Document:

EXHIBIT 10.1

 

 

 

EXCHANGE AGREEMENT

 

This Exchange Agreement (the “Agreement”)
is entered into as of the 31st day of December, 2018, by and among Amyris, Inc., a Delaware corporation with offices located at
5885 Hollis Street, Suite 100, Emeryville, CA 94608 (the “Company”) and the investor signatory hereto (the “Holder”),
with reference to the following facts:

 

A. Prior to the date hereof, pursuant to that
Securities Purchase Agreement, dated as of August 8, 2013, by and between the Company and the investors party thereto (including
the Holder) (as amended, modified or waived prior to the date hereof, the “Securities Purchase Agreement”),
on January 15, 2014 (the “Tranche II Closing Date”) the Company issued to the Holder, among other things, a
Tranche II Senior Convertible Note with an initial principal amount of $3 million, convertible into shares of Common Stock (as
defined below), in accordance with the terms of thereof (the “Exchange Note”, as converted the “Conversion
Shares”).

 

B. The Company and the Holder desire to exchange
(the “Exchange” or the “Transaction”) the Exchange Note, on the basis and subject to the
terms and conditions set forth in this Agreement, for a new senior convertible note (the “New Note”, as converted,
the “New Conversion Shares”, and together with the New Note, the “New Securities”), which
shall be identical in form in all material respects to the Exchange Note except that (i) the New Note shall have an initial aggregate
principal amount of $5,445,562, (ii) the initial conversion price of the New Note shall be $4.40 per share of Common Stock (subject
to adjustment as provided in the New Note), (iii) the Final Maturity Date (as defined in the New Note) of the New Note shall be
July 15, 2019 and (iv) the New Note shall not bear any restrictive legend.

 

C. The New Note and this Agreement and such other
documents and certificates related thereto are collectively referred to herein as the “Exchange Documents”.

 

D. The Exchange is being made in reliance upon
the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities
Act”).

 

E. Capitalized terms used but not otherwise defined
herein shall have the meanings set forth in the Securities Purchase Agreement.

 

NOW, THEREFORE, in consideration of the foregoing
premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:

 

1.                 
Exchange. On the Closing Date (as defined below), subject to the terms and conditions of this Agreement, pursuant
to Section 3(a)(9) of the Securities Act, the Holder shall convey, assign and transfer the Exchange Note to the Company in exchange
for which the Company shall issue the New Note to the Holder. On the Closing Date, in exchange for the Exchange Note, the Company
shall deliver or cause to be delivered to the Holder (or its designee) the New Note at the address for delivery set forth on the
signature page of the Holder attached hereto.

 

     

     

    

2.                 
Ratifications; Incorporation of Terms under Transaction Agreements.

 

(a)              
Ratifications. Except as otherwise expressly provided herein, the Securities Purchase Agreement, and each other Transaction
Agreement, is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except
that on and after the date hereof: (i) all references in the Securities Purchase Agreement to “this Agreement”, “hereto”,
“hereof”, “hereunder” or words of like import referring to the Securities Purchase Agreement shall mean
the Securities Purchase Agreement as amended by this Agreement, and (ii) all references in the other Transaction Agreements to
the “Securities Purchase Agreement”, “thereto”, “thereof”, “thereunder” or words
of like import referring to the Securities Purchase Agreement shall mean the Securities Purchase Agreement as amended by this Agreement.

 

(b)              
Incorporation of Terms under Transaction Agreements. Effective as of the date hereof, the Company hereby agrees to
comply with the terms and conditions of the Securities Purchase Agreement and each of the other Transaction Agreements as if such
documents were amended as follows (and any such agreements, covenants and related provisions therein shall be deemed incorporated
by reference herein, mutatis mutandis, as amended as such):

 

(i) The defined term “Tranche
II Notes” is hereby amended to include the New Note.

 

(ii) The defined term “Underlying
Shares” is hereby amended to include New Conversion Shares.

 

(iii) The defined term “Transaction
Agreements” is hereby amended to include this Agreement.

 

3.                 
Company Representations and Warranties. As of the date hereof and as of the Closing Date:

 

3.1             
Organization and Qualification. Each of the Company and each of its Subsidiaries are entities duly organized and
validly existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power
and authority to own their properties and to carry on their business as now being conducted and as presently proposed to be conducted.
Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in
every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary,
except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material
Adverse Effect (as defined below). As used in this Agreement, “Material Adverse Effect” means any material adverse
effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise)
or prospects of the Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby or in
any of the other Exchange Documents or any other agreements or instruments to be entered into in connection herewith or therewith
or (iii) the authority or ability of the Company or any of its Subsidiaries to perform any of their respective obligations under
any of the Exchange Documents. Other than the Persons (as defined below) set forth in Exhibit 21.01 to the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2017, the Company has no Subsidiaries. “Subsidiaries”
means any Person that would be a “significant subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X
promulgated by the Securities and Exchange Commission (the “SEC”), as such regulation is in effect
on the date hereof, and each of the foregoing, is individually referred to herein as a “Subsidiary.” For
purposes of this Agreement, (x) “Person” means an individual, a limited liability company, a partnership, a
joint venture, a corporation, a trust, an unincorporated organization, any other entity and any Governmental Entity or any department
or agency thereof and (y) “Governmental Entity” means any nation, state, county, city, town, village, district,
or other political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental or
quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and any
court or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature or instrumentality of any of the
foregoing, including any entity or enterprise owned or controlled by a government or a public international organization or any
of the foregoing.

