Document:

Exhibit 4.37

 

 

THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

This THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT
(this “Amendment”), dated as of November 30, 2015, is among AMYRIS, INC., a Delaware corporation (the “Parent”),
and each of its Subsidiaries that has delivered a Joinder Agreement (as defined herein) (each a “Subsidiary Guarantor”
and collectively, the “Subsidiary Guarantors” and together with Parent, collectively, “Borrower”),
the several banks and other financial institutions or entities from time to time parties to this Agreement(collectively, referred
to as “Lender”) and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation, in its capacity as administrative
agent for itself and the Lender (in such capacity, the “Agent”).

 

RECITALS

 

A. Parent, Subsidiary Guarantors, Lender
and Agent have previously entered into that certain Loan and Security Agreement, dated as of March 29, 2014, as amended by that
certain (i) First Amendment to Loan and Security Agreement dated as of June 12, 2014 and (ii) Second Amendment to Loan and Security
Agreement dated as of March 31, 2015 (as further amended from time to time, the “Loan and Security Agreement”),
pursuant to which, among other things, Lender has provided a term loan to Borrower in the aggregate original amount of Thirty Million
Dollars ($30,000,000).

 

B. Borrower has, among other things, requested
that Lender provide an additional Ten Million Nine Hundred and Sixty Thousand Dollar ($10,960,000) Term Loan.

 

C. In response to the request of Borrower,
and in reliance upon the representations made in support thereof, and the other terms and provisions of this Amendment, the parties
hereto desire to amend the Loan and Security Agreement as set forth herein and on the terms and conditions contained herein.

 

NOW, THEREFORE, for good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:

 

1.                  
Defined Terms. Each capitalized term used but not otherwise defined herein has the meaning ascribed thereto in the Loan
and Security Agreement.

 

2.                  
Amendments to Loan and Security Agreement. Subject to the satisfaction of the conditions precedent set forth in Section
3 of this Amendment and effective as of the Third Amendment Effective Date (notwithstanding the date of execution of this Amendment),
the Loan and Security Agreement is hereby amended as follows:

 

(a) New definitions of “Corporate
Development Transaction,” “Corporate Finance Transaction,” “First Extension Event,” “First
Interest Only Extension Conditions,” “Second Extension Event,” “Second Interest Only Extension Conditions,”
“Third Amendment”, “Third Amendment Effective Date”, “Third Amendment Term Loan Advance”, and
“Third Amendment Term Loan Interest Rate” are hereby inserted into Section 1 of the Loan and Security Agreement in
appropriate alphabetical order:

 

“Corporate Development Transaction”
means a strategic business development or corporate transaction between Parent and/or any Subsidiary Guarantor, on the one hand,
and one or more third parties, on the other hand, including without limitation research and development and/or commercial

 

collaborations or partnerships, licenses of Intellectual
Property, government contracts, and Lender-approved sales of an asset.

 

     

     

    

“Corporate Finance Transaction”
means the issuance by Parent of Common Stock, Preferred Stock, securities convertible into or exercisable for shares of Common
Stock or Preferred Stock, or Subordinated Indebtedness.

 

“First Extension Event”
means Parent receiving an aggregate of Ten Million Dollars ($10,000,000), without reduction for any sales or placement commissions
or other transaction costs, of new cash proceeds resulting from one or more Corporate Development Transaction(s) and/or Corporate
Finance Transaction(s) after the Third Amendment Effective Date. For the avoidance of doubt, any new cash proceeds in excess of
Ten Million Dollars ($10,000,000) received in one or more Corporate Development Transaction(s) and/or Corporate Finance Transaction(s)
will count toward the satisfaction of the Second Extension Event.

 

“First Interest Only Extension
Conditions” means satisfaction of each of the following events: (a) no default or Event of Default shall have occurred and
be continuing; and (b) Parent’s satisfaction of the First Extension Event.

 

“Second Extension Event”
means Parent either (a) receiving at least an aggregate of Twenty-Five Million Dollars ($25,000,000), without reduction for any
sales or placement commissions or other transaction costs, of new cash proceeds resulting from one or more Corporate Development
Transaction(s)and/or Corporate Finance Transaction(s) after the Third Amendment Effective Date, but excluding from such amount
the Ten Million Dollars ($10,000,000) of net new cash proceeds received after the Third Amendment Effective Date that satisfies
the First Extension Event or (b) Parent having aggregate product revenue of at least Fifteen Million Dollars for the first half
of fiscal year 2016.

 

“Second Interest Only Extension
Conditions” means satisfaction of each of the following events: (a) no default or Event of Default shall have occurred and
be continuing; (b) Parent’s satisfaction of the First Extension Event; and (c)Parent’s satisfaction of the Second Extension
Event.

