Exchange Act.


 


3.45Fair Market
Value. The Company believes in good faith that the aggregate fair market value of the non-exempt assets of the Company and
all entities it controls is not more than $76.3 million, in accordance with 16 C.F.R. Part 802.4.


 


ARTICLE 4 


REPRESENTATIONS AND WARRANTIES OF THE
PURCHASER 


 


Each Investor, as to
itself only and not with respect to any other Investor, represents, warrants and covenants to the Company with respect to this
purchase as follows:


 


4.1Organization.
The Investor is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its organization.


 


4.2Power.
The Investor has all requisite power to execute and deliver this Agreement and to carry out and perform its obligations under the
terms of this Agreement.


 


4.3Authorization.
The execution, delivery, and performance of this Agreement by the Investor has been duly authorized by all requisite action, and
this Agreement constitutes the legal, valid, and binding obligation of the Investor enforceable in accordance with its terms, except
(a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting
enforcement of creditors’ rights generally, and (b) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies.


 


4.4Consents
and Approvals. The Investor need not give any notice to, make any filing with, or obtain any authorization, consent, or approval
of any government or governmental agency in order to consummate the transactions contemplated by this Agreement.


 



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4.5.Non-Contravention.
Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will violate
in any material respect any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other
restriction of any government, governmental agency, or court to which the Investor is subject. No approval, waiver, or consent
by the Investor under any instrument, contract, or agreement to which the Investor or any of its Affiliates is a party is necessary
to consummate the transactions contemplated hereby.


 


4.6.Purchase
for Investment Only. The Investor is purchasing the Securities for the Investor’s own account for investment purposes
only and not with a view to, or for resale in connection with, any “distribution” in violation of the Securities Act.
By executing this Agreement, the Investor further represents that it does not have any contract, undertaking, agreement, or arrangement
with any Person to sell, transfer, or grant participation to such Person or to any third Person, with respect to any of the Securities.
The Investor understands that the Securities have not been registered under the Securities Act or any applicable state securities
laws by reason of a specific exemption therefrom that depends upon, among other things, the bona fide nature of the investment
intent as expressed herein.


 


4.7.Disclosure
of Information. The Investor has had an opportunity to review the Company’s filings under the Securities Act and the
Exchange Act (including risks factors set forth therein) and the Investor represents that it has had an opportunity to ask questions
and receive answers from the Company to evaluate the financial risk inherent in making an investment in the Securities. The Investor
has not been offered the opportunity to purchase the Securities by means of any general solicitation or general advertising.


 


4.8.Risk of
Investment. The Investor realizes that the purchase of the Securities will be a highly speculative investment and the Investor
may suffer a complete loss of its investment. The Investor understands all of the risks related to the purchase of the Securities.
By virtue of the Investor’s experience in evaluating and investing in private placement transactions of securities in companies
similar to the Company, the Investor is capable of evaluating the merits and risks of the Investor’s investment in the Company
and has the capacity to protect the Investor’s own interests.


 


4.9.Advisors.
The Investor has reviewed with its own tax advisors the federal, state, and local tax consequences of this investment and the transactions
contemplated by this Agreement. The Investor acknowledges that it has had the opportunity to review the Transaction Agreements
and the transactions contemplated thereby with the Investor’s own legal counsel.


 


4.10.Finder.
The Investor is not obligated and will not be obligated to pay any broker commission, finders’ fee, success fee, or commission
in connection with the transactions contemplated by this Agreement.


 


4.11.Restricted
Securities. The Investor understands that the Securities must be held indefinitely unless subsequently registered under the
Securities Act or unless an exemption from registration is otherwise available. Moreover, the Investor understands that, except
as set forth in the Rights Agreement, the Company is under no obligation to register the Shares and the Warrant Shares. The Investor
is aware of Rule 144 promulgated under the Securities Act (“SEC Rule 


 



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144”) that permits limited
resales of securities purchased in a private placement subject to the satisfaction of certain conditions.


 


4.12.Legend.
It is understood by the Investor that each certificate representing the Securities shall be endorsed with a legend substantially
in the following form:


 


“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED
BY THE HOLDER), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS
SOLD PURSUANT TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”


 


Subject to Section 7.3, the Company
need not register a transfer of Securities unless the conditions specified in the foregoing legend are satisfied. Subject to Section
7.3, the Company may also instruct its transfer agent not to register the transfer of any of the Securities unless the conditions
specified in the foregoing legend are satisfied.


 


4.13.Investor
Qualification. The Investor is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities
Act. The Investor acknowledges that it has completed the Investor Suitability Questionnaire. The Investor has truthfully set forth
in the Investor Suitability Questionnaire the factual basis or reason for qualification as an “accredited investor”
as defined in Rule 501(a) of Regulation D under the Securities Act and such information remains true and correct as of the date
hereof. The Investor agrees to furnish any additional information that the Company deems reasonably necessary in order to verify
the answers set forth in the Investor Suitability Questionnaire.


 


4.14.Disqualification.
The Investor represents that neither such Investor, nor any person or entity with whom such Investor shares beneficial ownership
of the Company securities, is subject to any Disqualification Event (as defined in Rule 506(d)(1)(i) through (viii) under the Securities
Act), except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed
reasonably in advance of the Initial Closing in writing in reasonable detail to the Company.


 


ARTICLE 5 


CONDITIONS TO COMPANY’S OBLIGATIONS
AT EACH CLOSING. 


 


The Company’s
obligation to complete the sale and issuance of the Securities and deliver


 



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the Securities to each Investor, individually,
at each Closing shall be subject to the following conditions to the extent not waived by the Company:


 


(a)Receipt of
Payment. The Company shall have received payment by the Exchange of the aggregate principal amount of the Outstanding Convertible
Notes as set forth next to such Investor’s name on Schedule I-A or I-B hereto, as applicable, in the full amount
of the applicable Total Purchase Price for the number of Securities being purchased by such Investor at the applicable Closing,
as set forth next to such Investor’s name on Schedule I-A or I-B hereto, as applicable.


 


(b)Representations
and Warranties. The representations and warranties made by such Investor in Section 4 hereof shall be true and correct
in all material respects as of, and as if made on, the date of this Agreement and as of the applicable Closing.


 


(c)Receipt of
Executed Documents. Such Investor shall have duly executed and delivered to the Company the Rights Agreement Amendment, the
Voting Agreement and the Investor Suitability Questionnaire.


 


(d)Maturity Treatment
Agreement. Such Investor shall have duly executed and delivered to the Company an agreement substantially in the form set forth
in Exhibit G hereto (the “Maturity Treatment Agreement”), pursuant to which, and subject to the terms
thereof, the Investor agrees to convert before or at maturity all of the 6.50% Convertible Senior Notes due 2019 issued by the
Company on May 29, 2014 (the “Rule 144A Notes”) and/or the Tranche I Senior Convertible Notes (the “Tranche
I Notes”) and Tranche II Senior Convertible Notes (the “Tranche II Notes”, and together with the Tranche
I Notes, the “Tranche Notes”) sold and issued by the Company pursuant to that certain Securities Purchase Agreement,
among the Company and the Purchasers listed thereon, dated as of August 8, 2013 (as amended from time to time, the “Tranche
Purchase Agreement”), then held by such Investor (such Rule 144A Notes and Tranche Notes collectively, the “Maturity
Conversion Notes”) into shares of Common Stock in accordance with the terms of such Maturity Conversion Notes.


 


(e)Request for
Cancellation of Note. To the extent an Investor has not provided to the Company the applicable Outstanding Convertible Note
for cancellation at the applicable Closing, then any such Investor shall have provided to the Company a Request for Cancellation
of Note in a form reasonably acceptable to the Company.


 


ARTICLE 6 


CONDITIONS TO INVESTORS’ OBLIGATIONS
AT EACH CLOSING 


 


Each Investor’s
obligation to accept delivery of the Securities and to pay for the Securities shall be subject to the following conditions to the
extent not waived by such Investor:


 


(a)Delivery.
The Company shall have complied with its obligations set forth under Section 2.2 with respect to the Initial Closing, and
Section 2.3 with respect to the Second Closing, to provide, with respect to each Investor, (1) a single stock certificate for each
Investor representing the number of Shares purchased by such Investor and (2) with respect to the Initial Closing, the Warrant
certificates for each Investor representing the Warrants purchased by such Investor.


 


(b)Representations
and Warranties. The representations and warranties made by the Company in Section 3 hereof shall be true and correct
in all respects as of, and as if made on, the






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date of this Agreement and as of the applicable Closing Date.


 


(c) Receipt of
Rights Agreement Amendment. The Company shall have executed and delivered to each Investor the Rights Agreement Amendment,
and the Rights Agreement shall have been duly executed by such other parties as may be required for the Rights Agreement to be
binding and effective with respect to the parties thereto.


 


(d) Legal Opinion.
The Investors shall have received an opinion of Fenwick & West LLP, counsel to the Company, dated as of the applicable Closing
Date, substantially in the form set forth in Exhibit C hereto.


 


(e) Certificate.
Each Investor shall have received a certificate signed by the Company’s Chief Executive Officer and Chief Financial Officer
dated as of the applicable Closing Date to the effect that (i) the representations and warranties of the Company in Section
3 hereof are true and correct in all respects as of, and as if made on, the date of this Agreement and as of the applicable
Closing Date, and (ii) the Company has satisfied in all material respects all of the conditions set forth in this Agreement.


 


(f) Good Standing.
The Company is validly existing as a corporation in good standing under the laws of Delaware as evidenced by a certificate of the
Secretary of State of the State of Delaware, a copy of which has been provided to the Investors.


 


(g) Secretary’s
Certificate. A certificate, executed by the Secretary of the Company and dated as of the applicable Closing Date, as to (A)
the resolutions approving the issuance of the Shares as adopted by an Independent Committee of the Board of Directors and/or the
Company’s Board of Directors in a form reasonably acceptable to such Investor, (B) the certificate of incorporation, and
(C) the bylaws, each as in effect as of the applicable Closing Date.


 


(h) Board Approval.
The terms and conditions of the issuance of the Securities and the Transaction Agreements shall have been approved by an Independent
Committee of the Board of Directors and/or a majority of the disinterested directors of the Board of Directors, as applicable.


 


(i) Approvals.
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale
of the Shares, including, without limitation, from The NASDAQ Stock Market, other than with respect to obtaining stockholder approval
of the exercise of the Warrants pursuant to Section 7.7; provided, however, that the requirements of this Section 6(i) shall
exclude any antitrust approvals which are separately contemplated by Section 6(p).


 


(j) Warrants.


 


(i) Total
Warrants.


