Document:

EX-10.37

 Exhibit 10.37 

EXECUTION VERSION 
  

			
	$5,000,000	  	May 23, 2019

 AMENDED AND RESTATED SECURED PROMISSORY NOTE 

THIS AMENDED AND RESTATED SECURED PROMISSORY NOTE (collectively, with any amendments hereto, substitutions herefor, and modifications,
renewals and extensions hereof, this “Note”), is made as of May 23, 2019, by Micromidas, Inc. (dba Origin Materials), a company organized and existing under the laws of the state of Delaware (“Origin”),
whose principal office is at 930 Riverside Parkway, Suite 10, West Sacramento, CA 95605, United States of America, Origin Materials Canada Holding Limited, a corporation incorporated under the laws of the Province of New Brunswick
(“Holding”), whose principal office is at 44 Chipman Hill, Suite 1000, Saint John, New Brunswick, Canada E2L2A9 and Origin Materials Canada Pioneer Limited, a corporation incorporated under the laws of the Province of New
Brunswick (“OMC Pioneer”), whose principal office is at 44 Chipman Hill, Suite 1000, Saint John, New Brunswick, Canada E2L2A9 (individually and collectively, “Maker”) to the order of Nestlé Waters
Management & Technology, a “société par actions simplifieé” organized and existing under the laws of France, whose registered office is at 12 boulevard Garibaldi, 92130
Issy-les-Moulieaux, France (together with its successors and assigns, “Holder”). 

RECITALS 
 WHEREAS, Origin and
Holder entered into that certain Offtake Supply Agreement, dated as of November 7, 2016 (the “Existing Offtake Supply Agreement”; and the Existing Offtake Supply Agreement as modified, consolidated, renewed, replaced, restated,
amended and/or supplemented from time to time after the date hereof, the “Offtake Supply Agreement”), which set forth the terms and conditions on which, among other things, (i) Origin would produce and supply certain
products to the Holder and the Nestlé Waters Affiliates (as defined in the Existing Offtake Supply Agreement) and (ii) Holder would make advances to Origin pursuant to Section 8.2 of the Existing Offtake Supply Agreement
(the “Advance Payments”);  
 WHEREAS, Origin and Micromidas Pioneer, LLC, a limited liability company
organized under the laws of the state of Delaware (“Micromidas Pioneer”), made that certain Secured Promissory Note, dated as of November 7, 2016 (the “Existing Promissory Note”), to the order of Holder; 

WHEREAS, Holder agreed, pursuant to the Existing Offtake Supply Agreement, and subject to the terms and conditions contained therein,
to make advances to Origin and Micromidas Pioneer in accordance with Section 8.2 of the Existing Offtake Supply Agreement in the aggregate amount of up to five million dollars ($5,000,000), as evidenced by the Existing Promissory Note, of which
the full $5,000,000 has been drawn down and remain outstanding as of the date hereof; 

 WHEREAS, as of the date hereof, unpaid accrued interest on the Advance Payment pursuant to
the Existing Promissory Note was equal to $105,055.06, which amount the parties hereto desire to capitalize and include in the principal amount of this Note payable on the first Due Date (as defined below); 

WHEREAS, Origin and Micromidas Pioneer, in connection with the execution of the Existing Offtake Supply Agreement, agreed to grant security
interests in certain of its and their assets to Holder as security for the Existing Promissory Note; 
 WHEREAS, Origin, in executing the
Existing Offtake Supply Agreement, anticipated that it would construct a commercial-scale facility located in the United States of America (“Pioneer Plant”); 

WHEREAS Origin subsequently decided to construct the Pioneer Plant in Canada rather than the United States; 

WHEREAS, because of the decision to construct the Pioneer Plant in Canada, Origin and Holder are in the process of amending and restating the
Existing Offtake Supply Agreement (any initially capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Offtake Supply Agreement, or if not defined therein, in the Security Agreement), to, among other
things, (i) provide for the construction and operation of the Pioneer Plant in Canada rather than in the United States, (ii) remove Micromidas Pioneer as a Supplier Affiliate and add OMC Pioneer as a Supplier Affiliate,
(iii) terminate the security interests and liens granted pursuant to the Terminated Security Documents and (iv) release and discharge Micromidas Pioneer of its obligations under the Existing Offtake Supply Agreement, the Existing
Promissory Note and the Terminated Security Documents; 
 WHEREAS, the parties hereto do not desire to release, discharge or in any way
alter the security interests, liens or other interests granted, or the obligations of any party, under the “Deposit Account Control Agreement”, the “Bank Account Pledge and Security Agreement”, or any other agreement executed in
connection with the “Existing Offtake Supply Agreement” (each as defined below) that is not expressly referenced herein, which security interests, liens, other interests and obligations remain in full force and effect as of the date
hereof; and 
 WHEREAS, the parties hereto desire to amend and restate the Existing Promissory Note in order to, among other things,
(i) terminate the obligations of Micromidas Pioneer under the Original Promissory Note and (ii) add Holding and OMC Pioneer as obligors with respect to the obligations under this Note. 