 

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3.2             
Authorization and Binding Obligation. The Company has the requisite power and authority to enter into and perform
its obligations under this Agreement, the New Note and each of the other agreements entered into by the parties hereto in connection
with the transactions contemplated by the Exchange Documents and to consummate the Transaction (including, without limitation,
the issuance of the New Note in accordance with the terms hereof and thereof). As of the Closing Date, the execution and delivery
of the Exchange Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby,
including, without limitation, the issuance of the New Note and the reservation for issuance and issuance of New Conversion Shares
issuable upon conversion of the New Note will have been duly authorized by the Company’s Board of Directors and no further
filing, consent, or authorization will be required by the Company, its Board of Directors or its stockholders. This Agreement has
been and, as of the Closing Date, the other Exchange Documents will have been, duly executed and delivered by the Company, and
constitute or will constitute, as applicable, the legal, valid and binding obligations of the Company, enforceable against the
Company in accordance with their respective terms, except as such enforceability may be limited by general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution
may be limited by federal or state securities laws.

 

3.3             
No Conflict. The execution, delivery and performance of the Exchange Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the New Note
and reservation for issuance and issuance of the New Conversion Shares) will not (i) result in a violation of the Certificate of
Incorporation (as defined below) or any other organizational documents of the Company or any of its Subsidiaries, any capital stock
of the Company or any of its Subsidiaries or Bylaws (as defined below) of the Company or any of its Subsidiaries, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the
Company or any of its Subsidiaries is a party, after giving effect to the receipt by the Company of the Required Consents (as defined
below), or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including foreign, federal and
state securities laws and regulations and the rules and regulations of the Nasdaq Capital Market (the “Principal Market”)
and including all applicable federal laws, rules and regulations) applicable to the Company or any of its Subsidiaries or by which
any property or asset of the Company or any of its Subsidiaries is bound or affected except, in the case of clause (ii) or (iii)
above, to the extent such violations that would not reasonably be expected to have a Material Adverse Effect.

 

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3.4             
No Consents. Except as set forth on Schedule 3.4 (the “Required Consents”), neither the Company
nor any Subsidiary is required to obtain any consent from, authorization or order of, or make any filing or registration with (other
than such filings as may be required by any federal or state securities laws, rules or regulations), any court, governmental agency
or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its respective
obligations under or contemplated by the Exchange Documents, in each case, in accordance with the terms hereof or thereof. All
consents, authorizations, orders, filings and registrations which the Company or any Subsidiary is required to obtain pursuant
to the preceding sentence have been or will be obtained or effected on or prior to the Closing Date, and neither the Company nor
any of its Subsidiaries are aware of any facts or circumstances which might prevent the Company or any of its Subsidiaries from
obtaining or effecting any of the registration, application or filings contemplated by the Exchange Documents. The Company is not
in violation of the requirements of the Principal Market and has no knowledge of any facts or circumstances which would reasonably
lead to delisting or suspension of the Common Stock in the foreseeable future.

 

3.5             
Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Holder contained herein,
the offer and issuance by the Company of the New Securities is exempt from registration under the Securities Act pursuant to the
exemption provided by Section 3(a)(9) thereof.

 

3.6             
Status of Notes; Issuance of New Securities. Neither the New Note nor the New Conversion Shares shall bear any restrictive
legend and, upon any conversion of the New Note, assuming the Holder is not an affiliate of the Company, the New Conversion Shares
shall be freely tradeable by the Holder pursuant to and in accordance with Rule 144 of the Securities Act (“Rule 144”).
As of the Closing Date, the issuance of the New Note will be duly authorized and upon issuance in accordance with the terms of
the Exchange Documents shall be validly issued, fully paid and non-assessable and free from all Liens (as defined in the New Note).
Upon issuance or conversion in accordance with the New Note, the New Conversion Shares, when issued, will be validly issued, fully
paid and nonassessable and free from all Liens with respect to the issue thereof, with the Holder being entitled to all rights
accorded to a holder of Common Stock. By virtue of Rule 3(a)(9) under the Securities Act, the New Note will have a Rule 144 holding
period that will be deemed to have commenced as of the Tranche II Closing Date, the date of the original issuance of the Exchange
Note to the Holder.

