Document:

Exhibit 10.10

 

 

 

Exchange Agreement

 

May 13, 2019

 

Amyris, Inc.

5885 Hollis Street, Suite 100

Emeryville, California 94608

Attention: Kathleen Valiasek

 

	 	Re:	Amyris, Inc. Exchange of 6.50% Convertible Senior Notes due 2019

 

Ladies and Gentlemen:

 

Amyris, Inc., a Delaware
corporation (the “Company”), is offering the opportunity for the undersigned existing holder (the “Investor”)
of the Company’s 6.50% Convertible Senior Notes due 2019 (the “6.50% Notes”) to exchange certain of the
Investor’s 6.50% Notes (the “Exchange Offer”) for shares (the “Shares”) of the Company’s
common stock, par value $0.0001 per share (the “Common Stock”) pursuant and subject to the terms and conditions
set forth in this agreement (this “Exchange Agreement”).

 

The Investor understands
that the Exchange Offer is being made without registration under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), or any securities laws of any state of the United States or of any other jurisdiction, in reliance upon the exemption
from the registration requirements of the Securities Act provided by Section 3(a)(9) thereof.

 

1. The Exchange Offer. Subject to
the terms and conditions of this Exchange Agreement, the undersigned Investor hereby agrees to exchange the total principal amount
of 6.50% Notes set forth on the signature page of the Investor hereto (the “Exchanged 6.50% Notes”), for a number
of Shares as set forth on the signature page of the Investor hereto, representing a per Share value of $4.00, and the Company hereby
agrees to issue such number of Shares to the Investor in exchange for such Exchanged 6.50% Notes.

 

2. The Closing. The closing of the
Exchange Offer (the “Closing”) shall take place remotely via the exchange of documents and signatures at 10:00
a.m., Pacific Time, on the first Business Day (as defined in the indenture, dated as of May 29, 2014, between the Company and the
Trustee relating to the 6.50% Notes (the “Indenture”)) on which the conditions to the Closing set forth in Section
6 below are satisfied or waived, or at such other time and place as mutually agreed by the Company and the Investor (the “Closing
Date”).

 

3. The Terms of the Exchange Offer;
Closing Mechanics.

 

Subject to the terms and conditions of
this Exchange Agreement, the Investor hereby sells, assigns and transfers to, or upon the order of, the Company, all right, title
and interest in the Exchanged 6.50% Notes as set forth on the signature page of the Investor hereto, waives any and all other rights
with respect to such Exchanged 6.50% Notes, and releases and discharges the Company from any and all claims the undersigned may
now have, or may have in the future, arising out of, or related to, such Exchanged 6.50% Notes.

 

On the Closing Date, the Company shall
deliver, or cause to be delivered, to the Investor the number of Shares set forth on the signature page of the Investor hereto,
pursuant to delivery and/or registration

 

     

     

    

 

instructions provided by the Investor to
the Company in writing at least one (1) Business Day prior to the Closing.

 

At or prior to the times set forth in the
Investor Exchange Procedures set forth in Annex A hereto (the “Exchange Procedures”), the Investor shall
cause the Exchanged 6.50% Notes to be delivered to Wells Fargo Bank, National Association, as trustee (the “Trustee”)
under the Indenture, for cancellation as instructed in the Exchange Procedures.

 

Notwithstanding anything to the contrary
contained in this Exchange Agreement, provided that that the Investor has sent the Exchanged 6.50% Notes to the Trustee for cancellation
on or prior to May 13, 2019, in the event such Exchanged 6.50% Notes and instructions to cancel such Exchanged 6.50% Notes are
not received by the Trustee on or before a date on which the Trustee is able to effect the cancellation of the Exchanged 6.50%
Notes (as indicated by the Trustee), then this Exchange Agreement shall automatically terminate and become void and there shall
be no liability on the part of any of the parties hereto.

 

4. Representations and Warranties of the Company. The
Company represents and warrants to the Investor that, as of the date hereof:

 

(a)       
Organization and Standing. The Company is a corporation duly organized, validly existing, and in good standing under the
laws of the State of Delaware. The Company has all requisite power and authority to own and operate its properties and assets and
to carry on its business as presently conducted and as proposed to be conducted. The Company is duly licensed or qualified to do
business as a foreign entity and is in good standing (to the extent such concepts are recognized under applicable law) in every
jurisdiction in which the failure to be so qualified would have, or would reasonably be expected to have, a material adverse effect,
individually or in the aggregate, upon the business, properties, tangible and intangible assets, liabilities, operations, prospects,
financial condition or results of operation of the Company or the ability of the Company to perform its obligations under this
Exchange Agreement (a “Material Adverse Effect”).

 

(b)       
Power. The Company has all requisite power and authority to execute and deliver this Exchange Agreement, to issue and sell
the Shares hereunder, and to carry out and perform its obligations under the terms of this Exchange Agreement and to consummate
the Exchange Offer.

