Document:

Exhibit

Exhibit 10.1 

FIRST AMENDMENT
TO THE
AGROFRESH SOLUTIONS, INC. 
2015 INCENTIVE COMPENSATION PLAN

THIS FIRST AMENDMENT, made effective as of March 31, 2017, by AGROFRESH 
SOLUTIONS, INC., a Delaware corporation (the “Company”) to the AGROFRESH 
SOLUTIONS, INC. 2015 INCENTIVE COMPENSATION PLAN (the “Plan”).
W I T N E S S E T H: 
WHEREAS, the Company did establish the Plan for the sole and exclusive benefit of its eligible participants and their respective beneficiaries so that the Company could attract, motivate, retain and reward them, and 
WHEREAS, pursuant to Section 10(e) of the Plan, the Company reserved the right to amend said Plan; 
NOW, THEREFORE, effective as of March 31, 2017, the Plan shall be amended as follows:

1.The first sentence of Section 4(a) of the Plan is hereby amended, in its entirety, to read as follows: 

“Subject to adjustment as provided in Section 10(c) hereof, the total number of Shares reserved and available for delivery under the Plan shall be 5,150,000.”

2.Section 4(c)(iv) is hereby deleted, in its entirety, and replaced with the following: 

“(iv) Notwithstanding anything in this Section 4(c) to the contrary but subject to adjustment as provided in Section 10(c) hereof, the maximum aggregate number of Shares that may be delivered under the Plan as a result of the exercise of the Incentive Stock Options shall be 5,150,000 Shares.”

3.The third sentence of Section 6(b)(i) of the Plan is hereby amended, in its entirety, to read as follows: 

“Other than pursuant to Section 10(c)(i) and (ii) of this Plan, the Committee shall not be permitted to (A) lower the exercise price per Share of an Option after it is granted, (B) cancel, substitute or exchange an Option when the exercise price per Share exceeds the Fair Market Value of the underlying Shares in exchange for cash or another Award, (C) cancel an outstanding Option in exchange for an Option with an exercise price that is less than the exercise price of the original Options or (D) take any other action with respect to an Option that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without approval of the Company’s shareholders.” 

Exhibit 10.1 

4.The third sentence of Section 6(c)(i) of the Plan is hereby amended, in its entirety, to read as follows: 

“Other than pursuant to Section 10(c)(i) and (ii) of this Plan, the Committee shall not be permitted to (A) lower the grant price per Share of a Stock Appreciation Right after it is granted, (B) cancel a Stock Appreciation Right when the grant price per Share exceeds the Fair Market Value of the underlying Shares in exchange for cash or another Award, (C) cancel an outstanding Stock Appreciation Right in exchange for a Stock Appreciation Right with a grant price that is less than the grant price of the original Stock Appreciation Right, or (D) take any other action with respect to a Stock Appreciation Right that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without shareholder approval.”

5.The first sentence of Section 7(a) of the Plan is hereby amended, in its entirety, to read as follows:

“Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for (subject to Section 6(b)(i) and Section 6(c)(i)), any other Award or any award granted under another plan of the Company, any Related Entity, or any business entity to be acquired by the Company or a Related Entity, or any other right of a Participant to receive payment from the Company or any Related Entity.”

6.In all other respects, the Plan shall remain unchanged by this First AmendmentCONVERTIBLE
PROMISSORY NOTE

 

THIS
NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE
OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION
OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

 

MARINA
BIOTECH, INC.

 

CONVERTIBLE
PROMISSORY NOTE

 

	US$
    __________	June
   , 2017

 

FOR
VALUE RECEIVED, MARINA BIOTECH, INC., a corporation duly incorporated under the laws of the State of Delaware (the “Company”),
hereby promises to pay to ____________________ or its permissible assigns (the “Holder”) the principal sum
of $__________, together with accrued and unpaid interest thereon, in the manner provided herein. This convertible promissory
note is one of a series of convertible promissory notes issued by the Company to investors pursuant to that certain Note Purchase
Agreement dated as of June 1, 2017 (the “Purchase Agreement”) containing substantially identical terms and
conditions. This convertible promissory note shall be referred to herein as this “Note”, and all of such convertible
promissory notes are referred to herein as the “Notes”. Each capitalized term used, but not defined, in this Note
shall have the meaning ascribed to it in the Purchase Agreement.

 

1.
Payment.

 

(a)
Payment. Unless earlier converted as provided herein, all amounts outstanding and unpaid under this Note shall be due and
payable on the earliest to occur of: (i) at the Company’s election or on demand by Majority Note Holders at any time on
or after June 1, 2018 or (ii) on demand by the Majority Note Holders at any time following an Event of Default (the earliest
to occur of clauses (i) or (ii) being referred to herein as the “Maturity Date”). The Company waives demand,
presentment, diligence, protest, notice of protest and notice of dishonor with respect to this Note. All payments will be made
in lawful money of the United States of America at the principal office of the Company, or at such other place as the Holder may
from time to time designate in writing to the Company.