NOW THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby covenant and agree that all of the terms, provisions and obligations contained in the
Existing Promissory Note are hereby amended, restated and superseded in their entirety to read as follows: 

  
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 1. Promise to Pay. Maker, for value received, jointly and severally, promises to pay
to Holder, five million dollars ($5,000,000), together with all accrued and unpaid interest and other sums due under this Note or otherwise payable to Holder in respect of the Advance Payments and all other amounts added thereto pursuant to this
Note (or so much thereof as may from time to time be outstanding) (collectively, “Note Obligations”). 
 2. (a) Defined
Terms. The following terms as used herein shall have the following meanings: 
 “Advance Payment Documents” means,
collectively, the Offtake Supply Agreement and the Security Documents, including without limitation this Note, and any extensions, renewals or modifications of any of the foregoing. 

“Advance Payments” shall have the meaning ascribed to such term in the recitals hereof. 

“Base Rate” shall have the meaning ascribed to such term in Section 3(b) hereof. 

“Collateral” means collectively all of the property subject to the lien granted (or intended to be granted) pursuant to any
of the Security Documents. 
 “Credits” shall have the meaning ascribed to such term in Section 6
hereof. The term “credited” shall have the meaning correlative thereto. 
 “Danone Advance Document” means,
collectively, the Danone Offtake Supply Agreement, the Secured Promissory Note (as defined in the Danone Offtake Supply Agreement) (the “Danone Note”), the Security Documents (as defined in the Danone Offtake Supply Agreement) and
any extensions, renewals or modifications of any of the foregoing. 
 “Danone Deposit Account” shall have the meaning
ascribed to such term in Section 11(d) of this Note. 
 “Danone Deposit Account Control
Agreement” means that certain Deposit Account Control Agreement, dated as of November 7, 2016, executed by Origin, Danone Asia Pte Ltd and Silicon Valley Bank, as amended, restated, amended and restated, extended, supplemented or
otherwise modified from time to time. 
 “Danone Offtake Supply Agreement” means that certain Amended and Restated Offtake
Supply Agreement, dated as of May 17, 2019, executed by Origin and Danone Asia Pte Ltd, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time. 

“Default Rate” shall have the meaning ascribed to such term in Section 8 of this Note. 

“Deposit Accounts” shall have the meaning ascribed to such term in Section 11(h) of this Note. 

“Due Date” means the fifth anniversary of the Start Date. 

  
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 “Event of Default” shall have the meaning ascribed to such term in
Section 7 of this Note. 
 “Indemnitee” shall have the meaning ascribed to such term in
Section 23 of this Note. 
 “Nestlé Deposit Account” shall have the meaning ascribed to
such term in Section 11(h) of this Note. 
 “Nestlé Deposit Account Control Agreement”
means that certain Deposit Account Control Agreement, dated as of November 7, 2016 executed by Origin, Holder and Silicon Valley Bank, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time.

 “Note Obligations” shall have the meaning ascribed to such term in Section 1 of this Note.

 “Termination Date” means the date (i) the Note Obligations (other than obligations under the Advance Payment
Documents that by their terms survive) have been paid in full in cash and/or Credits and (ii) this Note is terminated. 
 (b) Terms
Generally. Defined terms may be used in the singular or the plural. When used in the singular preceded by “a”, “an”, or “any”, such term shall be taken to indicate one or more members of the relevant class. When
used in the plural, such term shall be taken to indicate all members of the relevant class. Reference to any agreement shall mean and include any amendments thereto, substitutions therefor, and modifications, renewals and extensions thereof, in each
case, to the extent permitted by such agreement. 
 3. Payments. 

(a) Subject to Sections 5 and 8, the principal amount of this Note shall be payable in accordance with the terms and conditions
of Articles 8 and 21 of the Offtake Supply Agreement. 
 (b) Interest shall accrue at a rate equal to the
3-month US Dollar LIBOR rate (as determined by the Holder in a customary manner and consistent with the terms of the Offtake Supply Agreement (it being understood that if such rate is less than zero, then
such rate shall be deemed to be zero)) plus 0.25% per annum (the “Base Rate”) (or at the Default Rate, if applicable) on the unpaid principal amount of this Note outstanding from time to time from the date hereof and shall be
payable as set forth in Section 8.7 of the Offtake Supply Agreement. Interest shall accrue (and compound) on the basis of a 360-day year of twelve 30-day months. In
no event shall the interest rate payable on this Note exceed the maximum rate of interest permitted to be charged under applicable law. 
 4.
Payment Terms. Except as otherwise provided in Section 3, all payments shall be made to Holder in US Dollars in immediately available funds in full and without any deduction, withholding or set off of any kind. Maker
agrees that the records maintained by Holder as to the date on which any Advance Payment is made, the date and amount of each repayment of principal of any Advance Payment received by the Holder, shall be conclusive absent manifest error. 