 

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

 

(d)       
Consents and Approvals. Except as disclosed in Schedule 4(d), and assuming the accuracy of the representations of the Investor
in Section 5, no consent, approval, authorization or other order or declaration of, or registration, qualification or filing
with, any federal, national, foreign, supranational, state, provincial, local or other government, governmental, regulatory or
administrative authority, agency or commission or any court, tribunal, self-regulatory organization, stock exchange or market (including
The Nasdaq Stock Market), or other judicial or arbitral body of competent jurisdiction (a “Governmental Authority”)
is required for the execution, delivery and performance of this Exchange Agreement, the valid issuance, sale and delivery of the
Shares to be sold pursuant to this Exchange Agreement other than such as have been or will be made or obtained.

 

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(e)       
Non-Contravention. The execution and delivery of this Exchange Agreement, the issuance, sale and delivery of the Shares
to be sold by the Company under this Exchange Agreement, the performance by the Company of its obligations under this Exchange
Agreement and/or the consummation of the transactions contemplated hereby do not and will not (i)(A) conflict with, result in the
breach or violation of, or constitute (with or without the giving of notice or the passage of time or both) a violation of, or
default under, or give to others any rights of termination, acceleration or cancellation of, any bond, debenture, note or other
evidence of indebtedness, or under any lease, license, franchise, permit, indenture, mortgage, deed of trust, loan agreement, joint
venture or other agreement or instrument to which the Company or any subsidiary is a party or by which it or its properties may
be bound or affected, (B) conflict with or result in the breach or violation of, the Company’s Restated Certificate of Incorporation,
as amended and as in effect on the date hereof, the Company’s Bylaws, as amended and as in effect on the date hereof, or
the equivalent document with respect to any subsidiary, as amended and as in effect on the date hereof, or (C) conflict with or
violate in any respect any statute or law, judgment, decree, rule, regulation, code, ordinance, requirement, rule of law or order
of any Governmental Authority applicable to the Company, any of its subsidiaries or their respective properties, except in the
case of clauses (A) and (C) for such conflicts, breaches, violations or defaults that would not have, individually or in the aggregate,
a Material Adverse Effect, or (ii) materially and adversely affect the ability of the Company to carry out its obligations under,
and to consummate the transactions contemplated by, this Exchange Agreement.

 

(f)       Shares.
The Shares are duly authorized and when issued pursuant to the terms of this Exchange Agreement will be validly issued, fully paid,
and nonassessable, and will be free and clear of any liens or encumbrances with respect to the issuance thereof; provided, however,
that the Shares shall be subject to restrictions on transfer under state or federal securities laws as set forth in this Exchange
Agreement, or as otherwise may be required under state or federal securities laws as set forth in this Exchange Agreement at the
time a transfer is proposed. The issuance and delivery of the Shares is not subject to preemptive, co-sale, right of first refusal
or any other similar rights of the stockholders of the Company or any other person, any liens or encumbrances or any anti-dilution
or other similar rights. The issuance, sale and delivery of the Shares will not obligate the Company to issue or sell any shares
of Common Stock, or any other equity interest in, the Company to any other person.

 

(g)       No
Registration. Assuming the accuracy of the representations and warranties of the Investor contained in Sections 5(h)
and 5(k) hereto, the issuance by the Company of the Shares is exempt from registration under the Securities Act and the
Exchange Offer is eligible for the exemption from the registration requirements of the Securities Act provided by Section 3(a)(9).

 

(h) No Material
Adverse Effect. Since December 31, 2017, the business of the Company and its subsidiaries has been conducted in the ordinary
course and there has not occurred any Material Adverse Effect.

 

5. Representations and Warranties of
the Investor. The Investor hereby represents and warrants to and covenants with the Company that, as of the date hereof:

 

(a) Organization
and Good Standing. The Investor is a corporation, limited partnership, limited liability company or other entity, as the case
may be, duly formed, validly existing and in good standing (to the extent such concepts are recognized under applicable law) under
the laws of the jurisdiction of its formation.

 

(b) Ownership of
Exchanged 6.50% Notes; Due Authorization. The Investor owns the amount of Exchanged 6.50% Notes set forth on the signature
page of the Investor hereto free and clear of any liens (other than the obligations pursuant to this Exchange Agreement and applicable
securities laws) and has the requisite power and authority to execute and deliver this Exchange Agreement, perform its obligations
under this Exchange Agreement and to consummate the Exchange Offer.

 

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(c) No Conflict.
Participation in the Exchange Offer will not contravene (1) any law, rule or regulation binding on the Investor or any investment
guideline or restriction applicable to the Investor and (2) the charter or bylaw (or equivalent organizational documents)
of the Investor, except in the case of clause (1) for such conflicts, breaches, violations or defaults that would not be likely
to have, individually or in the aggregate, a Material Adverse Effect

 

(d) Compliance with
Laws. The Investor is in compliance with all applicable laws and regulations in effect in any jurisdiction in which the undersigned
will acquire Shares in this Exchange Offer and has obtained any consent, approval or permission required for such acquisition under
the laws and regulations of any jurisdiction to which the undersigned is subject or in which the undersigned makes such acquisition.