 

“Third Amendment” means
that certain Third Amendment to Loan and Security Agreement, dated as of November 30, 2015, between Parent, the Subsidiary Guarantors,
Lender and Agent.

 

“Third Amendment Effective Date”
means the date specified in Section 3 of the Third Amendment.

 

“Third Amendment Term Loan Advance”
is defined in Section 2.2(a) of this Agreement.

 

“Third Amendment Term Loan Interest
Rate” means for any day a per annum rate of interest equal to the greater of either (i) the prime rate as reported in The
Wall Street Journal plus 6.25% and (ii) 9.5%.

 

    	- 2 -

     

    

(b) The definitions of “Amortization
Date”, “Term Loan Advance”, “Term Note” and “Threshold Amount” set forth in Section 1
of the Loan and Security Agreement are each hereby deleted in its entirety and the following are substituted therefor in appropriate
alphabetical order:

 

“Amortization Date” means
March 1, 2016; provided however, that upon Lender’s determination in the exercise of its reasonable discretion that the First
Interest Only Extension Conditions are satisfied, the Amortization Date shall be June 1, 2016; provided further, that upon Lender’s
determination in the exercise of its reasonable discretion that the Second Interest Only Extension Conditions are satisfied, the
Amortization Date shall be December 1, 2016.

 

“Term Loan Advance” means
any Loan funds advanced under this Agreement and includes, without limitation, the Closing Date Term Loan Advance, the Additional
Term Loan Advance and the Third Amendment Term Loan Advance.

 

“Term Note” means a Promissory
Note in substantially the form of (i) Exhibit B with respect to the Closing Date Term Loan Advance, (ii) Exhibit B-1 with respect
to the Additional Term Loan Advance, and (iii) Exhibit B-2 with respect to the Third Amendment Term Loan Advance.

 

“Threshold Amount” means
an amount equal to fifty percent of the principal amount of then outstanding Advances under this Agreement.

 

(c) Section 2.2 of the Loan and Security Agreement
is hereby deleted in its entirety and the following is substituted therefor:

 

2.2 Term Loans.

 

(a) Advances. Subject to the terms
and conditions of this Agreement, Lender will severally (and not jointly) make in an amount not to exceed its respective Term Commitment,
and (i) Borrower agrees to draw a Term Loan Advance of Twenty-Five Million Dollars ($25,000,000) on the Closing Date (the “Closing
Date Term Loan Advance”), (ii) Borrower agrees to draw, subject to the effectiveness of the First Amendment, a Term Loan
Advance of Five Million Dollars ($5,000,000) on the First Amendment Effective Date (the “Additional Term Loan Advance”)
and (iii) Borrower agrees to draw, subject to the effectiveness of the Third Amendment, a Term Loan Advance of Ten Million Nine
Hundred Sixty Thousand Dollars ($10,960,000) on the Third Amendment Effective Date (the “Third Amendment Term Loan Advance”).

 

(b) Advance Request. To obtain a
Term Loan Advance, Borrower shall complete, sign and deliver an Advance Request (at least one (1) Business Day before the applicable
Advance Date) to Agent. Lender shall fund such Term Loan Advance in the manner requested by the applicable Advance Request provided
that each of the conditions precedent to such Term Loan Advance is satisfied as of the Closing Date, the First Amendment Effective
Date or the Third Amendment Effective Date, as applicable.

 

    	- 3 -

     

    

(c) Interest. The principal balance
of the Closing Date Term Loan Advance shall bear interest thereon from the Closing Date at the Closing Date Term Loan Interest
Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed. The principal
balance of the Additional Term Loan Advance shall bear interest thereon from the First Amendment Effective Date at the Additional
Term Loan Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days
elapsed. The principal balance of the Third Amendment Term Loan Advance shall bear interest thereon from the date of the Third
Amendment Term Loan Advance at the Third Amendment Term Loan Interest Rate based on a year consisting of 360 days, with interest
computed daily based on the actual number of days elapsed. The Closing Date Term Loan Interest Rate, the Additional Term Loan Interest
Rate and the Third Amendment Term Loan Interest Rate will float and change on the day the Prime Rate changes from time to time.

