Document:

EXHIBIT 10.1

 

 

EXCHANGE AGREEMENT

 

This Exchange Agreement (this “Agreement”)
is entered into as of the 30th day of December, 2019, by and between 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 Exchange Agreement, dated as of November 8, 2019, by and among the Company and the investors party thereto (the “Securities
Exchange Agreement”), the Company issued senior convertible notes, a portion of which are held as of the date hereof
by the Holder with an aggregate principal amount outstanding as of the date hereof as set forth on the signature page of the Holder
attached hereto (the “Existing Note”), convertible into shares of the Company’s common stock, par value
$0.0001 per share (including any capital stock into which such common stock shall have been changed or any share capital resulting
from a reclassification of such common stock, “Common Stock”), in accordance with the terms thereof. Capitalized
terms used but not otherwise defined herein shall have the meanings as set forth in the Securities Exchange Agreement (as amended
hereby).

 

B. The Company and the Holder desire to exchange
(the “Exchange” or the “Transaction”) the Existing Note, on the basis and subject to the
terms and conditions set forth in this Agreement, for (u) the right (the “Right”) to acquire up to such aggregate
number of shares of Common Stock as is set forth on the signature page of the Holder attached hereto (the “Right Shares”)
in accordance with Section 16, (v) a new senior convertible note, in substantially the form attached hereto as Exhibit A (the “New
Note”, and the shares issuable upon conversion of the New Note or otherwise pursuant to the New Note, together with any
Right Shares issued in accordance with the Right, the “New Conversion Shares”), in an aggregate principal amount
as set forth on the signature page of the Holder attached hereto, (w) a Common Stock Purchase Warrant, in substantially the form
attached hereto as Exhibit B (the “New Warrant”), exercisable into such aggregate number of shares of Common
Stock as is set forth on the signature page of the Holder attached hereto (the “New Warrant Shares”, and together
with the New Conversion Shares, the “New Underlying Shares”), (x) accrued and unpaid interest outstanding under
the Existing Note as of the Closing Date as is set forth on the signature page of the Holder attached hereto (the “Outstanding
Interest”), (y) Freely Tradable (as defined in the New Note) shares of Common Stock in an aggregate amount as set forth
on the signature page of the Holder attached hereto (the “Exchange Shares”, and, together with the New Note
and the New Warrant, the “New Primary Securities”, and the New Primary Securities together with the New Underlying
Shares, the “New Securities”) and (z) cash in an aggregate amount as set forth on the signature page of the
Holder attached hereto (the “Cash Consideration”).

 

C. The New Primary Securities 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. Concurrently herewith, the Company may enter
into agreements with other holders of the Notes (as defined in the Securities Exchange Agreement) (each, an “Other Holder”
and together with the Holder, the “Holders”, and such agreements, each an “Other Agreement”)
substantially in the form of this Agreement (other than with respect to the identity of the Holder, any provision regarding the
reimbursement of legal fees and proportional changes reflecting the different holdings of such Other Holders).

 

     

     

    

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 Existing Note to the Company in exchange
for which the Company shall grant the Right to the Holder and shall issue the New Primary Securities to the Holder at the address
for delivery set forth on the signature page of the Holder attached hereto. In addition, on or prior to January 31, 2020, the Company
shall deliver to the Holder the Outstanding Interest and the Cash Consideration in the amount set forth on the signature page of
the Holder attached hereto, in each case in immediately available funds, pursuant to wire or other delivery instructions provided
by the Holder to the Company no later than one (1) Business Day prior to such payment.

 

2.                 
Ratifications; Incorporation of Terms under Transaction Documents.

 

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

 

(b)              
Amendments and Incorporation of Terms under Transaction Documents. Effective as of the date hereof, the Securities
Exchange Agreement and each of the other Transaction Documents are hereby amended as follows (and any such agreements, covenants
and related provisions therein shall be deemed incorporated by reference herein, mutatis mutandis, amended as such):

 

(i) The defined term “Notes”
is hereby amended to include the New Note and the New Warrant (as defined herein and as defined pursuant to each Other Agreement,
if any).

 

(ii) The defined term “Conversion
Shares” is hereby amended to include the New Underlying Shares and the Exchange Shares (as defined herein and as defined
pursuant to each Other Agreement, if any).

 

(iii) The defined term “Transaction
Documents” is hereby amended to include this Agreement and each Other Agreement, if any.

 

(iv) Section 4(s) of the Securities
Exchange Agreement is hereby amended to replace “January 31, 2020” with “March 15, 2020”.

 

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3.                 
Company Representations and Warranties. Except as set forth in the Disclosure Schedules attached to the Securities
Exchange Agreement or the Supplemental Disclosure Schedules attached hereto as Exhibit D (collectively, the “Disclosure
Schedules”), and after taking into account the provisions of Section 2 above, the Company re-affirms to the Holder the
representations and warranties contained in Section 3 of the Securities Exchange Agreement, as of the date hereof and as of the
Closing Date. In addition, except as set forth in the Disclosure Schedules, the Company represents and warrants to the Holder that,
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, 2018, 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.

 

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 the New Warrant 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 granting of the Right hereunder and the issuance of the New Primary Securities 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 granting of the Right hereunder,
the issuance of the New Primary Securities and the reservation for issuance and issuance of the New Underlying Shares issuable
upon conversion or exercise, as applicable, of the Right, the New Note and the New Warrant, will have been duly authorized by the
Company’s Board of Directors (or a duly authorized committee thereof) 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.

 

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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 granting of the Right hereunder
and the issuance of the New Primary Securities and reservation for issuance and issuance of the New Underlying 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 Global Select
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.

 

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.

 

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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 Existing Note; Issuance of New Securities.