 

(e) Risk of Investment.
The Investor understands and accepts that acquiring the Shares in the Exchange Offer involve risks. The Investor has such knowledge,
skill and experience in business, financial and investment matters that the Investor is capable of evaluating the merits and risks
of the Exchange Offer and an investment in the Shares. With the assistance of the Investor’s own professional advisors, to
the extent that the Investor has deemed appropriate, the Investor has made its own legal, tax, accounting and financial evaluation
of the merits and risks of an investment in the Shares and the consequences of the Exchange Offer and this Exchange Agreement.
The Investor has considered the suitability of the Shares as an investment in light of its own circumstances and financial condition,
and the Investor is able to bear the risks associated with an investment in the Shares.

 

(f) [Reserved.]

 

(g) Governmental
Approval. The Investor understands that no federal, state, local or foreign agency has passed upon the merits or risks of an
investment in the Shares or made any finding or determination concerning the fairness or advisability of such investment.

 

(h) Investor Qualification.
The Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act. The Investor agrees to
furnish any additional information reasonably requested by the Company or any of its affiliates prior to the Closing Date to assure
compliance with applicable U.S. federal and state securities laws in connection with the Exchange Offer. The Investor understands
that the Company is relying upon this representation of the Investor for the purpose of determining whether the Investor’s
participation in the Exchange Offer meets the requirements for exemption from the registration requirements of the Securities Act.

 

(i) Purchase for
Investment Only; No Registration. The Investor is acquiring the Shares solely for the Investor’s own beneficial account,
or for an account with respect to which the Investor exercises sole investment discretion, for investment purposes, and not with
a view to, or for resale in connection with, any distribution of the Shares. The Investor understands that the offer and sale of
the Shares have not been registered under the Securities Act or any state securities laws by reason of specific exemptions under
the provisions thereof that depend, in part, upon the accuracy of the representations made by the Investor in this Exchange Agreement.

 

(j) Restricted Securities.
The Investor acknowledges that the Shares have not been registered under the Securities Act. As a result, the Investor understands
that the Shares may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except
to the extent such securities are registered with the Commission and qualified by state authorities, or pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act and the Investor hereby agrees that
it will not sell the Shares other than in compliance with such transfer restrictions.

 

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(k) Affiliate Status.
The Investor is not as of the date of this Exchange Agreement, nor has it been within the preceding three (3) months an “affiliate”
of the Company as that term is defined in paragraph (a)(1) of Rule 144 of the Securities Act (“Rule 144”). The
Investor understands that the Company is relying upon this representation of the Investor for the purpose of determining whether
the Investor’s participation in the Exchange Offer meets the requirements for exemption from the registration requirements
of the Securities Act.

 

6. Conditions to Obligations of the
Investor and the Company.

 

(a) The obligations
of the Investor to deliver the Exchanged 6.50% Notes of the Investor are subject to the satisfaction or waiver at or prior to the
Closing of the conditions precedent that (i) the representations and warranties of the Company contained in Section 4 shall
be true and correct as of the Closing Date in all respects with the same effect as though such representations and warranties had
been made as of the Closing Date, (b) all of the agreements and covenants of the Company to be performed prior to the Closing pursuant
to this Exchange Agreement shall have been duly performed or complied with in all material respects, (c) no law or order of any
kind shall have been enacted, entered, promulgated or enforced by any court or governmental or regulatory authority which would
prevent consummation of the Closing, prohibit the consummation of the Exchange Offer or has the effect of making them illegal,
(d) the Shares shall be approved for listing on The Nasdaq Stock Market, subject to official notice of issuance, and (e) no Material
Adverse Effect has occurred.

 

(b) The obligations
of the Company to deliver the Shares to the Investor are subject to the satisfaction or waiver at or prior to the Closing of the
conditions precedent that (a) the representations and warranties of the Investor contained in Sections 5(a) and 5(b)
shall be true and correct as of the Closing Date in all respects and the other representations and warranties of the Investor contained
in Section 5 shall be true and correct as of the Closing Date in all material respects, in each case with the same effect
as though such representations and warranties had been made as of the Closing Date, (b) all of the agreements and covenants of
the Investor to be performed prior to the Closing pursuant to this Exchange Agreement shall have been duly performed or complied
with in all material respects, (c) no law or order of any kind shall have been enacted, entered, promulgated or enforced by any
court or governmental or regulatory authority which would prevent consummation of the Closing, prohibit the consummation of the
Exchange Offer or has the effect of making them illegal, and (d) the Shares shall be approved for listing on The Nasdaq Stock Market,
subject to official notice of issuance.

 

7. Holding Period. For the purposes
of Rule 144, the Company acknowledges that the holding period of the Shares may be tacked onto the holding period of the Exchanged
6.50% Notes under Rule 3(a)(9) under the Securities Act and the Shares will have a Rule 144 holding period that will be deemed
to have commenced as of May 29, 2014, the date of the original issuance of the Exchanged 6.50% Notes. The Company acknowledges
and agrees that, assuming the accuracy of the representations and warranties of the Investor contained in Section 5, (i)
upon issuance, the Shares will be eligible to be resold pursuant to Rule 144, (ii) the Company is not aware of any event reasonably
likely to occur that would reasonably be expected to result in the Shares becoming ineligible to be resold by the Investor pursuant
to Rule 144 and, therefore, (iii) the Shares issued to the Investor shall not bear any restrictive legend and shall be freely tradeable
by the Investor pursuant to and in accordance with Rule 144.