 

(d) Payment. Borrower will pay interest
on each Term Loan Advance on the first Business Day of each month, beginning the month after the (i) Closing Date with respect
to the Closing Date Term Loan Advance, (ii) First Amendment Effective Date with respect to the Additional Term Loan Advance and
(iii) the Third Amendment Effective Date for the Third Amendment Term Loan Advance. Borrower shall repay the aggregate principal
balance of all Term Loan Advances that are outstanding on the day immediately preceding the Amortization Date, in equal monthly
installments of principal and interest (mortgage style) beginning on the Amortization Date and continuing on the first Business
Day of each month thereafter until the Secured Obligations are repaid; provided however, that if after (A) March 1, 2016 Borrower
satisfies the First Interest Only Extension Conditions then Borrower shall have no obligation to repay principal as required by
this sentence until the then applicable Amortization Date or (B) June 1, 2016 Borrower satisfies the Second Interest Only Extension
Conditions then Borrower shall have no obligation to repay principal as required by this sentence until the then applicable Amortization
Date. The entire Term Loan Advance principal balance and all accrued but unpaid interest hereunder, shall be due and payable on
Term Loan Maturity Date. Borrower shall make all payments under this Agreement without setoff, recoupment or deduction and regardless
of any counterclaim or defense. Lender will initiate debit entries to the Borrower’s account as authorized on the ACH Authorization
on each payment date of all periodic obligations payable to Lender under each Term Loan Advance.

 

(d) Section 2.6 of the Loan and
Security Agreement is hereby deleted in its entirety and the following is substituted therefor:

 

Section 2.6. End of Term Charge. With respect to the Closing
Date Advance and the Additional Term Loan Advance, on the earliest to occur of (i) the Term Loan Maturity Date, (ii) the date that
Borrower prepays the outstanding Secured Obligations, or (iii) the date that the Secured Obligations become due and payable, Borrower
shall pay Lender a charge of Two Million Five Hundred Thousand Dollars ($2,500,000) (the “Closing Date End of Term Charge”).
With

 

    	- 4 -

     

    

respect to the Third Amendment Term Loan Advance, on the
earliest to occur of (i) the Term Loan Maturity Date, (ii) the date that Borrower prepays the outstanding Secured Obligations,
or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender a charge of Seven Hundred Sixty-seven
Thousand Two Hundred Dollars ($767,200) (the “Third Amendment End of Term Charge”). Notwithstanding the required payment
date of such charges, (A) the Closing Date End of Term Charge shall be deemed earned by Lender as of the Closing Date and (B) the
Third Amendment End of Term Charge shall be deemed earned by Lender as of the Third Amendment Effective Date.

 

(e) Section 2.9 to the Loan and Security Agreement
is hereby amended by inserting the following at the end thereof:

 

In consideration of Lender making the Subsequent Term Loan
Facility available to Borrower, and Lender’s and Borrower’s agreement to terminate the financial accommodations provided
under the Subsequent Term Loan Facility, Borrower hereby agrees to pay to Agent for the account of Lender on the Third Amendment
Effective Date from the Term Loan Advance made on such date One Million Dollars ($1,000,000), which represents the (Y) the June
30 Subsequent Term Loan Facility Fee currently outstanding plus (Z) a fee in the amount of Two Hundred Fifty Thousand Dollars ($250,000)
due in connection with the termination of the Subsequent Term Loan Facility (the “Subsequent Term Loan Facility Termination
Fee”). The Subsequent Term Loan Facility Termination Fee shall be fully earned by Lender as of the Third Amendment Effective
Date. The Subsequent Term Loan Facility is terminated as of Third Amendment Effective Date and no Advances may be made thereunder.

 

(f) Schedule 1.1 of the Loan and
Security Agreement is hereby deleted and Schedule 1.1 hereto is substituted thereto and shall, for all purposes, be the Schedule
1.1 referred to therein.

 

(g) Exhibit 1 to this Amendment
is hereby inserted as Exhibit B-2 of the Loan and Security Agreement and shall, for all purposes, be the Exhibit B-2 referred to
therein.

 

3. Conditions to Effectiveness.
The provisions of this Amendment shall become effective on the date, which date (if ever) shall be prior to November 30, 2015,
that all of the following conditions precedent have been satisfied (the “Third Amendment Effective Date”):

 

(a) Agent shall have received a pdf
copy of this Amendment, duly executed and delivered by Parent and the Subsidiary Guarantor;

 

(b) Each of the representations and
warranties of Borrower in Section 4 of this Amendment shall be true, correct and accurate in all material respects as of the Third
Amendment Effective Date;

 

(c) No Material Adverse Effect has occurred;

 

    	- 5 -

     

    

(d) Agent shall have received a secretary’s
certificate certifying as to the Borrower’s charter documents, authorizations and incumbency matters in form and substance
satisfactory to Agent;

 

(e) No Event of Default exists under
the Loan and Security Agreement or any Loan Document;

 

(f) Borrower shall have paid to Agent’s
counsel all legal fees and out-of-pocket expenses incurred in connection with this Amendment; and

 

(g) All legal matters incident to
the execution and delivery of this Amendment shal lbe satisfactory to Agent and its counsel.