 

3.7             
Transfer Taxes. On the Closing Date, all share transfer or other taxes (other than income or similar taxes) which
are required to be paid in connection with the issuance of the New Note to be exchanged with the Holder hereunder will be, or will
have been, fully paid or provided for by the Company, and all laws imposing such taxes will be or will have been complied with.

 

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3.8             
SEC Documents; Financial Statements. During the two (2) years prior to the date hereof, the Company has timely filed
all reports, schedules, forms, proxy statements, statements and other documents required to be filed by it with the SEC pursuant
to the reporting requirements of the Exchange Act (all of the foregoing filed prior to the date hereof and all exhibits and appendices
included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter
referred to as the “SEC Documents”). The Company has delivered or has made available to the Holder or its representatives
true, correct and complete copies of each of the SEC Documents not available on the EDGAR system. As of their respective dates,
the SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of
the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with
the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
As of their respective dates, the financial statements of the Company included in the SEC Documents complied in all material respects
with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto as in effect as
of the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles
(“GAAP”), consistently applied, during the periods involved (except (i) as may be otherwise indicated in such
financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude
footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the
Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case
of unaudited statements, to normal year-end audit adjustments which will not be material, either individually or in the aggregate).
The reserves, if any, established by the Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances
known by the Company on the date hereof and there are no loss contingencies that are required to be accrued by the Statement of
Financial Accounting Standard No. 5 of the Financial Accounting Standards Board which are not provided for by the Company in its
financial statements or otherwise. The Company is not currently contemplating to amend or restate any of the financial statements
(including, without limitation, any notes or any letter of the independent accountants of the Company with respect thereto) included
in the SEC Documents (the “Financial Statements”), nor is the Company currently aware of facts or circumstances
which would require the Company to amend or restate any of the Financial Statements, in each case, in order for any of the Financials
Statements to be in compliance with GAAP and the rules and regulations of the SEC. The Company has not been informed by its independent
accountants that they recommend that the Company amend or restate any of the Financial Statements or that there is any need for
the Company to amend or restate any of the Financial Statements.

 

3.9             
Absence of Certain Changes. Except as set forth in the SEC documents, since the date of the Company’s most
recent audited financial statements contained in a Form 10-K, there has been no material adverse change and no material adverse
development in the business, assets, liabilities, properties, operations (including results thereof), condition (financial or otherwise)
or prospects of the Company or any of its Subsidiaries. Except as set forth in the SEC Documents, since the date of the Company’s
most recent audited financial statements contained in a Form 10-K, neither the Company nor any of its Subsidiaries has (i) declared
or paid any dividends, (ii) sold any assets, individually or in the aggregate, outside of the ordinary course of business or (iii)
made any capital expenditures, individually or in the aggregate, outside of the ordinary course of business. Neither the Company
nor any of its Subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency,
reorganization, receivership, liquidation or winding up, nor does the Company or any Subsidiary have any knowledge or reason to
believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of
any fact which would reasonably lead a creditor to do so. Except as set forth in the SEC Documents, the Company and its Subsidiaries,
individually and on a consolidated basis, are not as of the date hereof, and after giving effect to the transactions contemplated
hereby to occur at the Closing, will not be Insolvent (as defined below). For purposes of this Section 3.9, “Insolvent”
means, (i) with respect to the Company and its Subsidiaries, on a consolidated basis, (A) the present fair saleable value of the
Company’s and its Subsidiaries’ assets is less than the amount required to pay the Company’s and its Subsidiaries’
total Indebtedness (as defined below), (B) the Company and its Subsidiaries are unable to pay their debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured or (C) the Company and its Subsidiaries intend
to incur or believe that they will incur debts that would be beyond their ability to pay as such debts mature; and (ii) with respect
to the Company and each Subsidiary, individually, (A) the present fair saleable value of the Company’s or such Subsidiary’s
(as the case may be) assets is less than the amount required to pay its respective total Indebtedness, (B) the Company or such
Subsidiary (as the case may be) is unable to pay its respective debts and liabilities, subordinated, contingent or otherwise, as
such debts and liabilities become absolute and matured or (C) the Company or such Subsidiary (as the case may be) intends to incur
or believes that it will incur debts that would be beyond its respective ability to pay as such debts mature. Neither the Company
nor any of its Subsidiaries has engaged in any business or in any transaction, and is not about to engage in any business or in
any transaction, for which the Company’s or such Subsidiary’s remaining assets constitute unreasonably small capital
with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted.

 

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3.10         
No Undisclosed Events, Liabilities, Developments or Circumstances. Except for the transactions contemplated by the
Exchange Documents, no event, liability, development or circumstance has occurred or exists, or is reasonably expected to exist
or occur with respect to the Company, any of its Subsidiaries or any of their respective businesses, properties, liabilities, prospects,
operations (including results thereof) or condition (financial or otherwise), that (i) would be required to be disclosed by the
Company under applicable securities laws on a registration statement on Form S-1 filed with the SEC relating to an issuance and
sale by the Company of its Common Stock and which has not been publicly announced, (ii) would reasonably be expected to have a
material adverse effect on the Holder’s investment hereunder or (iii) would reasonably be expected to have a Material Adverse
Effect.