 

8. Disclosure of the Exchange Offer.
At or prior to 9:00 a.m., New York City time, on the second Business Day after the date hereof, the Company shall file a press
release or Current Report on Form 8-K announcing the Exchange Offer, which press release or Current Report on Form 8-K the Company
acknowledges and agrees will disclose all material non-public information, if any, with respect to the Exchange Offer.

 

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9. Waiver and Amendment. Neither
this Exchange Agreement nor any provisions hereof shall be modified, changed, discharged, waived or terminated except by an instrument
in writing signed by the Company and the Investor.

 

10. Waiver of Jury Trial. EACH OF
THE COMPANY AND THE INVESTOR IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING
OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS EXCHANGE AGREEMENT.

 

11. Governing Law/Venue. THIS EXCHANGE
AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT
IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. Each of the Company and the Investor (a) agrees
that any legal suit, action or proceeding arising out of or relating to this agreement or the transactions contemplated hereby
shall be instituted exclusively in the courts of the State of New York located in the City and County of New York or in the United
States District Court for the Southern District of New York; (b) waives any objection that it may now or hereafter have to
the venue of any such suit, action or proceeding; and (c) irrevocably consents to the jurisdiction of the aforesaid courts
in any such suit, action or proceeding.

 

12. Section and Other Headings.
The section and other headings contained in this Exchange Agreement are for reference purposes only and shall not affect the meaning
or interpretation of this Exchange Agreement.

 

13. Counterparts. This Exchange
Agreement may be executed by one or more of the parties hereto in any number of separate counterparts (including by facsimile or
other electronic means, including telecopy, email or otherwise), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of an executed signature page of this Exchange Agreement by facsimile or other
transmission (e.g. , “pdf” or “tif” format) shall be effective as delivery of a manually executed
counterpart hereof.

 

14. Notices. All notices and other
communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally or sent
by prepaid overnight courier or registered or certified mail, return receipt requested, postage prepaid to, in the case of the
Company, the following address and, in the case of the Investor, the address provided on the signature page of the Investor (or
such other address as any party shall have specified by notice in writing to the other):

 

	If to the Company:	 	
        Amyris, Inc.

        5885 Hollis Street, Suite 100

        Emeryville, California 94608

        Fax:

        Attention:

 

15. Binding Effect. The provisions
of this Exchange Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal
representatives, successors and permitted assigns.

 

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16. Severability. If any term or
provision (in whole or in part) of this Exchange Agreement is determined to be invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Exchange Agreement or invalidate
or render unenforceable such term or provision in any other jurisdiction.

 

[SIGNATURE PAGES FOLLOW]

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, the undersigned
has executed this Exchange Agreement as of the date first written above.

 

	 	AMYRIS, INC.	 
	 	 	 	 
	 	By:	/s/ Kathleen Valiasek	 
	 	Name: Kathleen Valiasek	 
	 	Title: Chief Financial Officer	 

 

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
has executed this Exchange Agreement as of the date first written above.

 

	 	INVESTOR:	 
	 	 	 	 
	 	Maxwell (Mauritius) Pte Ltd.
	 	 	 	 
	 	By:	/s/ Rohlt Sipahimalani	 
	 	Name: Rohlt Sipahimalani	 
	 	Title: Authorized Signatory	 
	 	 	 	 
	 	Address for Notices:	 
	 	 	 	 
	 	Maxwell (Mauritius) Pte Ltd.

 

 

 

Exchanged 6.50% Notes Principal Amount: $10,000,000

 

Shares: 2,500,000

 

DTC Participant Number for Delivery of Shares:

 

DTC Participant Name:

 

Account number:

 

DTC Participant Contact:

 

Name: N.A.

 

Telephone Number: N.A.Exhibit 10.11

 

 

Exchange Agreement

 

May 15, 2019

 

Amyris, Inc.

5885 Hollis Street, Suite 100

Emeryville, California 94608

Attention: Kathleen Valiasek

 

	 	Re:	Amyris, Inc. Exchange of 6.50% Convertible Senior Notes due 2019

 

Ladies and Gentlemen:

 

Amyris, Inc., a Delaware
corporation (the “Company”), is offering the opportunity for the undersigned existing beneficial owner (the
“Investor”) of the Company’s 6.50% Convertible Senior Notes due 2019 (the “6.50% Notes”)
to exchange certain of the Investor’s 6.50% Notes (the “Exchange Offer”) for a senior convertible note,
in the form attached hereto as Exhibit A (the “New Note”), which New Note is convertible into shares
(the “Conversion Shares”, and, together with the New Note, the “New Securities”) of the Company’s
common stock, par value $0.0001 per share (the “Common Stock”), in accordance with the terms of the New Note,
pursuant and subject to the terms and conditions set forth in this Exchange Agreement.

 

The Investor understands
that the Exchange Offer is being made without registration under the Securities Act of 1933, as amended (the “Securities
Act”), or any securities laws of any state of the United States or of any other jurisdiction, in reliance upon the exemption
from registration provided by Section 3(a)(9) of the Securities Act.