 


(A) If the
lowest price per share of Common Stock (or the conversion


 



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price or exercise price of any
security exercisable or convertible into Common Stock (“Convertible Securities”)) (the “Offering
Price”) in a bona fide equity financing pursuant to the Securities Purchase Agreement dated as of the date hereof by
and among the Company and the investors party thereto (the “Purchase Agreement”) or pursuant to any other securities
purchase agreement entered into in accordance with the Board’s approval of a bona fide equity financing for up to $60,000,000
on July 16, 2015 (each such financing, an “Offering” and collectively, the “Offerings”) (the
determination of any such Offering Price to include any warrant or other securities issued in connection with such Common Stock
or Convertible Security in such Offering) is less than the Share Price, the Company shall have issued to Total a warrant in the
form of Exhibit D-1 attached hereto (the “Total Equity Funding Warrant”), which warrant will be exercisable
for the number of shares of Common Stock equal to the difference between the number of shares of Common Stock Total would have
received if it had exchanged $70,000,000 of Outstanding Convertible Notes at the lowest Offering Price of such Offerings and the
number of Shares Total receives pursuant to the Exchange at the Share Price; provided, however, that such Total Equity Funding
Warrant shall only be exercisable if such Total Equity Funding Warrant has been approved by a majority of the Company’s stockholders
whose vote was counted at the Stockholders Meeting in accordance with Section 7.7 of this Agreement.


 


(B) The Company
shall have issued to Total a warrant in the form of Exhibit D-2 attached hereto (the “Total R&D Warrant”
and, together with the Total Equity Funding Warrant, the “Total Warrants”), which warrant will be exercisable
for 2,000,000 shares of Common Stock at an exercise price of $0.01 per share; provided, however, that such Total R&D Warrant
shall only be exercisable if (1) the Company fails, as of March 1, 2017, to achieve a target production cash cost of less than
$2.00 per liter to manufacture distilled farnesene at hydrogenation grade, calculated with a cost of sugar at $0.19/lb and using
the methodology set forth in the cost model included as Section 6(j)(i) of the Disclosure Letter, and (2) the Total R&D
Warrant has been approved by a majority of the Company’s stockholders whose vote was counted at the Stockholders Meeting
in accordance with Section 7.7 of this Agreement.


 


(ii)Temasek Warrants.


 


(A)The Company shall have issued to Maxwell (Mauritius) Pte Ltd (“Temasek”) a warrant in the form of Exhibit
E-1 attached hereto (the “Temasek 2015 Warrant”), which warrant will be exercisable for 14,677,861 shares
of Common Stock at an exercise price of $0.01 per share; provided, however, that the Temasek 2015 Warrant shall only be exercisable
if such warrant has been approved by a majority of the Company’s stockholders whose vote was counted at the Stockholders
Meeting in accordance with Section 7.7 of this Agreement.


 


(B)The Company shall have issued
to Temasek a warrant in the form of Exhibit E-2 attached hereto (the “Temasek Funding Warrant”), which
warrant will be exercisable at an exercise price of $0.01 per share for that number of shares of Common Stock determined based
on the following formula:


 


 


 


 



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	Number of Shares	=	0.306 * (A + B + C)	+	0.1333 * D
	 	 	0.694	 	0.8667


 


For purposes
of the foregoing formula:


 


A = the number
of shares for which Total has exercised the Total Equity Funding Warrant.


 


B = the number
of additional shares for which the Tranche Notes may become exercisable as a result of a reduction to the conversion price of any
of such Tranche Notes subsequent to the date hereof pursuant to an amendment thereof or in accordance with the existing terms thereof
(including any reductions in the conversion prices of the Tranche Notes that result from the Exchange contemplated hereby or any
Offering).


 


C = that number
of additional shares in excess of 2,000,000, if any, for which the Total R&D Warrant becomes exercisable.


 


D = the number
of additional shares for which the Rule 144A Notes may become exercisable as a result of a reduction to the conversion price of
any of such Rule 144A Notes subsequent to the date hereof pursuant to an amendment thereof or in accordance with the existing terms
thereof;


 


provided, however,
that such number of shares shall be rounded down to the nearest whole number; provided, further that such Temasek Funding Warrant
shall only be exercisable if the Temasek Funding Warrant has been approved by a majority of the Company’s stockholders whose
vote was counted at the Stockholders Meeting in accordance with Section 7.7 of this Agreement.


 


(C) The
Company shall have issued to Temasek a warrant in the form of Exhibit E-3 attached hereto (the “Temasek R&D
Warrant” and, together with the Temasek 2015 Warrant and the Temasek Funding Warrant, the “Temasek Warrants”),
which warrant will be exercisable for up to 880,339 shares of Common Stock at an exercise price of $0.01 per share; provided, however,
that such Temasek R&D Warrant shall only be exercisable as to that number of shares of Common Stock equal to the product of
(1) 880,339 and (2) the quotient of (x) the number of shares for which Total has exercised the Total R&D Warrant divided by
(y) 2,000,000 shares of Common Stock; provided, further that such Temasek R&D Warrant shall only be exercisable if such warrant
has been approved by a majority of the Company’s stockholders whose vote was counted at the Stockholders Meeting in accordance
with Section 7.7 of this Agreement.


 


(iii) Section
6(j)(iii) of the Disclosure Letter sets forth the number of shares for which the Warrants would be exercisable based on the
different Offering Prices set forth therein and subject to the assumptions set forth therein.


 


(k)Voting Agreements.
The Investors and such other stockholders of the Company holding in the aggregate a majority of the Company’s voting capital
stock entitled to vote at the Stockholders Meeting (after taking into account the Exchanges under this Agreement and any


 



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bona fide equity financings consummated
by the Company on or prior to Closing) (the “Voting Stockholders”) shall have each entered into a voting agreement
with the Company in the form attached hereto as Exhibit F (the “Voting Agreement”) pursuant to which
the Investors and such stockholders shall agree to vote at the Stockholders Meeting all shares of the Company’s capital stock
held by such Investors or stockholders to approve the issuance of the Total Warrants and the Temasek Warrants and the Warrant Shares
issuable upon exercise of such Total Warrants and Temasek Warrants and the agreements related thereto. The Voting Stockholders
as of the date of this Agreement are set forth in Section 6(k) of the Disclosure Letter.


 


(l) Minimum Temasek
Participation. Total’s obligation to purchase the Shares and the Total Warrants in Exchange for the aggregate principal
amount of its Outstanding Convertible Notes set forth next to Total’s name on Schedule I to this Agreement is subject
to the condition that Temasek and/or its affiliates (i) Exchange at the Initial Closing and/or agree to Exchange at the Second
Closing at least in the aggregate $60,000,000 in original principal amount of their Outstanding Convertible Notes comprised of
“Tranche I Notes” and “Tranche II Notes” issued pursuant to that certain Securities Purchase Agreement
dated as of August 8, 2013, as amended, by and among the Company and the other parties thereto, plus approximately $11,017,582
of additional principal attributable to paid-in-kind interest, and (ii) enter into the Maturity Treatment Agreement with respect
to $10,000,000 aggregate principal amount of its Rule 144A Notes simultaneously upon the purchase by Total of the Shares and Warrants
on the Closing Date.


 


(m) Total R&D
Notes. Temasek’s obligation to purchase the Shares and the Temasek Warrants in Exchange for the aggregate principal amount
of its Outstanding Convertible Notes set forth next to Temasek’s name on Schedule I to this Agreement is subject to
the condition that (A) Total and the Company enter into that certain letter agreement dated as of the date hereof (the “JVCO
Restructuring Agreement”) between the Company and Total pursuant to which Total agrees to exchange (i) $5,000,000 in
principal amount of those certain 1.5% Senior Secured Convertible Notes issued by the Company to Total pursuant to that certain
Securities Purchase Agreement dated as of July 30, 2012 between the Company and Total (the “R&D Notes”),
plus any accrued and unpaid interest on all $75,000,000 in principal amount of R&D Notes currently outstanding and (ii) that
certain €50,000 Class A Note issued by the Company to Total on December 2, 2013 (the “Class A Note”) plus
any accrued and unpaid interest on such Class A Note, in each case as consideration for certain rights to be granted to Total in
connection with Total Amyris BioSolutions B.V., the joint venture between the Company and Total, (B) Total Exchanges $70,000,000
in principal amount of R&D Notes pursuant to this Agreement, and (C) enters into the Maturity Treatment Agreement with respect
to $9,705,000 aggregate principal amount of its Rule 144A Notes and approximately $17,432,374 aggregate principal amount of its
Tranche Notes simultaneously upon the purchase by Temasek of the Shares and Warrants on the Initial Closing Date.


 


(n) Maturity Treatment
Agreement. The Company shall have duly executed and delivered to the Investors the Maturity Treatment Agreement.


 


(o) Financing.
The Company shall have consummated an initial Offering pursuant to the Purchase Agreement and pursuant to which the Company shall
have raised in the aggregate at least $25,000,000 of gross proceeds (the “Financing Milestone”); provided that
the Total


 



    25 


     

    




Purchase Price set forth in this Agreement
shall not be considered for the purpose of determining the Company’s satisfaction of the Financing Milestone.


 


(p) Antitrust
Approvals. The Investors shall have obtained or deemed to have obtained under applicable laws any required approvals from antitrust,
competition or similar authorities with respect to the transactions contemplated hereby.


 


ARTICLE 7


 


OTHER AGREEMENTS OF THE PARTIES


 


7.1. Securities
Laws Disclosure; Publicity. Promptly after the Closing Date, the Company shall issue a press release (the “Press Release”)
reasonably acceptable to the Investors disclosing all material terms of the transactions contemplated hereby. On or before 5:30
p.m., New York City time, on the fourth trading day immediately following the execution of this Agreement, the Company will file
a Current Report on Form 8-K with the SEC describing the terms of the Transaction Agreements.


 


7.2. Form D.
The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy
thereof to the Investor (provided that the posting of the Form D on the SEC’s EDGAR system shall be deemed delivery of the
Form D for purposes of this Agreement).


 


7.3. Removal
of Legend and Transfer Restrictions. The Company hereby covenants with the Investors to, no later than three trading days following
the delivery by the Investor to the Company of a legended certificate representing Securities (endorsed or with stock powers attached,
signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer), in connection with the transfer
or sale of all or a portion of the Securities pursuant to (1) an effective registration statement that is effective at the time
of such sale or transfer, (2) a transaction exempt from the registration requirements of the Securities Act in which the Company
receives an opinion of counsel reasonably satisfactory to the Company that the Securities are freely transferable and that the
legend is no longer required on such stock certificate, or (3) an exemption from registration pursuant to SEC Rule 144, deliver
or cause the Company’s transfer agent to deliver to the transferee of the Securities or to the Investor, as applicable, a
new certificate representing such Securities that is free from all restrictive and other legends. The Company acknowledges that
the remedy at law for a breach of its obligations under this Section 7.3 may be inadequate and agrees, in the event of a
breach or threatened breach by the Company of the provisions of this Section 7.3 with respect to any Investor, the Investor
shall be entitled, in addition to all other available remedies, to an order and/or injunction restraining any breach and requiring
immediate issuance and transfer, without the necessity of showing economic loss and without any bond or other security being required.