 

3.11         
Conduct of Business; Regulatory Permits. Neither the Company nor any of its Subsidiaries is in material violation
of any term of or in default under its Certificate of Incorporation, any certificate of designation, preferences or rights of any
other outstanding series of preferred stock of the Company or any of its Subsidiaries or Bylaws or their organizational charter,
certificate of formation, memorandum of association, articles of association, Certificate of Incorporation or certificate of incorporation
or bylaws, respectively. Neither the Company nor any of its Subsidiaries is in material violation of any judgment, decree or order
or any statute, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries, and neither the Company nor
any of its Subsidiaries will conduct its business in violation of any of the foregoing, except in all cases for possible violations
which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Without limiting the
generality of the foregoing, the Company is not in material violation of any of the rules, regulations or requirements of the Principal
Market and has no knowledge of any facts or circumstances that could reasonably lead to delisting or suspension of the Common Stock
by the Principal Market in the foreseeable future. Except as set forth in SEC Documents, during the two years prior to the date
hereof, (i) the Common Stock has been listed or designated for quotation on the Principal Market, (ii) trading in the Common Stock
has not been suspended by the SEC or the Principal Market and (iii) except as set forth in the SEC Documents, the Company has received
no communication, written or oral, from the SEC or the Principal Market regarding the suspension or delisting of the Common Stock
from the Principal Market. The Company and each of its Subsidiaries possess all certificates, authorizations and permits issued
by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess
such certificates, authorizations or permits would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, and neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation
or modification of any such certificate, authorization or permit. There is no agreement, commitment, judgment, injunction, order
or decree binding upon the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries is a party which
has or would reasonably be expected to have the effect of prohibiting or materially impairing any business practice of the Company
or any of its Subsidiaries, any acquisition of property by the Company or any of its Subsidiaries or the conduct of business by
the Company or any of its Subsidiaries as currently conducted other than such effects, individually or in the aggregate, which
have not had and would not reasonably be expected to have a Material Adverse Effect on the Company or any of its Subsidiaries.

 

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3.12         
Transactions With Affiliates. Except as set forth in the SEC Documents and except as set forth on Schedule 3.12,
none of the officers or directors of the Company or its Subsidiaries and, to the knowledge of the Company, none of the employees
of the Company or its Subsidiaries is presently a party to any transaction with the Company or any Subsidiary (other than for services
as employees, officers and directors) required to be disclosed under Item 404 of Regulation S-K under the Exchange Act.

 

3.13         
Equity Capitalization. 

 

(a)        
Definitions: 

 

(i)     
“Common Stock” means (x) the Company’s shares of common stock, $0.0001 par value per share,
and (y) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification
of such common stock.

 

(ii)     
“Preferred Stock” means (x) the Company’s blank check preferred stock, $0.0001 par value per share,
the terms of which may be designated by the board of directors of the Company in a certificate of designations and (y) any capital
stock into which such preferred stock shall have been changed or any share capital resulting from a reclassification of such preferred
stock (other than a conversion of such preferred stock into Common Stock in accordance with the terms of such certificate of designations).

 

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(b)        
Authorized and Outstanding Capital Stock. The authorized, issued and outstanding shares of capital stock of the Company
are as set forth in the SEC Documents (except for subsequent issuances, if any, in accordance with the terms of the New Note, pursuant
to reservations, agreements, employee benefit or equity incentive plans referred to in the SEC Documents or pursuant to the exercise
of convertible securities, warrants or options referred to in the SEC Documents).

 

(c)        
Valid Issuance; Available Shares; Affiliates. All of such outstanding shares are duly authorized and have been, or
upon issuance will be, validly issued, fully paid and nonassessable. The SEC Documents accurately set forth, as of the dates referred
to therein, the number of shares of Common Stock that are (A) reserved for issuance pursuant to Convertible Securities (as defined
below) (other than the New Note) and (B) that are, as of the date referred to therein, owned by Persons who are “affiliates”
(as defined in Rule 405 of the Securities Act and calculated based on the assumption that only officers, directors and holders
of at least 10% of the Company’s issued and outstanding Common Stock are “affiliates” without conceding that
any such Persons are “affiliates” for purposes of federal securities laws) of the Company or any of its Subsidiaries.
“Convertible Securities” means any capital stock or other security of the Company or any of its Subsidiaries
that is at any time and under any circumstances directly or indirectly convertible into, exercisable or exchangeable for, or which
otherwise entitles the holder thereof to acquire, any capital stock or other security of the Company (including, without limitation,
Common Stock) or any of its Subsidiaries.