 

(b)
Pre-Payment. This Note may not be prepaid, whether in whole or in part, without the prior written consent of the Majority
Note Holders.

 

    	 	 	 

    	 

    

 

2.
Interest. Interest on the unpaid principal amount shall accrue beginning on the issue
date set forth above at a rate equal to five percent (5%) per annum computed on the basis of the actual number of days elapsed
and a year of 365 days from the date of this Note until the principal amount and all interest accrued thereon are paid or converted
as provided in Section 3 hereof. Except upon the earlier conversion in accordance with Section 3, interest shall not be due and
payable until the Maturity Date or such earlier time as set forth in Section 1(a).

 

3.
Conversion.
Upon written notice delivered by the Majority Note Holders to the Company not more than five (5) days following the Maturity Date
(such notice, the “Election Notice”), the Majority Note Holders shall have the right, but not the obligation,
on behalf of themselves and all other Holders, to elect to convert the entire unpaid principal amount of all, but not less than
all, of the Notes (including this Note) and the accrued and unpaid interest thereon into such number of shares of Common Stock
as is equal to, with respect to each Note: (x) the entire unpaid principal amount of such Note and the accrued and unpaid interest
thereon on the date of the delivery of the Election Notice by (y) $0.35 (such price, the “Conversion Price”,
and the number of shares of Common Stock to be issued pursuant to the foregoing formula, the “Conversion Shares”).
For the avoidance of doubt, if the Majority Note Holders do not deliver an Election Notice as provided in this Section 3, then
the Notes shall due and payable on the Maturity Date in cash pursuant to their terms.

 

4.
Mechanics of Conversion.
In the event that this Note is converted pursuant to Section 3, the Holder shall surrender this Note, duly endorsed, to the Company
promptly following the delivery of the Election Notice, and the Note shall thereupon be canceled. As soon as practicable following
surrender of this Note (or a duly executed affidavit of loss with any indemnity requested by the Company) and at its expense,
the Company will take such steps, and execute and deliver such agreements, documents and instruments, as may be reasonably necessary
to issue and deliver to the Holder a certificate or certificates representing the number of shares of Common Stock to which the
Holder is entitled upon such conversion.

 

5.
Termination of Rights. Upon payment in full of this Note, or conversion of this Note
in accordance with Section 3, all rights with respect to this Note shall terminate, whether or not this Note has been surrendered
for cancellation.

 

6.
Events of Default. In case an Event of Default shall occur, then upon demand by the Majority
Note Holders (which demand shall not be required in the case of an Event of Default under Sections 6.1(b) or (c) of the Purchase
Agreement), the entire outstanding principal amount, plus accrued and unpaid interest thereon, of this Note shall become immediately
due and payable in the manner and with the effect provided in the Purchase Agreement and this Note.

 

7.
Transfer; Successors and Assigns. The Holder may not sell, assign, pledge, dispose of
or otherwise transfer this Note or any interest herein without the prior written consent of the Company; provided, however, a
Holder that is a partnership, corporation, trust, joint venture, unincorporated organization or other entity may transfer this
Note to any person that owns all (but not less than all) of the issued and outstanding voting securities of such entity without
the prior written consent of the Company. Subject to the preceding sentence, this Note may be transferred only upon surrender
of the original Note (or affidavit of loss with any indemnity reasonably requested by the Company) for registration of transfer,
duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon,
a new note for the same principal amount and interest will be issued to, and registered in the name of, the transferee. Interest
and principal are payable only to the registered Holder. The terms and conditions of this Note shall inure to the benefit of and
be binding upon the respective successors and assigns of the parties.

 

    	 	 	 

    	 

    

 

8.
Security; Liability of Certain Persons. The Notes shall be unsecured obligations of the Company. In no event will any
officer, director, employee, agent, representative or stockholder of the Company be liable for any amounts due and payable pursuant
to this Note.

 

9.
Governing Law. This Note shall be governed by and construed in accordance with the internal
laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of
New York or any other jurisdiction).

 

10.
Notices. All notices required or permitted hereunder shall be given in accordance with
Section 7.5 of the Purchase Agreement.

 

11.
Amendments and Waivers. The terms and provisions of this Note may be amended or modified,
and any provision hereof may be waived, only with the written consent of the Company and the Majority Note Holders.

 

12.
Headings. The headings in this Note are for purposes of reference only, and shall not
limit or otherwise affect the meaning hereof.

 

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of page intentionally left blank; signature page follows]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed and delivered.

 

	MARINA
    BIOTECH, INC.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Convertible Promissory Note]

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