 

4. Representations, Warranties and Agreements.
Borrower hereby represents, warrants and agrees in favor of Agent and Lender as follows:

 

(a) No Event of Default has occurred
and is continuing (or would result from the amendment of the Loan and Security Agreement contemplated hereby);

 

(b) The execution, delivery and
performance by Borrower of this Amendment has been duly authorized by all necessary corporate and/or other action and do not and
will not require any registration with, consent or approval of, notice to or action by, any Person in order to be effective and
enforceable. Each of the Loan and Security Agreement and the other Loan Documents to which Borrower is a party constitutes and
continues to constitute the legally, valid and binding obligation of Borrower, in each case enforceable against Borrower in accordance
with its terms;

 

(c) All of the representations
and warranties of Borrower contained in the Loan and Security Agreement and the other Loan Documents are true and correct in all
material respects on and as of the date hereof and will be true and correct on the Third Amendment Effective Date (except to the
extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct
as of such earlier date);

 

(d) No Material Adverse Effect
has occurred;

 

(e) Borrower is entering into
this Amendment on the basis of such Person’s own business judgment, without reliance upon Agent or Lender; and

 

(f) Borrower acknowledges and
agrees that the execution and delivery by Agent and Lender of this Amendment shall not be deemed to create a course of dealing
or otherwise obligate Agent or Lender to execute similar agreements under the same or similar circumstances in the future. Neither
Agent nor Lender has any obligation to Borrower or any other Person to further amend provisions of the Loan and Security Agreement
or the other Loan Documents. Other than as specifically contemplated hereby, all of the terms, covenants and provisions of the
Loan and Security Agreement (and the other Loan Documents) are and shall remain in full force and effect.

 

    	- 6 -

     

    

5. General Provisions.

 

(a) Upon the effectiveness of
this Amendment, all references in the Loan and Security Agreement and in the other Loan Documents to the Loan and Security Agreement
shall refer to the Loan and Security Agreement as modified hereby. This Amendment shall be deemed incorporated into, and a part
of, the Loan and Security Agreement. This Amendment is a Related Document. THIS AMENDMENT IS EXPRESSLY SUBJECT TO THE PROVISIONS
OF SECTION 11.8 (GOVERNING LAW), SECTION 11.9 (CONSENT TO JURISDICTION AND VENUE) AND SECTION 11.10 (MUTUAL
WAIVER OF JURY TRIAL; JUDICIAL REFERENCE) OF THE LOAN AND SECURITY AGREEMENT, WHICH PROVISIONS ARE INCORPORATED HEREIN AND MADE
APPLICABLE HERETO BY THIS REFERENCE.

 

(b) This Amendment is made pursuant
to Section 11.3(b) and 11.7 of the Loan and Security Agreement and shall be binding upon and inure to the benefit
of the parties hereto and thereto and their respective successors and assigns. No third party beneficiaries are intended in connection
with this Amendment.

 

(c) This Amendment may be executed
in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this
Amendment by telecopy shall be effective as delivery of a manually executed counterpart of this Amendment.

 

(d) Each provision of this Amendment
shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any
specific provision.

 

(e) Borrower shall promptly pay
to Agent’s counsel all attorneys’ fees and expenses incurred in connection with the preparation, negotiation and closing
of this Amendment.

 

(f) The appearing parties herein
declare that all the terms and conditions of the Loan and Security Agreement continue to remain, as herein amended, in full force
and effect and by these presents the appearing parties hereby ratify, reaffirm and confirm all the terms and conditions of the
Loan and Security Agreement and further declare that it is their express intention that the transactions set forth in this Amendment
shall in no way, manner or form be construed or be interpreted as an extinctive novation of any of the obligations and agreements
set forth in the Loan and Security Agreement.

 

[Document continues with signature pages.]

 

    	- 7 -

     

    

IN WITNESS WHEREOF, the parties hereto have
caused this Third Amendment to Loan and Security Agreement to be duly executed and delivered
as of the date first written above.

 

Parent:

 

Amyris, Inc.

 

By: /s/ R. Asadorian

Print Name: R. Asadorian

Title: CFO

 

Accepted in Palo Alto, California:                                   Agent:

 

Hercules Technology
Growth Capital, Inc.

 

Signature: ______________

Print Name: _____________

Title: __________________

 

Lender:

 

Hercules Technology
Growth Capital, Inc.

 

Signature: ______________

Print Name: _____________

Title: __________________

 

Hercules Funding
II LLC

 

Signature: ______________

Print Name: _____________

Title: __________________

 

    	 

     

    

IN WITNESS WHEREOF, the parties hereto have
caused this Third Amendment to Loan and Security Agreement to be duly executed and delivered
as of the date first written above.

 

Parent:

 

Amyris, Inc.