 

(d)        
Existing Securities; Obligations. Except as disclosed in the SEC Documents: (A) none of the Company’s or any
Subsidiary’s shares, interests or capital stock is subject to preemptive rights or any other similar rights or Liens suffered
or permitted by the Company or any Subsidiary; (B) there are no outstanding options, warrants, scrip, rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable
for, any shares, interests or capital stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings
or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares, interests or
capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares,
interests or capital stock of the Company or any of its Subsidiaries; (C) there are no agreements or arrangements under which the
Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the Securities Act; (D) there
are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption or similar
provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is or may become bound to redeem a security of the Company or any of its Subsidiaries; (E) there are no securities or instruments
containing anti-dilution or similar provisions that will be triggered by the issuance of the New Securities; and (F) neither the
Company nor any Subsidiary has any stock appreciation rights or “phantom stock” plans or agreements or any similar
plan or agreement.

 

(e)        
Organizational Documents. True, correct and complete copies of the Company’s Restated Certificate of Incorporation,
as amended and as in effect on the date hereof (the “Certificate of Incorporation”), and the Company’s
Restated Bylaws, as in effect on the date hereof (the “Bylaws”), and the terms of all Convertible Securities
and the material rights of the holders thereof in respect thereto, are set forth in, or filed as exhibits to, the SEC Documents.

 

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3.14         
Indebtedness and Other Contracts. Neither the Company nor any of its Subsidiaries, (i) except as disclosed in the
SEC documents, has any outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents
or instruments evidencing Indebtedness of the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries
is or may become bound, (ii) is a party to any contract, agreement or instrument, the violation of which, or default under which,
by the other party(ies) to such contract, agreement or instrument would reasonably be expected to result in a Material Adverse
Effect, (iii) is in violation of any term of, or in default under, any contract, agreement or instrument relating to any Indebtedness,
except where such violations and defaults would not reasonably be expected to result, individually or in the aggregate, in a Material
Adverse Effect, or (iv) is a party to any contract, agreement or instrument relating to any Indebtedness, the performance of which,
in the judgment of the Company’s officers, has or is expected to have a Material Adverse Effect. Neither the Company nor
any of its Subsidiaries have any liabilities or obligations required to be disclosed in the SEC Documents which are not so disclosed
in the SEC Documents, other than those incurred in the ordinary course of the Company’s or its Subsidiaries’ respective
businesses and which, individually or in the aggregate, do not or could not have a Material Adverse Effect. For purposes of this
Agreement: (x) “Indebtedness” of any Person means, without duplication (A) all indebtedness for borrowed money,
(B) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (including, without limitation,
“capital leases” in accordance with GAAP) (other than trade payables entered into in the ordinary course of business
consistent with past practice), (C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and
other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations
so evidenced incurred in connection with the acquisition of property, assets or businesses, (E) all indebtedness created or arising
under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to any property
or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such
agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations under any
leasing or similar arrangement which, in connection with GAAP, consistently applied for the periods covered thereby, is classified
as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in any property or assets (including
accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has not assumed or
become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations
of others of the kinds referred to in clauses (A) through (G) above; and (y) “Contingent Obligation” means,
as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness, lease,
dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the
primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged,
or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole
or in part) against loss with respect thereto.

 

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3.15         
Litigation. Except as set forth in the SEC Documents, there is no action, claim, suit, investigation or proceeding,
whether commenced or threatened, before any court, governmental agency or body, domestic or foreign, now pending or, to the knowledge
of the Company, threatened against the Company or its Subsidiaries wherein an unfavorable decision, ruling or finding would reasonably
be expected to, individually or in the aggregate, (i) materially adversely affect the validity or enforceability of, or the
authority or ability of the Company to perform its obligations under, the Exchange Documents or (ii) have a Material Adverse
Effect. The Company is not a party to or subject to the provisions of any injunction, judgment, decree or order of any court, regulatory
body, administrative agency or other governmental agency or body that could reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect.

 

3.16         
No Consideration Paid. No consideration, commission or other remuneration has been paid by the Holder to the Company,
its Subsidiaries or any of their agents or affiliates in connection with the Exchange.

 

3.17         
Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided the Holder
or its agents or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public
information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by this
Agreement and the other Exchange Documents. The Company understands and confirms that the Holder will rely on the foregoing representations
in effecting transactions in securities of the Company. All disclosure provided to the Holder regarding the Company and its Subsidiaries,
their businesses and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on behalf
of the Company or any of its Subsidiaries is true and correct in all material respects and does not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the
circumstances under which they were made, not misleading. All of the written information furnished after the date hereof by or
on behalf of the Company or any of its Subsidiaries to the Holder pursuant to or in connection with this Agreement and the other
Exchange Documents, taken as a whole, will be true and correct in all material respects as of the date on which such information
is so provided and will not contain any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements made therein, in the light of the circumstances under which they were made, not misleading. Each press release
issued by the Company or any of its Subsidiaries during the twelve (12) months preceding the date of this Agreement did not at
the time of release contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.
No event or circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their
business, properties, liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which,
under applicable law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company
but which has not been so publicly disclosed. All financial projections and forecasts that have been prepared by or on behalf of
the Company or any of its Subsidiaries and made available to you have been prepared in good faith based upon reasonable assumptions
and represented, at the time each such financial projection or forecast was delivered to the Holder, the Company’s best estimate
of future financial performance (it being recognized that such financial projections or forecasts are not to be viewed as facts
and that the actual results during the period or periods covered by any such financial projections or forecasts may differ from
the projected or forecasted results). The Company acknowledges and agrees that the Holder makes or has made no representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 4 below.