 


7.4. Subsequent
Equity Sales. The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company
shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section
2 of the Securities Act) that will be integrated with the offer or sale of the Securities in a manner that


 



    26 


     

    




would require the registration under the
Securities Act of the sale of the Securities to the Investors, or that will be integrated with the offer or sale of the Securities
for purposes of the rules and regulations of any trading market such that it would require stockholder approval prior to the closing
of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.


 


7.5. Listing.
The Company shall promptly take any action required to maintain the listing of all of the Shares and the Warrant Shares, once they
have been issued, upon each national securities exchange and automated quotation system, if any, upon which shares of Common Stock
are then listed (subject to official notice of issuance) and shall maintain, so long as any other shares of Common Stock shall
be so listed, such listing of all Shares from time to time issuable under the terms of the Transaction Agreements. The Company
shall take all actions within its control to comply with the reporting requirements of the Exchange Act and each applicable national
securities exchange and automated quotation system on which the Common Stock is listed. The Company shall make and keep public
information available, as those terms are understood and defined in SEC Rule 144, for so long as required in order to permit the
resale of the Securities pursuant to SEC Rule 144 and to file period reports with the SEC whether or not required to do so. The
Company shall not take any action which would be reasonably expected to result in the delisting or suspension of the Common Stock
on The NASDAQ Stock Market.


 


7.6. Stockholders
Meeting. The Company shall provide each stockholder entitled to vote at a special or annual meeting of stockholders of the
Company (the “Stockholder Meeting”), which initially shall be promptly called and held not later than October
31, 2015 (the “Stockholder Meeting Deadline”), a proxy statement substantially in the form which has been previously
reviewed by the Investors and a counsel of their choice, at the expense of the Company, soliciting each such stockholder’s
affirmative vote at the Stockholder Meeting for approval of resolutions (the “Stockholder Resolutions”) providing
for the Company’s issuance of all of the Securities as described in the Agreement in accordance with applicable law and rules
and regulations of The NASDAQ Stock Market, including the issuance of the Warrant Shares upon exercise of the Warrants (such affirmative
approval being referred to herein as the “Stockholder Approval” and the date such approval is obtained, the
“Stockholder Approval Date”), and the Company shall use its best efforts to solicit its stockholders’
approval of the Stockholder Resolutions and to cause the Board to recommend to the stockholders that they approve the Stockholder
Resolutions. The Company shall be obligated to seek to obtain the Stockholder Approval by the Stockholder Meeting Deadline. If,
despite the Company’s best efforts, the Stockholder Approval is not obtained on or prior to the Stockholder Meeting Deadline,
the Company shall cause an additional Stockholder Meeting to approve the Stockholder Resolutions to be called and held at each
otherwise convened special or annual meeting of the stockholders of the Company, which special or annual meetings must be called
and held at least once in each six-month period after the Stockholder Meeting Deadline until such Stockholder Approval is obtained,
provided that if the Board does not recommend to the stockholders that they approve the Stockholder Resolutions at any such Stockholder
Meeting and the Stockholder Approval is not obtained, the Company shall cause an additional Stockholder Meeting to be held each
calendar quarter after the Stockholder Meeting Deadline until such Stockholder Approval is obtained.


 



    27 


     

    




7.7. JVCO Restructuring
Agreement. The Company shall perform its obligations under the JVCO Restructuring Agreement.


 


7.8. Existing
Temasek Warrant. The Company hereby acknowledges that effective upon the Closing, that certain Warrant to Purchase Stock issued
by the Company to Temasek on October 16, 2013 (the “Existing Temasek Warrant”) shall become exercisable in full.
For the avoidance of doubt, upon the consummation of the Exchange contemplated hereby, the Company agrees and acknowledges that
the Exercise Condition (as defined in the Existing Temasek Warrant) shall be satisfied.


 


7.9. Registration.
The Company hereby agrees (i) that within ten (10) business days following the Closing it will either file a registration statement
on Form S-3 (the “Registration Statement”) with the SEC covering all of the Shares and Warrant Shares or amend
that certain existing registration statement on Form S-3 filed on May 21, 2015 with the SEC (the “Post-Effective Amendment”)
such that the Shares and Warrant Shares are covered thereby, and (ii) that it will use its commercially reasonable efforts to cause
the Registration Statement or the Post-Effective Amendment to be declared effective by the SEC as soon as practicable after the
filing thereof.


 


7.10. Proxy
Filing. The Company shall prepare and file with the SEC, within ten (10) business days after the date of this Agreement, a
proxy statement in preliminary form relating to the Stockholders Meeting (as defined in Section 7.6) (such proxy statement,
including any amendment or supplement thereto, the “Proxy Statement”). The Company shall cause the Proxy Statement
to comply in all material respects with the applicable provisions of the Exchange Act and the rules and regulations thereunder.
The Company shall cause the definitive Proxy Statement to be mailed as promptly as possible after the date the staff of the SEC
advises that it has no further comments thereon or that the Company may commence mailing the Proxy Statement.


 


7.11. Voting
Agreements. Until the Stockholder Approval is obtained, the Company shall not take any action, including the issuance of shares
of Common Stock pursuant to any Offering, that would result in the Voting Stockholders and any additional stockholder with whom
the Company enters into a Voting Agreement to hold less than a majority of the Company’s outstanding voting stock entitled
to vote at the Stockholders Meeting (after taking into account the Exchanges under this Agreement and any bona fide equity financings
consummated by the Company on or prior to the date of the Stockholders Meeting).


 


7.12. Purchase
of Substantial Assets. For so long as any Tranche Notes remain outstanding, the Company will not, and will not permit its subsidiaries
to, without the prior written consent of Temasek, purchase assets in one transaction or a series of related transactions in an
amount greater than $20,000,000.


 


7.13. Limitation
on Debt and Liens. Capitalized terms used in this Section 7.13 but not otherwise defined herein shall have the meaning given
to such terms in the Tranche I Notes and any waivers with respect to Section 6 of the Tranche Notes received by the Company on
or prior to the date hereof shall be deemed as effective waivers for purposes of this Section 7.13. For so long as any Tranche
Notes are outstanding, the Company will not, and will not permit its


 



    28 


     

    




Subsidiaries to, without the prior written
consent of each of the Investors, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly
or indirectly liable, contingently or otherwise, with respect to any Debt, and the Company will not issue any Disqualified Stock
and the Company will not permit its Subsidiaries to issue shares of preferred stock except for:


 


(a) Debt in an amount
outstanding at any time not to exceed the greater of (i) $200 million in aggregate principal amount or (ii) 50% of the Company’s
total consolidated assets (as set forth on its most recent balance sheet prepared in accordance with GAAP and filed with the Securities
and Exchange Commission after giving effect to any reductions or additions to assets in accordance with GAAP since the date of
such balance sheet) (and provided that Debt incurred pursuant to this clause (a) that is secured by a Lien on assets of the Company
shall not exceed the greater of (i) $125 million in aggregate principal amount or (ii) 30% of the Company’s total consolidated
assets (as set forth on its most recent balance sheet prepared in accordance with GAAP);


 


(b) Debt in existence
on the Issue Date or which as of the Issue Date the Company is obligated to issue thereafter, including Total Notes pursuant to
the Total Purchase Agreement;


 


(c) the incurrence
by the Company or any of its Subsidiaries of Debt represented by Capital Lease Obligations, mortgage financings or purchase money
obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction,
installation or improvement of property, plant or equipment used in the business of the Company or any of its Subsidiaries;


 


(d) Debt of the Company
that is (i) contractually subordinated in right of payment to the Notes, (ii) matures 91 days after the Notes and (iii) is less
than $50 million in aggregate principal amount at any one time outstanding;


 


(e) Debt of the Company
(A) in respect of performance, surety or appeal bonds or letters of credit in the ordinary course of business, or (B) under interest
rate, currency, commodity or similar hedges, swaps and other derivatives entered into with one or more financial institutions that
is designed to protect the Company against fluctuations in interest rates or currency exchange rates, commodity prices or other
market fluctuations and is not entered into for speculative purposes; and


 


(f) Debt which is
exchanged for or the proceeds of which are used to refinance or refund, or any extension or renewal of (each a “refinancing”),
(1) the Notes or (2) Debt incurred pursuant to clause (b) of this paragraph, and (3) Debt incurred pursuant to clause (c) of this
paragraph, in each case in an aggregate principal amount not to exceed the principal amount of the Debt so refinanced (together
with any accrued interest and any premium and other payment required to be made with respect to the Debt being refinanced or refunded,
and any fees, costs, expenses, underwriting discounts or commissions and other payments paid or payable with respect to the Debt
incurred pursuant to this clause (f)); provided, however, that (A) Debt, the proceeds of which are used to refinance the Notes,
or Debt which is pari passu with or subordinate in right of payment to the Notes, shall only be permitted if (x) in the case of
any


 


 



    29 


     

    




refinancing of the Notes or Debt which
is pari passu to the Notes, the refinancing Debt is Incurred by the Company and made pari passu to the Notes or subordinated to
the Notes, and (y) in the case of any refinancing of Debt which is subordinated to the Notes, the refinancing Debt is incurred
by the Company and is subordinated to the Notes in a manner that is at least as favorable to the Holders as that of the Debt refinanced;
(B) refinancing Debt with respect to Debt incurred pursuant to clause (c) of this paragraph shall not be secured by a Lien on any
assets other than the assets securing the Debt so refinanced, and any improvements or additions thereto, and (C) the refinancing
Debt by its terms, or by the terms of any agreement or instrument pursuant to which such Debt is issued, does not have a final
maturity prior to the final maturity of the Debt being refinanced.


 


For purposes of determining
compliance with this Section 7.13, in the event that an item of Debt meets the criteria of more than one of the types of Debt described
in the above clauses the Company, in its sole discretion, shall classify, and from time to time may reclassify, such item of Debt.


 


For so long as any Tranche
Notes remain outstanding, the Company will not create, incur, assume or suffer to exist any Lien of any kind on any asset now owned
or hereafter acquired, except for (a) the Liens described in Section 7.13(a) and 7.13(c) (including the refinancing of Liens described
in Section 7.13(c) pursuant to Section 7.13(f)), (b) Permitted Liens, and (c) any Liens in existence on the Issue Date (including
the refinancing thereof pursuant to Section 7.13(f)).


 


7.14. Tranche
I Notes Waiver. Total hereby waives any adjustment to the conversion price of the Tranche I Notes held by Total as a result
of the Exchanges contemplated hereby pursuant to Section 1(e) of the Tranche I Note held by Total. This waiver shall apply only
with respect to the Exchanges contemplated hereby and the conversion price of the Tranche I Note held by Total shall otherwise
remain subject to adjustment in accordance with the terms thereof.