 

1. The Exchange Offer. Subject to
the terms and conditions of this Exchange Agreement, the undersigned Investor hereby agrees to exchange the principal amount of
6.50% Notes set forth on the signature page of the Investor hereto (the “Exchanged 6.50% Notes”) for the New
Note, and the Company hereby agrees to issue the New Note to the Investor in exchange for such Exchanged 6.50% Notes.

 

2. The Closing. The closing of the
Exchange Offer (the “Closing”) shall take place remotely via the exchange of documents and signatures at 10:00
a.m., Pacific Time, on the first business day on which the conditions to the Closing set forth in Section 6 below are satisfied
or waived, or at such other time and place as mutually agreed by the Company and the Investor (the “Closing Date”).

 

3. The Terms of the Exchange Offer;
Closing Mechanics.

 

Subject to the terms and conditions of
this Exchange Agreement, the Investor hereby sells, assigns and transfers to, or upon the order of, the Company, all right, title
and interest in the Exchanged 6.50% Notes as set forth on the signature page of the Investor hereto, waives any and all other rights
with respect to such Exchanged 6.50% Notes, and releases and discharges the Company from any and all claims the undersigned may
now have, or may have in the future, arising out of, or related to, such Exchanged 6.50% Notes.

 

At the Closing, the Company shall issue
to the Investor the New Note.

 

At or prior to the times set forth in the
Investor Exchange Procedures set forth in Annex A hereto (the “Exchange Procedures”), the Investor shall
cause the Exchanged 6.50% Notes to be delivered to Wells Fargo Bank, National Association, as trustee (the “Trustee”)
under the indenture, dated as of May 29, 2014, between the Company and the Trustee relating to the 6.50% Notes, for cancellation
as instructed in the Exchange Procedures.

 

     

     

    

 

4. Representations and Warranties of the Company. The
Company represents and warrants to the Investor that, as of the date hereof:

 

(a)       
Organization and Standing. The Company and each of its Significant Subsidiaries (as defined in Regulation S-X of the Securities
Act) is duly incorporated, validly existing, and in good standing under the laws of the jurisdiction of its incorporation or organization.
The Company and each of its Significant Subsidiaries has all requisite power and authority to own and operate its properties and
assets and to carry on its business as presently conducted and as proposed to be conducted. The Company and each of its Significant
Subsidiaries is qualified to do business as a foreign entity in every jurisdiction in which the failure to be so qualified would
have, or would reasonably be expected to have, a material adverse effect, individually or in the aggregate, upon the business,
properties, tangible and intangible assets, liabilities, operations, prospects, financial condition or results of operation of
the Company or the ability of the Company to perform its obligations under this Exchange Agreement or the New Note (a “Material
Adverse Effect”).

 

(b)       
Power. The Company has all requisite power to execute and deliver this Exchange Agreement, to issue and sell the New Securities
hereunder, and to carry out and perform its obligations under the terms of this Exchange Agreement and the New Note.

 

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

 

(d)       
Consents and Approvals. Except for any Current Report on Form 8-K to be filed by the Company in connection with the transactions
contemplated hereby, the Company is not required to give any notice to, make any filing with, or obtain any authorization, consent,
or approval of any government or governmental agency in order to consummate the transaction contemplated by this Exchange Agreement.
Assuming the accuracy of the representations of the Investor in Section 5, no consent, approval, authorization or other
order of, or registration, qualification or filing with, any court, regulatory body, administrative agency, self-regulatory organization,
stock exchange or market (including The Nasdaq Stock Market), or other governmental body is required for the execution and delivery
of this Exchange Agreement, the valid issuance, sale and delivery of the New Securities to be sold pursuant to this Exchange Agreement
other than such as have been or will be made or obtained, or for any securities filings required to be made under federal or state
securities laws applicable to the offering of the New Securities.

 

(e)       
Non-Contravention. The execution and delivery of this Exchange Agreements, the issuance, sale and delivery of the New Securities
to be sold by the Company under this Exchange Agreement, the performance by the Company of its obligations under this Exchange
Agreement and the New Note and/or the consummation of the transactions contemplated hereby will not (a) conflict with, result in
the breach or violation of, or constitute (with or without the giving of notice or the passage of time or both) a violation of,
or default under, (i) any bond, debenture, note or other evidence of indebtedness, or under any lease, license, franchise, permit,
indenture, mortgage, deed of trust, loan agreement, joint venture or other agreement or instrument to which the Company or any
subsidiary is a party or by which it or its properties may be bound or affected, (ii) the Company’s Restated Certificate
of Incorporation, as amended and as in effect on the date hereof, the Company’s Bylaws, as amended and as in effect on the
date hereof, or the equivalent document with respect to any subsidiary, as amended and as in effect on the date hereof, or (iii)
any statute or law, judgment, decree, rule, regulation, ordinance or order of any court or governmental or regulatory body (including
The Nasdaq Stock Market), governmental agency, arbitration panel or authority applicable to the Company, any of its subsidiaries
or their respective properties, except in the case of clauses (i) and (iii) for such conflicts, breaches, violations or defaults
that would not be likely to have, individually or in the aggregate, a Material Adverse Effect, or (b) result in the creation or
imposition of any lien, encumbrance, claim, security interest or restriction whatsoever upon any of the material properties or
assets of the Company or any of its subsidiaries or an acceleration of indebtedness pursuant to any obligation, agreement or condition
contained in any material bond, debenture, note or any other evidence of indebtedness or any material indenture, mortgage, deed
of trust or any other agreement or instrument to which the Company or any if its subsidiaries is a party or by which the Company
or any of its subsidiaries is bound or to which any of the property or assets of the Company is subject. For purposes of this Section
4(e), the term “material” shall apply to agreements, understandings, instruments, contracts or proposed transactions
to which the Company is a party or by which it is bound involving obligations (contingent or otherwise) of, or payments to, the
Company in excess of $100,000 in a 12-month period.

