Document:

Exhibit 10.33

 

Amendment No 2 to Loan Agreement

 

November 14, 2018

 

	Effective
DATE:	September 30, 2018
	 	 	 
	PARTIES:	Borrower:	Amyris, Inc., a Delaware corporation (“Amyris”) and Amyris Fuels, LLC, a Delaware limited liability
company (“Fuels”)
	 	 	 
	 	Lender:	GACP Finance Co., LLC., a Delaware limited liability company

 

RECITALS

 

A.               
Lender has extended credit (the “Loan”) to Borrower in the original principal amount of Thirty-Six Million
Dollars ($36,000,000) pursuant to that certain Loan and Security Agreement, dated as of June 29, 2018, as modified by that certain
First Modification Agreement, effective as of June 29, 2018 and as amended pursuant to that certain Amendment No 1 to Loan Agreement,
effective as of August 24, 2018 (the “Loan Agreement”), each by and among by Borrower, each “Subsidiary
Guarantor” party thereto, the several banks and other financial institutions or entities from time to time parties thereto
(collectively, referred to as “Lender”) and GACP Finance Co., LLC., a Delaware limited liability company, in
its capacity as administrative agent for itself and the Lender (in such capacity, the “Agent”).

 

B.                
Borrower and Lender desire to make a technical amendment to the definition of Borrowing Base in the Loan Agreement.

 

C.                
The term “Loan Documents” and each other capitalized term used but not defined herein has the meaning given
to such term in the Loan Agreement.

 

AGREEMENT

 

For good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Borrower and Lender agree as follows:

 

1.                 
Amendment to Loan Agreement. Effective as of the Effective Date hereof, the Loan Agreement is modified as
follows:

 

1.1             
Section 1.1 of the Loan Agreement is hereby amended by deleting the definitions of “Fee Letter” and “Term
Loan Interest Rate” in their entirety and replacing them with the following:

 

“Fee Letter” means that certain
Amended and Restated Fee Letter dated as of November 14, 2018 between Borrower and Agent.

 

“Term Loan Interest Rate” means for any day a
per annum rate of interest equal to (i) thegreater of (a) the prime rate as reported in The Wall Street Journal or (b) 4.0% plus
(ii) 8.25%.

 

     

     

    

 

1.2             
Section 2.6(c) of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing it with the
following:

 

“(c) Prepayment Charge. Concurrently
with prepayment pursuant to Section 2.6(a) or (b) Borrower shall pay a charge equal to: (i) if such Advance amounts are prepaid
in any of the first twelve (12) months following the Closing Date, the sum of 3% of the Advance amount being prepaid plus all required
remaining scheduled interest payments which would have been due on the Advance amount being prepaid through June 28, 2019 such
interest payments to be calculated at the Term Loan Interest Rate prevailing on the date of prepayment; (ii) if such Advance amounts
are prepaid in any of the second twelve (12) months following the Closing Date, 2% of the Advance amount being prepaid; and (iii)
if such Advance amounts are prepaid in any of the third twelve (12) months following the Closing Date, 1% of the Advance amount
being prepaid (each, a “Prepayment Charge”). Borrower agrees that the Prepayment Charge is a reasonable calculation
of each Lender’s lost profits in view of the difficulties and impracticality of determining actual damages resulting from
an early repayment of the Advances.

 

1.3             
Section 7.16 of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing it with the
following:

 

“7.16 Minimum Liquidity. Borrower
shall have, on a consolidated basis, liquidity calculated as unrestricted, unencumbered Cash and Cash Equivalents in one or more
Deposit Accounts located in the United States which are subject to an Account Control Agreement in favor of Agent (provided that
no Account Control Agreement shall be required to be in place until the seventh day after the Closing Date) as of:

 

(a)        the
last day of the month for each of June, July, August and September of 2018 and at all times during the period beginning on October
1, 2018 and ending on November 12, 2018, in a minimum amount equal to $10,000,000; provided, that for the first two months of each
fiscal quarter beginning on or after the Closing Date, such amount shall be reduced to $5,000,000 in the event liquidity calculated
as the sum of (i) unrestricted, unencumbered Cash and Cash Equivalents in one or more Deposit Accounts located in the United States
which are subject to an Account Control Agreement in favor of Agent, provided that no Account Control Agreement shall be required
to be in place until the seventh day after the Closing Date and (ii) the outstanding principal amount of all Eligible Accounts
Receivable not required to meet the covenant set forth in Section 7.17 equals minimum amount of $10,000,000; and