 

(a)              
The Existing Note is a bona fide outstanding senior convertible note owed by the Company to the Holder, and the outstanding
obligations thereunder arose in the ordinary course of business, for money either (x) loaned to the Company by the Holder or (y)
due and payable to the Holder for services rendered pursuant to a written agreement, by and between the Holder and the Company
(and/or one or more of its Subsidiaries), in each case, in good faith. There has been no modification, compromise, forbearance,
or waiver entered into or given with respect to the Existing Note or the Transaction Documents. The Company has no knowledge that
the Existing Note is subject to dispute and to the knowledge of the Company there is no action based on the Existing Note that
is currently pending in any court or other legal venue and to the knowledge of the Company no judgments based upon the Existing
Note have been previously entered in any legal proceeding. The Company has not received any written notice from the Holder or any
other person challenging or disputing the Existing Note, or any portion thereof, and the Company is unconditionally obligated to
pay the entire aggregate principal amount outstanding under the Existing Note (and any accrued and unpaid interest thereunder)
without defense, counterclaim or offset.

 

(b)              
As of the Closing Date, the granting of the Right hereunder and the issuance of the New Primary Securities 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 upon conversion or exercise, as applicable, in accordance with
the Right, the New Note or the New Warrant, the New Underlying 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 Primary Securities will have a Rule 144 holding period
that will be deemed to have commenced as of December 10, 2018, the date of the original issuance by the Company of the senior convertible
note for which the Existing Note was exchanged pursuant to the Securities Exchange Agreement. Assuming the Holder is not an affiliate
of the Company, as of the date hereof and as of the Closing Date, neither the New Primary Securities nor the New Underlying Shares
shall be required to bear any restrictive legend and, upon any conversion or exercise, as applicable, of the Right, the New Note
or the New Warrant, the New Underlying Shares shall be freely tradeable by the Holder pursuant to and in accordance with Rule 144
promulgated under the Securities Act (“Rule 144”).

 

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 granting of the Right or the issuance of the New Primary Securities 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             
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, except as set forth in the reports, schedules, forms, proxy statements, statements and other documents
filed by the Company with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), during the two (2) years prior to the date hereof (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 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.

 

3.9             
Transactions With Affiliates. Except as set forth in the SEC Documents, 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.

 

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3.10         
Equity Capitalization. 

 

(a)        
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, pursuant to this Agreement, 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). As of the Closing, the Company shall have reserved from its
duly authorized share capital not less than thirty nine million six hundred thousand (39,600,000) shares of Common Stock, with
[__] ([__]) of such shares of Common Stock reserved with respect to the Holder.

 

(b)        
Valid Issuance; Available Shares; Affiliates. All of such outstanding shares of capital stock 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 Right, the New Note and the New Warrant) 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.

 

(c)        
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; and (E) neither the Company nor any Subsidiary
has any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement. There are
no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the New Securities.

 

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(d)        
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.

 

3.11         
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 (other than the Existing Note, any other senior convertible note of the same series, and the Securities Exchange
Agreement), 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. 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.

 

3.12         
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.

 

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3.13         
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.

 

3.14         
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.

 

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.

 

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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 Primary Securities 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 Primary Securities, 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.

 

4.6       Ownership
of Existing Note. The Holder owns the Existing Note free and clear of any Liens (other than the obligations pursuant to this
Agreement, the Transaction Documents, applicable securities laws, or any bona fide margin agreement that does not impair the Holder’s
ability to deliver the Existing Note to the Company free and clear of any Liens) 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 Latham
& Watkins LLP, 885 Third Avenue, New York, NY 10022, 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 (unless waived by the
Holder in writing, prior to the Closing):

 

(a)       Representations
and Warranties; Covenants. The representations and warranties of the Company contained in this Agreement and the Securities
Exchange Agreement shall be true and correct 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 as of such specified date).
The Company shall have performed, satisfied and complied in all respects with the covenants, agreements and conditions required
to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Holder shall have received a certificate,
duly executed by the Chief Executive Officer or Chief Financial Officer of the Company, dated as of the Closing Date, to the foregoing
effect and as to such other matters as may be reasonably requested by the Holder in the form acceptable to the Holder.

 

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(b)       Issuance
of Securities. At the Closing, the Company shall issue to the Holder the New Primary Securities in accordance with Section
1 hereof.

 

(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 it may reasonably request.

 

(e)       No
Event of Default. No Event of Default (as defined in the New 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.

 

(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. The Company shall have obtained approval
of the Principal Market to list or designate for quotation (as the case may be) the Conversion Shares, including the New Underlying
Shares and the Exchange Shares.

 

(h)       Opinion.
The Holder shall have received the opinion of Fenwick & West LLP, the Company’s counsel, dated as of the Closing Date,
in the form acceptable to the Holder.

 

(i)       Transfer
Agent Instructions. The Company shall have delivered to the Holder a revised version of the Irrevocable Transfer Agent Instructions,
in the form acceptable to the Holder, which instructions shall have been delivered to and acknowledged in writing by the Company’s
transfer agent.

 

(j)       Certificate
of Good Standing. The Company shall have delivered to the Holder a certificate evidencing the formation and good standing of
the Company in Delaware issued by the Delaware Secretary of State as of a date within ten (10) days of the Closing Date.

 

(k)       Certificate
of Incorporation. The Company shall have delivered to the Holder a copy of the Certificate of Incorporation, as currently in
effect, certified by the Delaware Secretary of State.

 

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(l)       Secretary's
Certificate. The Company shall have delivered to the Holder a certificate, in the form acceptable to the Holder, executed by
the Secretary or Assistant Secretary of the Company and dated as of the Closing Date, as to (i) the resolutions consistent with
Section 3.2 hereof as adopted by the Company’s board of directors in a form reasonably acceptable to the Holder, (ii) the
Certificate of Incorporation of the Company and (iii) the Bylaws of the Company, each as in effect at the Closing.

 

(m)       Voting
Agreements. The Company shall have delivered to the Holder revised executed copies of the Voting Agreements executed by stockholders
of the Company representing Beneficial Ownership (as defined in the Voting Agreements) of no less than 29% of the Company’s
outstanding Common Stock, in a form reasonably satisfactory to the Holder.

 

(n)       Legal
Fees. The Company shall have paid the outstanding legal fees of Latham & Watkins LLP with respect to the preparation, negotiation
and delivery of the Securities Exchange Agreement (and the attachments thereto), the consummation of the transactions contemplated
thereby and the alleged default by the Company under the Existing Note.

 

(o)       No
Material Adverse Effect. Since the date of execution of this Agreement, no event or series of events shall have occurred that
would reasonably be expected to result in a Material Adverse Effect.

