Document:

Exhibit 10.02

 

LEASE AGREEMENT

 

1. PRELIMINARY

 

		1.1.	RAÍZEN ENERGIA S/A (“Raízen”),
organized and existing under the laws of Brazil, with its headquarters at Avenida Brigadeiro Faria Lima, 4100, 11th floor –
Itaim Bibi, CEP 04538-132, in the City of São Paulo, State of São Paulo, enrolled
with the tax payroll CNPJ No. 08.070.508/0001-78, and AMYRIS BROTAS FERMENTAÇÃO
DE PERFORMANCE LTDA. (“Amyris”), a limited liability company organized and existing under the laws of Brazil,
with its headquarters at Rodovia SP-197 Brotas/Torrinhas, south-west area, part 1, km 7,5,
Fazenda Paraíso, CEP 17.380-000, Municipality of Brotas, State of São Paulo, Brazil, enrolled with the Brazilian
Taxpayer Secretariat under CNPJ 30.832.226/0001-10, agree to enter into this Lease Agreement
(“Agreement”), which shall be subject to the following terms and conditions.

 

 

 

WHEREAS, on the present date, Amyris and Raízen entered
into a Joint Venture Agreement (“JV Agreement”) whereby they established the general terms and conditions regarding
(a) a commercial relationship by which Raízen would supply utilities, energy, sugar and land to Amyris for the construction
and operation of Amyris Industrial Site (as defined below) pursuant to the terms and conditions of the JV Agreement and of the
Operational Agreements (as defined below); and (b) the possibility of the formation of a JV Company for the production and sale
of REBM sweetener through the construction and operation of certain manufacturing plants;

 

     

     

    

WHEREAS, on the present date and pursuant to the JV Agreement,
the Parties have decided to enter into this Agreement and the other Operational Agreements;

 

 

 

		2.	DEFINITIONS

 

1.2.       In addition
to the other meanings defined and contemplated herein, the terms and expressions defined below with their initials in capitals,
when used herein, shall have the meanings attributed to them below:

 

“Affiliate” in relation to a Party, means a company,
partnership or other legal entity which Controls (as defined below), or which is Controlled by, or which is under common Control
with, that Party, provided that, (i) Raízen Energia S.A. (“RESA”) and Raízen Combustíveis
S.A. (“RCSA”) shall be deemed the ultimate parent entities of the group of companies to which they belong; (ii)
exclusively for the purposes of this Agreement, to the exclusion of any other purposes RESA and RCSA shall be deemed Affiliates
of each other and their respective shareholders shall not be deemed Affiliates of either of them; and (iii) any information concerning
any aspect of this Agreement that is disclosed to representatives of either RESA ́s and/or RCSA ́s shareholders shall
not be deemed disclosed to an Affiliate but rather to such representatives in their capacity as either board members and/or advisers
of RESA and RCSA and shall be used solely for the purposes of assisting RESA, RCSA or any of their Affiliates in their decision
making process in respect of any aspect of this Agreement.

 

     

     

    

“Price” means the monthly rent amount due by
Amyris to Raízen for the lease of the Site.

 

“Site” means the Raízen’s real property
located at city of Barra Bonita, State of São Paulo, Brazil, at the Fazenda Pau D ́Alho, filed at the real property
register office of Barra Bonita, State of São Paulo, under # 2.206, in accordance with the descriptive memorandum (Schedule
A). The Parties agree that the Site of 180,000m2 (one hundred and eighty thousand square meters), duly identified in Schedule
A, shall be leased for the first three (3) years counted as from the execution of this Agreement. As from the third year, the Site
shall be of 165.000m2 (one hundred and sixty five thousand square meters). The Parties also agree that part of the Site shall
be vacated by Amyris upon the execution of the lease agreement by the JV Company.

 

“Operational Agreements” means, collectively,
the following agreements for the construction and operation by Amyris of the Amyris’ Industrial Site: (i) this Agreement,
(ii) the F&F Sugar Supply Agreement (as defined in the JV Agreement), (iii) F&F Utilities Supply Agreement (as defined
in the JV Agreement), and (iv) F&F Energy Supply Agreement (as defined in the JV Agreement).

 

“Control” means the ownership, or beneficial
ownership, directly or indirectly through a series of legal entities, of fifty percent (50%) or more of common shares (or its equivalent)
bearing voting rights in a company, partnership or other legal entity sufficient to permanently allow the controlling entity to
appoint the majority of

 

     

     

    

the directors (or equivalent) of the controlled entity, and
“Controlling Party” shall be interpreted in the same manner. For the purposes of this Agreement the Parties agree that
Cosan or its Affiliates and Shell or each Affiliates shall each deem to jointly control Raízen, and that for the purposes
of change of control herein, either Shell or Cosan acquiring the shares of the other at Raízen shall not be deemed as a
change of control of Raízen.

 

“Business Day” or “Business Days”
means a day on which commercial banks are generally open for business in São Paulo and California.

 

"Applicable Law" means all laws, rules, statutes,
decrees, regulations, ordinances or orders valid and enforceable in Brazil, including all applicable public, environmental and
competition laws and regulations; and any administrative decision, judgment and other pronouncement enacted, issued, promulgated,
enforced or entered into by any governmental authority.