 

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(f)       Authorization
of the New Note. The New Note has been duly authorized by the Company and, when duly executed and delivered by the Company,
will constitute a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject
to the Enforceability Exceptions.

 

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

 

(h) No Registration.
Assuming the accuracy of each of the representations and warranties of the Investor, the issuance by the Company of the New Securities
is exempt from registration under the Securities Act.

 

(i) Litigation.
Other than actions described in the Company’s reports and other documents currently filed by the Company under the Securitas
Act and the Securities Exchange Act of 1934 available on the SEC’s EDGAR system, there is no action, suit, inquiry, notice
of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company,
any Significant Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative
agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which
(i) adversely affects or challenges the legality, validity or enforceability of any of the this Exchange Agreement or (ii) would,
if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect.

 

(j) Capitalization.
The capitalization of the Company, on a fully diluted basis, is as set forth herein as Schedule 4(j), which information is true,
complete and accurate. The issuance, sale and delivery of the New Securities will not obligate the Company to issue shares of its
common stock or other securities to any person, and will not result in a right of any holder of the Company’s securities
to adjust the exercise, conversion, exchange or reset price under any of such securities.

 

    	 	3	 

     

    

 

(k) Regulatory
Permits. The Company and its Significant Subsidiaries possess all certificates, authorizations and permits issued by the appropriate
federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure
to possess such permits would not reasonably be expected to result in a Material Adverse Effect (“Material Permits”),
and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of
any Material Permit.

 

(l) Intellectual
Property. The Company and its Significant Subsidiaries have, or have rights to use, all material patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or required for use in connection with their respective businesses (collectively,
the “Intellectual Property Rights”). Neither the Company nor any Subsidiary has received a written notice of
a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person,
except as would not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all
such Intellectual Property Rights are enforceable and there is no existing material infringement by another Person of any of the
Intellectual Property Rights.

 

(m) Insurance.
The Company and its Significant Subsidiaries are insured against such losses and risks and in such amounts as the Company reasonably
believes to be adequate, including, but not limited to, directors and officers insurance coverage. The Company has no reason to
believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

 

(n) Validity of
New Note and Waiver of Defenses. The Company acknowledges the validity, priority and enforceability of the New Note as a debt
instrument and any of the obligations thereunder and waives (on behalf of itself, and any other person, entity or other party in
interest that may claim by, through, or on the Company’s behalf) any right, claim, or defense to the New Note or any of the
obligations thereunder on the grounds that they should be recharacterized as or subordinated to the level of equity.

 

5. Representations and Warranties of
the Investor. The Investor hereby represents and warrants to and covenants with the Company that, as of the date hereof:

 

(a) Organization
and Good Standing. The Investor is a corporation, limited partnership, limited liability company or other entity, as the case
may be, duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation.

 

(b) Ownership of
Exchanged 6.50% Notes; Due Authorization. The Investor owns the amount of Exchanged 6.50% Notes set forth on the signature
page of the Investor hereto free and clear of any liens (other than the obligations pursuant to this Exchange Agreement and applicable
securities laws) and has the requisite power and authority to enter into and perform its obligations under this Exchange Agreement
and to consummate the Exchange Offer.

 

(c) No Conflict.
Participation in the Exchange Offer will not contravene (1) any law, rule or regulation binding on the Investor or any investment
guideline or restriction applicable to the Investor and (2) the charter or bylaw (or equivalent organizational documents)
of the Investor.

 

(d) Risk of Investment.
The Investor understands and accepts that acquiring the New Securities in the Exchange Offer involve risks. The Investor has such
knowledge, skill and experience in business, financial and investment matters that the Investor is capable of evaluating the merits
and risks of the Exchange Offer and an investment in the New Securities. With the assistance of the Investor’s own professional
advisors, to the extent that the Investor has deemed appropriate, the Investor has made its own legal, tax, accounting and financial
evaluation of the merits and risks of an investment in the New Securities and the consequences of the Exchange Offer and this Exchange
Agreement. The Investor has considered the suitability of the New Securities as an investment in light of its own circumstances
and financial condition, and the Investor is able to bear the risks associated with an investment in the New Securities.

 

    	 	4	 

     

    

 

(e) Information Non-Reliance.