 


7.15. Cooperation.
In relation to any notification from the German Federal Cartel Office (Bundeskartellamt) (the “FCO”) and subsequent
merger investigation process conducted by the FCO, the parties hereto agree that they shall cooperate with each other. Such cooperation
shall include, without limitation (subject to appropriate protection in respect of confidential information) the provision of information,
the communication of documents and the submission of arguments in good time. In particular, the parties shall:


 


(a) Promptly notify
and discuss with the other parties sufficiently in advance of any notification, submission, response to a request for information
or other communication which it proposes to make or submit to the FCO, and at the same time provide the other parties with copies
of drafts thereof and any supporting documentation or information reasonably requested by the other parties;


 


(b) Take due consideration
of any reasonable comments which the other parties may have in relation to any such draft notification, submission, response to
a request for further information or other communication prior to making the relevant notification, submission, response or other
communication;


 


 



    30 


     

    




(c)
Keep the other parties fully informed as to the progress of any notification made to the FCO;


 


(d)
Where reasonably requested by the other parties, permit the other parties or its advisers to attend all meetings with
the FCO and, where appropriate, to make oral submissions at such meetings; and


 


(e)
Keep the other parties informed of any written or oral contact which any party may have with the FCO (whether instigated
by the such party or the FCO in relation to the merger investigation process).


 


7.16. Withholding
Tax. Any and all payments by the Company (including the transfer of any and all Securities) pursuant to this Agreement shall
be made without deduction or withholding for any taxes, except as required by applicable law. The Company shall deduct and withhold
the US federal withholding tax imposed on the interest payable to or for the account of Temasek with respect to the Outstanding
Convertible Notes, and shall timely pay the full amount of tax to the relevant governmental authority in accordance with applicable
law and the amount of such payment (including the amount of any and all Securities to be delivered) by the Company shall be increased
as necessary so that after the payment of applicable US federal withholding tax has been made (including such deductions and withholdings
applicable to additional sums payable under this Section) Temasek receives the same amount (including the amount of any and all
Securities) it would have received had no such deduction or withholding been made. As soon as practicable after any payment of
taxes by the Company to a governmental authority pursuant to this Section, the Company shall deliver to the Investors the original
or a certified copy of a receipt issued by such governmental authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the Investors.


 


ARTICLE 8


MISCELLANEOUS


 


8.1. Survival.
The representations, warranties and covenants contained herein shall survive the execution and delivery of this Agreement and the
sale of the Securities.


 


8.2. Indemnification.


 


(a) Indemnification
of Investors. The Company agrees to indemnify and hold harmless each Investor and its Affiliates and their respective directors,
officers, trustees, members, managers, employees and agents, and their respective successors and assigns, from and against any
and all losses, claims, damages, taxes (including any interest, additions to tax or penalties applicable thereto), liabilities
and expenses (including without limitation reasonable professional and attorney fees and disbursements and other expenses reasonably
incurred in connection with investigating, preparing or defending any tax returns, action, claim or proceeding, pending or threatened
and the costs of enforcement thereof) (collectively, “Losses”) to which such Person may become subject as a
result of any breach of representation, warranty, covenant or agreement made by or to be performed on the part of the Company under
this


 



    31 


     

    




Agreement, and will reimburse any such
Person for all such Losses as they are incurred by such Person.


 


(b) Conduct of
Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt notice to the Company of
any claim with respect to which it seeks indemnification and (ii) permit the Company to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party; provided that any Person entitled to indemnification hereunder shall have
the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel
shall be at the expense of such Person unless (a) the Company has agreed to pay such fees or expenses, or (b) the Company shall
have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such Person or (c) in the reasonable
judgment of any such Person, based upon written advice of its counsel, a conflict of interest exists between such Person and the
Company with respect to such claims (in which case, if the Person notifies the Company in writing that such Person elects to employ
separate counsel at the expense of the Company, the Company shall not have the right to assume the defense of such claim on behalf
of such Person); and provided, further, that the failure of any indemnified party to give notice as provided herein
shall not relieve the Company of its obligations hereunder, except to the extent that such failure to give notice shall materially
adversely affect the Company in the defense of any such claim or litigation. It is understood that the Company shall not, in connection
with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any
time for all such indemnified parties. The Company will not, except with the consent of the indemnified party, which consent shall
not be unreasonably withheld, conditioned or delayed, consent to entry of any judgment or enter into any settlement that does not
include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all
liability in respect of such claim or litigation. No indemnified party will, except with the consent of the Company, consent to
entry of any judgment or enter into any settlement.


 


8.3. Assignment;
Successors and Assigns. This Agreement may not be assigned by either party without the prior written consent of the other party;
provided, that this Agreement may be assigned by any Investor to the valid transferee of any security purchased hereunder
if such security remains a “restricted security” under the Securities Act. This Agreement and all provisions thereof
shall be binding upon, inure to the benefit of, and are enforceable by the parties hereto and their respective successors and permitted
assigns.


 


8.4. Notices.
All notices, requests, and other communications hereunder shall be in writing and will be deemed to have been duly given and received
(a) when personally delivered, (b) when sent by facsimile upon confirmation of receipt, (c) one business day after the day on which
the same has been delivered prepaid to a nationally recognized courier service, or (d) five business days after the deposit in
the United States mail, registered or certified, return receipt requested, postage prepaid, in each case addressed to, as to the
Company, Amyris, Inc., 5885 Hollis Street, Suite 100, Emeryville, CA 94608, Attn: General Counsel, facsimile number: (510) 740-7416,
with a copy to Fenwick & West LLP, 801 California Street, Mountain View, CA 94041, Attn: , Esq., facsimile number: (650) 938-5200,
and as to the Investor at the address and facsimile number set forth below the Investor’s signature on the signature pages
of this Agreement. Any party hereto from time to time may change its address, facsimile number, or other information for the purpose
of notices to that party by giving notice specifying such


 



    32 


     

    




change to the other parties hereto. Each
Investor and the Company may each agree in writing to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures reasonably approved by it; provided that approval of such procedures may be limited to particular notices
or communications.


 


8.5. Governing
Law. This Agreement, and the provisions, rights, obligations, and conditions set forth herein, and the legal relations between
the parties hereto, including all disputes and claims, whether arising in contract, tort, or under statute, shall be governed by
and construed in accordance with the laws of the State of Delaware without giving effect to its conflict of law provisions.


 


8.6. Dispute Resolution.


 


8.6.1 Escalation.


 


Prior
to commencing any arbitration in connection with any dispute, controversy or claim arising out of relating to this Agreement or
the breach, termination or validity thereof (“Dispute”), the parties shall first engage in the procedures set
forth in this Section 8.6.1. Such Dispute shall first be referred by written notice of the Dispute (the “Dispute
Notice”) from any party to its executive officers and to the executive officers of each party that the party sending
the Dispute Notice has the Dispute with (the “Executive Officers”) and the Executive Officers shall attempt
to resolve such Dispute within ten (10) days after a party sent the Dispute Notice to the Executive Officers by meeting (either
in person or by video teleconference, unless otherwise mutually agreed) at a mutually acceptable time, and thereafter as often
as they reasonably deem necessary, to exchange relevant information and to attempt to resolve the Dispute. If the Dispute has not
been resolved within thirty (30) days after the Dispute Notice has been sent by a party to its Executive Officers and to the Executive
Officers of the other party or parties, then either the party that has sent the Dispute Notice, or the party or parties that have
received the Dispute Notice may, by written notice to the other party or parties, elect to submit the Dispute to arbitration pursuant
to Section 8.6.2. If a party’s Executive Officer intends to be accompanied at a meeting by an attorney, the Executive
Officers of the other party shall be given at least seventy-two (72) hours’ notice of such intention and may also be accompanied
by an attorney. All negotiations conducted pursuant to this Section 8.6.1, and all documents and information exchanged by
the parties in furtherance of such negotiations, (i) are the Confidential Information (as defined in Section 8.6.4)
of the parties, and (ii) shall be inadmissible in any arbitration conducted pursuant to this Section 8.6 or other proceeding
with respect to a Dispute.


 


8.6.2 Arbitration.


 


(a) All Disputes
arising out of, relating to or in connection with this Agreement, which have not been resolved pursuant to Section 8.6.1,
shall be submitted to mandatory, final and binding arbitration before an arbitral tribunal pursuant to the Rules of Arbitration
of the International Court of Arbitration of the International Chamber of Commerce (the “ICC Rules”), in effect
at the time of filing of the request for arbitration, as modified hereby. The International Court of Arbitration of the International
Chamber of Commerce (the “ICC Court”) shall administer the arbitration.


 



    33 


     

    




(b) There shall be
three (3) arbitrators. If there are two parties to the arbitration, then one arbitrator shall be nominated by the initiating claimant
party in the request for arbitration, the second nominated by the respondent party within thirty (30) days of receipt of the request
for arbitration, and the third (who shall act as chairperson of the arbitral tribunal) nominated by the two (2) party-appointed
arbitrators within thirty (30) days of the selection of the second arbitrator. In the event that either party fails to nominate
an arbitrator, or if the two party-appointed arbitrators are unable or fail to agree upon the third arbitrator, within the time
periods specified herein, the ICC Court shall appoint the remaining arbitrator(s) required to comprise the arbitral tribunal. If
there are more than two parties to the arbitration, the claimant(s) shall jointly nominate one arbitrator and the respondent(s)
shall jointly nominate one arbitrator, within thirty (30) days of receipt by respondent(s) of a copy of the request for arbitration.
For avoidance of doubt, where there are two or more claimant(s), none of the claimants has to nominate an arbitrator in their request
for arbitration. The third arbitrator (who shall act as chairperson of the arbitral tribunal) shall be nominated by the two (2)
party-appointed arbitrators within thirty (30) days of the nomination of the second arbitrator. If either the claimant(s) or the
respondent(s) fail to timely nominate an arbitrator, or if the two party-appointed arbitrators are unable or fail to agree upon
the third arbitrator, within the time periods specified herein, then on the request of any party, the ICC Court shall appoint the
remaining arbitrator(s) required to comprise the arbitral tribunal. The claimant in the arbitration shall provide a copy of the
request for arbitration to the respondent at the time such request is submitted to the Secretariat of the International Chamber
of Commerce.


 


(c) Each arbitrator
chosen under this Section shall speak, read, and write English fluently and shall be either (i) a practicing lawyer who has specialized
in business litigation with at least ten (10) years of experience in a law firm, (ii) an arbitrator experienced with commercial
disputes, or (iii) a retired judge.


 


(d) The place of
arbitration shall be Paris, France. The language of the arbitral proceedings and of all submissions and written evidence and any
award issued by the arbitral tribunal shall be English. Any party may, at its own expense, provide for translation of any documents
submitted in the arbitration or translation or interpretation of any testimony taken at any hearing before the arbitral tribunal.
For the avoidance of doubt, no party is under any obligation to provide for translation of any documents submitted in the arbitration
or translation or interpretation of any testimony taken at any hearing before the arbitral tribunal.