 

“Amyris Industrial Site” means the Amyris’s
industrial site that will be installed at the Site for the production of flavors and fragrances.

 

“Party” means Raízen or Amyris, when referred
individually.

 

“Parties” means Raízen and Amyris, when
referred together.

 

“Term” means the validity term of this Agreement.

 

 

		3.	PURPOSE

 

     

     

    

3.1.       Raízen,
as lessor, shall lease the Site to Amyris, as lessee, for the Lease Period and Price.

 

3.1.1.       The lease
established above is ruled by the article 565 et seq. of Brazilian Civil Code.

 

3.1.2.       The improvements,
buildings, structures and facilities made/built in the Site are included in the purpose of this Agreement, with the exception of
any equipment and movable property that may be installed by Amyris in the Amyris Industrial Site, which may be removed by Amyris
at any time during the Term or within six (6) months after the expiration of its term.

 

3.2.       Raízen
represents to be currently negotiating the acquisition of the Site with the current owner of the Site. Immediately upon the formalization
of a real estate sale and purchase agreement for the acquisition of the, Raízen will be the legit and rightful owner of
the Site, and that this real estate shall be leased free and clear of any liens, debts, disposals, sale and purchase commitments,
promises, restrictions, overdue taxes, out-of-court or judicial mortgages, fiduciary alienation, pledges, foreclosure, seizure,
constriction, ongoing lawsuits or any other encumbrances and liabilities which may affect Amyris’ rights and responsibilities
arising out of this agreement.

 

3.2.1. This Agreement shall only become effective as of the
date in which Raízen executes the sale and purchase agreement with the current owner of the Site.

 

3.3.       The Site shall
be used exclusively by Amyris and for the purpose of building and operating the Amyris Industrial Site in

 

     

     

    

accordance with the terms and conditions of the JV Agreement.

 

		3.4.	Amyris will pay to Raízen the Price for leasing the Site, as established at clauses 8 and
9.

 

 

		4.	RAÍZEN’S OBLIGATIONS 

 

4.1.       Without
prejudice to other obligations set forth under this Agreement, Raízen hereby undertakes to:

 

a       Deliver the Site to Amyris.

 

b      Supply Amyris with Site’s topography, sketches
and other documents necessary to Amyris comply with Brazilian government’s requirements

 

c      Provide electric power and water necessary for the
construction of the Amyris Industrial Site in accordance with the terms and conditions of the F&F Energy Supply Agreement and
the F&F Utilities Supply Agreement executed by the Parties on the present date.

 

 

		5.	AMYRIS’S OBLIGATIONS

 

5.1.       Without
prejudice to other obligations set forth under this Agreement, Amyris hereby undertakes to:

 

a      Present an appraisal on the Area including, but
not limited to, the topography of the Site and its conservation status, at its expenses, within ninety (90) days as of the execution
of this Agreement (“Appraisal Report”).

 

b      Explore the Site exclusively for building and operating
Amyris Industrial Site.

 

     

     

    

c      Upon the termination of the Term or termination
of this Agreement, return the Site to Raízen in the same conditions as received pursuant to the Appraisal Report.

 

d      Build Amyris Industrial Site at its own expenses.

 

e      Be fully liable for any damages suffered by third
parties or by Raízen due to the operation of Amyris Industrial Site.

 

f      Obtain all required licenses and permits for building
and operating the Amyris Industrial Site and present them upon Raízen’s request.

 

g      Bear all expenses, taxes, insurances and fees applicable
to the Site.

 

h      At any time, ensure Raizen’s free access to
the Site for periodic inspections and/or verifications, which shall be performed by representatives or companies appointed by Raízen,
provided that Raízen communicates it to Amyris at least three (3) days in advance

 

5.2.       Amyris
shall present, up to 30 (thirty) days prior to the use of the Site, a bail guarantee or a financial guarantee covering for the
amount of three (3) times the Price, to be contracted with an insurance company or a financial entity appointed by Raízen.
The Guarantee shall be valid until the end of the Term, guaranteeing not only the payment of the Price, but also debts of any nature
arising from the obligations assumed under this Agreement, with express provision for

 

     

     

    

waiving the benefit of the order and term of execution of
72 (seventy-two) hours.

 

		6.	ENVIRONMENTAL RESPONSIBILITIES 

 

6.1.       Amyris shall
comply with all legal requirements related to pollution and environmental compliance, and shall be the sole responsible for any
acts of its representatives, employees and subcontractors, and shall take full responsibility for any and all damages arising out
of its operation impacting the environment, Raízen and third-parties. I.e. Amyris hereby undertakes to indemnify all damages
caused against the environment, Raízen and third-parties. This clause shall survive the termination of this Agreement.

 

6.1.1       Amyris hereby
undertakes to indemnify Raízen for any and all judicial action, appeal, claim or motion related to any arbitration, audit,
inspection, assessment or dispute of any kind, including, but not limited to indemnification, compensation, penalties, fines and
other losses which Raízen may incur in due to the building and operation of the Amyris Industrial Site.

 

 

7.       IMPROVEMENTS, BUILDINGS,
STRUCTURES AND FACILITIES

 

7.1.       Amyris shall
build the Amyris’ Industrial Site in the Site, at Amyris expenses, exclusively for the production of flavor and fragrances.