 

(b)       at
all times on and after November 13, 2018 and ending on the date hereof, in a minimum amount equal to $15,000,000; provided, that
for the first two months of each fiscal quarter beginning on or after the Closing Date, such amount shall be reduced to $10,000,000
in the event liquidity calculated as the sum of (i) unrestricted, unencumbered Cash and Cash Equivalents in one or more Deposit
Accounts located in the United States which are subject to an Account Control Agreement in favor of Agent, provided that no Account
Control Agreement shall be required to be in place until the seventh day after the Closing Date and (ii) the outstanding principal
amount of all Eligible Accounts Receivable not required to meet the covenant set forth in Section 7.17 equals minimum amount of
$15,000,000.”

 

    -2-

     

    

 

1.4             
Each reference in the Loan Documents to the Loan Agreement is a reference to such document as modified herein.

 

2.                 
Representations and Warranties. Borrower represents and warrants to Lender:

 

2.1             
As of the date hereof, Minimum Liquidity as calculated in accordance with the Section 7.16 of the Loan Agreement
is at least $15,000,000 and is comprised of Cash and Cash Equivalents.

 

2.2             
No Event of Default under any of the Loan Documents as modified herein, nor any event, that, with the giving of notice or
the passage of time or both, would be an Event of Default under the Loan Documents as modified herein has occurred and is continuing.

 

2.3             
There has been no material adverse change in the financial condition of Borrower or any other person whose financial statement
has been delivered to Lender in connection with the Loan from the most recent financial statement received by Lender.

 

2.4             
The Loan Documents as modified herein are the legal, valid, and binding obligation of Borrower, enforceable against Borrower
in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization,
or similar laws or by equitable principals of general application.

 

3.                 
Miscellaneous. 

 

3.1             
Before this Amendment becomes binding on Lender, Lender shall have received, in form and substance satisfactory to Lender,
in Lender’s sole and absolute discretion, fully executed, and if requested by Lender, acknowledged originals of this Amendment
and the Amended and Restated Fee Letter referenced herein.

 

3.2             
The Loan Documents are ratified and affirmed by Borrower and remain in full force and effect as modified herein. Any property
or rights to or interests in property granted as security in the Loan Documents remain as security for the Loan and the obligations
of Borrower in the Loan Documents.

 

3.3             
The Loan Documents as modified herein contain the entire understanding and agreement of Borrower and Lender in respect of
the Loan and supersede all prior representations, warranties, agreements, arrangements, and understandings with respect thereto.
No provision of the Loan Documents as modified herein may be changed, discharged, supplemented, terminated, or waived except in
a writing signed by Lender and Borrower.

 

3.4              Except
as specifically provided in this Amendment, no implied consent involving any of the matters set forth in this Amendment or
otherwise shall be inferred or implied by Lender’s execution of this Amendment or any other action of Lender.
Lender’s execution of this Amendment shall not constitute a waiver, either express or implied, of the requirement that
any further waiver with respect to or modification of the Loan or of the Loan Documents shall require the express written
approval of Lender, as further set forth in the Loan Documents. Lender’s execution of this Amendment shall not
constitute a waiver of any of the rights and remedies that Lender may have against Borrower, or of any of Lender’s
rights and remedies arising out of the Loan Documents and such rights and remedies are hereby expressly reserved.

 

    -3-

     

    

 

3.5             
In consideration of the agreements of Lender set forth in this Amendment, Borrower, and all of their respective heirs, personal
representatives, predecessors, successors and assigns (individually and collectively, the “Releasors”), hereby
fully, finally, and forever release and discharge Lender and its successors, assigns, directors, officers, employees, agents, and
representatives from any and all actions, causes of action, claims, debts, demands, liabilities, obligations, and suits of whatever
kind or nature, in law or equity, the Releasors or any of them have, whether known or unknown, in respect of the Loan Documents arising
from events occurring prior to the date hereof.

 

3.1             
This Amendment shall be governed by the laws of the State of California, excluding conflict of laws principles that would
cause the application of laws of any other jurisdiction.

 

3.2             
The Loan Documents as modified herein are binding upon, and inure to the benefit of, Borrower and Lender and their respective
successors and assigns.

 

3.3             
This Amendment may be executed in one or more counterparts, each of which is deemed an original and all of which together
constitute one and the same document. Signature pages may be detached from the counterparts and attached to a single copy of this
Amendment to physically form one document.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

 

    -4-

     

    

 

DATED as of the date first above stated.