 

(p)       Other
Agreements. All conditions to closing contained in the Other Agreements shall have been satisfied or waived.

 

(q)       Forbearance
of Indebtedness. The Company shall have provided evidence reasonably satisfactory to the Holder that (i) the
Aprinnova Note originally issued on August 1, 2019 and originally due on October 1, 2019 in the principal amount of $800,000
(as amended) and (ii) all Indebtedness of the Company which has any payments of interest or principal due or payable during
the period from November 15, 2019 through January 31, 2020 (other than up to one million ($1,000,000) in interest payments
under instruments with DSM Finance B.V.), shall have been extended or deferred, including through amendments, waivers or
forbearance agreements, such that all such payments shall not be due or payable until on or after January 31, 2020.

 

(r)       Holder
Requests. The Company and its Subsidiaries shall have delivered to the Holder such other documents, instruments or certificates
relating to the transactions contemplated by this Agreement as the Holder or its counsel may reasonably request.

 

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 (unless waived
by the Company in writing, prior to the Closing):

 

(a)       Representations
and Warranties. The representations and warranties of the Holder contained in this Agreement shall be true and correct 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 as of such specified date).

 

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(b)       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.

 

(c)       Exchange
Documents. The Holder shall have executed each of the Exchange Documents to which it is a party and delivered the same to the
Company.

 

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 Underlying
Shares or the Exchange Shares under the Securities Act or cause this offering of the New Underlying Shares and the Exchange Shares
to be integrated with such offering or any prior offerings by the Company for purposes of Regulation D under the Securities Act.

 

7.                 
Listing. The Company shall promptly secure the listing or designation for quotation (as applicable) of all
of the New Underlying Shares and the Exchange Shares upon the Principal Market (subject to official notice of issuance) and shall
maintain such listing of all of the New Underlying Shares and the Exchange 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 Latham & Watkins 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 $40,000.

 

9.                 
Holding Period. For the purposes of Rule 144, the Company acknowledges that the holding period of the
New Primary Securities (and upon conversion or cashless exercise, as applicable, of the Right, the New Note or the New Warrant,
the New Underlying Shares) shall be tacked onto the holding period of the Existing Note, and the Company agrees not to take a position
contrary to this Section 9. The Company acknowledges and agrees that, effective as of the date hereof and as of the Closing Date
(assuming the Holder is not an affiliate of the Company) (i) upon issuance in accordance with the terms of the Right, the New Note
or the New Warrant (assuming a cashless exercise of the New Warrant, with respect to any New Warrant Shares), the New Underlying
Shares will be eligible to be resold pursuant to Rule 144 and, unless the Holder is an affiliate of the Company, the Company will
provide any required opinion of the Company’s counsel that such New Underlying Shares will be free from any legends, (ii)
the Company is not aware of any event reasonably likely to occur that would reasonably be expected to result in the New Underlying
Shares (assuming a cashless exercise of the New Warrant, with respect to any New Warrant Shares) becoming ineligible to be resold
by the Holder pursuant to Rule 144 and (iii) in connection with any resale of New Underlying Shares (assuming a cashless exercise
of the New Warrant, with respect to any New Warrant Shares) pursuant to Rule 144, the Company will provide any required opinion
of the Company’s counsel that such New Underlying Shares are Freely Tradable (as defined in the New Note) and no legal opinion
of counsel for the Holder shall be required. 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 Underlying Shares in accordance
herewith.

 

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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 5:00 p.m., New York time, on the day 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 and the forms of the New Primary Securities (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.

 

(b)       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, 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. Without the prior written consent of the Holder (which may be granted or withheld in the Holder’s sole discretion),
the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of the Holder in any filing,
announcement, release or otherwise, except as required by applicable law or regulation. 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 from the filing of the 8-K Filing, 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.

 

    14

     

    

12.             
Notices to Holder. All notices to the Holder pursuant to the Securities Exchange Agreement or the New Primary
Securities 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 7, 2020, the Holder may terminate
this Agreement by written notice to the Company and this Agreement shall thereafter be null and void, ab initio.

 

14.             
Independent Nature of Holder’s Obligations and Rights. The obligations of the Holder under this Agreement
are several and not joint with the obligations of any Other Holder, and the Holder shall not be responsible in any way for the
performance of the obligations of any Other Holder under any Other Agreement. Nothing contained herein or in any Other Agreement,
and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and Other Holders as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Holder and Other Holders are in any
way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or any
Other Agreement and the Company acknowledges that, to the best of its knowledge, the Holder and the Other Holders are not acting
in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or any Other Agreement.
The decision of the Holder and each Other Holder to purchase New Securities pursuant to the Transaction Documents has been made
by the Holder and such Other Holders independently of any other Holder. The Holder acknowledges that no Other Holder has acted
as agent for the Holder in connection with the Holder making its investment hereunder and that no Other Holder will be acting as
agent of the Holder in connection with monitoring the Holder’s investment in the New Securities or enforcing its rights under
the Exchange Documents. The Company and the Holder confirm that the Holder has independently participated in the negotiation of
the transactions contemplated hereby with the advice of its own counsel and advisors. The Holder shall be entitled to independently
protect and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary
for any Other Holder to be joined as an additional party in any proceeding for such purpose.

 

15.             
Most Favored Nations. The Company hereby represents and warrants as of the date hereof and covenants and agrees
that none of the terms offered to any Other Holder with respect to any exchange of Notes, including, without limitation with respect
to any consent, release, amendment, settlement, or waiver relating to any exchange of Notes (each an “Settlement Document”),
is or will be more favorable to such Person (other than any reimbursement of legal fees) than those of the Holder and this Agreement.
If, and whenever on or after the date hereof, the Company enters into a Settlement Document, then (i) the Company shall provide
notice thereof to the Holder immediately following the occurrence thereof and (ii) the terms and conditions of this Agreement shall
be, without any further action by the Holder or the Company, automatically amended and modified in an economically and legally
equivalent manner such that the Holder shall receive the benefit of the more favorable terms and/or conditions (as the case may
be) set forth in such Settlement Document, provided that upon written notice to the Company at any time the Holder may elect not
to accept the benefit of any such amended or modified term or condition, in which event the term or condition contained in this
Agreement shall apply to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment
or modification never occurred with respect to the Holder. The provisions of this Section 15 shall apply similarly and equally
to each Settlement Document.