 


(e) The award shall
be in writing, state the reasons for the award and be final and binding. The arbitral tribunal shall, subject to its discretion,
endeavor to issue its award within four (4) months of the end of the hearing, or as soon as possible thereafter. It is expressly
understood and agreed by the parties that the rulings and award of the arbitral tribunal shall be binding on the parties, their
successors and permitted assigns. Judgment on the award rendered by the arbitral tribunal may be entered in any court having competent
jurisdiction.


 


(f) Each party shall
bear its own costs and expenses and attorneys’ fees, and the party that does not prevail in the arbitration proceeding, as
determined by the arbitral tribunal, shall pay the arbitrator’s fees and any administrative fees of arbitration. All proceedings
and decisions of the tribunal shall be deemed Confidential Information of each of the Parties, and shall be subject to Section
8.6.4.


 



    34 


     

    




8.6.3 Interim Relief.


 


(a) The arbitral
tribunal shall have the power to grant any remedy or relief that it deems appropriate, whether provisional or final, including
conservatory relief and injunctive relief, and any such measures ordered by the arbitral tribunal may, to the extent permitted
by applicable law, be deemed to be a final award on the subject matter of the measures and shall be enforceable as such.


 


(b) In addition to
the remedies and relief available under Section 8.6.3(a) above and the ICC Rules, and subject to Section 8.6.2 above,
each party expressly retains the right at any time to apply to any court of competent jurisdiction for interim, injunctive, provisional
or conservatory relief, including pre-arbitral attachments or injunctions, and any such request shall not be deemed incompatible
with the agreement to arbitrate or a waiver of the right to arbitrate.


 


(c) For purposes
of Section 8.6.3(b), each party hereby irrevocably and unconditionally consents and agrees that any action for interim,
provisional and/or conservatory relief brought against it with respect to its obligations or liabilities under or arising out of
or in connection with this Agreement may be brought in the courts located in Paris, France or the state or federal courts located
in the Borough of Manhattan, New York City, New York, and each party hereby irrevocably accepts and unconditionally submits to
the non-exclusive jurisdiction of the aforesaid courts in personam, with respect to any such action for interim, provisional
or conservatory relief. In any such action, each of the parties irrevocably waives, to the fullest extent they may effectively
do so, any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens or any right
of objection to jurisdiction on account of its place of incorporation or domicile, which it may now or hereafter have to the bringing
of any such action or proceeding in the courts located in Paris, France or the state or federal courts located in the Borough of
Manhattan, New York City, New York.


 


(d) Each party hereby
irrevocably consents and agrees that the service of any and all legal process, summons, notices and documents which may be served
in any action arising under this Agreement may be made by sending a copy thereof by express courier to the party to be served at
the address set forth in the notice provision of this Agreement, with such service to be effective upon receipt. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.


 


(e) Each party hereto
hereby irrevocably waives any and all right to trial by jury in any legal proceeding brought pursuant to this Section 8.6.


 


8.6.4 Confidentiality.


 


The Company and each
of the Investors agree to use, and to use its reasonable best efforts to ensure that its authorized representatives use the same
degree of care as such party uses to protect its own confidential information (but in no event less than reasonable care) to keep
confidential the information provided to it pursuant to this Agreement, and any other information furnished to it which the disclosing
party identifies as being confidential or proprietary (so long as such information is not in the public domain) or, under the circumstances
surrounding disclosure, such party knows or has reason to know should be treated as confidential


 



    35 


     

    




(“Confidential Information”),
unless otherwise required by law (provided that a party shall, to the extent permitted by law, promptly notify the other party
of any required disclosure and take reasonable steps to minimize the extent of any such required disclosure); provided, however,
that Confidential Information shall not include information, that (i) was in the public domain prior to the time it was furnished
to such recipient, (ii) is at the time of the alleged breach (through no willful or improper action or inaction by such recipient)
generally available to the public, (iii) was rightfully disclosed to such recipient by a third party without restriction or (iv)
as of the time of the alleged breach, had been independently developed (as evidenced by written records) without any use of Confidential
Information.


 


8.7. Severability.
In the event that any provision of this Agreement or the application of any provision hereof is declared to be illegal, invalid,
or otherwise unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall not be affected except to
the extent necessary to delete such illegal, invalid, or unenforceable provision unless that provision held invalid shall substantially
impair the benefits of the remaining portions of this Agreement.


 


8.8. Headings.
The headings in this Agreement are for convenience of reference only and shall not constitute a part of this Agreement, nor shall
they affect its meaning, construction, or effect.


 


8.9. Entire
Agreement. This Agreement embodies the entire understanding and agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings relating to the subject matter hereof.


 


8.10. Finder’s
Fee. The Company agrees that it shall be responsible for the payment of any placement agent’s fees, financial advisory
fees, or brokers’ commissions (other than for Persons engaged by Investor) relating to or arising out of the transactions
contemplated hereby. The Company shall pay, and hold each Investor harmless against, any liability, loss or expense (including,
without limitation, attorney’s fees and out-of-pocket expenses) arising in connection with any claim for any such fees or
commissions.


 


8.11. Expenses.
Each party will bear its own costs and expenses in connection with this Agreement.


 


8.12. Further
Assurances. The parties agree to execute and deliver all such further documents, agreements and instruments and take such other
and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.


 


8.13. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed
by each party hereto and delivered to the other party. Facsimile signatures shall be deemed originals for all purposes hereunder.


 


8.14. Independent
Nature of Investors’ Obligations and Rights. The obligations of each Investor under this Agreement are several and not
joint with obligations of each other Investor, and no Investor shall be responsible in any way for the performance of the obligations
of any


 



    36 


     

    




other Investor under this Agreement or
any other Transaction Agreements. The decision of each Investor to purchase Securities pursuant to this Agreement has been made
by such Investor independently of any other Investor and independently of any information, materials, statements or opinions as
to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise)
or prospects of the Company or any of its subsidiaries which may have been made or given by any other Investor or by any agent
or employee of any other Investor, and no Investor or any of its agents or employees shall have any liability to any other Investor
(or any other Person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein
or in any ancillary document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in
any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Agreement. Each
Investor acknowledges that no other Investor has or will be acting as agent of such Investor in enforcing its rights under this
Agreement or any other Transaction Agreements. Each Investor shall be entitled to independently protect and enforce its rights,
including without limitation the rights arising out of this Investor, and it shall not be necessary for any other Investor to be
joined as an additional party in any proceeding for such purpose.


 


8.15. Waiver
of Conflicts; Representation by Counsel. Each Investor and the Company is aware that Fenwick & West LLP (“F&W”)
may have previously performed and may continue to perform certain legal services for certain of the Investors in matters unrelated
to F&W’s representation of the Company. In connection with its Investor representation, F&W may have obtained confidential
information of such Investors that could be material to F&W’s representation of the Company in connection with negotiation,
execution and performance of this Agreement. By signing this Agreement, each Investor and the Company hereby acknowledges that
the terms of this Agreement were negotiated among the Investors and the Company and are fair and reasonable and waives any potential
conflict of interest arising out of such representation (including any future representation of such parties) or such possession
of confidential information. Each Investor and the Company further represents that it has had the opportunity to be, or has been,
represented by separate independent counsel in connection with the transactions contemplated by this Agreement, including, without
limitation, the waivers contained in this Section 8.15.


 


[Signature pages follows] 






    37 


     

    

This Exchange Agreement is hereby confirmed
and accepted by the Company as of July 26, 2015.


 





 


	 	AMYRIS, INC.
	 	 
	 	 
	 	By:	/s/ John Melo
	 	Name:	 
	 	Title:	 


 


 


 


 


 


 


 





[SIGNATURE PAGE TO AMYRIS, INC. EXCHANGE
AGREEMENT]











     


     

    



PURCHASERS


 


U.S. $____________


 


Total Purchase Price


 


(U.S. $___ per Share)


 


Number of Shares: ______


 


 





	 	 	Total Energies Nouvelles Activities USA
	 	 	(f.k.a. Total Gas & Power USA, SAS)
	 	 	 
	 	 	 
	 	By:	/s/ Bernard Clement
	 	 	(signature)
	 	 	 
	 	Name:	BERNARD CLEMENT
	 	 	(printed name)
	 	 	 
	 	Title	PRESIDENT
	 	 	 
	 	Address	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Facsimile No:	 
	 	 	 
	 	 	 
	 	E-mail Address	 


 


 


[SIGNATURE PAGE TO AMYRIS, INC. EXCHANGE AGREEMENT]






     


     

    


PURCHASERS


 


U.S. $____________


 


Total Purchase Price


 


(U.S. $___ per Share)


 


Number of Shares: ______


 


 


 


	 	 	Maxwell (Mauritius) Pte Ltd
	 	 	 
	 	 	 
	 	By:	/s/ Poy Weng Chuen
	 	 	(signature)
	 	 	 
	 	Name:	POY WENG CHUEN
	 	 	(printed name)
	 	 	 
	 	Title	DIRECTOR
	 	 	 
	 	Address	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Fax:	 
	 	 	 
	 	 	 
	 	E-mail 	 


 


 


[SIGNATURE PAGE TO AMYRIS, INC. EXCHANGE
AGREEMENT]






     


     

    

Schedule
I 


Schedule of Investors


 





	Investor 	Shares

 Purchased 	Total Equity 

Funding 

Warrants

 Purchased 	Warrant Shares 

Issuable Upon 

Exercise of Total 

Equity Funding 

Warrants 	R&D 

Warrants 

Purchased 	Warrant Shares 

Issuable Upon 

Exercise of 

R&D Warrants 	Temasek 

2015 

Warrant 

Purchased 	Warrant Shares 

Issuable Upon 

Exercise of

 Temasek 2015

 Warrants 	Temasek 

Funding 

Warrants 

Purchased 	Warrant Shares 

Issuable Upon

 Exercise of

 Temasek 

Funding 

Warrants 	Aggregate 

Principal Amount 

of Outstanding 

Convertible Notes 

Exchanged for 

Shares and 

Warrants 	Total Purchase 

Price 
	Maxwell (Mauritius) Pte Ltd 	30,860,633 	-	-	880,339 	880,339 	14,677,861 	14,677,861 	To be determined in accordance with Section 6(j)(ii)(B) 	To be determined in accordance with Section 6(j)(ii)(B) 	$70,979,458.00 	$70,979,458.00 
	Total Energies Nouvelles ActivitésUSA 	30,434,782 	To be determined in accordance with Section 6(j)(i)(A) 	To be determined in accordance with Section 6(j)(i)(A) 	2,000,000 	2,000,000 	-	-	-	-	$70,000,000.00 	$70,000,000.00 
	TOTAL 	61,295,415 	 	 	2,880,339 	2,880,339 	14,677,861 	14,677,861 	 	 	$140,979,458.00 	$140,979,458.00 







 


 



     


     

    




Schedule I-A 


Schedule
of Investors 


 





	Investor 	Shares 

Purchased 	Aggregate 

Amount of 

Outstanding 

Convertible Notes 

Exchanged for 

Shares and 

Warrants 	Total Purchase 

Price 
	Maxwell (Mauritius) Pte Ltd 	28,800,596 	$66,241,371 	$66,241,371 
	Total Energies Nouvelles ActivitésUSA 	24,254,811 	$55,786,065 	$55,786,065 
	TOTAL 	53,055,407 	$122,027,435 	$122,027,435 







 


 


 


 


 


 






     


     

    

Schedule I-B 


Schedule of Investors


 





	Investor 	Shares Purchased 	Aggregate 

Amount of 

Outstanding 

Convertible Notes 

Exchanged for 

Shares and 

Warrants 	Total Purchase 

Price 
	Maxwell (Mauritius) Pte Ltd 	2,060,037 	$4,738,087 	$4,738,087 
	Total Energies Nouvelles ActivitésUSA 	6,179,971 	$14,213,935 	$14,213,935 
	TOTAL 	8,240,008 	$18,952,03 	$18,952,03 







 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 



     


     

    




Exhibit A


 


RIGHTS AGREEMENT AMENDMENT


 


 


 


 


 


 


 


 


 


 


 


 






     


     

    

 


Exhibit B 


 


PURCHASER SUITABILITY QUESTIONNAIRE


FOR


AMYRIS, INC.