 

    10 

     

    

4.                 
Holder’s Representations and Warranties. As a material inducement to the Company to enter into this Agreement
and consummate the Exchange, the Holder hereby represents and warrants with and to the Company, as of the date hereof and as of
the Closing Date, as follows:

 

4.1       Reliance
on Exemptions. The Holder understands that the New Securities are being offered and exchanged in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon
the truth and accuracy of, and the Holder’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Holder set forth herein and in the other Exchange Documents in order to determine the availability of
such exemptions and the eligibility of the Holder to acquire the New Securities.

 

4.2       No
Governmental Review. The Holder understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the New Securities or the fairness or suitability of the investment
in the New Securities nor have such authorities passed upon or endorsed the merits of the offering of the New Securities.

 

4.3       Validity;
Enforcement. This Agreement and the other Exchange Documents to which the Holder is a party have been duly and validly authorized,
executed and delivered on behalf of the Holder and shall constitute the legal, valid and binding obligations of the Holder enforceable
against the Holder in accordance with their respective terms, except as such enforceability may be limited by general principles
of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

4.4       No
Conflicts. The execution, delivery and performance by the Holder of this Agreement and the other Exchange Documents to which
the Holder is a party, and the consummation by the Holder of the transactions contemplated hereby and thereby will not (i) result
in a violation of the organizational documents of the Holder or (ii) conflict with, or constitute a default (or an event which
with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Holder is a party, or (iii) result in a violation of any
law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to the Holder, except
in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or
in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Holder to perform its obligations
hereunder.

 

4.5       Investment
Risk; Sophistication. The Holder is acquiring the New Note hereunder in the ordinary course of its business. The Holder has
such knowledge, sophistication, and experience in business and financial matters so as to be capable of evaluation of the merits
and risks of the prospective investment in the New Note, and has so evaluated the merits and risk of such investment. The Holder
is an “accredited investor” as defined in Regulation D under the Securities Act.

 

    11 

     

    

4.6       Ownership
of Exchange Note. The Holder owns the Exchange Note free and clear of any Liens (other than the obligations pursuant to this
Agreement, the Transaction Agreements and applicable securities laws) and has the requisite power and authority to enter into and
perform its obligations under this Agreement and each of the other Exchange Documents to which it is a party and to consummate
the Transaction.

 

5.                 
Closing; Conditions. Subject to the conditions set forth below, the Exchange shall take place at the offices of Kelley
Drye & Warren LLP, 101 Park Avenue, New York, NY 10178, on the Business Day immediately following such date as the Company
shall have satisfied all conditions to closing below, or at such other time and place as the Company and the Holder mutually agree
(the “Closing” and the “Closing Date”).

 

5.1.       Condition’s
to Investor’s Obligations. The obligation of the Holder to consummate the Exchange is subject to the fulfillment, to
the Holder’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions:

 

(a)       Representations
and Warranties. The representations and warranties of the Company contained in this Agreement shall be true and correct in
all material respects (except for those representations and warranties that are qualified by materiality or Material Adverse Effect,
which are accurate in all respects) on the date hereof and on and as of the Closing Date as if made on and as of such date (except
for representations and warranties that speak as of a specific date, which are accurate in all material respects (except for those
representations and warranties that are qualified by materiality or Material Adverse Effect, which are accurate in all respects)
as of such specified date).

 

(b)       Issuance
of Securities. At the Closing, the Company shall issue the New Note to the Holder.

 

(c)       No
Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit or obtain substantial damages
in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(d)       Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be satisfactory in substance and form to the Holder, and the Holder shall have received all such counterpart
originals or certified or other copies of such documents as they may reasonably request.

 

(e)       No
Event of Default. No Event of Default (as defined in the Exchange Note) or event that with the passage of time or giving of
notice would constitute an Event of Default shall have occurred and be continuing.

 

(f)       Consents.
The Company shall have obtained all governmental, regulatory or third party consents and approvals (or waiver of such consents
or approvals), if any, necessary for the Exchange, including without limitation, those required by the Principal Market, if any,
and the Required Consents.

 

    12 

     

    

(g)       Listing.
The Common Stock (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not have
been suspended, as of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market nor shall suspension
by the SEC or the Principal Market have been threatened, as of the Closing Date, either (I) in writing by the SEC or the Principal
Market or (II) by falling below the minimum maintenance requirements of the Principal Market.