  
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 5. Term. Except as provided in Section 3(a), all unpaid
sums due under this Note shall be paid in full in cash on the Due Date. 
 6. Prepayment. Prepayment of this Note in cash and/or
Credits against the monthly payments as set forth in Section 8.2.1 of the Offtake Supply Agreement (such credits, the “Credits”) shall be permitted upon three (3) business days’ prior written notice to Holder, at
Maker’s option and without any additional amounts required to be paid in connection with such prepayment; provided that any prepayments made in cash shall be subject to the terms of the Intercreditor Agreement. 

7. Events of Default. Each of the following shall constitute Events of Default (each, an “Event of Default”): 

(a) Failure of Maker to pay any and all amounts of any Note Obligation under this Note within ninety (90) days of the Due Date; 

(b) Maker or any subsidiary of Maker party to the Security Documents fails to comply with any of its other agreements or covenants in this Note
(other than as set forth in clause (a) above), or the other Security Documents and such failure continues for thirty (30) days after written notice thereof has been given to Maker by Holder, or such longer period if said failure is not
reasonably capable of being cured within such 30-day period and provided Maker has commenced and continues to diligently pursue such cure, such notice to state that it is a “Notice of Default”; 

(c) (i) breach of any covenant, representation or warranty by Maker or any subsidiary or affiliate of Maker under the Offtake Supply
Agreement and such breach continues beyond the applicable cure period set forth in the Offtake Supply Agreement or (ii) breach by Maker of any provision of the Offtake Supply Agreement and the subsequent termination of the Offtake Supply
Agreement in accordance with Article 20 therein; 
 (d) Maker or any subsidiary or affiliate of Maker shall (i) fail to pay any
principal or interest, regardless of amount, due in respect of any indebtedness for borrowed money (other than the obligations evidenced hereby), when and as the same shall become due and payable beyond any applicable grace period under the Danone
Advance Documents or (ii) fail to observe or perform any other term, covenant, conditions or agreement contained in any agreement or instrument evidencing or governing any such indebtedness, if the effect of any failure referred to in this
clause (ii) is to cause or to permit the holder or holders of such indebtedness or a trustee or other representative on its or their behalf to cause such indebtedness to become due prior to the stated maturity under the Danone Advance
Documents; 
 (e) the lien granted (or intended to be granted) under any Security Document ceases for any reason to be a valid, enforceable,
first priority perfected security interest (subject to Permitted Encumbrances) upon any portion of the applicable Collateral; 

  
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 (f) Maker or any subsidiary or affiliate of Maker, pursuant to or within the meaning of
Title 11 of the U.S. Code, or any similar federal, state or foreign law for the relief of debtors (“Bankruptcy Law”): (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an
involuntary case, (iii) consents to the appointment of a custodian of it or for all or substantially all of its property, (iv) makes a general assignment for the benefit of its creditors or (v) admits in writing its inability to pay
debts as the same become due; 
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is
for relief against Maker, any subsidiary or affiliate of Maker in an involuntary case, (ii) appoints a custodian of Maker, any subsidiary or affiliate of Maker or for all or substantially all of its property or (iii) orders the liquidation
of Maker, any subsidiary or affiliate of Maker and the order or decree remains unstayed and in effect for 30 days; or 
 (h) the Start Date,
as defined in the Offtake Supply Agreement shall not have occurred on before the Pioneer Plant Longstop Date, as defined in the Offtake Supply Agreement. 

8. Remedies. Upon the occurrence of any Event of Default described in Sections 7(a) through (e) above, Holder may declare the
entire unpaid principal amount hereof, all accrued interest hereon and all other Note Obligations then existing, due and payable in full whereupon the same shall become immediately due and payable in full in cash (but, if applicable, subject to
Article 21.5 of the Offtake Supply Agreement), without presentment, demand, protest, notice of dishonor or any other notice, all of which are hereby expressly waived by Maker, anything contained herein to the contrary notwithstanding. Upon the
occurrence of an Event of Default described in Sections 7(f) or 7(g) above, the entire unpaid principal amount hereof, all accrued interest hereon and all other Note Obligations then existing will thereupon become immediately due and payable in full
in cash, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by Maker, anything contained herein to the contrary notwithstanding. Upon the occurrence and during the continuance of an Event of Default
(a) interest on the unpaid principal amount of this Note outstanding from time to time shall accrue at the rate of the sum of the Base Rate plus 5% per annum (the “Default Rate”), which interest shall be due and payable in cash
upon demand by Holder and (b) subject to the Intercreditor Agreement, Holder shall have all rights and remedies available to it as described in this Note, the Offtake Supply Agreement, the other Security Documents and at law or in equity.
Except for any notice or other action expressly required by the Offtake Supply Agreement, Maker and all endorsers, sureties and guarantors of this Note hereby severally waive demand, presentment, notice of demand and of dishonor and nonpayment of
this Note, protest, notice of protest, notice of intention to accelerate the maturity of this Note, declaration or notice of acceleration of the maturity of this Note, diligence in collecting, the bringing of any suit against any party and any
notice of or defense on account of any extensions, renewals, partial payments or changes in any manner of or in this Note or in any of its terms, provisions and covenants, or any releases or substitutions of any security, or any delay, indulgence or
other act of any trustee or any holder hereof, whether before or after maturity. Maker agrees to pay on Holder’s first demand all reasonable and documented
out-of-pocket costs and actual expenses, if any (including reasonable counsel fees and expenses), incurred by Holder in connection with the enforcement (whether through
negotiation, legal proceedings or otherwise) and collection of this Note, including, without limitation, reasonable and documented out-of-pocket costs and actual
expenses sustained by Holder as a result of a default hereunder. 