 

By: _______________

Print Name: _________

Title: ______________

 

Accepted in Palo Alto, California:
                                  Agent:

 

Hercules Technology
Growth Capital, Inc.

 

Signature: /s/ Ben Bang

Print Name: Ben Bang

Title: Associate Gen Counsel

 

Lender:

 

Hercules Technology
Growth Capital, Inc.

 

Signature: /s/ Ben Bang

Print Name: Ben Bang

Title: Associate Gen Counsel

 

Hercules Funding
II LLC

 

Signature: /s/ Ben Bang

Print Name: Ben Bang

Title: Associate Gen Counsel

 

    	 

     

    

The undersigned Subsidiary Guarantor hereby acknowledges and consents
(without implying the need for any such consent) to the Third Amendment to Loan and Security Agreement set forth above (the “Third
Amendment”). The undersigned confirms that the guaranty set forth in Section 11.19 of the Loan and Security Agreement
and that all of the undersigned’s obligation thereunder remain in full force and effect, without set-off, defense or counterclaim,
and that the obligations guaranteed thereunder include, without limitation, all amounts owing in respect of the Loan and Security
Agreement and the Notes, each modified by the First Amendment to Loan and Security Agreement, dated as of June 12, 2014, the Second
Amendment to Loan and Security Agreement dated as of March 31, 2015, and the Third Amendment to Loan and Security Agreement dated
as of November 30, 2015.

 

Subsidiary Guarantor:

 

Amyris Fuels,
LLC

 

By: /s/ Thomas Krivas

Print Name: Thomas Krivas

Title: Assistant Secretary

 

 

 

 

 

 

    	 

     

    

EXHIBIT 1 TO THIRD AMENDMENT TO

 

LOAN AND SECURITY AGREEMENT

 

EXHIBIT B-3 TO LOAN AND SECURITY AGREEMENT

 

THIRD AMENDMENT SECURED TERM PROMISSORY NOTE

 

	$10,960,000	Advance Date:  November 30, 2015
	 	Maturity Date: February 1, 2017

 

FOR VALUE RECEIVED, Amyris, Inc., a Delaware corporation,
for itself and each of its Subsidiaries that has delivered a Joinder Agreement (the “Borrower”) hereby promises to
pay to the order of Hercules Technology Growth Capital, Inc., a Maryland corporation or the holder of this Note (the “Lender”)
at 400 Hamilton Avenue, Suite 310, Palo Alto, CA 94301 or such other place of payment as the holder of this Secured Term Promissory
Note (this “Promissory Note”) may specify from time to time in writing, in lawful money of the United States of America,
the principal amount of Ten Million Nine Hundred Sixty Thousand Dollars ($10,960,000) or such other principal amount as Lender
has advanced to Borrower, together with interest at a fixed rate equal to the greater of (a) the prime rate as reported in the
Wall Street Journal, and if not reported, then the prime rate next reported in the Wall Street Journal, plus 6.25% per annum and
(b) 9.5% per annum, in each case based upon a year consisting of 360 days, with interest computed daily based on the actual number
of days in each month.

 

This Promissory Note is a Term Note referred to in, and
is executed and delivered in connection with, that certain Loan and Security Agreement dated March 31, 2014, by and among Borrower,
Hercules Technology Growth Capital, Inc., a Maryland corporation (the “Agent”) and the several banks and other financial
institutions or entities from time to time party thereto as lender (as amended on June 12, 2014, March 31, 2015 and November 30,
2015, and as the same may from time to time be amended, modified or supplemented in accordance with its terms, the “Loan
Agreement”), and is entitled to the benefit and security of the Loan Agreement and the other Loan Documents (as defined in
the Loan Agreement), to which reference is made for a statement of all of the terms and conditions thereof. All payments shall
be made in accordance with the Loan Agreement. All terms defined in the Loan Agreement shall have the same definitions when used
herein, unless otherwise defined herein. An Event of Default under the Loan Agreement shall constitute a default under this Promissory
Note.

 

Borrower waives presentment and demand for payment, notice of dishonor,
protest and notice of protest under the UCC or any applicable law. Borrower agrees to make all payments under this Promissory Note
without setoff, recoupment or deduction and regardless of any counterclaim or defense. This Promissory Note has been negotiated
and delivered to Lender and is payable in the State of California. This Promissory Note shall be governed by and construed and
enforced in accordance with, the laws of the State of California, excluding any conflicts of law rules or principles that would
cause the application of the laws of any other jurisdiction.

 

[Signature Page Follows] 

 

    	 

     

    

BORROWER FOR ITSELF AND 

ON BEHALF OF THE SUBSIDIARIES 

THAT HAVE DELIVERED A JOINDER 

AGREEMENT:

 

AMYRIS, INC.