 

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16.             
Right to Issue Shares.

 

(a)              
General. In the Exchange, the Company shall issue the Holder the Right to receive the Right Shares in accordance
with Section 1 hereof, which Right shall have such terms and conditions as set forth in this Section 16. The Company and the Holder
hereby agree that no additional cash consideration is payable in connection with the issuance of the Right or the exercise of the
Right.

 

(b)              
Exercise of Right of Issuance of Shares. Subject to the terms hereof, the exercise of the Right may be made, in whole
or in part, at any time or times on or after the date hereof by delivery to the Company (or such other office or agency of the
Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of
the Company) of a duly executed PDF copy of the Notice of Issuance Form annexed hereto as Exhibit C (each, a “Notice
of Issuance”, and the corresponding date thereof, the “Exercise Date”). Partial exercises of the Right
resulting in issuances of a portion of the total number of Right Shares available thereunder shall have the effect of lowering
the outstanding number of Right Shares issuable thereunder in an amount equal to the applicable number of Right Shares issued.
The Holder and the Company shall maintain records showing the number of Right Shares issued and the date of such issuances. The
Company shall deliver any objection to any Notice of Issuance Form within one (1) Trading Day (as defined in the New Note) of receipt
of such notice. The Holder acknowledges and agrees that, by reason of the provisions of this paragraph, following each exercise
of the Right issued hereunder and the issuance of a portion of the Right Shares pursuant thereto, the number of Right Shares available
for issuance pursuant to the Right issued hereunder at any given time may be less than the amount stated in the recitals hereof.

 

(c)              
Delivery of Right Shares. The Right Shares issued hereunder shall be transmitted through the Company’s transfer
agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s prime broker with
DTC through its DWAC system if the Company is then a participant in such system, and otherwise by physical delivery to the address
specified by the Holder in the Notice of Issuance by the date that is two (2) Trading Days after the delivery to the Company of
the Notice of Issuance (such date, the “Share Delivery Deadline”). The Right Shares shall be deemed to have
been issued, and Holder or any other person so designated to be named therein shall be deemed to have become the holder of record
of such shares for all purposes, as of the date the Right has been exercised.

 

(d)              
Charges, Taxes and Expenses. Issuance of Right Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates shall be issued in the name of the Holder. The Company shall pay all Transfer Agent
fees required for same-day processing of any Notice of Issuance.

 

(e)              
Authorized Shares. The Company covenants that, during the period the Right is outstanding, it will reserve from its
authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Right Shares upon the exercise
of the Right. The Company further covenants that its issuance of the Right shall constitute full authority to its officers who
are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Right Shares
upon the due exercise of the Right. The Company will take all such reasonable action as may be necessary to assure that such Right
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Principal
Market upon which the Common Stock may be listed. The Company covenants that all Right Shares which may be issued upon the exercise
of the Right will, upon exercise of the Right, be duly authorized, validly issued, fully paid and non-assessable and free from
all taxes, Liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

 

    16

     

    

(f)               
Impairment. Except and to the extent as waived or consented to by the Holder, the Company shall not by any action,
including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of all such terms and in
the taking of all such actions as may be necessary or appropriate to protect the rights of the Holder as set forth in this Agreement
against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Right
Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such
action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable
Right Shares upon the exercise of the Right and (iii) use reasonable best efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Agreement.

 

(g)              
Authorizations. Before taking any action which would result in an adjustment in the number of Right Shares for which
the Right provides for, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

(h)              
Limitations on Exercise.

 

    17

     

    

1.                 
Beneficial Ownership Limitation. The Company shall not effect any exercise of the Right, and the Holder shall not
have the right to exercise any portion of the Right pursuant to the terms and conditions of this Agreement and any such exercise
shall be null and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together
with the other Attribution Parties (as defined below) would beneficially own in excess of four and ninety nine hundredths percent
(4.99%) of the shares of Common Stock outstanding immediately after giving effect to such exercise (the “Beneficial Ownership
Limit”); provided, however, that this Section 16(h) will not apply to any Holder that is subject to Section
16(a) or (b) of the Exchange Act with respect to the Company by virtue of being deemed to be a “director” or “officer”
of the Company within the meaning of Section 16 of the Exchange Act. Notwithstanding anything to the contrary in this Section 16(h),
upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership
Limit to any other percentage not in excess of nine and ninety nine hundredths percent (9.99%) as specified in such notice; provided
that any increase in the Beneficial Ownership Limit will not be effective until the sixty-first (61st) calendar day after the delivery
of such written notice. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned
by the Holder and the other Attribution Parties shall include the number of shares of Common Stock held by the Holder and all other
Attribution Parties plus the number of shares of Common Stock issuable upon exercise of the Right issued hereunder with respect
to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon
(A) exercise of the remaining, nonexercised portion of the Right beneficially owned by the Holder or any of the other Attribution
Parties and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including,
without limitation, any convertible notes or convertible preferred stock or warrants) beneficially owned by the Holder or any other
Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 16(h).
For purposes of this Section 16(h) beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.
For purposes of determining the number of outstanding shares of Common Stock the Holder may acquire upon the exercise of the Right
without exceeding the Beneficial Ownership Limit, the Holder may rely on the number of outstanding shares of Common Stock as reflected
in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or
other public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company or (z) any other written
notice by the Company or the Transfer Agent, if any, setting forth the number of shares of Common Stock outstanding (the “Reported
Outstanding Share Number”). If the Company receives a Notice of Issuance from the Holder at a time when the actual number
of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall notify the Holder in
writing of the number of shares of Common Stock then outstanding and, to the extent that such Notice of Issuance would otherwise
cause the Holder’s beneficial ownership, as determined pursuant to this Section 16(h), to exceed the Beneficial Ownership
Limit, the Holder must notify the Company of a reduced number of shares of Common Stock to be purchased pursuant to such Notice
of Issuance. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business
Day confirm orally and in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In
any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of securities of the Company, including the Right, by the Holder and any other Attribution Party since the date as of which the
Reported Outstanding Share Number was reported. In the event that the issuance of shares of Common Stock to the Holder upon exercise
of the Right results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than
the Beneficial Ownership Limit of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the Exchange
Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial
ownership exceeds the Beneficial Ownership Limit (the “Excess Shares”) shall be deemed null and void and shall
be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. Upon delivery of a written
notice to the Company, the Holder may from time to time increase (with such increase not effective until the sixty-first (61st)
day after delivery of such notice) or decrease the Beneficial Ownership Limit to any other percentage not in excess of 9.99% as
specified in such notice; provided that (i) any such increase in the Beneficial Ownership Limit will not be effective until the
sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to
the Holder and the other Attribution Parties and not to any other holder of a Right that is not an Attribution Party of the Holder.
For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of the Right hereunder in excess of the Beneficial
Ownership Limit shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d)
or Rule 16a-1(a)(1) of the Exchange Act. No prior inability to exercise any Right pursuant to this paragraph shall have any effect
on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
16(h) to the extent necessary to correct this paragraph (or any portion of this paragraph) which may be defective or inconsistent
with the intended beneficial ownership limitation contained in this Section 16(h) or to make changes or supplements necessary or
desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply
to a successor holder of Right. For the purpose of this Agreement: (x) “Attribution Parties” means any other
Person whose beneficial ownership of the Company’s Common Stock would or could be aggregated with the Holder’s and
the other Attribution Parties for purposes of Section 13(d) of the Exchange Act.