 

	 	“Borrower”
	 	 	 
	 	Amyris, Inc., a Delaware corporation	 
	 	 	 	 
	 	By:	/s/ Kathleen Valiasek	 
	 	Name:	 	 
	 	Title:	 	 

 

	 	Amyris Fuels, LLC, a Delaware limited liability company
	 	 	 
	 	 	 	 
	 	By:	/s/ Kathleen Valiasek	 
	 	Name:	 	 
	 	Title:	 	 

 

	 	“Lender”
	 	 	 
	 	GACP Finance Co., LLC., a Delaware limited liability company
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

 

    
[Signature Page to Amendment No 2 to Loan Agreement]

     

    

 

DATED as of the date first above stated.

 

	 	“Borrower”
	 	 	 
	 	Amyris, Inc., a Delaware corporation	 
	 	 	 	 
	 	By:		 
	 	Name:	 	 
	 	Title:	 	 

 

	 	Amyris Fuels, LLC, a Delaware limited liability company
	 	 	 
	 	 	 	 
	 	By:		 
	 	Name:	 	 
	 	Title:	 	 

 

	 	“Lender”
	 	 	 
	 	GACP Finance Co., LLC., a Delaware limited liability company
	 	 	 	 
	 	By:	/s/ John Ahn	 
	 	Name:	John Ahn	 
	 	Title:	 President	 

 

 

 

 

 

 

[Signature Page to Amendment No 2 to Loan Agreement]Exhibit 10.34

 

EXECUTION COPY

 

AMENDMENT NO 3 TO LOAN AGREEMENT

 

	EFFECTIVE DATE:	December 14, 2018
	 	 	 
	PARTIES:	Borrower: 	Amyris, Inc., a Delaware corporation (“Amyris”), and Amyris Fuels, LLC, a Delaware limited
liability company, Amyris Clean Beauty LLC, a Delaware limited liability company
	 	 	 
	 	Lender:	GACP Finance Co., LLC, a Delaware limited liability company

 

			

RECITALS 

 

A.       Lender
has extended credit (the “Loan”) to Borrower in the original principal amount of Thirty-Six Million Dollars
($36,000,000) pursuant to that certain Loan and Security Agreement, dated as of June 29, 2018, as modified by that certain First
Modification Agreement, effective as of June 29, 2018 and as amended pursuant to that certain Amendment No 1 to Loan Agreement,
effective as of August 24, 2018, and that certain Amendment No 2 to Loan Agreement, effective as of September 30, 2018 (the “Loan
Agreement”), each by and among Amyris, each “Subsidiary Guarantor” party thereto, the several bantks and
other financial institutions or entities from time to time parties thereto (collectively, referred to as “Lender”)
and GACP Finance Co., LLC, a Delaware limited liability company, in its capacity as administrative agent for itself and the Lender
(in such capacity, the “Agent”).

 

B.       Borrower
and Lender desire to amend the definition of “Excluded Intellectual Property” and “Term Loan Interest Rate”
in the Loan Agreement.

 

C.       The
term “Loan Documents” and each other capitalized term used but not defined herein has the meaning given to such term
in the Loan Agreement, as amended hereby.

 

AGREEMENT 

 

For good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Borrower and Lender agree as follows:

 

1.       Amendment
to Loan Agreement. Effective as of the Effective Date hereof, the Loan Agreement is modified as follows:

 

1.1 Section 1.1 of the Loan Agreement is hereby
amended by deleting the definitions of “Excluded Intellectual Property” and “Term Loan Interest Rate”
in their entirety and replacing them with the following:

 

     

     

    

 