 

By: _________________

Name: John G. Melo

Title: President and Chief Executive Officer

 

 

 

 

 

    	 

     

    

SCHEDULE 1.1

 

COMMITMENTS

 

	
        LENDER

         
	
        TERM COMMITMENT

         

	
        Hercules Funding II LLC

         
	
        $21,040,000

         

	
        Hercules Technology Growth Capital, Inc.

         
	
        $10,960,000

         

	
        TOTAL COMMITMENTS

         
	
        $32,000,000Exhibit 4.56

 

 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY
DURING THE IMMEDIATELY PRECEDING THREE MONTHS MAY RESELL THIS NOTE OR A BENEFICIAL INTEREST HEREIN.

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS SECURITY AND THE SHARES OF COMMON STOCK
ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY
ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

		(1)	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
(WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH
SUCH ACCOUNT, AND

 

		(2)	AGREES FOR THE BENEFIT OF AMYRIS, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL,
PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR
AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
SUCCESSOR PROVISION THERETO, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

 

		(A)	TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

    	 

     

    

		(B)	PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

		(C)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 

		(D)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS,
CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN
COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.[1]

 

 

 

________________________

 

[1] The restricted
legend shall be deemed removed from the face of this security without further action of the Company, the Trustee, or the Holders
of this security at such time as the Company instructs the Trustee to remove such legend pursuant to Section 3.08 of the Indenture
and upon such removal, the CUSIP number shall be 03236M AF8.

 

    	 

     

    

AMYRIS, INC.

 

9.5% Convertible Senior Notes due 2019

 

	No. R-1	U.S. $57,605,000

 

CUSIP NO.   03236M AD3

ISIN NO.      US03236MAD39

 

Amyris, Inc., a company duly incorporated and
validly existing under the laws of the state of Delaware in the United States of America (herein called the “Company”),
which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of FIFTY SEVEN MILLION SIX HUNDRED AND FIVE THOUSAND
UNITED STATES DOLLARS (U.S. $57,605,000) (which amount may from time to time be increased or decreased by adjustments made on the
records of the Trustee, as custodian for the Depositary, in accordance with the rules and procedures of the Depositary and in accordance
with the below referred Indenture) on April 15, 2019. The Principal Amount of Physical Notes and interest thereon (to the extent
paid in cash), as provided on the reverse hereof, shall be payable at the Corporate Trust Office and at any other office or agency
maintained by the Company for such purpose. In the case of cash payment, the Paying Agent will pay principal of any Note and interest
thereon, and, in the case of payment made in Common Stock, the Transfer Agent will issue Common Stock in payment of principal (or
conversion) on any Note and interest thereon, as provided on the reverse hereof, in immediately available funds, in the case of
cash payment, or in Common Stock, in the case of payment in shares of Common Stock, to The Depository Trust Company or its nominee,
as the case may be, as the registered holder of such global note, on each Interest Payment Date, Fundamental Change Purchase Date
or other payment date, as the case may be.

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder the right to convert
this Note into shares of Common Stock of the Company and to the ability and obligation of the Company to purchase this Note upon
certain events, in each case, on the terms and subject to the limitations referred to on the reverse hereof and as more fully specified
in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.
Capitalized terms used but not defined herein shall have such meanings as are ascribed to such terms in the Indenture. In the case
of any conflict between this Note and the Indenture, the provisions of the Indenture shall control.

 

This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been manually signed by the Trustee or a duly authorized
authenticating agent under the Indenture.

 

    	 

     

    

IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed.

 

AMYRIS

 

By: /s/ John Melo

Name: John Melo

Title: President

 

Date: October 20, 2015

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Global Note (No.
R-1)]

 

    	 

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes referred to in the within-mentioned
Indenture.

 

Dated: October 20, 2015

 

WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Trustee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Global Note (R-1)]

 

    	 

     

    

AMYRIS, INC.

 

9.50% Convertible Senior Notes due 2019

 

This Note is one of a duly authorized issue
of Notes of the Company, designated as its 9.50% Convertible Senior Notes due 2019 (the “Notes”), initially
limited in aggregate principal amount to $57,605,000, which amount may from time to time be increased or decreased by adjustments
made on the records of the Trustee, as custodian for the Depositary, in accordance with the rules and procedures of the Depositary
and in accordance with the below referred Indenture) all issued or to be issued under and pursuant to an Indenture dated as of
October 20, 2015 (the “Indenture”) between the Company and Wells Fargo Bank, National Association, as Trustee
(the “Trustee”), to which the Indenture and all indentures supplemental thereto reference is hereby made for
a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and
the Holders of the Notes. The Indenture provides that Additional Notes may be issued thereunder, if certain conditions are met.