 

(i)       The
Investor represents and warrants that (i) it has carefully reviewed such information as it and its advisers deem necessary to make
its decision to invest in the New Securities, (ii) has the ability to make, and has made, an informed decision as to the risks
and merits of its investment in the New Securities on the terms set forth in this Exchange Agreement, and (iii) has made its own
decision to consummate the transactions contemplated hereunder based exclusively on its own independent review, its financial experience,
and consultations with such advisers as it deemed necessary. Without limiting the generality of the foregoing, the Investor acknowledges
that neither the Company nor any of its affiliates or representatives is acting as a fiduciary or financial or investment adviser
to the Investor, or has given the Investor any investment advice, opinion or other information on whether an investment in the
New Securities is prudent. The Investor agrees it is not relying on the Information (as defined below), or any other information
other than the express representations set forth in this Exchange Agreement.

 

(ii) The Investor acknowledges
that the Company and its affiliates and representatives possess material nonpublic information regarding the Company not known
to the Investor that may impact the value of the New Securities (the “Information”), that the Information is
not disclosed in the Company’s public disclosures or its filings with the Commission, and that the Company is not disclosing
the Information to the Investor and that the Company and its affiliates and representatives have not made, and are not making,
any representation with respect to any Information. The Investor understands, based on its experience, the disadvantage to which
the Investor is subject due to the disparity of information between the Company and the Investor and the fact that the Information
is not being disclosed to the Investor. The Investor acknowledges and agrees that, notwithstanding such disparity, it has deemed
it appropriate to enter into this Exchange Agreement and to consummate the transactions contemplated hereunder. The Investor acknowledges
the possibility that the Information may be material to a determination of a fair value for the New Securities and that value may
be substantially different from the price being paid by the Investor for the New Securities hereunder.

 

(iii) The Investor agrees
that neither the Company nor any of its affiliates or representatives shall have any liability to the Investor whatsoever due to
or in connection with the non-disclosure of the Information, and the Investor hereby irrevocably waives any claim that it might
have based on the failure of the Company to disclose the Information. The Investor hereby irrevocably and unconditionally expressly
releases, discharges and waives, to the fullest extent permitted by law, any and all claims, rights, causes of action, suits, obligations,
debts, demands, liabilities, controversies, costs, expenses, fees or damages of any kind (including, but not limited to, any and
all claims alleging violations of federal or state securities laws, common-law fraud or deceit, breach of fiduciary duty, negligence
or otherwise), whether directly, derivatively, representatively or in any other capacity, that it may have or hereafter acquire
against the Company, or any of its affiliates and their respective officers, employees, agents and controlling persons, relating
to the existence or non-existence of any Information, the Investor’s inability to review such Information or any failure
to disclose such Information.

 

(iv) The Investor understands
that the Company relies on the accuracy and truth of the foregoing representations, warranties, acknowledgements and agreements
in entering into this Exchange Agreement and performing its obligations hereunder, and would not engage in the transactions contemplated
by this Exchange Agreement in the absence of such representations, warranties, acknowledgements and agreements, and the Investor
hereby consents to such reliance.

 

    	 	5	 

     

    

 

(v) Notwithstanding
the forgoing, nothing in this Section 5(e) shall be deemed to limit or restrict the Investor’s rights or remedies
with respect to any breach or violation by the Company of any of its representations, warranties or covenants contained in this
Exchange Agreement, or to constitute an admission by the Company that any information is material or is otherwise required to be
disclosed to any person.

 

(g) Governmental
Approval. The Investor understands that no federal, state, local or foreign agency has passed upon the merits or risks of an
investment in the New Securities or made any finding or determination concerning the fairness or advisability of such investment.

 

(h) Investor Qualification.
The Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act. The Investor agrees to
furnish any additional information reasonably requested by the Company or any of its affiliates to assure compliance with applicable
U.S. federal and state securities laws in connection with the Exchange Offer.

 

(i) Purchase for
Investment Only; No Registration. The Investor is acquiring the New Securities solely for the Investor’s own beneficial
account, or for an account with respect to which the Investor exercises sole investment discretion, for investment purposes, and
not with a view to, or for resale in connection with, any distribution of the New Securities. The Investor understands that the
offer and sale of the New Securities have not been registered under the Securities Act or any state securities laws by reason of
specific exemptions under the provisions thereof that depend in part upon the accuracy of the representations made by the Investor
in this Exchange Agreement.

 

(j) Company Reliance.
The Investor understands that the Company is relying upon the representations and agreements of the Investor contained in this
Exchange Agreement (and any supplemental information) for the purpose of determining whether the Investor’s participation
in the Exchange Offer meets the requirements for such exemption. In addition, the Investor acknowledges and agrees that any hedging
transactions engaged in by the Investor after the Exchange Offer is made public and prior to the Closing in connection with the
issuance and sale of the New Securities have been and will be conducted in compliance with the Securities Act and the rules and
regulations promulgated thereunder.

 

(k) Restricted Securities.
The Investor acknowledges that the New Securities have not been registered under the Securities Act. As a result, the New Securities
may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except to the extent
such securities are registered with the Commission, or pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and the Investor hereby agrees that it will not sell the New Securities other than in compliance
with such transfer restrictions.