“Excluded Intellectual
Property” means all Intellectual Property that (i) constitutes “AMYRIS Licensed IP” as defined in that
certain License Agreement regarding Diesel Fuel in the EU, dated as of March 21, 2016, as amended, by and among the Parent
and Total Raffinage Chimie S.A., as assignee of Total Energies Nouvelles Activités USA, but solely to the extent of
the field of use granted in such agreement, (ii) constitutes “AMYRIS Licensed IP” as defined in that certain
Amended & Restated Jet Fuel License Agreement, dated as of March 21, 2016, as amended, by and among the Parent and Total
Amyris BioSolutions B.V., but solely to the extent of the field of use granted in such agreement, (iii) is subject to that
certain Farnesene Intellectual Property License, dated as of November 14, 2017, by and between DSM Nutritional Products Ltd.
and Parent, but solely to the extent of the field of use granted in such license, (iv) is subject to that certain Health and
Nutrition License Agreement, dated as of May 11, 2017, by and between Parent and DSM International B.V., but solely to the
extent of the field of use granted in such license, or (v) is subject to that certain Vitamin A License Agreement, dated as
of May 11, 2017, by and between Parent and DSM International B.V., but solely to the extent of the field of use granted in
such license, and in each case of clauses (i) and (ii), as such agreements were in effect as of June 29, 2018, and in each
case of clauses (iii), (iv) and (v), as such agreements existed as of December 14, 2018, in each case, only for as long as
such agreement or license is not terminated either (x) with the prior written consent of the party thereto (other than Parent
(or any successor to Parent)) or (y) by Parent (or any successor to Parent) in accordance with the terms of such agreement or
license, unless (and only for so long as) such termination is being disputed in good faith by the other party thereto.
Notwithstanding the foregoing “Excluded Intellectual Property” shall not include any products, substitutions or
replacements of Intellectual Property outside of the fields of use granted in the foregoing agreements and licenses or any
proceeds of such Intellectual Property (unless, in each case, such proceeds, products, substitutions or replacements
would otherwise constitute Excluded Intellectual Property).

 

“Term Loan Interest Rate”
means for any day a per annum rate of interest equal to (i) the greater of (a) the prime rate as reported in The Wall Street Journal
or (b) 4.75% plus (ii) 9.00%.

 

1.2        Each
reference in the Loan Documents to the Loan Agreement is a reference to such document as modified herein.

 

1.3       Each
reference in the Loan Documents to “Excluded Intellectual Property” and “Term Loan Interest Rate”
is a reference to such term as modified herein.

 

2.       No Pledge of Excluded
Intellectual Property. Borrower shall, at all times, keep, and shall cause its Subsidiaries to keep, the Excluded Intellectual
Property free and clear from any legal process or Liens whatsoever (except for (x) Permitted Liens and (y) the agreements and licenses
referenced in the definition of Excluded Intellectual Property (as modified hereby) and the other rights granted thereunder to
the other parties thereto). Borrower shall, and shall cause its Subsidiaries to, protect and defend Borrower’s or such Subsidiary’s
title to the Excluded Intellectual Property from and against all Persons claiming any interest adverse to Borrower or such Subsidiary.

 

3.        Representations
and Warranties. Borrower represents and warrants to Lender:

 

3.1       There
has been no material adverse change in the financial condition of Borrower or any other person whose financial statement has been
delivered to Lender in connection with the Loan from the most recent financial statement received by Lender.

 

3.2       The
Loan Documents as modified herein are the legal, valid, and binding obligation of Borrower, enforceable against Borrower in accordance
with their terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization, or similar
laws or by equitable principals of general application.

 

    -2-

     

    

 

4.        Miscellaneous.

 

4.1        Before this Amendment
becomes binding on Lender,

 

4.1.1        Lender
shall have received a copy of this Amendment duly executed by Borrower; and

 

4.1.2        Lender
shall have received its amendment fee of $180,000 by wire transfer of immediately available funds.

 

4.2        The
Loan Documents are ratified and affirmed by Borrower and remain in full force and effect as modified herein. Any property or rights
to or interests in property granted as security in the Loan Documents, as modified herein, remain as security for the Loan and
the obligations of Borrower in the Loan Documents.

 

4.3        The
Loan Documents as modified herein contain the entire understanding and agreement of Borrower and Lender in respect of the Loan
and supersede all prior representations, warranties, agreements, arrangements, and understandings with respect thereto. No provision
of the Loan Documents as modified herein may be changed, discharged, supplemented, terminated, or waived except in a writing signed
by Lender and Borrower. In addition, no provision of the Loan Documents as modified herein in respect of Excluded Intellectual
Property of the types described in clauses (iii), (iv) or (v) of the definition thereof may be changed, discharged, supplemented,
terminated, or waived except in a writing signed by Lender, Borrower and, prior to termination of the applicable agreement or license
referenced in such clauses either (i) with the prior written consent of the party thereto (other than Parent (or any successor
to Parent)) or (ii) by Parent (or any successor to Parent) in accordance with the terms of such agreement or license, unless (and
only for so long as) such termination is being disputed in good faith by the other party thereto, DSM International B.V.