 

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2.                 
Stock Exchange Limitation. Until the Requisite Stockholder Approval (as defined in the New Note) is obtained, in
no event will the number of shares of Common Stock issued upon exercise of the Right, when aggregated with the Exchange Shares,
any shares of Common Stock issued upon exercise of the New Warrant and any shares of Common Stock issued upon conversion of the
New Note or otherwise pursuant to the New Note, exceed [__] [NTD: to be a prorated proportion of 17,202,404 shares based
on total amount of New Notes issued] shares in the aggregate (or such higher number as set forth in Section 8(j)(ii) of
the New Note). If, after February 1, 2020, any one or more shares of Common Stock are not delivered upon exercise of the Right
as a result of the operation of the preceding sentence (such shares, the “Withheld Shares”), then (1) on the
Share Delivery Deadline for such exercise, the Company will pay to the Holder cash in an amount equal to the product of (x) the
number of such Withheld Shares; and (y) the Daily VWAP (as defined in the New Note) per share of Common Stock on the Exercise Date
for such exercise; and (2) to the extent the Holder purchases (in an open market transaction or otherwise) shares of Common Stock
to deliver in settlement of a sale by the Holder of such Withheld Shares, the Company will reimburse the Holder for (x) any brokerage
commissions and other out-of-pocket expenses, if any, of the Holder incurred in connection with such purchases and (y) the excess,
if any, of (A) the aggregate purchase price of such purchases over (B) the product of (I) the number of such Withheld Shares purchased
by the Holder; and (II) the Daily VWAP on the Exercise Date for such exercise.

 

 

 

 

 

 

 

 

 

 

 

 

    19

     

    

(i)                
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely
exercise of the Right, pursuant to the terms hereof.

 

(j)                
 Stock Dividends and Splits. If the Company, at any time while the Right exists: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock, (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the number of Right Shares issuable
upon exercise of the Right shall be proportionately adjusted. Any adjustment made pursuant to this Section 16(j) shall become effective
immediately upon the record date for the determination of stockholders entitled to receive such dividend or distribution (provided
that if the declaration of such dividend or distribution is rescinded or otherwise cancelled, then such adjustment shall be reversed
upon notice to the Holder of the termination of such proposed declaration or distribution as to any unexercised portion of the
Right at the time of such rescission or cancellation) and shall become effective immediately after the effective date in the case
of a subdivision, combination or re-classification.

 

(k)              
Compensation for Buy-In on Failure to Timely Deliver Right Shares. If the Company shall fail, for any reason or for
no reason, on or prior to the applicable Share Delivery Deadline, either (x) if the Transfer Agent is not participating in the
DTC Fast Automated Securities Transfer Program, to issue and deliver to the Holder (or its designee) a certificate for the number
of shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s share
register or, (y) if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, to credit the balance
account of the Holder or the Holder’s designee with DTC for such number of shares of Common Stock to which the Holder is
entitled upon the Holder’s exercise of a Right (a “Delivery Failure”), and if on or after such Share Delivery
Deadline the Holder purchases (in an open market transaction or otherwise) shares of Common Stock corresponding to all or any portion
of the number of shares of Common Stock issuable upon such exercise that the Holder is entitled to receive from the Company and
has not received from the Company in connection with such Delivery Failure (a “Buy-In”), then, in addition to
all other remedies available to the Holder, the Company shall, within two (2) Business Days after receipt of the Holder’s
request and in the Holder’s discretion, either: (I) pay cash to the Holder in an amount equal to the Holder’s total
purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased
(including, without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”),
at which point the Company’s obligation to so issue and deliver such certificate (and to issue such shares of Common Stock)
or credit the balance account of such Holder or such Holder’s designee, as applicable, with DTC for the number of shares
of Common Stock to which the Holder is entitled upon the Holder’s exercise of the Right hereunder (as the case may be) (and
to issue such shares of Common Stock) shall terminate, or (II) promptly honor its obligation to so issue and deliver to the Holder
a certificate or certificates representing such shares of Common Stock or credit the balance account of such Holder or such Holder’s
designee, as applicable, with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s
exercise of Right hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In
Price over the product of (x) such number of shares of Common Stock multiplied by (y) the lowest Last Reported Sale Price of the
Common Stock on any Trading Day (as defined in the New Note) during the period commencing on the date of the applicable Notice
of Issuance and ending on the date of such issuance and payment under this clause (II). Nothing shall limit the Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares
of Common Stock (or to electronically deliver such shares of Common Stock) upon the exercise of the Right as required pursuant
to the terms hereof. All determinations of the Last Reported Sale Price shall be appropriately adjusted for any stock splits, stock
dividends, stock combinations, recapitalizations or other similar transactions during such period.