  
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 9. Security; Method and Application of Payments. (a) This Note is secured by the
liens, encumbrances and obligations created by this Note, the Offtake Supply Agreement, and the Security Documents and the terms and provisions of such documents are hereby incorporated herein. Maker shall execute and deliver to Holder on or prior
to the date hereof all Security Documents to which it is a party. Maker acknowledges and agrees that Holder shall not be required to make any demand upon, or pursue or exhaust any right or remedy against, any guarantor, grantor of a security
interest, or any other Person over any other guarantor, grantor of a security interest or any other Person with respect to the payment of the obligations evidenced hereby (or secured thereby) or to pursue or exhaust any right or remedy with respect
to any Collateral therefor or any direct or indirect guaranty thereof. All of the rights and remedies of Holder under the Security Documents shall be cumulative, may be exercised individually or concurrently and not exclusive of any other rights or
remedies provided by any applicable law. To the extent it may lawfully do so, Maker absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against Holder (including as secured party), any
valuation, stay, appraisement, extension, redemption or similar laws and any and all rights or defenses it may have as a surety, now or hereafter existing, arising out of the exercise by it of any rights under any Security Document. If any notice of
a proposed sale or other disposition of any Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. 

(b) All payments due in cash under this Note shall be paid to Holder by wire transfer of immediately available funds to such bank or place, and
in such other manner, as Holder may from time to time designate. All payments shall be made in immediately available funds not later than 2:00 pm (Eastern Standard Time) on the day when due in lawful money of the United States. Subject to the terms
of the Intercreditor Agreement, all cash payments received hereunder and all proceeds of Collateral shall be applied to the Note Obligations as determined in the sole discretion of Holder. 

10. Representations and Warranties. Maker hereby represents and warrants that, as of the date hereof: 

(a) it is duly organized and validly existing and in good standing under the laws of its jurisdiction of organization and has the power and
authority under its organizational documents to own and operate its properties, to transact the business in which it is now engaged and to execute and deliver this Note and each Security Document to which it is party; 

(b) this Note and each Security Document to which it is party constitutes the duly authorized, legally valid and binding obligation of Maker,
enforceable against Maker in accordance with their respective terms; 

  
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 (c) Maker owns the Collateral purported to be owned by it or otherwise has the rights it
purports to have in each item of Collateral, in each case free and clear of any and all liens other than the lien of the applicable Security Document and Permitted Encumbrances. The lien granted (or intended to be granted) pursuant to each Security
Document constitutes a valid, enforceable, first priority perfected lien on the applicable Collateral thereunder (subject to Permitted Encumbrances); 

(d) all consents and grants of approval required to have been granted by any Person in connection with the execution, delivery and performance
of this Note and the Security Documents have been granted; 
 (e) the execution, delivery and performance by Maker of this Note and the
Security Documents to which it is party do not and will not (i) violate any law, governmental rule or regulation, court order or agreement to which it is subject or by which its properties are bound or the organizational documents of Maker or
(ii) result in the creation of any lien or other encumbrance with respect to the property of Maker (except for the lien of the Security Documents and Permitted Encumbrances); 

(f) the proceeds of the Advance Payments evidenced by this Note shall be used by Maker for purposes set forth in the Existing Offtake Supply
Agreement or the Offtake Supply Agreement, as applicable; provided that no part of such proceeds will be used by Maker to directly or indirectly purchase or carry any “margin stock” within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System; and 
 (g) the principal amounts outstanding on the date hereof hereunder and under the Danone Note
are substantially equal (and such amounts were drawn down substantially simultaneously). 
 11. Covenants. Maker covenants and agrees
that from and after the date hereof until this Note is paid in full it will: 
 (a) promptly provide to Holder all financial, operational and
other information with respect to Maker or any Collateral as Holder may reasonably request; 
 (b) maintain its existence; 

(c) promptly after the occurrence of an Event of Default that is continuing or an event, act or condition that, with notice or lapse of time or
both, would constitute an Event of Default, provide Holder with a certificate of the chief executive officer or chief financial officer of Maker specifying the nature thereof and Maker’s proposed response thereto; 

(d) maintain the security interest of Holder in all Collateral granted by Maker as valid, perfected, first priority liens (subject to Permitted
Encumbrances); and 
 (e) comply with all Applicable Laws, except where failure to comply could not reasonably be expected to have a Material
Adverse Change; 
 (f) subject to Section 5.3 of the Security Agreement, not sell, lease, assign, transfer, distribute or otherwise
dispose of all or any portion of the Collateral (other than inventory in the ordinary course of business and non-exclusive licenses of intellectual property in the ordinary course of business) to any other
Person (provided that this clause (f) shall only apply to OMC Pioneer); 