 

7.2.       Amyris shall
obtain all licenses and permits required for the construction of the Amyris Industrial Site and shall also comply

 

     

     

    

with all requirements and technical standards required by
the Applicable Law.

 

7.3.       Raízen
assess and decide (approve or not approve) all improvements, buildings, structures and facilities which are not related to the
construction of the Amyris Industrial Site.

 

7.4.       Amyris
is responsible for Amyris Industrial Site’s maintenance, at its own expenses.

 

7.5.       Upon
return of the Site, Raízen shall not be bound to indemnify Amyris for the construction of the Amyris Industrial Site and/or
any improvements and/or facilities built and installed by Amyris, as per clause 3.1.2.

 

7.6.       Without
prejudice to other obligations set forth under this Agreement, Raízen is entitled to make any improvements and/or build
any necessary or useful facilities for the maintenance of the Site or Amyris Industrial Site, provided that Amyris refuses to carry
out the aforementioned improvements and/or buildings even after being notified.

 

7.7.       Amyris
shall reimburse Raízen from any improvements, buildings, structures and facilities made by Raízen, within forty five
(45) days, as from the date these improvements, buildings, structures and/or facilities are duly reported (the payment receipts
shall also be presented).

 

		8.	PRICE

 

8.1       The monthly
Price shall be of R$ 44.000,00 (forty four thousand Reais) for the first three years of this agreement,
and R$ 40.000,00 (forty thousand Reais) as

 

     

     

    

from the third anniversary of this agreement,
which shall be due up to the twentieth (20th) day of each month, during the Term.

 

8.2.       Every
12 (twelve) months the Price will suffer readjusted by the positive fluctuation of the IGPM/FGV (or any index that comes to replace
it).

 

8.3.       The Price
shall also be adjusted proportionally to the occupied area when the Site is vacated by Amyris upon the execution of the lease agreement
of the JV Company pursuant to the terms of this Agreement.

 

		9.	PAYMENT

 

 

9.1.       The Price
due to Raízen by Amyris shall be paid through bank slip, to be issued by Raízen, being considered the payment receipt
as regular discharge by Amyris of its obligations.

 

9.2.       In case
of late payment, Amyris shall pay Raízen a 2% (two per cent) late payment penalty over the overdue amount. Without prejudice
to the late payment penalty, the overdue amount shall be adjusted as per the positive variation of IGPM/FGV (or any superseding
index) plus 1% (one per cent)default interest per month (pro rata).

 

		10.	TERM

 

 

10.1 This Agreement shall
be valid for twenty (20) years (“Term”), extendable for an additional 20-year period, pursuant to mutual consent
of the Parties, or until all obligations set forth under this Agreement are duly fulfilled by the Parties, which on occurs first.

 

     

     

    
		11.	ACT OF GOD AND/OR FORCE MAJEURE EVENT

 

11.1.       If any
Party becomes unable to perform its obligation due to an Act of God and/or a Force Majeure Event (the “Event”), this
Agreement will remain in force, however the obligations prevented will be suspended as long as the Event remains.

 

11.2.       The
Party affected by an Event shall notify the other Party within 48 (forty eight) hours counted from the beginning of the Event.
The notification must contain a detailed description of the Event, indicating the nature of the Event, the effects of the Event
on the performance of the obligations set forth in this Agreement and an estimation of the period each obligation will be suspended.
The suspensions of any obligation will not exempt the Party effected by the Event for previous obligation or not effected, inclusively
the payments related to obligations previous of the Event, even though the due date of that obligation is set for during the period
of the Event.

 

11.3.       The
Party that claimed to be affected by an Event shall strive to remedy the Event and/or to minimize the effects of the Event over
the other Party and shall take all necessaries actions to prevent or reduce the risk of new Events or the significance of their
effects.

 

11.4.       Any
Electric Energy rationing and/or governmental restrictions that may prevent the fulfilment of this Agreement shall be considered
as an Event.

 

     

     

    

11.5       Under
no circumstance the following situations shall be considered as an Event:

 

a       financial problems
and/or difficulties of any Party;

 

b       any governmental
act that the affect Party could avoid if it had complied with the Applicable Law;

 

c       strike and/or labor
interruptions or measures having a similar effect, of employees and contractors of any of the Parties and/or of any subcontractors.

 

		12.	EVENTS OF TERMINATION

 

12.1.       The
Agreement may be terminated independently of any formality, at non-defaulting Party’s sole discretion, in the following hypothesis:

 

a)       any event of default
of the Agreement, as long as the defaulting Party had failed to cured it within 120 (one hundred and twenty) days, counted from
receiving date of non-defaulting Party’s notification;

 

b)       bankruptcy or
judicial reorganization ordered or approved of any of the Parties;

 

c)       if case of an
Event prevent the Agreement fulfillment and lasts for a period exceeding one hundred and eighty (180) consecutive days;

 

d)       After 60 (sixty)
days of delayed payment rightful to Raízen;

 

     

     

    

a)       In the hypothesis
set forth in Clauses 5.4 or 5.9 of the JV Agreement

 

12.2.       The
Party that fails to comply with any clause and condition of this Agreement and fails to remedy the failure within thirty (30) days
from the receipt of the notification sent by the innocent Party shall pay to the other Party a penalty of merely punitive character
of R$ 5.000.000,00 (five million reais), without prejudice to the innocent Party being able, at its discretion, to terminate this
Agreement as well as to claim compensation for the direct damages resulting from such default. The fine in question will be monetarily
restated based on the positive variation of the IGPM / FGV (or substitute index) and plus interest of 2% (two) percent per month.
Both charges (monetary restatement and interest) will be due from your verification until your actual payment.