 

    20

     

    

(l)                
Subsequent Rights Offerings. Except with respect to any adjustments pursuant to Section 16(j) above, if at any time
the Company grants, issues or sells any convertible securities, options or rights to purchase stock, warrants, securities or other
property pro rata to the record Holders of any class of shares of Common Stock (the “Purchase Rights”), then
the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which
the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of
the Rights (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limit)
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record Holders of shares of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase
Right would result in the Holder exceeding the Beneficial Ownership Limit, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right
to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limit).

 

(m)            
Fundamental Change. If, at any time while the Right remains outstanding, a Fundamental Change (as defined in the
New Note) occurs, then, upon any subsequent exercise of the Right, the Holder shall have the right to receive, for each Right Share
that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Change, at the option
of the Holder (without regard to any limitation in Section 16(h) on the exercise of the Right), the number of shares of Common
Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
receivable as a result of such Fundamental Change by the Holder of one share of Common Stock. Upon the occurrence of any such Fundamental
Change, the any successor entity in a Fundamental Change in which the Company is not the survivor (the “Successor Entity”)
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Change, the provisions of this Agreement
and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may
exercise every right and power of the Company and shall assume all of the obligations of the Company under this Agreement and the
other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

(n)              
Notice to Allow Exercise of Right. If at any time while the Right remains outstanding, (A) the Company shall declare
a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring
cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common
Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval
of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation
or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any
compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall
authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case,
the Company shall cause to be mailed to the Holder at least ten (10) calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record
to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date
as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common
Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share
exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity
of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes,
or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously
file such material, non-public information regarding the Company or any of the Subsidiaries contained in such notice with the SEC
pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise the Right during the period commencing on
the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth
herein.

 

    21

     

    

(o)              
No Rights as Stockholder Until Exercise. The Right does not entitle the Holder to any voting rights, dividends or
other rights as a stockholder of the Company prior to the exercise hereof.

 

(p)              
Transferability. Subject to compliance with any applicable securities laws, the Right and all rights hereunder are
transferable, in whole or in part, upon written assignment substantially duly executed by the Holder or its agent or attorney and
funds sufficient to pay any transfer taxes payable upon the making of such transfer of this Agreement delivered to the principal
office of the Company or its designated agent. Upon such assignment and, if required, such payment, the Company shall enter into
a new agreement with the assignee or assignees, as applicable, and this Agreement shall promptly be cancelled. The Right, if properly
assigned in accordance herewith, may be exercised by a new Holder for the issue of Right Shares without having a new agreement
executed.

 

17.             
Miscellaneous Provisions. Section 9 of the Securities Exchange Agreement (as amended hereby) is hereby incorporated
by reference herein, mutatis mutandis.

 

[The remainder of the page is intentionally left
blank]

 

 

 

 

 

 

 

 

 

 

 

 

    22

     

    

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: __________________________

        Name:

        Title:

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

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

 

	
         

         

         

        Principal Amount of Existing Note Outstanding:

        

        $[______]             

         

        Outstanding Interest on Existing Note:

        

        $[______]            

         

        Principal Amount of New Note:

        

        $[______]            

         

        Number of Right Shares:

         

        [________]            

         

        Number of New Warrant Shares:

         

        [________]            

         

        Number of Exchange Shares:

        

        [________]            

         

        Amount of Cash Consideration:

         

        $[________]            

         

        Delivery instructions for New Note:

         

        [____________]

         

        Delivery instructions for Exchange Shares:

         

        [____________]
	
        HOLDER:

         

         

        [____________]

         

         

        By: ______________________

        Name:

        Title:

        

        Address for Notices:

         

        [__________]

        Attention: [_________]

        Facsimile: [__________]

        E-mail: [________]

         

        with a copy (for information purposes only) to:

         

        [_________]

        Telephone: [________]

        Facsimile: [________]

        Attention: [_________]

        E-mail: [__________]Exhibit 10.1

 

Certain information has been excluded from the exhibit because
it is not material and would likely cause competitive harm to the company if publicly disclosed. [***] indicates the redacted
confidential portions of this exhibit.

 

FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS FIRST AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of December 23, 2019, is entered
into by and among SOLSYS MEDICAL, LLC, a Delaware limited liability company formerly known as Soluble Systems, LLC (“Soluble”),
MISONIX, INC., a Delaware corporation formerly known as New Misonix, Inc. (“Misonix”, and together
with Soluble, each individually and collectively referred to herein as “Borrower”), each of the
undersigned financial institutions (individually each a “Lender” and collectively “Lenders”)
and SWK FUNDING LLC, a Delaware limited liability company, in its capacity as administrative agent for the other Lenders
(in such capacity, “Agent”).

 

RECITALS

 

WHEREAS, Borrower,
Agent and Lenders entered into that certain Amended and Restated Credit Agreement dated as of September 27, 2019, (as the same
may be amended, modified or restated from time to time, being hereinafter referred to as the “Credit Agreement”);
and

 

WHEREAS, Borrower,
Agent and Lenders desire to amend the Credit Agreement as set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

Article
I

 

Definitions

 

1.1 Capitalized
terms used in this Amendment are defined in the Credit Agreement, as amended hereby, unless otherwise stated.

 

     

     

    

 

ARTICLE II

 

Amendments

 

2.1 Amendment
to Section 2.1. Effective as of the First Amendment Effective Date, the definition of “Contract Rate”
in Section 1.1 of the Credit Agreement is amended and restated in its entirety to read as follows:

 

“Contract
Rate means a rate per annum equal to (x) the LIBOR Rate, plus (y)(1) as of any date of determination where
the EBITDA of Parent and its Subsidiaries was positive for the prior Fiscal Quarter, seven and one-half of one percent (7.50%)
or (2) at all other times, the applicable margin as identified in the table below:

 

	Condition	 	(y) Applicable Margin
	As of any date of determination where the Market Capitalization of Parent is less than $[***].
 	 	ten and one quarter of one percent (10.25%)
	 	 	 
	As of any date of determination where the Market Capitalization of Parent is equal to or greater than
$[***], but less than $[***]	 	Nine percent (9.00%)
	 	 	 
	As of any date of determination where the Market Capitalization of Parent is equal to or greater than
$[***]	 	Eight percent (8.00%)

”

 

2.2 Amendment
to Section 2.1. Effective as of the First Amendment Effective Date, Section 2.1 of the Credit Agreement is amended
and restated in its entirety to read as follows:

 

“2.1 Term
Loan Commitments.