 

Interest. The Notes will bear interest
at a rate of 9.50% per year. Interest on the Notes will accrue from, and including, October 20, 2015, or from the most recent date
to which interest has been paid or duly provided for. Interest will be payable semiannually in arrears on each Interest Payment
Date, beginning April 15, 2016.

 

Method of Payment. The Company may elect
to pay interest entirely in cash or entirely in Common Stock. The Company may elect to pay interest in Common Stock, subject to
the Exchange Cap limitation in Section 6.04. If the Company elects to pay interest in cash it shall be made in money of the United
States of America that at the time of payment is legal tender for payment of public and private debts. If the Company elects to
pay interest in shares of Common Stock, the number of shares issuable will be based upon a price equal to 92.5% of the simple average
of the daily VWAP per share for Common Stock for the Averaging Period, as calculated and determined by the Company. On or before
the fifth Trading Day before the start of the applicable Averaging Period, the Company shall notify the Holders, the Trustee and
the Transfer Agent of whether it will make such interest payment in cash or in shares of Common Stock; provided that, if no such
notice is given, the Company shall be deemed to have notified the Holders that it will pay interest in cash. If the Company chooses
to make such payment in shares of Common Stock, on or before the third Trading Day following the applicable Interest Payment Date,
the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company Fast Automated Securities
Transfer Program and the Holder or its designee has an account with DTC, credit the number of shares of Common Stock payable as
an interest payment to such Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian
system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program and the Holder
or its designee has an account with DTC, issue and dispatch by overnight courier to each Holder, a certificate, registered in the
Company’s share register in the name of such Holder or its designee, for the number of shares of Common Stock to which such
Holder is entitled in connection with such payment.

 

Pursuant to Section 8.03 of the Indenture and
Section 2(c) of the Registration Rights Agreement, in certain circumstances, the Holders of Notes shall be entitled to receive
Additional Interest. Payments of the Fundamental Change Repurchase Price, principal and interest that are not made when due will
accrue interest per annum at the then-applicable interest rate for the Notes from the required date of payment.

 

    	 

     

    

Interest will be paid to the person in whose
name a Note is registered at the Close of Business on the April 1 or October 1 (whether or not such date is a Business Day), as
the case may be, immediately preceding the relevant Interest Payment Date. Interest on the Notes will be computed on the basis
of a 360-day year composed of twelve 30-day months.

 

Interest will cease to accrue on a Note upon
its maturity, conversion or repurchase in connection with a Fundamental Change.

 

Ranking. The Notes constitute a general
unsecured and unsubordinated obligation of the Company.

 

No Redemption at the Option of the Company.
The Notes may not be redeemed at the option of the Company and no sinking fund is provided for the Notes.

 

Purchase at the Option of the Holder Upon
a Fundamental Change. Subject to the terms and conditions of the Indenture, the Company shall become obligated, at the option
of the Holder, to repurchase the Notes if a Fundamental Change occurs at any time prior to the Maturity Date at 100% of the Principal
Amount together with accrued and unpaid interest to, but excluding, the Fundamental Change Purchase Date, which amount will be
paid in cash.

 

Withdrawal of Fundamental Change Purchase
Notice. Holders have the right to withdraw, in whole or in part, any Fundamental Change Purchase Notice by delivering to the
Paying Agent a written notice of withdrawal in accordance with the provisions of the Indenture, or in the case of Notes held in
book entry form, in accordance with the Applicable Procedures of DTC. The right to withdraw the Fundamental Change Purchase Notice
will terminate at the Close of Business on the Business Day immediately preceding the relevant Fundamental Change Purchase Date.

 

Payment of Fundamental Change Purchase Price.
If money sufficient to pay the Fundamental Change Purchase Price of all Notes or portions thereof to be purchased on a Fundamental
Change Purchase Date is deposited with the Paying Agent on the Fundamental Change Purchase Date, such Notes will cease to be outstanding
and interest will cease to accrue on such Notes (or portions thereof) immediately after the Close of Business on such Fundamental
Change Purchase Date, and the Holder thereof shall have no other rights as such (other than the right to receive the Fundamental
Change Purchase Price upon surrender of such Note).

 

Conversion. Subject to and upon compliance
with the provisions of the Indenture (including without limitation the conditions of conversion of this Note set forth in Article
6 thereof), the Holder hereof has the right, at its option, to convert the Principal Amount hereof or any portion of such principal
which is $1,000 or an integral multiple of $1,000 in excess thereof, into shares of Common Stock at the Applicable Conversion Rate.
The Conversion Rate is initially 443.6557 shares of Common Stock per $1,000 Principal Amount of Notes (equivalent to an initial
Conversion Price of approximately $2.25), subject to adjustment in certain events described in the Indenture. Upon conversion,
the Company will deliver shares of Common Stock, and the Early Conversion Payment, if applicable, as set forth in the Indenture.
No fractional shares will be issued upon any conversion, but a payment in cash will be made, as provided in the Indenture, in respect
of any fraction of a share which would otherwise be issuable upon the surrender of any Notes for conversion. Notes in respect of
which a Holder is exercising its right to require repurchase on a Fundamental Change Purchase Date may be converted only if such
Holder withdraws the related election to exercise such right in accordance with the terms of the Indenture.