 


This Questionnaire is to be completed by
each ENTITY (trust, corporation, partnership or other organization) purchasing securities of Amyris, Inc., a Delaware
corporation (the "Company"). The purpose of this Questionnaire is to assure the Company that each proposed
investor will meet certain suitability standards in connection with investment in the Company and the purchase of shares (“Shares”)
of the Company’s Common Stock, $0.0001 par value per share (the "Common Stock") and warrants to purchase
Shares of the Company’s Common Stock (the “Warrants,” together with the Shares the “Offered Securities”),
including those imposed by applicable state and federal securities laws and the regulations under those laws.


 


If the answer to any question is "None"
or "Not Applicable," please so state. If more space is needed for any answer, additional sheets may be attached.


 


Your answers will be kept confidential
at all times. However, by signing this Questionnaire, you agree that the Company may present this Questionnaire to such parties
as it deems appropriate to establish the availability of exemptions from registration or qualification requirements under federal
and state securities laws.


1. IDENTIFICATION 


 


		1.1	Name(s) in which the Offered Securities are to be registered:



 



 


		1.2	Tax Identification Number:



 



 


		1.3	Address of principal place of business:



 



 


		1.4	Telephone number:___________________________________________



 


		1.5	Jurisdiction of formation or of incorporation (Name the State or Country):



 



 


		1.6	Form of entity (e.g., corporation, general partnership, limited partnership, trust, etc.):



 



 


		1.7	Nature of business (e.g., investment, banking, manufacturing, venture capital investment fund,
etc.):



 


 



     


     

    




2. ACCREDITATION 


 


		2.1	Amount of the proposed investment: $ ____________________________



 


		2.2	Is the entity's cash flow from all sources sufficient to satisfy its current needs, including possible contingencies, such
that the entity has no need for liquidity in this proposed investment?



Yes_____ No_____


 


		2.3	Was the entity specifically formed for the purpose of investing in the Company? Yes_____ No_____



 


		2.4	Does the entity have the ability to bear the economic risk of the investment, i.e., can the entity afford to lose its entire
investment?



Yes_____ No_____


 


		2.5	Is the entity an employee benefit plan governed by the Employee Retirement Income Security Act of 1974 (a 401(k) Plan, Keogh
Plan, pension plan, etc., maintained by an employer for its employees)?



Yes_____ No_____


 


IF YES, please indicate which, if any, of the
following categories accurately describes the entity:


 


_____ the employee benefit plan
has total assets in excess of $5,000,000.


 


_____ the plan is a self-directed
plan with investment decisions made solely by persons listed in Section 2.6 below or who are individuals, and each such
individual has a net worth in excess $1,000,000 or had an individual income in excess of $200,000 in each of the two most recent
years and has a reasonable expectation of reaching the same income level in the current year.


 


_____ investment decisions are
made by a plan fiduciary which is either a bank, savings and loan association, insurance company or registered investment advisor.


 


		2.6	Please indicate which, if any, of the following categories accurately describes the entity:



_____ A bank.


_____ A savings and loan association.


_____ A broker-dealer registered under Section 15
of the Securities Exchange Act of 1934.


_____ An insurance company.


_____ An investment company registered under the Investment
Company Act of 1940 or a


business development company as defined
in Section 2(a)(48) of that Act.


 



     


     

    




_____ A Small Business
Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment
Act of 1958.


 


_____
A private business development company defined in Section 202(a)(22) of the Investment Advisors Act of 1940.


 


_____
An organization described in Section 501(c)(3) of the Internal Revenue Code with total assets in excess of $5,000,000 not formed
for the purpose of investing in the Company.


 


_____
A corporation with total assets in excess of $5,000,000, not formed for the purpose of investing in the Company.


 


_____
A partnership with total assets in excess of $5,000,000, not formed for the purpose of investing in the Company.


 


_____
A Massachusetts or similar business trust with total assets in excess of $5,000,000, not formed for the purpose of investing in
the Company.


 


_____
Any other trust with total assets in excess of $5,000,000, not formed for the purpose of investing in the Company.


 


		2.7	Please indicate if one of the following describes the equity owners of the entity:



 


_____
Each equity owner of the entity (i.e., all shareholders, all general and/or limited partners or all beneficiaries, as applicable)
is an individual whose net worth or joint net worth with his or her spouse exceeds $1,000,000.


 


_____
Each equity owner of the entity is an individual who had a personal income in excess of $200,000 in each of the two (2) most recent
years or joint income with that person's spouse in excess of $300,000 in each of those years and reasonably expects to reach the
same income level in the current year.


 


_____
Each equity owner of the entity is an entity described in at least one category of Question


2.6 above.


 


_____
Although not all equity owners are described in the same category above in this Question 2.7, each equity owner is described in
at least one such category.


 


		2.8	Please indicate which of the following also describes the equity owners of the entity:



 


_____
Each equity owner of the entity has, by reason of his, her or its business and financial experience, the capacity to evaluate the
merits and risks of the entity's proposed investment and to protect his, her or its own interests in connection with the investment.


 


_____
Each of the equity owners of the entity is able to bear the economic risk of the entity's investment, i.e., can afford loss of
the entity's entire investment.


 


_____
The beneficial interest of each equity owner in the entity's proposed investment is less than 10% of such equity owner's net worth,
or joint net worth with his or her spouse.








     


     

    

_____
Although not all equity owners are described in the same category above in this Question 2.8, each equity owner is described in
at least one such category.


 


3. ADDITIONAL INFORMATION 


 


		3.1	Has your entity previously invested in private placements of securities of newly-formed, non-public
companies or companies without a history of significant profits or earnings?



Never _______ Rarely _______ On
Several Occasions _______


 


		3.2	Does your entity, by reason of its business and financial knowledge and experience, have the capacity
to evaluate the merits and risks of the entity's proposed investment and to protect the entity's own interests in connection with
its investment in the Company?



Yes _____ No _____


 


IF YES, please describe
the business and financial knowledge and experience, indicating factual basis for your conclusion that the entity has such capacity.


 


 



 


		3.3	Do the persons responsible for making the investment decision for the entity, by reason of their
business and financial knowledge and experience, have the capacity to evaluate the merits and risks of the entity's proposed investment?



Yes _____ No _____


 


IF YES, please describe
the business and financial knowledge and experience, indicating factual basis for your conclusion that those persons have such
capacity.


 


 



 


		3.4	If you have used the services of a securities broker or dealer or a finder in submitting subscription
documentation for the Shares, please identify the broker, dealer or finder:



 


 



 


		3.5	Are you relying on the business or financial experience of an accountant, attorney or other professional
advisor in evaluating the merits and risks of this investment in order to protect your own interest?



Yes_____ No_____


 


 



     


     

    




IF YES, please (a) have
your advisor complete the Company's form of Advisor's Questionnaire and submit it with this Questionnaire, and (b) identify the
advisor.


 


Name of professional advisor: _____________________________________________________


 


4. EXECUTION 


 


The information provided
in this Questionnaire is true and complete as of the date provided below in all material respects and the undersigned recognizes
that the Company is relying on the truth and accuracy of such information. The undersigned agrees to notify the Company promptly
of any changes in the foregoing information that may occur prior to the closing of the sale of Shares of the Company.


 


Name of Entity:


 



(Please Print or Type)


 


By:________________________________________________________


(Signature)


 


Name:______________________________________________________


(Please Print or Type)


 


Title:_______________________________________________________


(Please Print or Type)


 


Date:_______________________________________________________






     


     

    

Exhibit C 


 


OPINION OF COMPANY COUNSEL



 


 


 


 


 


 



     


     

    







 


July 29, 2015


 


To the Investors of Common Stock of


Amyris, Inc. Who are Listed as Investing


on the Date Hereof on the Signature Pages to the Exchange Agreement


 


Ladies and Gentlemen:


 


We have acted as counsel
for Amyris, Inc., a Delaware corporation (the “Company”), in connection with the sale on the date hereof
by the Company to you of 61,295,415 shares (the “Shares”) of the Company's Common Stock (“Common
Stock”) and warrants to purchase shares of the Company’s Common Stock (the “Warrant Shares”
and together with the Shares, the “Securities”) pursuant to the Exchange Agreement, dated as of July
26, 2015 (the “Exchange Agreement”), among the Company and the parties whose names appear on the signature
pages thereto (the “Investors”), and the execution and delivery by the Company of the (i) Amendment No.
6 to Amended and Restated Investors' Rights Agreement (the “Rights Agreement Amendment”), dated as of
July 29, 2015, (ii) the Voting Agreement entered into by the Company with each respective Voting Stockholder (the “Voting
Agreements”), (iii) the Total Warrants and (iv) the Temasek Warrants (the Temasek Warrants together with the Total
Warrants, the “Warrants”). This opinion is given to you pursuant to Article 6(e) of the Exchange Agreement
in connection with the Closing of the sale of the Securities. The Exchange Agreement, the Rights Agreement Amendment, the Voting
Agreement and the Warrants are referred to herein together as the “Transaction Documents”. Unless
defined herein, capitalized terms used herein have the meaning given to them in the Exchange Agreement.


 


We have examined such
matters of law as we reasonably considered necessary for the purpose of rendering this opinion. As to matters of fact material
to the opinions expressed herein, we have relied upon the representations and warranties as to factual matters contained in, and
made by the Company pursuant to, the Exchange Agreement and upon certificates and statements of government officials and of officers
of the Company, including but not limited to a certificate of the Company to us (the “Opinion Certificate”).
In addition, we have examined originals or copies of documents, corporate records and other writings that are listed in Exhibit
A attached hereto (the “Reviewed Agreements”) and have not conducted any other factual examination
except as listed on Exhibit A. In such examination, we have assumed that the signatures on documents and instruments examined
by us are authentic, that each is what it purports to be, and that all documents and instruments submitted to us as copies or facsimiles
conform with the originals, which facts we have not independently verified.