 

		13.	ASSIGNMENT

 

13.1.       Neither
Party may assign, either wholly or in any part, the Agreement or any of its rights and obligations without the prior written consent
of the other Party. Nonetheless, the Parties consent that both Parties can assign the Agreement to its own Affiliates regardless
of any formality.

 

13.2.       Every
assignment realized in disagreement with the clause above will not be valid.

 

 

14.       RIGHT OF FIRST REFUSAL

 

14.1.       In the
event that Raízen receives from third parties a binding offer for the purchase of the Site, but not less than the entire
Site, Amyris will be granted the right of first refusal for acquisition of the Site for

 

     

     

    

the same overall value of the best offer Raízen receives,
provided that the offer presented by Raízen is for the acquisition of the entire Site. For the avoidance of doubt, Amyris
will not have right of first refusal if the Site is transferred to one of Raízen's Affiliates.

 

14.2. If Amyris does not exercise the right of first
refusal set forth in clause 14.1, for any reason, it is expressly agreed between the Parties that Raízen and/or Raízen ́s
Affiliates shall notify the eventual buyer of the Site of all obligations of this Agreement, the terms and conditions of this Agreement,
including the obligation to respect its term, thus establishing a validity clause against third parties, pursuant to article 576,
caput and §1 of the Brazilian Civil Code.

 

15.       COMPLIANCE

 

15.1.       The
Parties hereby agree to comply with all laws, rules, regulations and conventions applicable to this Agreement and to their own
activities, in particular with the anti-trust, anti-money laundering and anti-corruption legislations, such as Laws No. 12,529/2011,
9,613/1998, 12,846/2013, the US Foreing Corrupt Practices Act (FCPA) and the UK Bribery Act, and to act with honesty, loyalty,
integrity and good faith, avoiding conflicts of interest under this Agreement.

 

15.2.       Additionally,
the Parties declare that they have Codes of Conduct, or any other similar policies, applicable to their own business, that include
without

 

     

     

    

limitation, the need to take ethical and sustainable actions
when conducting their business, the prohibition of any form of forced or child labor, the preservation of the environment, compliance
with health and safety standards as well as respect for customers, employees, contractors and the communities established in places
where the Parties carry out their activities.

 

15.3.       Without
prejudice to the Applicable Law, the Parties undertake not to give or receive, offer or ask for, directly or indirectly, to anyone,
any payment or benefit that constitutes undue or illegal advantage.

 

15.4.       For
purposes hereof “undue advantage” means any personal or corporate benefits whose purpose is to provide undue or inappropriate
results, which would not occur if not for the undue advantage.

 

15.5.       Any
violations of any applicable law and/or of the Raízen’s Code of Conduct should be reported to Raízen’s
Ethics Line at (0800-7-724936) or by email (canaldeetica@raizen.com).

 

15.6.       The
Agreement may be terminated immediately, regardless of prior notice in the event of breach of any of the provisions of this Section.

 

 

16.       NOTIFICATION

 

 

16.1.       All notifications
and other communications related to the Agreement shall be made in writing, and delivered by e-mail, post or handed to the person
indicated below. The communications shall

 

     

     

    

only be considered valid upon written confirmation of the
receipt.

 

a       For Raízen:

 

 

 

 

 

b       For Amyris:

 

 

 

 

16.2.       Any and all
changes related to the persons and/or contact information indicated above shall only become valid upon five (5) Business Days,
as of the receipt of the written notice delivered by the other Party.

 

17.        GENERAL PROVISIONS

 

17.1.       Amyris
shall not use any logo, name or trademark of Raízen or its Affiliates in any type of advertisement or public announcement
without the prior authorization of Raízen in writing.

 

17.2.       The
Agreement constitutes an extrajudicial enforceable instrument according to article 784, item III of the Brazilian Civil Procedure
Code, even for the purpose of recovery of any sum related to the Agreement.

 

17.3.       Any
information, document, material and any other data disclosed by one Party to the other Party shall be deemed as confidential information
and

 

     

     

    

shall not be disclosed to third parties under no circumstances
and for no reason, except if the disclosing party expressly authorizes (the “Confidential Information”).

 

17.1.1.       Confidential
Information excludes, and the obligations of confidentiality and limitations on use will not apply to information and/or data which:

 

a)       The receiving
party can reasonably prove to be of its knowledge as of the date of disclosure hereunder, except with respect to its knowledge
regarding the Parties’ intention to enter into this Agreement, which information shall be considered Confidential Information
for the purposes hereof;

 

b)       Is already in
possession of the public as of the date of disclosure hereunder or becomes available to the public after such disclosure other
than through the act or omission of the receiving party;

 

c)       Is required to
be disclosed under applicable law, under the applicable rules or regulations of any stock exchange where the Parties may have their
shares listed, or by a governmental and/or court order, decree, regulation or rule (provided that the receiving party shall, to
the extent legally permitted, give written notice to the disclosing party prior to such disclosure and shall exercise its best
endeavors in order to make any such persons or entities to whom Confidential Information is disclosed aware of the confidential
nature of any such information); and/or

 

     

     

    

d)       Is acquired independently
from a third party that represents that it has the right to disseminate such information at the time it is acquired by the receiving
party.