 

    	 

     

    

In the event of a deposit or withdrawal of an
interest in this Note, including an exchange, transfer, repurchase or conversion of this Note in part only, the Trustee, as custodian
of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the rules and
procedures of the Depositary.

 

Limitations on Issuance due to Market Regulation.
Notwithstanding any provision herein to the contrary, if the payment of interest (including Additional Interest) in Common Stock,
or issuance of shares of Common Stock upon conversion of the Notes, would result in the Company exceeding the Exchange Cap, then
the Company shall make interest payments, or settle its obligation on conversion, in cash. The Exchange Cap limitation shall not
apply in the event that the Company obtains stockholder approval for issuances of shares of Common Stock in excess of such amount
and satisfies the requirements of NASDAQ Market Rule 5635. In the event that a Holder seeks to convert such Holder’s Notes
into shares of Common Stock in excess of the Exchange Cap, the Company will notify such Holder within three Business Days that
the Exchange Cap has been exceeded and that the Company will instead settle such amount in excess of the Exchange Cap in cash and
not in shares of Common Stock. In such case, the Company will, by wire transfer of U.S. dollars in immediately available funds
to the account designated by the Holder, pay cash to the Holder in an amount equal to the product of (x) the number of shares of
Common Stock which would have been issuable upon conversion but cannot be issued as a result of the Exchange Cap and (y) the simple
average of the Daily VWAP for Common Stock for the ten consecutive VWAP Trading Days ending on and including the VWAP Trading Day
immediately prior to the Conversion Date.

 

Acceleration of Maturity. Subject to
certain exceptions in the Indenture, if an Event of Default shall occur and be continuing, the Principal Amount plus interest through
such date on all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Supplement Indentures with Consent of Holders;
Waiver of Past Defaults. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any
time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate Principal Amount of
the outstanding Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate Principal
Amount of the outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions
of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of any provision of or applicable to this Note shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or
not notation of such consent or waiver is made upon this Note.

 

Registration of Transfer and Exchange.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in
the Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in the United States,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations
and for the same aggregate Principal Amount, will be issued to the designated transferee or transferees.

 

    	 

     

    

No service charge shall be made for any such
registration of transfer or exchange, but the Company and the Registrar may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and the Registrar and any agent of the Company or the Trustee may treat the Person in whose
name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

 

Registration Rights. Holders of this
Note (including any Person that has a beneficial interest in this Note) are entitled to the benefits of the Registration Rights
Agreement, which applies to shares of Common Stock issued or issuable upon conversion of the Notes, including in connection with
an Early Conversion Payment, or in the payment of interest on the Notes.

 

In accordance with the terms of the Registration
Rights Agreement, during any period in which an Event (each, a “Registration Default”) has occurred and is continuing,
the Company will pay Additional Interest from and including the day of such Registration Default to but excluding the day on which
such Registration Default has been cured. Additional Interest with respect to a Registration Default will be paid semiannually
in arrears, with the first semiannual payment due on the first Interest Payment Date occurring after the Event Date and will accrue
at a rate per annum equal to one-half of one percent (0.50%) of the sum of (i) the aggregate principal amount of Notes held by
a Holder and (ii) the aggregate principal amount of Notes which were held by a Holder and were subsequently converted into Registrable
Securities that have not been registered as of such Event.

 

Whenever in this Note there is a reference,
in any context, to the payment of interest on, or in respect of, any Note as of any time, such reference shall be deemed to include
reference to Additional Interest, if any, payable in respect of such Note to the extent that such Additional Interest, if any,
is, was or would be so payable at such time, and express mention of Additional Interest, if any, in any provision of this Note
shall not be construed as excluding Additional Interest, if any, so payable in those provisions of this Note when such express
mention is not made.

 

Denominations. The Notes are issuable
only in registered form in denominations of $1,000 and any integral multiple of $1,000 in excess thereof, as provided in the Indenture
and subject to certain limitations therein set forth. Notes are exchangeable for a like aggregate Principal Amount of Notes of
a different authorized denomination, as requested by the Holder surrendering the same.

 

This Note and any claim, controversy or dispute
arising under or related to this Note shall be governed by and construed in accordance with the laws of the State of New York.

 

All terms used in this Note that are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

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