 


In making our examination
of documents (including the Transaction Documents) and rendering our opinions, we have further assumed that, except for the Company
with respect to the Transaction Documents, (a) each party to such documents had the entity power and entity


 



     


     

    




authority to enter into and perform all
of such party's obligations thereunder, (b) each party to such documents has duly authorized, executed and delivered such documents,
and (c) each of such documents is enforceable against and binding upon the parties thereto. We have also assumed that (i) the representations
and warranties of the Investors set forth in the Transaction Documents are accurate and complete, (ii) there is no fact or circumstance
relating to you or your business that might prevent you from enforcing any of your rights provided for in the Transaction Documents,
and (iii) there are no extrinsic agreements or understandings among the parties to the Transaction Documents or among the parties
to the Reviewed Agreements expressly identified on Exhibit A hereto that would modify or interpret the terms of the Transaction
Documents or Reviewed Agreements or the respective rights or obligations of the parties thereto.


 


Notwithstanding the
examination described above, the expressions “to our knowledge”, “known to us”, “our
actual knowledge” or words of similar import when used in this opinion letter, refer to the current actual knowledge
of attorneys within the firm who have rendered legal services to the Company in connection with the Transaction Documents and means
that, while such attorneys have not been informed by the Company that a matter stated is factually incorrect, we have made no independent
factual investigation with respect to such matter. No inference as to our knowledge of any matters bearing on the accuracy of any
such statement should be drawn from the fact of our representation of the Company or the rendering of the opinions set forth below.


 


Where statements in
this opinion concerning the Company, or an effect on the Company, are qualified by the term "material" or "materially,"
those statements involve judgments and opinions as to the materiality or lack of materiality of any matter to the Company's business,
assets, results of operations or financial condition that are entirely those of the Company and its officers.


 


We express no opinion
as to matters governed by any laws other than the laws of the State of California, the Delaware General Corporation Law (the “DGCL”)
and the federal law of the United States of America, including the rules and regulations promulgated by governmental authorities
thereunder, as such laws, rules and regulations exist on the date hereof (collectively, “Applicable Laws”).
We express no opinion as to whether the laws of any particular jurisdiction apply, or to the extent that the laws of any jurisdiction
other than those identified above are applicable to the Transaction Documents or the transactions contemplated thereby.


 


In rendering the opinion
set forth in paragraph (1) (Qualification to Do Business) below as to the valid existence and good standing of the Company under
the laws of the State of Delaware and as to its qualification to do business as a foreign corporation in good standing under the
laws of the State of California, we have relied exclusively on certificates of public officials and the Opinion Certificate.


 


In rendering the opinion
set forth in paragraph (2) (Authority and Power to Do Business) below concerning the Company's corporate power and corporate authority
to conduct its business as it is presently conducted and as to the types of businesses the Company presently conducts, we have
relied exclusively upon representations made to us in the Opinion Certificate.


 



     


     

    




We note that the parties
to the Exchange Agreement have designated the laws of the State of Delaware as the laws governing the Exchange Agreement. Notwithstanding
the designation therein of the laws of the State of Delaware, our opinion in paragraph (4) (Enforceability) below as to the validity,
binding effect and enforceability of the Exchange Agreement is premised upon the results that would be obtained if a California
court were to apply the internal laws of the State of California to contracts made between California residents present in California
when the Exchange Agreement is entered into and, where applicable, the currently effective DGCL, without regard to laws regarding
choice of law or conflict of laws.


 


In rendering the opinions
set forth herein, although the aggregate number of shares of Common Stock issuable upon the exercise of all of the Warrants as
of the date hereof is not determinable, we have assumed that, (i) the Company has a sufficient number of authorized and unissued
shares of Common Stock currently available for the total number of shares of Common Stock exercisable as of the date hereof, (ii)
as of each and every time any of the Warrants are exercised and/or converted after the date hereof, the Company will have a sufficient
number of authorized and unissued shares of Common Stock available for issuance under the Restated Certificate to permit full exercise
and/or conversion of each of the Warrants in accordance with its terms without the breach or violation of any other agreement,
commitment or obligation of the Company and (iii) in the event that any of the Warrants are exercised and/or converted after the
date hereof and the Company does not have a sufficient number of authorized and unissued shares of Common Stock available for issuance
under the Restated Certificate, the Company will take all necessary corporate action to authorize a sufficient number of shares
of Common Stock for exercise of such Warrants.


 


In rendering the opinion
in paragraph (6) (No Violations) below relating to violations of Applicable Laws, and paragraph (7) (No Consents) below relating
to consents, approvals, authorizations and filings under, or pursuant to, Applicable Laws, such opinions are limited to Applicable
Laws that in our experience are typically applicable to transactions of the nature provided for in the Transaction Documents. Moreover,
we render no opinion in such paragraphs, or in paragraph (4) (Enforceability), regarding the Company's compliance with applicable
securities laws, including but not limited to laws regarding the registration or qualification of the offer and sale of securities,
or the registration by the Company under any such securities laws, and no such opinion should be inferred from the language of
those paragraphs. Any opinion rendered in connection with applicable securities laws is rendered solely and expressly in paragraphs
(8) (Securities Law Compliance) and (10) (Not an Investment Company) below.


 


In rendering the opinion
in paragraph (6) (No Violations) below regarding breach of, or default under, any Reviewed Agreements set forth in Exhibit A,
we have not reviewed, and express no opinion on, (a) financial covenants or similar provisions requiring financial calculations
or determinations to ascertain whether there is any breach or default nor (b) provisions relating to the occurrence of a "material
adverse event" or words of similar import. We also do not express any opinion on parol evidence bearing on interpretation
or construction of such Reviewed Agreements, or on any oral modifications to such Reviewed Agreements made by the parties thereto.
Moreover, to the extent that any of the Reviewed Agreements are governed by the laws of any jurisdiction other than the State of
California our opinion relating to those agreements is based solely upon the plain meaning of their language as though California
law applied, without regard to interpretation or construction that might be indicated by the laws stated as governing those agreements.


 



     


     

    







In rendering the opinion
expressed in paragraph (8) (Securities Law Compliance) below, we have assumed the accuracy of, and have relied upon, the Company's
representations to us that the Company has made no offer to sell the Shares or the Warrants by means of any general solicitation
or publication of any advertisement therefor, and we have assumed that the offer and sale of the Shares and the Warrants is not
integrated with any future securities offering of the Company.


 


This opinion is qualified
by, and we render no opinion with respect to, or as to the effect of, the following:


 


(a) bankruptcy,
insolvency, reorganization, moratorium and other similar laws relating to or affecting the relief of debtors or the rights and
remedies of creditors generally, including without limitation the effect of statutory or other law regarding fraudulent transfers,
preferential transfers and equitable subordination;


 


(b) general
principles of equity, including but not limited to judicial decisions holding that certain provisions are unenforceable when their
enforcement would violate the implied covenant of good faith and fair dealing, would be commercially unreasonable or involve undue
delay, whether or not such principles or decisions have been codified by statute, or that result from the exercise of the court's
discretion;


 


(c) Section
1670.5 of the California Civil Code or any other California or United States federal law or provision of the DGCL or equitable
principle which provides that a court may refuse to enforce, or may limit the application of, a contract or any clause thereof
that the court finds to have been unconscionable at the time it was made, unconscionable in performance or contrary to public policy;


 


(d) any
provision purporting to (i) exclude conflict of law principles under any law or (ii) select certain courts as the venue, or establish
a particular jurisdiction as the forum, for the adjudication of any controversy;


 


(e) judicial
decisions, that may permit the introduction of extrinsic evidence to modify the terms or the interpretation of any agreement;


 


(f) the
tax or accounting consequences of any transaction contemplated in connection with the sale of the Securities under applicable tax
laws and regulations and under applicable accounting rules, regulations, releases, statements, interpretations or technical bulletins;


 


(g) applicable
antifraud statutes, rules or regulations of United States federal or applicable state laws concerning the issuance or sale of securities,
including, without limitation, (i) the accuracy and completeness of the information provided by the Company to the Investors in
connection with the offer and sale of the Securities, and (ii) the accuracy or fairness of the past, present or future fair
market value of any securities;


 


(h) the
effect any breach of the fiduciary duties of the members of the Company's Board of Directors, officers or principal stockholders
would have on the enforceability authorization and performance of any agreement;


 



     


     

    




(i) whether
or not any Transaction Document, and the transactions provided for therein, were fair and reasonable to the Company at the time
of their authorization by the Company's Board of Directors and stockholders within the meaning of Section 144 of the DGCL;


 


(j) any
provisions stating that (i) rights or remedies are not exclusive, (ii) rights or remedies may be exercised without notice, (iii)
every right or remedy is cumulative and may be exercised in addition to or with any other right or remedy or (iv) the failure to
exercise, or any delay in exercising, rights or remedies available under an agreement will not operate as a waiver of any such
right or remedy;


 


(k) provisions
stating that rights set forth in the agreement in which such provision appears may only be waived in writing if an implied agreement
by trade practice or course of conduct has given rise to a waiver or that limit the effect of waivers by trade practice or course
of conduct;


 


(l) any
United States federal or other antitrust laws, statutes, rules or regulations, including without limitation the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, or other laws relating to collusive or unfair trade practices or designed to promote competition
in any jurisdiction;


 


(m) any
provision purporting to (i) waive rights to trial by jury, service of process or objections to the laying of venue or forum in
connection with any litigation arising out of or pertaining to the agreement in which such provision appears, (ii) change or waive
the rules of evidence, make determinations conclusive or fix the method or quantum of proof or (iii) waive the statute of limitations;


 


(n) any
choice of law clause, to the extent the provision to be governed by that law could be determined by the court (i) to be contrary
to a public or fundamental policy of a state or country whose law would apply in the absence of a choice of law clause, and (ii)
to involve an issue in which such state or country, or California State, has a materially greater interest in the determination
of the particular issue than does the state whose law is chosen;


 


(o) any
United States federal laws, statutes, rules or regulations, including without limitation the International Investment and Trade
in Services Survey Act (Title 22 of the United States Code, Chapter 46, §§3101-3108), or other state or foreign investment
laws, statutes, rules and regulations governing investments in the United States or in U.S. entities by persons that are not citizens
of the United States; and


 


(p) indemnification
and contribution provisions to the extent enforcement of such provisions is contrary to public policy, indemnify a party to a contract
against such party’s actions taken in bad faith or that constitute a breach of fiduciary duties, or indemnify a party against
liability for future conduct or the party’s own fraud or wrongful, reckless or negligent acts or omissions.