 

17.4.       Failure
by either Party to take action towards the other in case of the other Party’s non-compliance with obligations or conditions
set forth under the Agreement shall not be deemed to be a waiver to take action for a subsequent non-compliance of the same or
other obligations or conditions.

 

17.5.       If any
term or condition of the Agreement is, fully or partially, by law or judicial decision, considered null or impossible to be fulfilled,
this shall the considered as not written, and the other terms and conditions shall remain in full force and effect.

 

17.6.       Any
amendments to the Agreement shall be made by an Instrument of Amendment.

 

17.7.       This
Agreement shall be governed by and construed in accordance with the Brazilian Law.

 

17.8.       In the
event of any conflict between the English version and the Portuguese version, the Portuguese version shall prevail over the English
version.

 

 

     

     

    

17.9.       Arbitration.
Prior to submitting any Dispute (as defined below) to the procedures of this Clause 17.9, the Parties commit to act in good faith
to settle the matter amicably by referral to the members of the relevant Parties ́ senior executive teams, who shall seek
to settle the matter within thirty (30) days of the Dispute being so referred. Any dispute, controversy or claim regarding the
existence, construction, validity, interpretation, enforceability or breach of this Agreement (a “Dispute”) shall be
subject to the following provisions.

 

 

17.9.1.       Any
Dispute that is not resolved amicably by the Parties in accordance with Clause 17.9 shall be settled finally and exclusively by
arbitration in accordance with the Arbitration rules of the International Chamber of Commerce (the “ICC” or “Court”),
which shall administer the arbitration.

 

 

17.9.2.       The
arbitration shall be heard, conducted and decided by an arbitral tribunal composed of three (3) arbitrators. The arbitral tribunal
shall be constituted in accordance with the Rules of Arbitration, except that the president of the arbitral tribunal shall be jointly
appointed by the two (2) co-arbitrators appointed by the parties to the arbitration. If the Party-appointed arbitrators cannot
reach agreement on a presiding arbitrator of the tribunal and/or one Party refuses to appoint its arbitrator within said thirty
(30) Business Day period, the appointing authority for the implementation of any such procedures shall be the chairperson (or its
equivalent) of the Court, who shall

 

     

     

    

appoint independent arbitrators who do not have any financial
or other interest in the dispute, controversy or claim. All decisions and awards by the arbitration tribunal shall be made by majority
vote.

 

 

17.9.3.       Unless
otherwise expressly agreed in writing by the Parties to the arbitration proceedings:

 

a)       the arbitration
proceedings shall be held in in the City of São Paulo, SP, Brazil where the arbitral award shall be rendered;

b)       the arbitration
proceedings shall be conducted in the English language and the arbitrator(s) shall be fluent in the English language;

c)       the arbitrator(s)
shall be and remain at all times wholly independent and impartial;

d)       the arbitration
proceedings shall be conducted under the Arbitration Rules of the ICC in effect on the date of execution of this Agreement by the
Parties;

e)       the costs of the
arbitration proceedings (including attorneys' fees and costs) shall be borne in the manner determined by the arbitrator(s), considering
the liability of each party to the arbitration for its payment, in proportion to its success in the arbitral proceedings. The arbitral
tribunal shall not have jurisdiction to impose non-prevailing party’s attorney fees (honorários de sucumbência);

f)       the arbitral award
shall be in writing; be final and binding without the right of appeal; be the sole and exclusive remedy regarding any claims, counterclaims,
issues or accountings presented to the

 

     

     

    

arbitrators; be made and promptly paid, free of any deduction
or offset; and any costs or fees incident to enforcing the award, shall to the maximum extent permitted by law be charged against
the Party resisting such enforcement;

g)       the award shall
include interest from the date of any breach or violation of this Agreement, as determined by the arbitral award, and from the
date of the award until paid in full, at the maximum rate permitted by law;

h)       judgment upon
the award may be entered in any court having jurisdiction over the person or the assets of the Party owing the judgment, or application
may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be; and

i)       the arbitration
shall proceed in the absence of a Party who, after due notice, fails to answer or appear. An award shall not be made solely on
the default of a Party to answer or appear, but the arbitrator(s) shall require the Party who is present to submit such evidence
as the arbitrator(s) may determine is reasonably required to make an award.

 

 

In witness whereof, the Parties sign this Agreement in two
(2) original counterparts of equal content and form, in the presence of two (2) witnesses who also sign it below, such that it
may produce its due and legal effects.

 

São Paulo, 10 de maio de 2019 / May 10, 2019.

 

 

     

     

    
	
         

        _/s/ Antonio Simões _________

        RAÍZEN ENERGIA S.A.

        Nome/Name: Antonio Simões

        Cargo/Title:

         
	 	
         

        _/s/ Raphaela Gomes _________

        RAÍZEN ENERGIA S.A.