 

4.4        Except
as specifically provided in this Amendment, no implied consent involving any of the matters set forth in this Amendment or otherwise
shall be inferred or implied by Lender’s execution of this Amendment or any other action of Lender. Lender’s execution
of this Amendment shall not constitute a waiver, either express or implied, of the requirement that any further waiver with respect
to or modification of the Loan or of the Loan Documents shall require the express written approval of Lender, as further set forth
in the Loan Documents. Lender’s execution of this Amendment shall not constitute a waiver of any of the rights and remedies
that Lender may have against Borrower, or of any of Lender’s rights and remedies arising out of the Loan Documents as modified
herein and such rights and remedies are hereby expressly reserved.

 

4.5        Lender
agrees to promptly (and in no event later than five (5) Business Days after the date hereof) file a UCC-3 financing statement amendment,
in the form of Exhibit A hereto, with the Delaware Secretary of State.

 

4.6        In
consideration of the agreements of Lender set forth in this Amendment, Borrower, and all of its predecessors, successors and assigns
(individually and collectively, the “Releasors”), hereby fully, finally, and forever release and discharge
Lender and its successors, assigns, directors, officers, employees, agents, and representatives from any and all actions, causes
of action, claims, debts, demands, liabilities, obligations, and suits of whatever kind or nature, in law or equity, the Releasors
or any of them have, whether known or unknown, in respect of the Loan Documents arising from events occurring prior to the date
hereof.

 

    -3-

     

    

 

4.7       This
Amendment shall be governed by the laws of the State of California, excluding conflict of laws principles that would cause the
application of laws of any other jurisdiction.

 

4.8       The
Loan Documents as modified herein are binding upon, and inure to the benefit of, Borrower and Lender and their respective successors
and assigns.

 

4.9       This
Amendment may be executed in one or more counterparts, each of which is deemed an original and all of which together constitute
one and the same document. Signature pages may be detached from the counterparts and attached to a single copy of this Amendment
to physically form one document.

 

4.10       Prior
to termination of the applicable agreement or license referenced in clauses (iii), (iv) or (v) of the definition of Excluded Intellectual
Property either (i) with the prior written consent of the party thereto (other than Parent (or any successor to Parent)) or (ii)
by Parent (or any successor to Parent) in accordance with the terms of such agreement or license, unless (and only for so long
as) such termination is being disputed in good faith by the other party thereto, DSM International B.V. is and shall be an intended
third party beneficiary of, and may enforce, this Amendment.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

 

    -4-

     

    

 

DATED as of the date first above stated.

 

	 	“Borrower”
	 	 	 
	 	Amyris, Inc., a Delaware corporation	 
	 	 	 	 
	 	By:	/s/ Kathleen Valiasek	 
	 	Name:	Kathleen Valiasek	 
	 	Title:	Chief Financial Officer	 

 

	 	Amyris Fuels, LLC, a Delaware limited liability company
	 	 	 
	 	 	 	 
	 	By:	/s/ Kathleen Valiasek	 
	 	Name:	Kathleen Valiasek	 
	 	Title:	Chief Financial Officer	 

 

	 	AMYRIS CLEAN BEAUTY LLC, a Delaware limited liability company
	 	 	 
	 	 	 	 
	 	By:	/s/ Kathleen Valiasek	 
	 	Name:	Kathleen Valiasek	 
	 	Title:	Chief Financial Officer	 

 

	 	“Lender” / “Agent”
	 	 	 
	 	GACP Finance Co., LLC., a Delaware limited liability company
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

 

    
[Signature Page to Amendment No. 3 to Loan Agreement]

     

    

 

DATED as of the date first above stated.

 

	 	“Borrower”
	 	 	 
	 	Amyris, Inc., a Delaware corporation	 
	 	 	 	 
	 	By:		 
	 	Name:	 	 
	 	Title:	 	 

 

	 	Amyris Fuels, LLC, a Delaware limited liability company
	 	 	 
	 	 	 	 
	 	By:		 
	 	Name:	 	 
	 	Title:	 	 

 

	 	AMYRIS CLEAN BEAUTY LLC, a Delaware limited liability company
	 	 	 
	 	 	 	 
	 	By:		 
	 	Name:		 
	 	Title:		 

 

	 	“Lender”  / “Agent”
	 	 	 
	 	GACP Finance Co., LLC., a Delaware limited liability company
	 	 	 	 
	 	By:	/s/ John Ahn	 
	 	Name:	John Ahn	 
	 	Title:	 President	 

 

Exhibit A

 

See attached.