 


In accordance
with Section 95 of the American Law Institute's Restatement (Third) of the Law Governing Lawyers (2000), this opinion letter is
to be interpreted in accordance with


 



     


     

    




customary practices of lawyers rendering
opinions to third parties in transactions of the type provided for in the Transaction Documents.


 


Based upon and subject
to the foregoing, and except as set forth in the Exchange Agreement, as of immediately prior to the Closing we are of the following
opinion.


 


(1) The Company
is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware. The Company
is qualified to do business as a foreign corporation in good standing under the laws of the State of California.


 


(2) The Company
has all corporate power and corporate authority required to execute, deliver and perform its obligations under the Transaction
Documents.


 


(3) All corporate
action has been taken on the part of the Company's Board of Directors and stockholders that (a) is necessary for the execution
and delivery of the Transaction Documents (other than the Voting Agreement as to which we render no opinion) by the Company, (b)
must be taken by the Company to authorize the sale and issuance of the Securities on the date hereof, and (c) must be taken by
the Company as of the date hereof to authorize performance by the Company of its obligations under the Transaction Documents.


 


(4) Each of the
Transaction Documents has been duly executed by the Company and has been delivered by the Company to the Investors. Each of the
Transaction Documents constitutes a valid and binding obligation of the Company, enforceable by you against the Company in accordance
with its terms.


 


(5) The Shares
to be issued to you under the Exchange Agreement, and the Warrant Shares are duly authorized, and when issued in compliance with
the provisions of the Exchange Agreement, will be validly issued, fully paid and non-assessable, and the issuance of such Shares
and Warrant Shares will not be subject to any preemptive rights, rights of first refusal or rights of first offer set forth in
the Restated Certificate or Bylaws or any Reviewed Agreement set forth on Exhibit A (other than the Side Letter and the
2013 Securities Agreement, for which appropriate waivers have been obtained).


 


(6) The execution,
delivery and performance of the Transaction Documents by the Company do not, as of the Closing, result in (a) a violation by the
Company of the Restated Certificate or Bylaws, (b) a violation by the Company of any judgment or order of any court or governmental
authority, (c) a violation by the Company of Applicable Law or (d) a material breach of, or a default under, any Reviewed Agreements
set forth on Exhibit A.


 


(7) Other than
those that previously may have been obtained or made, no consent, approval or authorization of, or filing with, any governmental
authority pursuant to any Applicable Law is required to be made or obtained by the Company or any subsidiary of the Company in
connection with the Company's (a) valid execution and delivery of the Transaction Documents, (b) performance of its obligations
under the Exchange Agreement on the date hereof and (c) performance of its obligations under the other Transaction Documents as
of the date hereof.


 


(8) Based in part
upon the representations made by you in the Exchange Agreement, and subject to the filings of such securities law notices as may
be required to be filed subsequent



     


     

    




to the Closing, the offer, sale and issuance
of the Shares to be issued to you in conformity with the terms of the Exchange Agreement constitute transactions exempt from the
registration requirements of Section 5 of the Securities Act of 1933, as amended, and exempt from the qualification requirements
of Section 25110 of the California Corporate Securities Law of 1968, as amended.


 


(9) Based in part
upon the representations made by you in the Exchange Agreement, and subject to the filings of such securities law notices as may
be required to be filed subsequent to the Closing, the offer, sale and issuance of the Warrants and (assuming the Warrants were
exercised on the date hereof) the issuance to you of the Warrant Shares, constitute transactions exempt from the registration requirements
of Section 5 of the Securities Act of 1933, as amended, and exempt from the qualification requirements of Section 25110 of the
California Corporate Securities Law of 1968, as amended.


 


(10) The Company
is not and, after giving effect to the offering and sale of the Securities, will not be, required to register as an “investment
company” as such term is defined in the Investment Company Act of 1940, as amended.


 


In addition to the
foregoing opinions, based upon the foregoing and other than as set forth in the Exchange Agreement, we supplementally confirm the
following to you as of immediately prior to the Closing.


Litigation Confirmation.
To our knowledge, there is no action, suit, proceeding or investigation by or before any United States federal, California State
or Delaware State court or governmental authority that is pending or threatened in writing against the Company and that questions
the validity of the Transaction Documents or the right of the Company to enter into and perform its obligations under the Transaction
Documents. Please note that we have not conducted a docket search in any jurisdiction with respect to any action, suit, proceeding
or investigation that may be pending against the Company and we have not undertaken any search regarding any of its affiliates,
officers or directors, nor, other than to request the Opinion Certificate from the Company, have we undertaken any further inquiry
whatsoever in connection with the existence any such action, suit, proceeding or investigation.


 


[Remainder of Page Left Intentionally
Blank]


 


 



     


     

    




This opinion is rendered
as of the date first written above solely for your benefit in connection with the sale and issuance of the Securities pursuant
to the Exchange Agreement and may not be relied on by, nor may any copy be delivered to, any other person or entity without our
prior written consent. Our opinion is expressly limited to the matters set forth above and we render no opinion, whether by implication
or otherwise, as to any other matters. This opinion is rendered on, and speaks only as of, the date of this letter first written
above, is based solely on our understanding of facts in existence as of such date and does not address any potential changes in
facts, circumstance or law that may occur after the date of this opinion letter. We assume no obligation to inform you of any fact,
circumstance, event or change in the law or the facts that may hereafter be brought to our attention that may alter, affect or
modify the opinions expressed herein.


 





	 	Very truly yours,
	 	 	 
	 	FENWICK & WEST LLP 
	 	 
	 	 	 
	 	By:	Daniel Winnike, a Partner



 


 





 





 


 


 


 








 






     


     

    

Exhibit A


 


Reviewed Agreements


 


1) The Exchange
Agreement, the Rights Agreement, the Voting Agreements and the Letter Agreement dated February 23, 2012, as amended (the “Side
Letter”) by and among the Company and Naxyris S.A., Sualk Capital Ltd, Maxwell (Mauritius) Pte Ltd and Biolding Investment
SA.


 


2) A copy of the
Company's Restated Certificate of Incorporation, filed with the Delaware Secretary of State on September 30, 2010, and certified
by the Delaware Secretary of State on September 30, 2010, as amended by that certain Certificate of Amendment of the Restated Certificate
of Incorporation filed with the Delaware Secretary of State on May 9, 2013 and certified by the Delaware Secretary of State on
May 9, 2013 and that certain Certificate of Amendment of the above-described Restated Certificate of Incorporation, dated May 12,
2014 and certified by the Delaware Secretary of State on May 12, 2014 (such Restated Certificate of Incorporation of the Company,
as so amended, the “Restated Certificate”) (the "Restated Certificate").


 


3) A copy of the
Company’s Amended and Restated Bylaws certified by the Company's Secretary on July 29, 2015 (the "Bylaws").


 


4) The Certificate
of Incorporation of the Company filed with the Secretary of State of the State of California upon the Company's incorporation,
the Certificate of Merger and Restated Certificate of Incorporation of the Company filed with the Secretary of State of the State
of Delaware upon the Company's re-incorporation in Delaware, the California and Delaware bylaws of the Company initially adopted
by the Company and minutes of meetings and actions by written consent of the Company's incorporator(s), shareholders and Board
of Directors that are contained in the Company's minute books.


 


5) Factual representations
and warranties made to us by the Company, including those contained in an Opinion Certificate addressed to us and dated of even
date herewith executed by the Company (the "Opinion Certificate").


 


6) A Certificate
of Good Standing regarding the Company issued by the Secretary of State of the Delaware, dated July 27, 2015, indicating that the
Company is qualified to do business, as a domestic corporation in that state (together with the letter referred to in item (7)
below and the certificate referred to in item (8) below, the "Certificate of Good Standing").


 


7) A letter from
the California Franchise Tax Board dated July 27, 2015to the effect that the Company is in good standing with respect to its California
franchise tax filings and has no known unpaid franchise tax liability.


 


8) A Certificate
of Good Standing from the Secretary of State of the State of California, indicating that the Company is in good standing and is
qualified to do business as a foreign corporation therein.


 


9) A copy of the
Series D Preferred Stock Purchase Agreement dated June 21, 2010.






     


     

    

10) A copy of the
Amended and Restated Investors' Rights Agreement dated June 21, 2010, as amended by Amendment No. 1 thereto dated February 23,
2012, Amendment No. 2 thereto dated as of December 24, 2012, Amendment No. 3 thereto dated as of March 27, 2013, Amendment No.
4 thereto dated as of October 16, 2013 and Amendment No. 5 thereto dated December 24, 2013.


 


11) A copy of the
Stock Purchase Agreement dated February 22, 2012 by and between the Company and the Purchasers listed on the signature pages thereto.


 


12) A copy of the
Securities Purchase Agreement dated February 24, 2012 by and between the Company and the Purchasers listed on the signature pages
thereto, the Senior Unsecured Convertible Notes issued thereunder and the Registration Rights Agreement by and between the Company
and Purchasers listed on the signature pages thereto, dated February 27, 2012.


 


13) Copies of those
Common Stock Purchase Agreements dated May 18, 2012 by and between the Company and certain Company stockholders.


 


14) Securities
Purchase Agreement dated July 30, 2012 by and between the Company and Total Energies Nouvelles Activités USA, the Senior
Unsecured Convertible Notes issued thereunder and the Registration Rights Agreement by and between the Company and Total Energies
Nouvelles Activités USA dated July 30, 2012.


 


15) A copy of the
Securities Purchase Agreement dated March 27, 2013 by and among the Company and purchasers listed on the signature pages thereto.


 


16) A copy of the
Securities Purchase Agreement dated August 8, 2013, as amended by Amendment No. 1 to Securities Purchase Agreement dated as of
October 16, 2013 by and among the Company and purchasers listed on the signature pages thereto and by Amendment No. 2 to Securities
Purchase Agreement dated December 23, 2013 by and among the Company and purchasers listed on the signature pages thereto (as amended,
the “2013 Securities Agreement”); and the Warrant to purchase shares of Common Stock of the Company issued
pursuant thereto.


 


17) A copy of the
Loan and Security Agreement dated as of March 29, 2014, by and among the Company and purchasers listed on the signature pages thereto
(the “Loan and Security Agreement”).


 


 






     


     

    

Exhibit D-1


 


TOTAL EQUITY FUNDING WARRANT


 


 


 


 


 






     


     

    



Exhibit D-2


 


TOTAL R&D WARRANT


 


 


 


 


 


   






     


     

    

Exhibit E-1


 


TEMASEK 2015 WARRANT


 


 


 


 


 


 






     


     

    

Exhibit E-2


 


TEMASEK FUNDING WARRANT


 


 


 


 


 


 






     


     

    

Exhibit E-3


 


TEMASEK R&D WARRANT


 


 


 


 


 


 






     


     

    

Exhibit F


 





VOTING AGREEMENT


 


 


 


 


 


 


 






     


     

    

Exhibit G


 


MATURITY TREATMENT AGREEMENT