  
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 (g) not directly or indirectly, lend money or credit or make advances to any subsidiary of
OMC Pioneer that is created after the date hereof, or purchase any stock, obligations or securities of, or any other equity interest in, or make any capital contribution to, any other Person (provided that this clause (g) shall only apply to
OMC Pioneer); and 
 (h) (i) deposit all net proceeds hereof into the deposit account subject to the Nestlé Deposit Account
Control Agreement (the “Nestlé Deposit Account”) and deposit all net proceeds under the Danone Note into the deposit account subject to the Danone Deposit Account Control Agreement (the “Danone Deposit
Account” and together with the Nestlé Deposit Account, the “Deposit Accounts”) and (ii) only withdraw amounts from the Deposit Accounts on a pro rata basis (based upon the amounts then on deposit in each Deposit
Account) and only use such proceeds for (y) the manufacture and delivery of Raw Materials and Products and (z) planning, design, development, construction, commissioning, testing, start-up, operation
and maintenance of the Pioneer Plant. 
 12. Notices. Notices shall be given under this Note in conformity with the terms and
conditions of the Offtake Supply Agreement. 
 13. Governing Law; Severability. This Note shall be governed by and construed in
accordance with the internal laws of the State of New York. The invalidity, illegality or unenforceability of any provision of this Note shall not affect or impair the validity, legality or enforceability of the remainder of this Note, and to this
end, the provisions of this Note are declared to be severable. 
 14. No Waiver. No waiver of any breach or default hereunder or under
any Security Document shall constitute or be construed as a waiver by Holder of any subsequent breach or default or of any breach or default of any other provision of this Note or any Security Document. A waiver with reference to one event shall not
be construed as a waiver of any right as to a subsequent event. No delay or omission of the Holder to exercise any right, whether before or after an Event of Default, shall impair any such right or shall be construed to be a waiver of any right or
an Event of Default. 
 15. Successors and Assigns; Agents. The covenants and agreements contained in this Note and all obligations of
Maker hereunder shall be binding upon the successors and assigns of Maker, except that (other than in connection with a permissible assignment of the Offtake Supply Agreement) Maker shall not have the right to assign its rights hereunder or any
interest herein without the prior written consent of Holder, and shall, together with the rights and remedies of Holder hereunder, inure to the benefit of Holder and its respective successors and assigns. Holder may, without the consent of Maker, at
any time assign to one or more Persons (any such Person, an “Assignee”) all or any portion of its Advance Payments, other Note Obligations and its rights under this Note and the Security Documents to the same extent permitted in
respect of the Offtake Supply Agreement as provided in Article 35 of the Offtake Supply Agreement. From and after the date of such assignment, (i) such Assignee shall be 

  
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deemed automatically to have become a party hereto and thereto and, to the extent that rights and obligations hereunder have been assigned to such Assignee pursuant to an assignment agreement
between Holder and the Assignee, shall have the rights and obligations of Holder hereunder and thereunder and (ii) Holder, to the extent that rights and obligations hereunder have been assigned by it pursuant to such assignment agreement, shall
be released from its rights (other than its indemnification rights) and obligations hereunder and thereunder. Upon the request of the Assignee (and, as applicable, Holder) pursuant to an effective assignment agreement, Maker shall execute and
deliver to the Assignee (and, as applicable, Holder) a Note and other documents in form and substance satisfactory to the Assignee (and, as applicable, Holder). In exercising any rights under the Security Documents or taking any actions provided for
therein, Holder may act through its employees, agents or independent contractors as authorized by Holder. Neither this Note nor anything set forth herein is intended to, nor shall it, confer any rights on any person other than the parties hereto and
all third party rights are expressly negated. 
 16. Headings. The captions and headings of the sections and paragraphs of this Note
are for convenience only and are not to be used to interpret or define the provisions hereof. 
 17. Enforcement Expenses. Maker
agrees to pay or reimburse on demand Holder for all reasonable out-of-pocket costs and expenses (including all fees and charges of any counsel to Holder, all
disbursements of such counsel and all court costs and similar legal expenses) incurred in enforcing or preserving any rights under this Note and the Offtake Supply Agreement. 

18. Severability. Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions of this Note. 
 19. Acknowledgments. Maker hereby acknowledges that: (a) it has been advised by counsel
in the negotiation, execution and delivery of this Note and the other Advance Payment Documents to which it is a party; (b) Holder has no fiduciary relationship with or duty to Maker arising out of or in connection with this Note or any of the
other Advance Payment Documents, and the relationship between Maker, on the one hand, and Holder, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and (c) no joint venture is created by this Note or
by the other Advance Payment Documents or otherwise exists by virtue of the transactions contemplated hereby among Maker and Holder. 
 20.
Amendment. Notwithstanding any other provision of this Note, this Note may only be amended with the written consent of Maker and Holder. 