 

(a) Borrower,
Agent and Lenders hereby agree and acknowledge that, as of December 23, 2019 (but prior to the advance described in Section
2.1(b)), the outstanding principal balance of the Term Loan is $25,095,761 (which amount includes, for the avoidance of doubt,
(i) accrued interest that was capitalized into the Loan in relation to the accrued interest that was otherwise due and payable
on the Payment Dates in May 2016, February 2017, May 2017 and August 2017, (ii) the capitalization of all unpaid interest accrued
from the Payment Date in August 2017 through October 26, 2017, (iii) the additional term loan advance of $2,500,000 made to Borrower
on May 2, 2019, (iv) the additional term loan advance of $2,500,000 made to Borrower on or about September 25, 2019 and (v) the
additional term loan advance of $5,000,000 made to Borrower on or about September 27, 2019).

 

(b)
In addition to the foregoing, on or about December 24, 2019, Lenders shall make one (1) additional term loan advance in the amount
of $5,000,000 to Borrower resulting in an outstanding principal balance of the Term Loan of $30,095,761. Upon the funding of such
additional term loan amount under this Section 2.1(b), Borrower shall pay to Agent, for its own account, an origination
fee in the amount of $75,000, which fully earned and non-refundable as of the date of such additional term loan advance.

 

    2 

     

    

 

(c)  All
such term loan advances described in this Section 2.1 shall be deemed a single term Loan (each such loan, individually and
collectively, the “Term Loan”) which shall be in an aggregate principal amount equal to the Term Loan Commitment
plus any additional amounts capitalized into the Term Loan as described in Section 2.1(a). The Loan is not a revolving credit
facility, and therefore, any amount thereof that is repaid or prepaid by Borrower, in whole or in part, may not be re-borrowed.”

  

2.3 Amendment
to Section 7.13.2. Effective as of the First Amendment Effective Date, Section 7.13.2 of the Credit Agreement is
amended and restated in its entirety to read as follows:

 

“7.13.2
Minimum Aggregate Revenue.

 

 Not permit
the Aggregate Revenue for the consecutive month period ending on the last Business Day of any Fiscal Quarter set forth in the table
below to be less than the applicable amount set forth in the table below for such period.

  

	Minimum LTM Aggregate Revenue as of the end of:
	Nine
    (9) month period ending March 31, 2020	$[***]
	Twelve
    (12) month period ending June 30, 2020	$[***]
	Twelve
    (12) month period ending September 30, 2020	$[***]
	Twelve
    (12) month period ending December 31, 2020	$[***]
	Twelve
    (12) month period ending March 31, 2021	$[***]
	Twelve
    (12) month period ending June 30, 2021	$[***]
	Twelve
    (12) month period ending September 30, 2021 and each Fiscal Quarter thereafter	$[***]

   

For purposes of clarification,
if Aggregate Revenue is calculated for a period that includes any period prior the consummation of the Merger, Aggregate Revenue
will include, without duplication, the combined aggregate of Net Sales, Royalties and any other income or revenue recognized by
Parent and/or its Subsidiaries, on one hand, and by Current Borrower and/or its Subsidiaries, on the other hand, for such period.”

   

    3 

     

    

 

2.5 Amendment
to Annex I. Effective as of the First Amendment Effective Date, Annex I to Credit Agreement is amended and restated
in its entirety to read as follows:

 

ANNEX
I

 

Commitments and Pro Rata Term Loan Shares

  

	Lender	 	Commitment	 	 	Pro Rata Term Loan Share	 
	SWK Funding LLC	 	$	30,095,761	 	 	 	100	%

  

ARTICLE
III

 

Conditions Precedent

 

3.1 Conditions
Precedent. The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent in
a manner satisfactory to Agent, unless specifically waived in writing by Agent in its sole discretion (the date all such conditions
are satisfied, or waived, by Agent in its sole discretion being referred to herein as the “First Amendment Effective
Date”):

 

A.  Agent
shall have received (i) this Amendment duly executed by Borrower, and (ii) that certain Acknowledgement, Third Amendment and Reaffirmation
of Intercreditor Agreement, duly executed by all parties thereto.

 

B. The
representations and warranties contained herein and in the Credit Agreement and the other Loan Documents, as each is amended hereby,
shall be true and correct as of the date hereof in all material respects, as if made on the date hereof, except for such representations
and warranties as are by their express terms limited to a specific date.

 

C. No
Default or Event of Default under the Credit Agreement, as amended hereby, shall have occurred and be continuing, unless such Default
or Event of Default has been otherwise specifically waived in writing by Agent.

 

D. All
corporate proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and
other legal matters incident thereto shall be satisfactory to Agent; and Borrower shall provide to Agent a Manager’s certificate
with resolutions in form and substance acceptable to Agent.

 

    4 

     

    

 

ARTICLE
IV

 

No Waiver, Ratifications,
Representations and Warranties

 

4.1 No
Waiver. Nothing contained in this Amendment or any other communication between Agent, any Lender, Borrower or any other
Loan Party shall be a waiver of any past, present or future violation, Default or Event of Default of Borrower under the Credit
Agreement or any Loan Document. Agent and each Lender hereby expressly reserves any rights, privileges and remedies under the Credit
Agreement and each Loan Document that Lender may have with respect to any violation, Default or Event of Default, and any failure
by Agent or any Lender to exercise any right, privilege or remedy as a result of the violations set forth above shall not directly
or indirectly in any way whatsoever either (i) impair, prejudice or otherwise adversely affect the rights of Agent or any Lender,
except as set forth herein, at any time to exercise any right, privilege or remedy in connection with the Credit Agreement or any
Loan Document, (ii) amend or alter any provision of the Credit Agreement or any Loan Document or any other contract or instrument
or (iii) constitute any course of dealing or other basis for altering any obligation of Borrower or any other Loan Party or any
rights, privilege or remedy of Agent or any Lender under the Credit Agreement or any Loan Document or any other contract or instrument.
Nothing in this Amendment shall be construed to be a consent by Agent or any Lender to any prior, existing or future violations
of the Credit Agreement or any Loan Document.