 

5.2.       Condition’s
to the Company’s Obligations. The obligation of the Company to consummate the Exchange is subject to the fulfillment,
to the Company’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions:

 

(a)       Representations
and Warranties. The representations and warranties of the Holder contained in this Agreement shall be true and correct in all
material respects (except for those representations and warranties that are qualified by materiality or material adverse effect,
which are accurate in all respects) on the date hereof and on and as of the Closing Date as if made on and as of such date (except
for representations and warranties that speak as of a specific date, which are accurate in all material respects (except for those
representations and warranties that are qualified by materiality or material adverse effect, which are accurate in all respects)
as of such specified date).

 

(b)       Surrender
of Exchange Note. At the Closing, the Holder shall transfer the Exchange Note to the Company for cancellation.

 

(c)       Required
Consents. The Company shall have obtained the Required Consents.

 

(d)       Board
Approval. The Company’s entry into the Exchange Documents and the consummation of the transactions contemplated thereby,
including without limitation the Exchange, shall have been approved by the Company’s Board of Directors or an authorized
committee thereof.

 

(e)       No
Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit, or obtain substantial damages
in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(f)       Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be satisfactory in substance and form to the Company and the Company shall have received all such counterpart
originals or certified or other copies of such documents as the Company may reasonably request.

 

6.                 
No Integration. None of the Company, its Subsidiaries, any of their affiliates, or any Person acting on their
behalf shall, directly or indirectly, make any offers or sales of any security (as defined in the Securities Act) or solicit any
offers to buy any security or take any other actions, under circumstances that would require registration of any of the New Conversion
Shares under the Securities Act or cause this offering of the New Conversion Shares to be integrated with such offering or any
prior offerings by the Company for purposes of Regulation D under the Securities Act.

 

    13 

     

    

7.                 
Listing. The Company shall promptly secure the listing or designation for quotation (as applicable) of all
of the New Conversion Shares upon the Principal Market (subject to official notice of issuance) and shall maintain such listing
of all of the New Conversion Shares from time to time issuable under the terms of the Exchange Documents. The Company shall maintain
the Common Stock’s authorization for quotation on the Principal Market. Neither the Company nor any of its Subsidiaries shall
take any action which would be reasonably expected to result in the delisting or suspension of the Common Stock on the Principal
Market. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 7.

 

8.                 
Fees. The Company shall promptly reimburse Kelley Drye & Warren, LLP (counsel to the Holder), on demand,
for all reasonable, documented costs and expenses incurred by it in connection with preparing and delivering this Agreement (including,
without limitation, all reasonable, documented legal fees and disbursements in connection therewith, and due diligence in connection
with the transactions contemplated thereby) in an aggregate amount not to exceed $5,000.

 

9.                 
Holding Period. For the purposes of Rule 144, the Company acknowledges that the holding period of the
New Note (and upon conversion of the New Note, New Conversion Shares) may be tacked onto the holding period of the Exchange Note,
and the Company agrees not to take a position contrary to this Section 9. The Company acknowledges and agrees that (assuming the
Holder is not an affiliate of the Company) (i) upon issuance in accordance with the terms of the New Note, the New Conversion Shares
are, as of the date hereof, 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 New Conversion Shares becoming ineligible to be resold by the Holder
pursuant to Rule 144 and (iii) in connection with any resale of New Conversion Shares pursuant to Rule 144, the Holder shall solely
be required to provide reasonable assurances that such New Conversion Shares are eligible for resale, assignment or transfer under
Rule 144, which shall not include an opinion of Holder’s counsel. The Company shall be responsible for any transfer agent
fees or DTC fees or legal fees of the Company’s counsel with respect to the removal of legends, if any, or issuance of New
Conversion Shares in accordance herewith.

 

10.             
Blue Sky. The Company shall make all filings and reports relating to the Exchange required under applicable
securities or “Blue Sky” laws of the states of the United States following the date hereof, if any.

 

11.             
Disclosure of Transaction.

 

(a)       On
or before 9:30 a.m., New York time, on the first (1st) Business Day after the date of this Agreement, the Company shall
file a Current Report on Form 8-K describing all the material terms of the transactions contemplated by the Exchange Documents
in the form required by the Exchange Act and attaching this Agreement (including all attachments, the “8-K Filing”).
From and after the filing of the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) provided
to the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents in
connection with the transactions contemplated by the Exchange Documents. In addition, effective upon the filing of the 8-K Filing,
the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written
or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or
agents, on the one hand, and the Holder or any of its affiliates, on the other hand, relating to the transactions contemplated
by the Exchange Documents, shall terminate.