21. Jury Trial Waiver. MAKER, AND HOLDER BY ITS ACCEPTANCE OF THIS NOTE, HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY
ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS NOTE OR ANY SECURITY DOCUMENT AND THE BUSINESS RELATIONSHIP THAT IS BEING ESTABLISHED. THIS WAIVER IS KNOWINGLY, 

  
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INTENTIONALLY AND VOLUNTARILY MADE BY MAKER AND BY HOLDER, AND EACH PARTY ACKNOWLEDGES THAT NEITHER THE OTHER PARTY NOR ANY PERSON ACTING ON BEHALF OF SUCH OTHER PARTY HAS MADE ANY
REPRESENTATIONS OF FACT TO INCLUDE THIS WAIVER OF TRIAL BY JURY OR HAS TAKEN ANY ACTIONS WHICH IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. MAKER AND HOLDER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP,
THAT MAKER AND HOLDER HAVE ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS NOTE AND THE SECURITY DOCUMENTS AND THAT EACH OF THEM WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. MAKER AND HOLDER FURTHER ACKNOWLEDGE THAT
THEY HAVE BEEN REPRESENTED (OR HAVE HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS NOTE, THE SECURITY DOCUMENTS AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL. 

22. Venue. MAKER AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING DIRECTLY, INDIRECTLY OR OTHERWISE IN CONNECTION WITH, OUT OF, RELATED TO
OR FROM THIS NOTE OR ANY SECURITY DOCUMENT SHALL BE LITIGATED, ONLY IN COURTS HAVING A SITUS WITHIN THE CITY OF NEW YORK, THE BOROUGH OF MANHATTAN AND THE STATE OF NEW YORK. MAKER HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY LOCAL, STATE
OR FEDERAL COURT LOCATED WITHIN SAID STATE. MAKER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO TRANSFER OR CHANGE THE VENUE OF ANY LITIGATION BROUGHT AGAINST IT BY HOLDER ON THE ADVANCE PAYMENT DOCUMENTS IN ACCORDANCE WITH THIS PARAGRAPH. 

23. Indemnity, etc. MAKER SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS HOLDER (AND ITS DIRECTORS, OFFICERS, PARTNERS, MEMBERS, OWNERS,
AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS) (EACH, AN “INDEMNITEE”) FOR, FROM AND AGAINST ANY AND ALL LOSSES, DAMAGES (EXCLUDING CONSEQUENTIAL, PUNITIVE AND SPECIAL DAMAGES (OTHER THAN IN RESPECT OF ANY SUCH DAMAGES PAID OR REQUIRED
TO BE PAID BY AN INDEMNITEE TO A THIRD PARTY AS DETERMINED BY A FINAL, NON-APPEALABLE ORDER BY A COURT OF COMPETENT JURISDICTION AND OTHERWISE SUBJECT TO INDEMNIFICATION PURSUANT TO THIS SECTION 23)),
COSTS, EXPENSES, LIABILITIES (INCLUDING, WITHOUT LIMITATION, STRICT LIABILITY), CLAIMS, OBLIGATIONS, SETTLEMENT PAYMENTS, PENALTIES, FINES, ASSESSMENTS, CITATIONS, LITIGATION, DEMANDS, DEFENSES, JUDGMENTS, SUITS, PROCEEDINGS OR OTHER EXPENSES OF ANY
KIND WHATSOEVER (INCLUDING REASONABLE ATTORNEYS’ FEES AND EXPENSES AND COURT COSTS) IN ANY WAY RELATING TO OR ARISING OUT OF THIS NOTE OR ANY OTHER ADVANCE PAYMENT DOCUMENT, INCLUDING, WITHOUT LIMITATION, RELATING TO OR ARISING OUT OF THE
EXERCISE OF ANY REMEDY WITH RESPECT TO ANY COLLATERAL, EXCEPT TO THE EXTENT SUCH LOSSES, DAMAGES, COSTS, EXPENSES, LIABILITIES, CLAIMS, OBLIGATIONS, SETTLEMENT PAYMENTS, PENALTIES, FINES, ASSESSMENTS, CITATIONS, LITIGATION,

  
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DEMANDS, DEFENSES, JUDGMENTS, SUITS, PROCEEDINGS OR OTHER EXPENSES ARE CAUSED BY THE FRAUD, WILLFUL MISCONDUCT OR CRIMINAL ACTIONS OF HOLDER. THE RIGHTS OF ANY INDEMNITEE TO SEEK INDEMNIFICATION
PURSUANT TO THIS SECTION 23 SHALL SURVIVE UNTIL THE SEVENTH (7th) ANNIVERSARY OF THE TERMINATION DATE; PROVIDED THAT (A) THE RIGHT TO SEEK INDEMNIFICATION WITH RESPECT TO FRAUD, WILLFUL MISCONDUCT, INTENTIONAL MISREPRESENTATION, TAXES OR
ENVIRONMENTAL CLAIMS SHALL SURVIVE UNTIL THE APPLICABLE STATUTE OF LIMITATIONS WITH RESPECT THERETO SHALL HAVE EXPIRED AND (B) IF NOTICE OF AN INDEMNIFIABLE CLAIM IS PROVIDED WITHIN THE APPLICABLE TIME PERIODS SPECIFIED ABOVE, THE RIGHT TO
INDEMNIFICATION HEREUNDER SHALL REMAIN IN FULL FORCE AND EFFECT UNTIL THE FINAL RESOLUTION THEREOF.. 
 24. Controlling Document. In
the event of a conflict between any term or provision of this Note and the Intercreditor Agreement, the terms and provisions of the Intercreditor Agreement shall control. 