        Nome/Name: Raphaela Gomes

        Cargo/Title:

         

	
         

         

        _/s/ Eduardo L. Silveira ________

        AMYRIS BROTAS FERMENTAÇÃO DE PERFORMANCE LTDA

        Nome/Name:Eduardo
        L. Silveira

        Cargo/Title: V.P. Amyris Brasil

         
	 	
         

         

        _/s/ Giani Ming Valent __________

        AMYRIS BROTAS FERMENTAÇÃO DE PERFORMANCE LTDA

        Nome/Name:
        Giani Ming Valent

        Cargo/Title: Diretor Engenharia

         

	
         

         

         

        Testemunhas/Witnesses:

         

        _/s/ Gustavo Bezerra Tenorio _______
	 	
         

         

         

         

         

        _/s/ Diogo Simoes ____________

	
        Nome/Name: Gustavo Bezerra Tenorio

        RG:

        CPF:

         
	 	
        Nome/Name: Diogo Simoes

        RG:

        CPF:Exhibit 10.03

EXECUTION COPY

AMENDMENT NO 4 TO LOAN AGREEMENT 

April 4, 2019 

EFFECTIVE DATE: April 4, 2019

	PARTIES: Borrower:	 	Amyris, Inc., a Delaware
                                         corporation (“Parent”), Amyris Fuels, LLC, a Delaware limited liability
                                         company, Amyris Clean Beauty LLC, a Delaware limited liability company, and AB Technologies
                                         LLC, a Delaware limited liability company
	 	 	 
		Lender:	GACP Finance Co., LLC., a Delaware limited liability company

RECITALS 

A. Lender has extended credit (the “Loan”)
to Borrower in the original principal amount of Thirty-Six Million Dollars ($36,000,000.00) pursuant to that certain Loan and Security
Agreement, dated as of June 29, 2018, as modified by that certain First Modification Agreement, effective as of June 29, 2018 and
as amended pursuant to that certain Amendment No 1 to Loan Agreement, effective as of August 24, 2018, that certain Amendment No
2 to Loan Agreement, effective as of September 30, 2018 and that certain Amendment No 3 to Loan Agreement, effective as of December
14, 2018 (the “Loan Agreement”), each by and among Parent, each “Subsidiary Guarantor” party thereto,
the several banks and other financial institutions or entities from time to time parties thereto (collectively, referred to as
“Lender”) and GACP Finance Co., LLC., a Delaware limited liability company, in its capacity as administrative
agent for itself and the Lender (in such capacity, the “Agent”).

B. Borrower and Lender desire to make amendments
to the definitions of “Eligible Accounts Receivable”, “Excluded Intellectual Property”, “Term Loan
Maturity Date” and Sections 2.1, 2.6(b)(i), 7.4, 7.16, 9.1, 9.2, 9.5 and
9.7 of the Loan Agreement.

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

 

AGREEMENT 

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

1. Amendment to Loan Agreement. The Loan Agreement is
modified as follows:

1.1 Effective as of the Effective Date
hereof, Section 1.1 of the Loan Agreement is hereby amended by deleting the definitions of “Eligible Accounts Receivables”
and “Excluded Intellectual Property” in their entirety and replacing them with the following:

“Eligible Accounts Receivable” means a receivable
owing to the Borrower which:

    	 	1	 

     

    

(i) is denominated and payable in U.S. Dollars; (ii) is payable
by an obligor (A) that is organized under the laws of any state within the United States or the District of Columbia and that is
not an Affiliate of Borrower or (B) that has been approved as eligible from time to time by Agent in its sole and absolute discretion
and that is organized under the laws of any country other than the United States and for which Borrower has obtained foreign credit
insurance in form and substance acceptable to agent in its sole discretion; (iii) is not more than 60 days past due or 90 days
past the original invoice date of such receivable; (iv) arises under a duly authorized contract for the sale and delivery of goods
and services in the ordinary course of Borrower’s business that (a) is in full force and effect and that is a valid, binding
and enforceable obligation of the related obligor, (b) conforms in all material respects with all applicable laws, rulings and
regulations in effect, (c) that is not the subject of any asserted dispute, offset, hold back, defense, adverse claim or other
claim, and (d) in which Borrower has good and marketable title, and that is freely assignable by Borrower (including without any
consent of the related obligor unless such consent has already been obtained); (v) constitutes an “account” or “general
intangible” (each, as defined in the UCC), and that is not evidenced by “instruments” or “chattel paper”
(each, defined in the UCC); (vi) represents amounts earned and payable by the obligor that are not subject to any condition or
subsequent deliverables; and (vii) is not otherwise deemed ineligible as a result of risks determined by Lender in its sole discretion
based on the field exam pursuant to Section 7.18 hereof and updates thereof and subsequent field exams thereafter.