 

    14 

     

    

(b)       Except
as may be required by the Securities Purchase Agreement or the New Note, the Company shall not, and the Company shall cause each
of its Subsidiaries and each of its and their respective officers, directors, employees and agents not to, provide the Holder with
any material, non-public information regarding the Company or any of its Subsidiaries from and after the date hereof without the
express prior written consent of the Holder (which may be granted or withheld in the Holder’s sole discretion). To the extent
that the Company delivers any material, non-public information to the Holder without the Holder’s consent, other than as
required by the Securities Purchase Agreement or the New Note, the Company hereby covenants and agrees that the Holder shall not
have any duty of confidentiality with respect to such material, non-public information. Subject to the foregoing, neither the Company,
its Subsidiaries nor the Holder shall issue any press releases or any other public statements with respect to the transactions
contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of the Holder, to make any press
release or other public disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing and (ii)
as is required by applicable law and regulations. Notwithstanding anything contained in this Agreement to the contrary and without
implication that the contrary would otherwise be true, the Company expressly acknowledges and agrees that the Holder shall not
have (unless expressly agreed to by the Holder after the date hereof in a written definitive and binding agreement executed by
the Company and the Holder), any duty of confidentiality with respect to any material, non-public information regarding the Company
or any of its Subsidiaries.

 

12.             
Notices to Holder. All notices to Holder pursuant to the Securities Purchase Agreement or the New Note shall
be delivered in accordance with the notice instructions set forth on the signature page of the Holder attached hereto (or such
other instructions delivered in writing to the Company by the Holder from time to time).

 

13.             
Termination. If the Transaction is not consummated on or prior to January 4, 2019, the Holder may terminate
this Agreement by written notice to the Company and this Agreement shall thereafter be null and void, ab initio.

 

14.             
Miscellaneous Provisions. Section 9 of the Securities Purchase Agreements (as amended hereby) is hereby incorporated
by reference herein, mutatis mutandis.

 

[The remainder of the page is intentionally left
blank]

 

    15 

     

    

IN WITNESS WHEREOF, the Holder and the
Company have executed this Agreement as of the date set forth on the first page of this Agreement.

 

	
         

         

         

         

         

         

         

         
	
        COMPANY:

         

        AMYRIS, INC.

         

         

        By: /s/ Kathleen Valiasek                       

        Name: Kathleen Valiasek

        Title: Chief Financial Officer

         

 

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

IN WITNESS WHEREOF, the Holder and the
Company have executed this Agreement as of the date set forth on the first page of this Agreement.

 

	 	
        HOLDER:

         

         

        WOLVERINE FLAGSHIP FUND TRADING LIMITED

         

         

        By: /s/ Niraj Patel                                        

        Name: Niraj Patel

        Title: Authorized SignatoryLOAN
MODIFICATION AGREEMENT

 

THIS
AGREEMENT, Made and entered into as of this 27th day of December, 2018, by and between SHEPHERD’S FINANCE, LLC, a
Delaware limited liability company (“Borrower”), and PAUL SWANSON (“Lender”).

 

RECITALS:

 

	(a)	Borrower
    executed a modified promissory note in the principal amount not to exceed $4,000,000.00, payable to the order of the
    Lender (the “Note”), dated as of October 23, 2017, and April 13, 2018.
	 	 
	(b)	All
    terms that are used herein shall have the same definitions provided in the Note unless otherwise indicated.
	 	 
	(c)	The
    current Maturity Date of the Note is December 31, 2018.
	 	 
	(d)	Borrower
    desires to extend the term of the Note from December 31, 2018 to March 31, 2019, and Lender is agreeable to such extension
    in term.
	 	 
	(e)	The
    parties desire to memorialize their agreement regarding the modification of the Note by this Agreement.

 

THEREFORE,
WITNESSETH, that for and in consideration of the premises and the mutual agreements hereinafter set forth, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender hereby agree as
follows:

 

	1.	All
    of the recitals set forth hereinabove are true and accurate.
	 	 
	2.	Effective
    on the date of this fully executed Agreement, the new maturity date of the Note is March 31, 2019.
	 	 
	3.	All
    provisions of the Note and all other Loan Documents securing, evidencing or otherwise pertaining thereto that are inconsistent
    with this Agreement are hereby amended accordingly.
	 	 
	4.	Except
    as amended by the terms of this Agreement, the Note and all other Loan Documents, shall remain in full force and effect in
    accordance with their respective terms, as amended.

 

    	 	 	 

     

    

 

WITNESS
the following signatures as of the date first above written.

 

	 	Borrower:
	 	 
	 	SHEPHERD’S
    FINANCE, LLC
	 	 
	 	By:
    	/s/
    Daniel M. Wallach
	 	 	Daniel
    M. Wallach
	 	Its:
    	Chief
    Executive Officer
	 	 
	 	Lender:
	 	 
	 	/s/
    Paul Swanson
	 	PAUL
    SWANSON

 

This
instrument was prepared by R. Scott Summers, P.L.L.C., 69 Clay Street, Suite 201, Morgantown, West Virginia 26505.

 

    	 	2

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