25. Release of Micromidas Pioneer. Holder hereby agrees that upon execution of this Note, all obligations of Micromidas Pioneer under
the Existing Promissory Note shall be satisfied in full and terminated, and Micromidas Pioneer shall have no further obligations or liabilities of whatever nature under or in connection with this Note or the Existing Promissory Note. Holder hereby
unconditionally and forever releases, waives and discharges Micromidas Pioneer from any and all claims, demands, liabilities, rights of setoff and causes of action of any nature whatsoever, arising under or in connection with this Note or the
Existing Promissory Note. 
 26. Counterparts. This Note may be executed in multiple counterparts, each of which shall constitute an
original, and together shall constitute the Note. Receipt of an executed signature page to this Note by facsimile or other electronic transmission shall constitute effective delivery thereof and shall be deemed an original signature hereunder.

 [Remainder of Page Intentionally Blank] 

  
 12 

 IN WITNESS WHEREOF, Maker has executed this Note or has caused the same to be
executed by its duly authorized representative as of the date first set forth above. 
  

			
	MAKER:
	
	Micromidas, Inc. (dba Origin Materials)
		
	By:	 	 /s/ John Bissell 

		 	Name: John Bissell
		 	Title: CEO
	
	Origin Materials Canada Holding Limited
		
	By:	 	 /s/ John Bissell 

		 	Name: John Bissell
		 	Title: President
	
	Origin Materials Canada Pioneer Limited
		
	By:	 	 /s/ John Bissell 

		 	Name: John Bissell
		 	Title: President

 [Signature Page to Amended and Restated Secured Promissory Note] 

 
			
	ACKNOWLEDGED AND AGREED:
	
	HOLDER:
	
	Nestlé Waters Management & Technology
		
	By:	 	 /s/ Matthieu Weber

		 	Name: Matthieu Weber
		 	Title: CFO

 [Signature Page to Amended and Restated Secured Promissory Note]EX-10.38

 Exhibit 10.38 

STRICTLY CONFIDENTIAL 
 FIRST
AMENDMENT TO 
 AMENDED AND RESTATED SECURED PROMISSORY NOTE 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED SECURED PROMISSORY NOTE (this “Amendment”) is dated as of Nov 8, 2019,
and entered into by (A)(i) Micromidas, Inc. (dba Origin Materials), a company organized and existing under the laws of the state of Delaware (“Origin “), whose principal office is at 930 Riverside Parkway, Suite 10, West
Sacramento, CA 95605, United States of America, (ii) Origin Materials Canada Holding Limited, a corporation incorporated under the laws of the Province of New Brunswick (“OMC Holding”), whose principal office is at 44
Chipman Hill, Suite 1000, Saint John, New Brunswick, Canada E2L 2A9 and (iii) Origin Materials Canada Pioneer Limited, a corporation incorporated under the laws of the Province of New Brunswick (“OMC Pioneer”), whose principal
office is at 44 Chipman Hill, Suite 1000, Saint John, New Brunswick, Canada E2L 2A9 (individually and collectively, “Maker” and (B) Nestlé Waters Management & Technology, “société
par actions simplifieé” organized and existing under the laws of France, whose registered office is at 12 boulevard Garibaldi, 92130
Issy-les-Moulieaux, France (together with its successors and assigns, “Holder”). 

WHEREAS, Maker and Holder entered into that certain Amended and Restated Secured Promissory Note, dated as of May 23, 2019 (the
“Note”), evidencing certain Advance Payments made by Holder to Maker in aggregate principal amount of $5,000,000.00 and all accrued interest on the Advance Payments equal to $105,055.06 and setting forth the security and terms
of repayment therefor; 
 WHEREAS, (i) Origin intends to enter into a note purchase agreement by and among Origin, as issuer, PM
Operating, Ltd., as collateral agent, and the purchasers party thereto (the “Note Purchase Agreement”), pursuant to which such purchasers have agreed to make certain advances of money and to extend certain financial accommodations
to Origin, and (ii) Origin and certain of its affiliates intend to grant liens on certain of their assets to secure Origin’s obligations under the Note Purchase Agreement; 

WHEREAS, at Maker’s request and to facilitate Origin’s entry into the Note Purchase Agreement, Holder will enter into a
subordination agreement (the “Subordination Agreement”) by and among PM Operating, Ltd., as collateral agent, Holder, as holder of the Subordinated Danone Obligations (as defined therein), and Nestlé Waters
Management & Technology, as holder of the Subordinated Nestle Obligations (as defined therein); and 
 WHEREAS, in connection with
the entry into the Subordination Agreement, Maker and Holder wish to amend certain provisions of the Note. 
 NOW, THEREFORE in
consideration of the mutual covenants and agreements contained herein, the parties covenant and agree as follows: 

 ARTICLE 1 

DEFINED TERMS 
 1.1
Capitalized Terms. All capitalized terms which are used herein without being specifically defined herein shall have the meanings ascribed thereto in the Note. 