 

“Excluded Intellectual Property”
means all Intellectual Property that (i) constitutes “AMYRIS Licensed IP” as defined in that certain License Agreement
regarding Diesel Fuel in the EU, dated as of March 21, 2016, as amended, by and among the Parent and Total Raffinage Chimie S.A.,
as assignee of Total Energies Nouvelles Activités USA, but solely to the extent of the field of use granted in such agreement,
(ii) constitutes “AMYRIS Licensed IP” as defined in that certain Amended & Restated Jet Fuel License Agreement,
dated as of March 21, 2016, as amended, by and among the Parent and Total Amyris BioSolutions B.V., but solely to the extent of
the field of use granted in such agreement, (iii) is subject to that certain Farnesene Intellectual Property License, dated as
of November 14, 2017, by and between DSM Nutritional Products Ltd. and Parent, but solely to the extent of the field of use granted
in such license, (iv) is subject to that certain Health and Nutrition License Agreement, dated as of May 11, 2017, by and between
Parent and DSM International B.V., but solely to the extent of the field of use granted in such license, (v) is subject to that
certain Vitamin A License Agreement, dated as of May 11, 2017, by and between Parent and DSM International B.V., but solely to
the extent of the field of use granted in such license, or (vi) constitutes Foreground IP (and, for clarity, not “Amyris
Background IP” (as defined in the CBD Agreement)) pursuant to that certain Research, Collaboration and License Agreement,
dated March 18, 2019 (the “CBD Agreement”) by and between Parent and the other party thereto in connection with
(and pursuant to) such CBD Agreement, but solely to the extent of the intellectual property and field of use set forth therein,
and in each case of clauses (i) and (ii), as such agreements were in effect as of June 29, 2018, in each case of clauses (iii),
(iv) and (v), as such agreements existed as of December 14, 2018, and in the case of clause (vi), as such agreement existed as
of March 18, 2019 and, in each case, only for as long as such agreement or license is not terminated either (x) with the prior
written consent of the party thereto (other than Parent (or any successor to Parent)) or (y) by Parent (or any successor to Parent)
in accordance with the terms of such agreement or

    	 	2	 

     

    

license, unless (and only for so long as) such termination
is being disputed in good faith by the other party thereto or, in the case of clause (vi) is not subject to any unfulfilled conditions
to effectiveness or closing. Notwithstanding the foregoing “Excluded Intellectual Property” shall not include any products,
substitutions or replacements of Intellectual Property outside of the fields of use granted in the foregoing agreements and licenses
or any proceeds of such Intellectual Property (unless, in each case, such proceeds, products, substitutions or replacements would
otherwise constitute Excluded Intellectual Property).

1.1        Effective as of December
31, 2018, Section 1.1 of the Loan Agreement is hereby amended by deleting the definition of “Term Loan Maturity Date”
in its entirety and replacing it with the following:

 

“Term Loan Maturity Date” means July
1, 2021.

1.2 Effective as of the Effective Date
hereof, Section 2.1 of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing it with
the following:

“2.1 Facility Increase. Prior to January
1, 2019, Borrower may, by written notice to Agent, elect to request the establishment of a new loan commitment by an aggregate
amount not in excess of $35,000,000.00 (the “Incremental Term Loan Commitment”). Lender may elect to accept
or decline Borrower’s request for the Incremental Term Loan Commitment (in whole or in part) in its sole and absolute discretion.
Any Incremental Term Loan Commitment shall become effective and shall be an Advance subject to the conditions, requirements and
limitations set forth in Section 2.2(b) as of date advanced.”

 

1.3 Effective as of the Effective Date
hereof, Section 2.6(b)(i) of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing
it with the following:

“(i) Asset Sales. Borrower shall
prepay the Advances no later than the fifth Business Day following receipt of Net Cash Proceeds, in excess of $500,000 in any
calendar year, required to be prepaid pursuant to the provisions hereof in an amount equal to one hundred percent (100%) of the
Net Cash Proceeds received from any Asset Sale by Parent or any of its consolidated Subsidiaries.”

 

1.4 Effective as of the Effective Date
hereof, Section 7.4 of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing it with
the following:

“7.4 Indebtedness; Amendments to Indebtedness.
Borrower shall not and shall not permit any Subsidiary to: (a) create, incur, assume, guarantee or be or remain liable with respect
to any Indebtedness, other than Permitted Indebtedness; (b) prepay any Indebtedness except for (i) by the conversion of Indebtedness
into equity securities and the payment of cash in lieu of fractional shares in connection with such conversion, or (ii) a refinancing
of the entire amount of such Indebtedness which does not impose materially more burdensome terms upon Borrower or its Subsidiary
than exist in such Indebtedness prior to such refinancing, but with a maturity date which is later than the Term Loan Maturity
Date; and (c) pay any principal or interest on any Indebtedness (other than the Secured Obligations) while the Secured Obligations
are outstanding without the written consent of Agent; and (d) amend or modify any documents or notes

    	 	3	 

     

    

evidencing any Indebtedness in any manner which imposes materially
more burdensome terms upon Borrower or its Subsidiary than exist in such Indebtedness prior to such amendment or modification without
the prior written consent of Agent.”

1.5        Effective as of the Effective
Date hereof, Section 7.16 of the Loan Agreement is

hereby amended by deleting such Section in its entirety and replacing it with the following:

 

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

(a) the last day of the month for
each of June, July, August and September of 2018 and at all times during the period beginning on October 1, 2018 and ending on
November 12, 2018, in a minimum amount equal to $10,000,000.00; provided, that for the first two months of each fiscal quarter
beginning on or after the Closing Date, such amount shall be reduced to $5,000,000.00 in the event liquidity calculated as the
sum of (i) unrestricted, unencumbered Cash and Cash Equivalents in one or more Deposit Accounts located in the United States which
are subject to an Account Control Agreement in favor of Agent, provided that no Account Control Agreement shall be required to
be in place until the seventh day after the Closing Date and (ii) the outstanding principal amount of all Eligible Accounts Receivable
not required to meet the covenant set forth in Section 7.17 equals minimum amount of $10,000,000.00;