 

4.2 Ratifications.
The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth
in the Credit Agreement and the other Loan Documents, and, except as expressly modified and superseded by this Amendment, the terms
and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force
and effect. Borrower, Lenders and Agent agree that the Credit Agreement and the other Loan Documents, as amended hereby, shall
continue to be legal, valid, binding and enforceable in accordance with their respective terms. Borrower agrees that this Amendment
is not intended to and shall not cause a novation with respect to any or all of the Obligations.

 

4.3 Representations
and Warranties. Borrower hereby represents and warrants to Agent and Lenders that (a) the execution, delivery and performance
of this Amendment, any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by all
requisite action (as applicable) on the part of Borrower and will not violate the organizational documents of Borrower; (b) Borrower’s
directors have authorized the execution, delivery and performance of this Amendment any and all other Loan Documents executed and/or
delivered in connection herewith; (c) the representations and warranties contained in the Credit Agreement, as amended hereby,
and any other Loan Document are true and correct in all material respects on and as of the date hereof and on and as of the date
of execution hereof as though made on and as of each such date (except to the extent such representations and warranties expressly
relate to an earlier date); (d) upon the effectiveness of this Amendment, no Default or Event of Default under the Credit Agreement,
as amended hereby, has occurred and is continuing; (e) except as it relates to the Specified Defaults, Borrower is in full compliance
in all material respects with all covenants and agreements contained in the Credit Agreement and the other Loan Documents, as amended
hereby; and (f) except as disclosed to Agent, Borrower has not amended its organizational documents since the date of the Credit
Agreement.

 

    5 

     

    

 

ARTICLE
V

 

Miscellaneous Provisions

 

5.1 Survival
of Representations and Warranties. All representations and warranties made in the Credit Agreement or any other Loan Document,
including, without limitation, any document furnished in connection with this Amendment, shall survive the execution and delivery
of this Amendment and the other Loan Documents, and no investigation by Agent or any Lender or any closing shall affect the representations
and warranties or the right of Agent and each Lender to rely upon them.

 

5.2 Reference
to Credit Agreement. Each of the Credit Agreement and the other Loan Documents, and any and all other Loan Documents, documents
or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement,
as amended hereby, are hereby amended so that any reference in the Credit Agreement and such other Loan Documents to the Credit
Agreement shall mean a reference to the Credit Agreement, as amended hereby.

 

5.3 Expenses
of Agent. As provided in the Credit Agreement, Borrower agrees to pay on demand all costs and expenses incurred by Agent,
or its Affiliates, in connection with the preparation, negotiation, and execution of this Amendment and the other Loan Documents
executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without limitation, the
reasonable costs and fees of legal counsel, and all costs and expenses incurred by Agent and each Lender in connection with the
enforcement or preservation of any rights under the Credit Agreement, as amended hereby, or any other Loan Documents, including,
without, limitation, the reasonable costs and fees of legal counsel.

 

5.4 Severability.
Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate
the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

 

5.5 Successors
and Assigns. This Amendment is binding upon and shall inure to the benefit of Agent and each Lender and Borrower and their
respective successors and assigns, except that Borrower may not assign or transfer any of its rights or obligations hereunder without
the prior written consent of Agent.

 

5.6 Counterparts.
This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but
all of which when taken together shall constitute one and the same instrument. This Amendment may be executed by facsimile or electronic
(.pdf) transmission, which facsimile or electronic (.pdf) signatures shall be considered original executed counterparts for purposes
of this Section 5.6, and each party to this Amendment agrees that it will be bound by its own facsimile or electronic (.pdf)
signature and that it accepts the facsimile or electronic (.pdf) signature of each other party to this Amendment.

 

5.7 Effect
of Waiver. No consent or waiver, express or implied, by Agent to or for any breach of or deviation from any covenant or
condition by Borrower shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or
duty.

 

5.8 Headings.
The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation
of this Amendment.

 

    6 

     

    

 

5.9 Applicable
Law. THE TERMS AND PROVISIONS OF SECTIONS 10.17 (GOVERNING LAW) AND 10.18 (FORUM SELECTION; CONSENT TO JURISDICTION)
OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED HEREIN BY REFERENCE, AND SHALL APPLY TO THIS AMENDMENT MUTATIS MUTANDIS
AS IF FULLY SET FORTH HEREIN.

 

5.10 Final
Agreement. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF
THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE CREDIT AGREEMENT AND THE OTHER
LOAN DOCUMENTS, AS AMENDED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT
OF ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY Borrower
AND AGENT.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    7 

     

    

 

IN WITNESS WHEREOF,
this Amendment has been executed and is effective as of the First Amendment Effective Date.

 

	 	BORROWER:
	 	 
	 	MISONIX, INC.,
	 	a Delaware Corporation (f/k/a New Misonix, Inc.)
	 	 
	 	By: 	/s/ Joseph Dwyer 
	 	Name: 	Joseph Dwyer
	 	Title: 	Chief Financial Officer
	 	 
	 	SOLSYS MEDICAL, LLC,
	 	a Delaware limited liability company (f/k/a Soluble Systems, LLC)
	 	 
	 	By: MISONIX, INC.,
	 	its sole member
	 	 
	 	By: 	/s/ Joseph Dwyer 
	 	Name: 	Joseph Dwyer
	 	Title: 	Chief Financial Officer

  

     

     

    

 

	 	AGENT AND LENDER:
	 	 
	 	SWK FUNDING LLC,
	 	as Agent and a Lender
	 	 
	 	By: 	SWK Holdings Corporation,
	 	 	its
    sole Manager
	 	 	 
	 	 	By: 	/s/ Winston Black
    
	 	 	Name: 	Winston Black 
	 	 	Title: 	Chief Executive Officer

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