 

6. Conditions to Obligations of the
Investor and the Company. The obligations of the Investor to deliver the Exchanged 6.50% Notes of the Investor and of the Company
to deliver the New Securities to the Investor are subject to the satisfaction or waiver at or prior to the Closing of the conditions
precedent that (a) the representations and warranties of the Company and the Investor contained in Sections 4 and 5
, respectively, shall be true and correct as of the Closing Date in all material respects with the same effect as though such representations
and warranties had been made as of the Closing Date, (b) the Shares shall be approved for listing on The Nasdaq Stock Market, subject
to official notice of issuance, and (c) the Company has obtained signed agreements from holders of 6.50% Notes indicating their
agreement to exchange at least $38 million in aggregate principal amount of the 6.50% Notes for other securities of the Company.

 

    	 	6	 

     

    

 

7. Restrictive Legend. The Conversion
Shares shall bear the following restrictive legend:

 

THIS SECURITY HAS NOT BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL
INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED
BY SUCH SECURITIES.

 

8. Disclosure of the Exchange Offer.
At or prior to 9:00 a.m., New York City time, on the second business day after the date hereof, the Company shall file a press
release or Current Report on Form 8-K announcing the Exchange Offer, which press release or Current Report on Form 8-K the Company
acknowledges and agrees will disclose all material non-public information, if any, with respect to the Exchange Offer.

 

9. Waiver and Amendment. Neither
this Exchange Agreement nor any provisions hereof shall be modified, changed, discharged, waived or terminated except by an instrument
in writing signed by the Company and the Investor.

 

10. Waiver of Jury Trial. EACH OF
THE COMPANY AND THE INVESTOR IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING
OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS EXCHANGE AGREEMENT.

 

11. Governing Law/Venue. THIS EXCHANGE
AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT
IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. Each of the Company and the Investor (a) agrees
that any legal suit, action or proceeding arising out of or relating to this agreement or the transactions contemplated hereby
shall be instituted exclusively in the courts of the State of New York located in the City and County of New York or in the United
States District Court for the Southern District of New York; (b) waives any objection that it may now or hereafter have to
the venue of any such suit, action or proceeding; and (c) irrevocably consents to the jurisdiction of the aforesaid courts
in any such suit, action or proceeding.

 

12. Section and Other Headings.
The section and other headings contained in this Exchange Agreement are for reference purposes only and shall not affect the meaning
or interpretation of this Exchange Agreement.

 

13. Counterparts. This Exchange
Agreement may be executed by one or more of the parties hereto in any number of separate counterparts (including by facsimile or
other electronic means, including telecopy, email or otherwise), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of an executed signature page of this Exchange Agreement by facsimile or other
transmission (e.g. , “pdf” or “tif” format) shall be effective as delivery of a manually executed
counterpart hereof.

 

    	 	7	 

     

    

 

14. Notices. All notices and other
communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally or sent
by prepaid overnight courier or registered or certified mail, return receipt requested, postage prepaid to, in the case of the
Company, the following address and, in the case of the Investor, the address provided on the signature page of the Investor (or
such other address as any party shall have specified by notice in writing to the other):

 

	If to the Company:	 	
        Amyris, Inc.

        5885 Hollis Street, Suite 100

        Emeryville, California 94608

        Fax:

        Attention:

 

15. Binding Effect. The provisions
of this Exchange Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal
representatives, successors and permitted assigns.

 

16. Severability. If any term or
provision (in whole or in part) of this Exchange Agreement is determined to be invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Exchange Agreement or invalidate
or render unenforceable such term or provision in any other jurisdiction.

 

17. Release. In consideration of
the agreements of the Investor set forth in this Exchange Agreement, the Company, its affiliates and subsidiaries, and all of their
respective directors, officers, agents, heirs, personal representatives, predecessors, successors and assigns (individually and
collectively, the “Releasors”), hereby fully, finally, and forever release and discharge the Investor, its affiliates
and subsidiaries, and its any of their successors, assigns, directors, officers, employees, agents, and representatives (including
those on the board of Company or any of its subsidiaries or affiliates) 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, relating to, or concerning this Exchange Agreement, the New Securities, the Exchanged 6.50% Notes,
or any other potential agreement or transaction relating to the exchange of the Exchanged 6.50% Notes arising from events occurring
prior to the date hereof.

 

[SIGNATURE PAGES FOLLOW]

 

 

 

 

    	 	8	 

     

    

 

IN WITNESS WHEREOF, the undersigned
has executed this Exchange Agreement as of the date first written above.

 

	 	AMYRIS, INC.	 
	 	 	 	 
	 	By:	/s/ Kathleen Valiasek	 
	 	Name: Kathleen Valiasek	 
	 	Title: Chief Financial Officer	 

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
has executed this Exchange Agreement as of the date first written above.

 

	 	INVESTOR:	 
	 	 	 	 
	 	TOTAL RAFFINAGE CHIMIE S.A.
	 	 	 	 
	 	By: 	/s/ Fredenz Gimenez	 
	 	Name: Fredenz Gimenez	 
	 	Title: SVP Corporate Affairs	 
	 	 	 	 
	 	Address for Notices:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

Exchanged 6.50% Notes Principal Amount: $9,705,000

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