 

    
[Signature Page to Amendment No. 3 to Loan Agreement]

     

    

 

 

     

     

    

 
FINANCING STATEMENT (Form UCC-3 – Collateral
Restatement)

 

(Continued)

 

EXHIBIT A

 

Debtor grants to Secured Party a security interest in all of Debtor’s
right, title, and interest in and to the following personal property whether now owned or hereafter acquired (collectively, the
“Collateral”):

 

(a) All of Debtor’s Receivables, which shall include (i) all
of Debtor’s Accounts, Instruments, Documents, Chattel Paper, Supporting Obligations, letters of credit, proceeds of any letter
of credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto;

 

(b) All of Debtor’s Equipment;

 

(c) All of Debtor’s Fixtures;

 

(d) All of Debtor’s General Intangibles;

 

(e) All of Debtor’s Inventory;

 

(f) All of Debtor’s Investment Property (but excluding thirty-five
percent (35%) of the capital stock of any Foreign Subsidiary that constitutes a Permitted Investment);

 

(g) All of Debtor’s Deposit Accounts;

 

(h) All of Debtor’s Cash;

 

(i) All of Debtor’s Goods;

 

(j) All of Debtor’s Collateral IP, which means all of Debtor’s
Intellectual Property, other than Excluded Intellectual Property, which means all Intellectual Property that (i) constitutes “AMYRIS
Licensed IP” as defined in that certain License Agreement regarding Diesel Fuel in the EU, dated as of March 21, 2016, as
amended, by and among the Parent and Total Raffinage Chimie S.A., as assignee of Total Energies Nouvelles Activités USA,
but solely to the extent of the field of use granted in such agreement, (ii) constitutes “AMYRIS Licensed IP” as defined
in that certain Amended & Restated Jet Fuel License Agreement, dated as of March 21, 2016, as amended, by and among the Parent
and Total Amyris BioSolutions B.V., but solely to the extent of the field of use granted in such agreement, (iii) is subject to
that certain Farnesene Intellectual Property License, dated as of November 14, 2017, by and between DSM Nutritional Products Ltd.
and Parent, but solely to the extent of the field of use granted in such license, (iv) is subject to that certain Health and Nutrition
License Agreement, dated as of May 11, 2017, by and between Parent and DSM International B.V., but solely to the extent of the
field of use granted in such license, or

 

     

     

    

 

(v) is subject to that certain Vitamin A License Agreement, dated
as of May 11, 2017, by and between Parent and DSM International B.V., but solely to the extent of the field of use granted in such
license, and in each case of clauses (i) and (ii), as such agreements were in effect as of June 29, 2018, and in each case of clauses
(iii), (iv) and (v), as such agreements existed as of December 14, 2018, in each case, only for as long as such agreement or license
is not terminated either (x) with the prior written consent of the party thereto (other than Parent (or any successor to Parent))
or (y) by Parent (or any successor to Parent) in accordance with the terms of such agreement or license, unless (and only for so
long as) such termination is being disputed in good faith by the other party thereto. Notwithstanding the foregoing “Excluded
Intellectual Property” shall not include any products, substitutions or replacements of Intellectual Property outside of
the fields of use granted in the foregoing agreements and licenses or any proceeds of such Intellectual Property (unless, in each
case, such proceeds, products, substitutions or replacements would otherwise constitute Excluded Intellectual Property); and

 

(k) all other tangible and intangible personal property of Debtor
whether now or hereafter owned or existing, leased, consigned by or to, or acquired by, Debtor and wherever located, and any of
Debtor’s property in the possession or under the control of Secured Party; and, to the extent not otherwise included, all
Proceeds of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of
each of the foregoing.

 

Notwithstanding the broad grant of the security interest set forth
(a) through (k), above, the Collateral shall not include (i) more than 65% of the presently existing and hereafter arising issued
and outstanding shares of capital stock owned by Debtor of any Foreign Subsidiary which shares entitle the holder thereof to vote
for directors or any other matter, (ii) Debtor’s equity interests in Novvi LLC, Aprinnova, LLC, and Total Amyris Biosolutions
B.V. and Debtor’s interest in any other joint venture existing on the date hereof to the extent that the pledging of such
interest is prohibited by the relevant agreements and (iii) any Excluded Intellectual Property.

 

Defined terms not otherwise herein defined shall have the meaning
ascribed to them in the Uniform Commercial Code as the same is, from time to time, in effect in the State of California, or in
that certain Loan and Security Agreement dated as of June 29, 2018, as amended from time to time, by and among Amyris, Inc., a
Delaware corporation, as borrower and Secured Party, in its capacity as administrative agent for itself and the Lender named therein.

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