ARTICLE 2 
 AMENDMENTS TO
NOTE 
 2.1 General Rule. Subject to the terms and conditions herein contained, the Note is hereby amended to the extent
necessary to give effect to the provisions of this agreement and to incorporate the provisions of this agreement into the Note. 
 2.2
Amendments. 
 (a) The following defined term is hereby added to Section 2(a) of the Note in alphabetical
order: 
 “Subordination Agreement” means that certain Subordination Agreement, dated as of November 8, 2019, by and
among PM Operating, Ltd., as collateral agent for (and on behalf of) the Senior Creditors (as defined therein), Holder, as holder of the Subordinated Danone Obligations (as defined therein), and Nestlé Waters Management & Technology,
as holder of the Subordinated Nestle Obligations ( as defined therein), and acknowledged and agreed to by Origin and the other Grantors (as defined therein) party thereto. 

(b) The definition of “Due Date” set forth in Section 2(a) of the Note is hereby amended and restated in
its entirety as follows: 
 “Due Date” means the fifth anniversary of the Start Date; provided, that if the
Discharge of Senior Obligations (as defined in the Subordination Agreement) has not occurred on or before December 14, 2020, the Due Date shall be December 15, 2020. 

(c) Section 10 of the Note is hereby amended by (x) deleting “and” at the end of paragraph (g) thereof; (y)
replacing the period at the end of paragraph (h) thereof with “; and” and (z) adding the following as a new paragraph immediately following paragraph (h) thereof: 

(i) promptly deliver or cause to be delivered to Holder copies of any notices (including notices of default), amendments,
modifications or waivers delivered or executed under or in connection with any of the Senior Loan Documents (as defined in the Subordination Agreement). 

  
 2 

 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties. To induce Holder to enter into this agreement, Maker hereby represents and warrants to
Holder that the representations and warranties of Maker which are contained in Section 10 of the Note, as amended hereby, are true and correct on the date hereof as if made on the date hereof or, to the extent any representation or warranty is
made or deemed made as of a specific date, as of such date. 
 ARTICLE 4 

CONDITIONS PRECEDENT 

4.1 Conditions Precedent. This agreement shall not become effective unless and until the date when the following conditions are
met or waived (the “Amendment Effective Date”): 
 (i) the parties hereto shall have executed and delivered this agreement;

 (ii) each of the Note Purchase Agreement and Subordination Agreement shall have become effective in accordance with its terms, as
certified by a duly authorized officer of Origin; and 
 (iii) Maker shall have delivered to Holder any other documentation or certificates
Holder may reasonably request. 
 ARTICLE 5 

MISCELLANEOUS 
 5.1
Future References to the Note. On and after the date of this agreement, each reference in the Note to “this Note”, “hereunder”, “hereof’, or words of like import referring to the Note, and each reference in any
related document to the “Note”, “thereunder”, “thereof’, or words of like import referring to the Note, shall mean and be a reference to the Note as amended hereby. The Note, as amended hereby, is and shall continue to
be in full force and effect and is hereby in all respects ratified and confirmed. 
 5.2 Governing Law; Severability. This
Amendment shall be governed by and construed in accordance with the internal laws of the State of New York. The invalidity, illegality or unenforceability of any provision of this Amendment shall not affect or impair the validity, legality or
enforceability of the remainder of this Agreement, and to this end, the provisions of this Agreement are declared to be severable. 

5.3 Inurement. This agreement shall inure to the benefit of and shall be binding upon Maker and Holder and their respective
successors and permitted assigns. 
 5.4 Conflict. If any provision of this agreement is inconsistent or conflicts with any
provision of the Note, the relevant provision of this agreement shall prevail and be paramount. 

  
 3 

 5.5 Further Assurances. Maker shall do, execute and deliver or shall cause to
be done, executed and delivered all such further acts, documents and things as Holder may reasonably request for the purpose of giving effect to this agreement and to each and every provision hereof. 

5.6 Counterparts. This agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and
all of which taken together shall be deemed to constitute one and the same instrument. 
 [The remainder of this page is intentionally
left blank.] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this agreement on the
date first above written. 
  

			
	MAKER:
	
	Micromidas, Inc. (dba Origin Materials)
		
	By:	 	 /s/ John Bissell

	Name: John Bissell
	Its: President
	
	Origin Materials Canada Holding Limited
		
	By:	 	 /s/ John Bissell

	Name: John Bissell
	Its: President
	
	Origin Materials Canada Pioneer Limited
		
	By:	 	 /s/ John Bissell

	Name: John Bissell
	Its: President

 Origin – First Amendment to Amended and Restated Secured Promissory Note 

			
	HOLDER:
	
	Nestlé Waters Management & Technology
		
	By:	 	 /s/ Matthieu Weber

	Name: Matthieu Weber
	Its: CFO

 Origin – First Amendment to Amended and Restated Secured Promissory Note

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