 

(b) at all times on and after November
13, 2018 and ending on April 2, 2019, in a minimum amount equal to $15,000,000.00; provided, that for the first two months of each
fiscal quarter beginning on or after the Closing Date, such amount shall be reduced to $10,000,000.00 in the event liquidity calculated
as the sum of (i) unrestricted, unencumbered Cash and Cash Equivalents in one or more Deposit Accounts located in the United States
which are subject to an Account Control Agreement in favor of Agent, provided that no Account Control Agreement shall be required
to be in place until the seventh day after the Closing Date and (ii) the outstanding principal amount of all Eligible Accounts
Receivable not required to meet the covenant set forth in Section 7.17 equals minimum amount of $15,000,000.00; and

 

(c) at all times on and after April 3,
2019, in a minimum amount equal to $15,000,000.00.”

 

1.6 Effective as of the Effective Date
hereof, Section 9.1 of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing it with
the following:

“9.1 Payments. Borrower
fails to pay any amount due under this Agreement or any of the other Loan Documents on its payment date whether scheduled, upon
acceleration or otherwise; or”

1.7 Effective as of the Effective Date hereof, Section
9.2 of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing it with the following:

    	 	4	 

     

    

“9.2 Covenants.
Borrower breaches or defaults in the performance of any covenant or Secured Obligation under this Agreement, or any of the other
Loan Documents or any other agreement among Borrower and Agent or Lender; or”

1.8 Effective as of the Effective Date
hereof, Section 9.5 of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing it with
the following:

9.5 Insolvency. Borrower (A)
(i) shall make an assignment for the benefit of creditors; or (ii) shall be unable to pay its debts as they become due, or be unable
to pay or perform under the Loan Documents, or shall become insolvent; or (iii) shall file a voluntary petition in bankruptcy;
or (iv) shall file any petition, answer, or document seeking for itself any reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances;
or (v) shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or
any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or (vi) shall cease operations of its business
as its business has normally been conducted, or terminate substantially all of its employees; or (vii) Borrower its directors or
majority shareholders shall take any action initiating any of the foregoing actions described in clauses (i) through (vi); or (B)
either (i) the commencement of an involuntary action against Borrower seeking reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being dismissed
or all orders or proceedings thereunder affecting the operations or the business of Borrower being stayed; or (ii) a stay of any
such order or proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or (iii)
Borrower shall file any answer admitting or not contesting the material allegations of a petition filed against Borrower in any
such proceedings; or (iv) the court in which such proceedings are pending shall enter a decree or order granting the relief sought
in any such proceedings; or (v) the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator
of Borrower or of all or any substantial part of the properties of Borrower without such appointment being vacated; or”

1.9 Effective as of the Effective Date
hereof, Section 9.7 of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing it with
the following:

“9.7 Other Obligations. The occurrence of any default
under any agreement or obligation of Borrower involving any Indebtedness in excess of $250,000, or receipt of written notice of
the occurrence of any default under any other agreement or obligation of Borrower with annual payments or receipts in excess of
$250,000.”

 

1.10 Each reference in the Loan Documents to the Loan Agreement
or the Loan Documents is a reference to such document or documents as modified herein and in any Loan Documents executed concurrently
herewith.

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

 

    	 	5	 

     

    

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

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

3. Conditions. The effectiveness of this Amendment is subject to the satisfaction
of the following conditions precedent:

 

3.1 Agent shall have received, in form
and substance satisfactory to Lender, in Lender’s sole and absolute discretion, fully executed, and if requested by Lender,
acknowledged originals of this Amendment.

4. Miscellaneous.

 

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

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

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

4.4 In consideration of the agreements
of Lender set forth in this Amendment, Borrower, and all of their respective heirs, personal representatives, predecessors, successors
and assigns (individually and collectively, the “Releasors”), hereby fully, finally, and forever release

    	 	6	 

     

    

and discharge Lender and its successors,
assigns, directors, officers, employees, agents, and representatives from any and all actions, causes of action, claims, debts,
demands, liabilities, obligations, and suits of whatever kind or nature, in law or equity, the Releasors or any of them have, whether
known or unknown, in respect of the Loan Documents arising from events occurring prior to the date hereof.

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

 

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

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

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

    	 	7	 

     

    

DATED as of the date first above stated.

“Borrower”

Amyris, Inc., a Delaware corporation

 

 

By:/s/ Kathleen Valiasek

Name: Kathleen Valiasek

Title: CFO

 

Amyris Fuels, LLC, a Delaware limited
liability company

 

By:/s/ Kathleen Valiasek

Name: Kathleen Valiasek

Title: CFO

 

Amyris Clean Beauty LLC, a Delaware
limited liability company

 

By:/s/ Kathleen Valiasek

Name: Kathleen Valiasek

Title: CFO

 

AB TECHNOLOGIES LLC, a Delaware limited
liability company

 

By:/s/ Kathleen Valiasek

Name: Kathleen Valiasek

Title: Vice President

 

 

“Lender”

 

GACP Finance Co., LLC, a Delaware
limited liability company

 

By:/s/ John Ahn

Name: John Ahn

Title: CEO

 

 

 

 

 

[Signature Page to Amendment No 4 to Loan Agreement]

 

8

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